Monarch Mining Corporation, Beacon Gold Mill Inc., Louvem Mines Inc. and 11306448 Canada Inc., CCAA

Monarch Mining Corporation (TSX:GBAR) and its subsidiaries Beacon Gold Mill Inc., Louvem Mines Inc. and 11306448 Canada Inc. (collectively “Monarch”), a Québec-based gold mining company that owns an ore processing mill (Beacon Mill), an idle gold mine (Beaufor) and two other mining properties in Abitibi, Québec, obtained CCAA protection on November 15, in a creditor-led filing initiated by Investissement Québec (“IQ”), owed over $10 million. The insolvency proceedings were initiated principally due to problems restarting and commissioning the Beacon Mill which negatively affected Monarch's liquidity. PwC was appointed super monitor, and will be acting on behalf of Monarch in a SISP financed by IQ as DIP lender. Counsel is Gowling WLG for IQ, Fasken for the super monitor and Stein Monast for Monarch.

By: Dina Milivojevic