Monarques Resources Inc. announce the acquisition of a 50% undivided interest in the Simkar gold mining property owned by Eloro Resources LTD. The property is located 20 km east of Val-d'Or, and covers an area of 4.05 km² in the heart of the Abitibi Greenstone Belt. Monarques and Eloro will form a joint venture to manage exploration on the property, with Monarques acting as the project operator. The agreement provides for the corporation to acquire a 50% undivided interest in the Simkar property, consisting of a contiguous group of two mining concessions and 11 mineral claims, in consideration of $750,000 in exploration work and a $120,000 private placement in Eloro's share capital at a price of $0.015 per share, for a total of eight million Eloro shares, giving Monarques about 13,5 % ownership.

The agreement is subject to regulatory authorities approval. Monarques expects to close the transaction in the coming weeks.