Starts a new program of 10,000 metres of drilling

Montreal, Quebec, Canada, February 2nd, 2017 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to report the latest results for the 10,000-metre drilling program carried out in 2016 on its Croinor Gold deposit, 70 km east of Val-d’Or, Quebec. The Corporation is still awaiting the assay results for the last two exploration holes drilled in the Gold Bug area.

Hole CR-16-515 returned two mineralized intersections, one grading 6.74 g/t Au over 2.1 metres, including 24.7 g/t Au over 0.5 metres, and the other grading 11.91 g/t Au over 2.8 metres, including 46.6 g/t Au over 0.6 metres. The hole was drilled on Section 490W and intersected the two veins at 133 and 150 vertical metres (see longitudinal), enabling Monarques to increase its Indicated resource and thus achieve the second objective of its Croinor Gold drilling program. The reported lengths are core lengths, as the true lengths cannot be estimated. High grades were cut to 70 g/t Au, the same grade used in the Croinor Gold deposit resource estimate.

“The 2016 drilling campaign on the Croinor Gold deposit is ending on a high note,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “The very encouraging recent results for Croinor Gold have led us to pursue our work in 2017 with a new program of 10,000 metres of drilling. The new program is already underway and is also aimed at increasing the Indicated resource of the Croinor Gold deposit. To achieve that objective, we will have another look at the best intersections of the 2016 program and test deeper targets on the most promising sections. In terms of exploration drilling, we will define our strategy once all the assay results are in, but it is worth noting that the latest results on Gold Bug have confirmed the potential of this new area.”

The following table shows the results for the 2016 drilling program on Croinor Gold:

The following table shows the results for the 2016 drilling program on the Gold Bug sector:

The technical and scientific content of this press release has been reviewed and approved by Donald Trudel, P.Geo., B.Sc., the Corporation’s Qualified Person under National Instrument 43-101.

Sampling normally consisted of sawing the core into two equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d'Or for assaying. The samples are crushed, pulverized and assayed by fire assay with atomic absorption finish. Results exceeding 3.0 g/t are re-assayed using the gravity method. Samples containing gold grains are assayed using the metallic sieve method at the ALS Minerals laboratory in Val- d'Or. Monarques has established a full QA/QC protocol, including the insertion of standards, blanks and duplicates.

ABOUT MONARQUES GOLD CORPORATION

Monarques Gold is a growing junior gold company focused on becoming the leading explorer and developer of gold properties in the Val-d’Or/Abitibi gold camp in Quebec, Canada. The Corporation currently has approximately 200 km2 of gold exploration properties (see map) along the Cadillac Break, as well as its main asset, the Croinor Gold mine, which has great potential to become a producing mine. Monarques Gold is well financed and has close to $9 million in credits from Quebec’s Ministry of Energy and Natural Resources.

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Forward-Looking Statements

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