Alamos Gold Announces Completion of Lower Mine Expansion at Young-Davidson Mine
July 08 2020 - 05:00PM
Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today announced that
it has completed the lower mine expansion at Young-Davidson with
the successful commissioning of the Northgate shaft.
“This marks a significant milestone for Young-Davidson and
turning point for Alamos as we transition from a reinvestment phase
to a period of strong free cash flow growth. I would like to
congratulate the entire team at Young-Davidson for this historic
achievement which will unlock the full potential of the operation.
With a 13 year mineral reserve life, large resource base, and
significant exploration potential, Young-Davidson is well
positioned to deliver solid free cash flow over the long term,”
said John A. McCluskey, President and Chief Executive
Officer.
In addition to the Northgate shaft, the underground crusher and
conveyor system have also been successfully commissioned. Mining
rates are expected to ramp up through the second half of the year
to 7,500 tonnes per day by the end of 2020. This is expected to
drive strong free cash flow growth at Young-Davidson and
company-wide in the second half of 2020 and beyond.
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”, and
“potential”, 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. In particular,
this news release contains forward-looking statements including,
without limitation, with respect to mining operations at the
Young-Davidson mine and free cash flow company-wide.
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.
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