Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported it
has been granted amendments to its existing operational permits
from the Ministry of the Environment, Conservation and Parks,
Ontario, allowing for the Phase II expansion of the Island Gold
Mine to 1,200 tonnes per day (“tpd”).
These amendments were received ahead of schedule and will allow
underground mining and mill throughput rates to increase from the
previously permitted rate of 1,100 tpd. Underground mining rates
are expected to increase to 1,200 tpd in 2020. The Company will
look for opportunities to ramp up mining rates to 1,200 tpd before
the end of 2019; however, 2019 guidance for production and costs is
unchanged. With a mine and mill that can both support throughput
rates of 1,200 tpd, no additional capital will be required for the
Phase II expansion.
In parallel, the Company is continuing with a large ongoing
exploration program at Island Gold which has been successful in
driving significant growth in Mineral Reserves and Resources the
last several years. This growth and ongoing exploration success is
being incorporated into a Phase III expansion study beyond 1,200
tpd. The study is expected to be completed over the next year.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical
Services, has reviewed and approved the scientific and technical
information contained in this news release. Chris Bostwick is a
Qualified Person within the meaning of Canadian Securities
Administrator’s National Instrument 43-101.
Upcoming Catalysts and News
Flow
- Q2 2019 – Young-Davidson and Island Gold Site Tours
- Mid-2019 – Lynn Lake Optimization Study
- H2 2019 – La Yaqui Grande EIA Approval
- H2 2019 – Cerro Pelon Construction Update
- H2 2019 – Kirazlı Construction Update
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from four operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos and El Chanate mines in Sonora
State, Mexico. Additionally, the Company has a significant
portfolio of development stage projects in Canada, Mexico, Turkey,
and the United States. Alamos employs more than 1,700 people and is
committed to the highest standards of sustainable development. The
Company’s shares are traded on the TSX and NYSE under the symbol
“AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K.
Parsons |
|
Vice President, Investor
Relations |
|
(416) 368-9932 x 5439 |
|
All amounts are in United States dollars, unless otherwise
stated.
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note
This news release contains statements which are,
or may deemed to be, forward-looking information within the meaning
of applicable Canadian and U.S. securities laws (“forward-looking
statement(s)”). All statements in this news release, other
than statements of historical fact, which address events, results,
outcomes or developments that Alamos expects to occur are, or may
be deemed to be, forward-looking statements. Forward-looking
statements are generally, but not always, identified by the use of
forward-looking terminology such as "expect", "believe",
"anticipate", "will", "intend", "estimate", "forecast", "budget" or
variations of such words and phrases and similar expressions or
statements that certain actions, events or results ”may", "could",
"would", "might" or "will" be taken, occur or be achieved or the
negative connotation of such terms. Forward-looking statements in
this news release include the statements with respect to
underground mining and mill throughput rates, planned exploration
programs, costs and expenditures, changes in Mineral Resources and
Mineral Reserves, planned study results and other information that
is based on forecasts and projections of future operational,
geological or financial results, estimates of amounts not yet
determinable and assumptions of management.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by
management at the time of making such statements, are inherently
subject to significant business, economic, legal, political and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements.
Alamos cautions readers not to place undue reliance on the
forward-looking statements which are not guarantees of future
events as a number of factors could cause results, conditions,
actions or events to differ materially from the targets, outlooks,
expectations, goals, estimates or intentions expressed in the
forward-looking statements. These factors include, but are not
limited to: the speculative nature of mineral exploration and
development, the risks of obtaining and maintaining necessary
licenses, permits and authorizations for the Company’s planned
exploration work as well as development stage and operating assets,
the actual results of current exploration activities, conclusions
of economic and geological evaluations, changes in project
parameters as plans continue to be refined,; changes to current
estimates of Mineral Reserves and Resources; changes to production
estimates (which assume accuracy of projected ore grade, mining
rates, recovery timing and recovery rate estimates and may be
impacted by unscheduled maintenance; labour and contractor
availability and other operating or technical difficulties);
fluctuations in the price of gold; changes in foreign exchange
rates (particularly the U.S. dollar and Canadian dollar); the
impact of inflation; any decision to declare a dividend; employee
and community relations; litigation and administrative proceedings;
disruptions affecting the Company’s Canadian operations;
expropriation or nationalization of property; inherent risks and
hazards associated with mining including environmental hazards,
industrial accidents, unusual or unexpected formations, pressures
and cave-ins; availability of and increased costs associated with
mining inputs and labour; contests over title to properties;
changes in national and local government legislation (including tax
legislation), controls or regulations; risk of loss due to sabotage
and civil disturbances and the impact of global liquidity and
credit availability and the values of assets and liabilities based
on projected future cash flows.
Additional risk factors affecting the Company are set out in the
Company’s latest Form 40-F/ Annual Information Form and MD&A,
each under the heading “Risk Factors”, available on the SEDAR
website at www.sedar.com or on EDGAR at www.sec.gov., and should be
reviewed in conjunction with this news release. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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