Monarch nixes sale in Venezuela

Shareholders of Monarch Resources (MRE-T) have voted against the proposed sale of La Camorra gold mine to Bolivar Goldfields (BVG-T).

Monarch backed out of selling the Venezuelan mine when the shareholders declared the price tag was too low, says Hans Rheinheimer, chief executive officer.

Bolivar had offered US$13.3 million and 1 million shares of Bolivar for Monarch’s Venezuelan properties, which included the mine, a 51% interest the Revemin mill and 15 exploration concessions.

Monarch will reimburse Bolivar for the US$150,000 in expenses it incurred.

Monarch is considering its options in Venezuela, while refocusing its exploration to Durango state, Mexico, where the company owns the San Augustin and Saladillo gold-silver projects.