Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today announced that
it expects to begin ramping up full operations at its Mulatos mine
on May 18, 2020. This follows the Mexican government’s declaration
of mining as an essential activity.
Mining activities at Mulatos were suspended in early April 2020
following the mandate by the government. Given the significant
number of contained ounces stacked on the leach pad during the
first quarter of 2020, Mulatos has continued to recover gold in
April and May. During this period, the Company has continued to
support the local community with food packages, sanitation supplies
and ongoing medical care. Mining and stacking activities are
expected to ramp up to normal levels in June 2020.
“As with Island Gold, operations at Mulatos will be ramped up in
a safe manner. To date, we have not had any confirmed cases of
COVID-19 among any of our employees or contractors. We continue to
follow strict protocols across our operations with our foremost
priority being to protect the health and safety of our employees,
their families, and our local communities,” said John A. McCluskey,
President and Chief Executive Officer.
The planned restart of full operations at Mulatos follows the
resumption of operations at Island Gold at the beginning of May.
Both mines are expected to return to normal operating levels in
June 2020 after which the Company will provide updated 2020
production, cost and capital guidance. Combined with the expected
completion of the lower mine expansion at Young-Davidson in July
2020, the Company remains well positioned for a strong second half
of 2020.
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from three operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos mine 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 includes certain statements
that constitute forward-looking information within the meaning of
applicable Canadian and U.S. securities laws ("forward-looking
statements"). All statements, other than statements of historical
fact, are, or may be deemed to be, forward-looking statements and
are generally, but not always, identified by the use of
forward-looking terminology such as “expect”, “continue”, “on
track”, “potential”, “plans” 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.
This news release contains forward-looking
statements, including specifically with respect the impact of the
COVID-19 pandemic and government action, particularly in Mexico, on
the Company’s business and operations as well as operating
activities at the Young-Davidson and Island Gold mine sites.
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, technical, 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, and undue
reliance should not be placed on such statements and
information.
Such factors and assumptions underlying the
forward-looking statements in this news release, but are not
limited to: operations may be exposed to widespread pandemic; the
impact of the COVID-19 pandemic on the broader market; provincial
and federal orders or mandates (including with respect to mining
operations generally or auxiliary businesses or services required
for our operations) in Canada, Mexico, the United States and
Turkey; the duration of regulatory responses to the COVID-19
pandemic; changes in national and local government legislation,
controls or regulations, failure to comply with environmental and
health and safety laws and regulations; labour and contractor
availability and other operating or technical difficulties, and
disruptions in the maintenance or provision of required
infrastructure and information technology systems. In addition,
fluctuations in the price of gold or certain other commodities such
as, diesel fuel, natural gas, and electricity; operating or
technical difficulties in connection with mining or development
activities, including geotechnical challenges and 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; changes in foreign exchange
rates (particularly the Canadian dollar, U.S. dollar, Mexican peso
and Turkish Lira); the impact of inflation; any decision to declare
a dividend; employee and community relations; labour and contractor
availability (and being able to secure the same on favourable
terms); litigation and administrative proceedings; disruptions
affecting operations; availability of and increased costs
associated with mining inputs and labour; inherent risks and
hazards associated with mining and mineral processing including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures and cave-ins; the risk that
the Company’s mines may not perform as planned; uncertainty
with the Company's ability to secure additional capital to execute
its business plans; the speculative nature of mineral exploration
and development, risks in obtaining and maintaining necessary
licenses, permits and authorizations, contests over title to
properties; expropriation or nationalization of property; political
or economic developments in Canada, Mexico, the United States,
Turkey and other jurisdictions in which the Company may carry on
business in the future; increased costs and risks related to the
potential impact of climate change; the costs and timing of
construction and development of new deposits; risk of loss due to
sabotage, protests and other civil disturbances; the impact of
global liquidity and credit availability and the values of assets
and liabilities based on projected future cash flows; risks arising
from holding derivative instruments; and business opportunities
that may be pursued by the Company.
For a more detailed discussion of such risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the Company’s latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each
under the heading “Risk Factors” available on the SEDAR website at
www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be
reviewed in conjunction with the information found in 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.
Alamos Gold (NYSE:AGI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Alamos Gold (NYSE:AGI)
Historical Stock Chart
From Sep 2023 to Sep 2024