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Monarques to acquire 2 gold properties from Agnico Eagle

Monarques Gold Corp. entered into an agreement with Agnico Eagle Mines Ltd. to acquire the McKenzie Break and Swanson gold properties in Quebec.

The properties are near Monarques' wholly owned Beacon and Camflo mills.

Under the terms, Monarques is required to pay a total of C$4.6 million in cash and shares over a four-year period, according to a Dec. 21 statement.

Additionally, Agnico is entitled to a 1.5% net smelter return royalty on each property, while Monarques can reduce each of these royalties to 1.0% by paying C$750,000.

Concurrently, Monarques bought back a 1.5% NSR on the McKenzie Break property in exchange for US$50,000 cash and 600,000 shares.

The Swanson property consists of a mineral lease and 129 claims covering a total area of 5,111 hectares, as well as a 500-meter ramp down to a depth of 80 meters.

The McKenzie Break property consists of nine mineral claims, covering a total area of 336.3 hectares. The property has surface and underground infrastructure, including a ramp providing access to the deposit, 80 meters below surface.

The company intends to confirm the historical estimate of the two deposits in line with NI 43-101 standards and explore options for extracting the resources.