Alamos Gold Receives Operating Permit for Kirazlı Project
March 01 2019 - 11:33AM
Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported it
has been granted the Operating Permit from the Turkish Department
of Energy and Natural Resources allowing for the start of
earthworks on the open pit area of the Kirazlı project.
As disclosed in January 2019, the Company expects to spend $75
million in 2019 on completing work on the water reservoir and
ramping up major construction activities and earthworks. The
remaining $60 million of Kirazlı’s total initial capital budget of
$152 million will be spent in 2020 with initial production expected
by the end of 2020.
As outlined in the 2017 feasibility study, Kirazlı has a 44%
after-tax internal rate of return and is expected to produce over
100,000 ounces of gold during its first full year of production at
mine-site all-in sustaining costs of less than $400 per
ounce. This is expected to bring consolidated production to
over 600,000 ounces per year, while significantly lowering the
Company’s cost profile.
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. For further information
pertaining to the 2017 feasibility study, please see press release
titled “Alamos Gold Announces Positive Feasibility Study for
Kirazlı Project”, dated February 15, 2017, and the corresponding
technical report, both available under the Company's profile on
SEDAR at www.sedar.com and on the Alamos website at
www.alamosgold.com.
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. ParsonsVice 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 "expects", “is expected”
"believes", "anticipates", "will", "intends", "estimates",
"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.
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.
Such factors and assumptions underlying the forward-looking
statements in this news release include, but are not limited to:
development delays at the Kirazlı project, the speculative nature
of mineral exploration and development, including the risks of
obtaining and maintaining necessary licenses, permits and
authorizations for the Company’s development stage and operating
assets; 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 Canadian dollar, Turkish
Lira and U.S. dollar); the impact of inflation; any decision to
declare a dividend; employee and community relations; litigation
and administrative proceedings; disruptions affecting our Turkish
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; the impact of global
liquidity and credit availability and the values of assets and
liabilities based on projected future cash flows; and, risks
arising from holding derivative instruments.
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 . The foregoing should be
reviewed in 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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