Monarca Minerals Inc. (TSX-Y) (“Monarca” or the Company”) is pleased to provide an update on the Company’s activities over the last few months. This period has been a difficult for Monarca and Junior Mining Companies in general. We are encouraged by the recent strength in precious metal prices and believe, given the uncertainty in the today’s world, that this strength will continue.
Through this difficult period with limited funds and shareholder loans the Company has managed to keep all properties in good standing and maintain the Company’s office in Durango.
Carlos Espinosa, a Monarca Director, has been closely monitoring developments in Mexico and the State of Durango. Given the recent changes in Mexico and subject to funding, the Company is confident, that we will gain access to Tejamen in the near future.
The Company is evaluating all funding options including property joint ventures, sale of properties, royalty agreements and the sale of equity. In that regard Monarca is in preliminary discussions with several companies and groups. In addition to those discussions Monarca has also had preliminary discussions with groups focussing on adding additional properties to the Company’s portfolio of properties.