Alamos Announces Closing of Orsa Ventures Acquisition
September 13 2013 - 6:00AM
Marketwired
Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company")
today reported the completion of the previously announced
acquisition (the "Acquisition") of all of the issued and
outstanding common shares of Orsa Ventures Corp. ("Orsa").
Shareholders of Orsa were overwhelmingly supportive of the
Acquisition, with 98.14% of the votes cast at a special meeting of
the shareholders held on September 11, 2013 being voted in favour.
A Final Order was granted by the Supreme Court of British Columbia
on September 12, 2013 approving the Plan of Arrangement pursuant to
which the Transaction was implemented.
"We are very pleased to announce the closing of the Orsa
acquisition," said John A. McCluskey, President and Chief Executive
Officer. "We believe the Quartz Mountain Project fits the Alamos
profile perfectly, as a low capital intensity, low cost and low
technical risk project that further strengthens our development
pipeline."
Following completion of the Orsa Acquisition, Alamos has
approximately $445m in cash, no debt and strong ongoing cash flow
generation. With this strong financial position, the Company
expects to fund development of its Orsa, Esperanza and Turkish
projects internally.
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
sustainable development. Alamos has approximately $445 million in
cash and cash equivalents, is debt-free, and unhedged to the price
of gold. As of September 10, 2013, Alamos had 127,508,986 common
shares outstanding (138,248,848 shares fully diluted), which are
traded on the TSX and NYSE under the symbol "AGI".
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Notes
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This News Release includes certain "forward-looking
statements". 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.
Exploration results that include geophysics, sampling, and drill
results on wide spacings may not be indicative of the occurrence of
a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity,
metallurgical characteristics and economic potential to be classed
as a category of mineral resource. A mineral resource that is
classified as "inferred" or "indicated" has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an "indicated mineral
resource" or "inferred mineral resource" will ever be upgraded to a
higher category of resource. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into proven and probable reserves.
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
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's Annual
Information Form. 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.
Contacts: Alamos Gold Inc. Scott K. Parsons Manager, Investor
Relations (416) 368-9932 x 439 www.alamosgold.com
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