Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company")
today stated that the Environmental Impact Assessment ("EIA")
Report on its Kirazli Project is in the final stage of the approval
process. While the approval will not be formally finalized until
certain additional signatures are received from Turkish officials,
the substantive aspects of the EIA review process have been
successfully completed.
The Ministry of the Environment, which is the government agency
responsible for EIA approval, appointed representatives of
government agencies and local authorities to a 17-person EIA
Commission that reviewed the Kirazli EIA submission. In late
January 2013, a meeting was held by the EIA Commission, which
concluded in its minutes: "The (Kirazli) project has been reviewed
and evaluated by the Commission and the review and evaluation
process has been finalized. The EIA Report has been found
sufficient by the Commission and it has been accepted as
final."
The Company has been informed that a subsequent mandatory 10-day
public notice period produced no opposition or comments of any
kind.
"We met every aspect of the EIA requirements for Kirazli and
anticipated final approval by the end of the first quarter. While
certain signatures remain outstanding, by all indications the
technical and other substantive aspects of our EIA have been
approved, and therefore we fully expect to receive formal approval
in due course," said John A. McCluskey, President and Chief
Executive Officer.
In the coming weeks, Alamos will submit its Environmental Impact
Assessment Report on Agi Dagi, the Company's other late-stage
development project in Turkey. Alamos anticipates that a decision
from the Turkish Government will be received in a similar time
frame to the Kirazli process.
"Once EIA Positive Decision certificates are obtained, we
anticipate that it will take approximately 18 months to complete
permitting and construction for each mine. We continue to advance
toward these goals, with front-end engineering design expected to
be finished in May 2013. Based on Alamos' outstanding cash flow and
robust balance sheet, we plan to self-finance the construction of
these mines," Mr. McCluskey added.
About Alamos
Alamos is an established Canadian-based gold producer that owns
and operates the Mulatos Mine in Mexico, and has exploration and
development activities in Mexico and Turkey. The Company employs
more than 600 people and is committed to the highest standards of
environmental management, social responsibility, and health and
safety for its employees and neighbouring communities. Alamos has
approximately $480 million in cash and equity investments, is
debt-free, and unhedged to the price of gold. As of March 14, 2013,
Alamos had 127,455,786 common shares outstanding (132,326,086
shares fully diluted), which are traded on the TSX and NYSE under
the symbol "AGI".
Cautionary Note
Certain statements in this press release are "forward-looking
statements", including within the meaning of the United States
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact included in this release,
including without limitation statements regarding forecast gold
production, gold grades, recoveries, waste-to-ore ratios, total
cash costs, potential mineralization and reserves, exploration
results, and future plans and objectives of Alamos, are
forward-looking statements that involve various risks and
uncertainties. These forward-looking statements include, but are
not limited to, statements with respect to mining and processing of
mined ore, achieving projected recovery rates, anticipated
production rates and mine life, operating efficiencies, costs and
expenditures, changes in mineral resources and conversion of
mineral resources to proven and probable reserves, and other
information that is based on forecasts of future operational or
financial results, estimates of amounts not yet determinable and
assumptions of management.
Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements." Forward-looking statements
are subject to a variety of risks and uncertainties that could
cause actual events or results to differ from those reflected in
the forward-looking statements.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Alamos' expectations include, among others, risks
associated with obtaining governmental and regulatory approvals;
failure to maintain effective internal controls; the liquidity of
Alamos' shares on the NYSE, risks related to the on-going business
of Alamos, including risks related to international operations, the
actual results of current exploration activities, conclusions of
economic evaluations and changes in project parameters as plans
continue to be refined as well as future prices of gold and silver,
as well as those factors discussed in the section entitled "Risk
Factors" in Alamos' Annual Information Form and in the Circular.
Although Alamos has attempted to identify important factors that
could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Note to U.S. Investors
Alamos prepares its disclosure in accordance with the
requirements of securities laws in effect in Canada, which differ
from the requirements of U.S. securities laws. Terms relating to
mineral resources in this presentation are defined in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects under the guidelines set out in the Canadian
Institute of Mining, Metallurgy, and Petroleum Standards on Mineral
Resources and Mineral Reserves. The United States Securities and
Exchange Commission (the "SEC") permits mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. Alamos
may use certain terms, such as "measured mineral resources",
"indicated mineral resources", "inferred mineral resources" and
"probable mineral reserves" that the SEC does not recognize (these
terms may be used in this presentation and are included in the
public filings of Alamos, which have been filed with the SEC and
the securities commissions or similar authorities in Canada).
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Contacts: Alamos Gold Inc. Jo Mira Clodman Vice President,
Investor Relations (416) 368-9932 x 401 Alamos Gold Inc. Scott K.
Parsons Manager, Investor Relations (416) 368-9932 x 439
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