Yamana Gold, a Canadian-based precious metals producer, completed the acquisition of Monarch Gold, a Canadian gold company, for $114m. "A project the size of Wasamac needed a strategic alliance with a good developer and operator with a track record of success in similar styled mineralization and we believe this transaction is in the best interests of the shareholders. The exploration potential offered in the 200 km² eastern Abitibi region will continue to grow for the shareholders in the well-funded newly formed corporation. Finally, the cash component of the offer will permit the long-time shareholders to reduce their initial cost," Jean-Marc Lacoste, Monarch President and CEO.