Monarch Gold completes sale of Monique property to Probe Metals

MONTREAL, March 24, 2020 - Monarch Gold Corp. ("Monarch" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce that it has completed the previously announced sale of its Monique property to Probe Metals Inc. ("Probe") (see press release dated March 2, 2020).

As consideration for the property, Probe issued 1,275,510 common shares to Monarch for a total value of $1.5 million based on a 30-day volume weighted average price (VWAP) of $1.176 per share on the TSX Venture Exchange. In addition, Probe will assume any reclamation liabilities associated with the past-producing Monique open pit mine, estimated at approximately $0.9 million.

ABOUT MONARCH GOLD CORPORATION

Monarch Gold Corp. (TSX: MQR) is an emerging gold mining company focused on becoming a 100,000 to 200,000 ounce per year gold producer through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns over 370 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor, Croinor Gold (see video), Fayolle, McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

www.monarquesgold.com

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SOURCE Monarch Gold Corp.