VANCOUVER, BC, April 11,
2022 /CNW/ - Lundin Gold Inc. (TSX: LUG)
(Nasdaq Stockholm: LUG) ("Lundin Gold" or the
"Company") is pleased to report an all-time high first
quarter 2022 gold production of 121,665 ounces ("oz") from its
Fruta del Norte gold mine ("Fruta del Norte") in southeast
Ecuador. Of the total quarterly
gold production, 78,601 oz were produced as a concentrate and
43,064 oz as doré. During the same quarter in 2021, the Company
produced 104,137 oz of gold. View PDF
In the first quarter of 2022, the mill processed approximately
373,407 tonnes at an average throughput rate of 4,149 tonnes per
day, the average grade of ore milled was 11.4 grams per tonne, and
average recovery was 90.2%. These results provide a strong
foundation for meeting our production guidance of 405,000 to
445,000 oz for 2022, as grades, recovery and production can be
expected to show variability over the coming quarters.
Ron Hochstein, President and CEO
commented, "I'm extremely happy with the strong start to 2022.
Not only have we produced an all-time high number of gold ounces,
but this was attained even with the mill shut down for several days
in March for relining of both the SAG and ball mills. Fruta del
Norte is a world class asset, and we intend to continue to focus on
improving our operating performance for many years to
come."
Production Results
|
Q1
2022
|
Q1
2021
|
Ore processed
(tonnes)
|
373,407
|
324,591
|
Average throughput
(tonnes per day)
|
4,149
|
3,607
|
Average head grade
(grams per tonne)
|
11.2
|
11.4
|
Recovery (%)
|
90.2%
|
87.8%
|
Gold ounces
produced
|
121,665
|
104,137
|
Concentrate
|
78,601
|
70,642
|
Doré
|
43,064
|
33,675
|
First Quarter of 2022 Results
Conference Call and Webcast
Lundin Gold will publish its
first quarter of 2022 results on Tuesday,
May 3, 2022, after market close in North America. The Company will host a
conference call and webcast to discuss its results on Wednesday, May 4 at 8:00
a.m. PT, 11:00 a.m. ET,
5:00 p.m. CET. Conference call
details and a link to the webcast will be published with the first
quarter of 2022 results.
Qualified Persons
The technical information relating to Fruta del Norte contained
in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a
Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in
Vancouver, Canada, owns the Fruta
del Norte gold mine in southeast Ecuador. Fruta del Norte is among the
highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise
in mine operations and are dedicated to operating Fruta del Norte
responsibly. The Company operates with transparency and in
accordance with international best practices. Lundin Gold is committed to delivering value to
its shareholders, while simultaneously providing economic and
social benefits to impacted communities, fostering a healthy and
safe workplace and minimizing the environmental impact. The Company
believes that the value created through the development of Fruta
del Norte will benefit its shareholders, the Government and the
citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure
requirements of Lundin Gold under
the EU Market Abuse Regulation. This information was publicly
communicated on April 11, 2022 at
3:30 p.m. Pacific Time through the
contact persons set out below.
Caution Regarding Forward-Looking
Information and Statements
Certain of the information and statements in this press
release are considered "forward-looking information" or
"forward-looking statements" as those terms are defined under
Canadian securities laws (collectively referred to as
"forward-looking statements"). 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, identified by words
or phrases such as "believes", "anticipates", "expects", "is
expected", "scheduled", "estimates", "pending", "intends", "plans",
"forecasts", "targets", or "hopes", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "will", "should" "might", "will be taken",
or "occur" and similar expressions) are not statements of
historical fact and may be forward-looking statements. By their
nature, forward looking statements and information involve
assumptions, inherent risks and uncertainties, many of which are
difficult to predict, and are usually beyond the control of
management, that could cause actual results to be materially
different from those expressed by these forward-looking statements
and information. Lundin Gold
believes that the expectations reflected in this forward-looking
information are reasonable, but no assurance can be given that
these expectations will prove to be correct. Forward-looking
information should not be unduly relied upon. This information
speaks only as of the date of this press release, and the Company
will not necessarily update this information, unless required to do
so by securities laws.
This press release contains forward-looking information in a
number of places, such as in statements relating to its 2022
production outlook. There can be no assurance that such statements
will prove to be accurate, as Lundin
Gold's actual results and future events could differ
materially from those anticipated in this forward-looking
information as a result of the factors discussed in the "Risk
Factors" section in Lundin Gold's
Annual Information Form dated March 21,
2022, which is available at www.lundingold.com or on
SEDAR.
Lundin Gold's actual results
could differ materially from those anticipated. Factors that could
cause actual results to differ materially from any forward-looking
statement or that could have a material impact on the Company or
the trading price of its shares include: risks associated
with the Company's community relationships; risks related to
political and economic instability in Ecuador; risks related
to estimates of production, cash flows and costs; the impacts of a
pandemic virus outbreak; risks inherent to mining operations;
failure of the Company to maintain its obligations under its debt
facilities; shortages of critical supplies; control of the
Company's largest shareholders; risks related
to Lundin Gold's compliance with environmental laws and liability
for environmental contamination; the lack of availability
of infrastructure; the Company's reliance on one mine;
exploration and development risks; risks related to the
Company's ability to obtain, maintain or renew regulatory
approvals, permits and licenses; uncertainty with the tax regime
in Ecuador; risks related to the Company's workforce and its
labour relations; volatility in the price of gold; the
reliance of the Company on its information systems and the risk of
cyber-attacks on those systems; deficient or vulnerable title
to concessions, easements and surface rights; inherent safety
hazards and risk to the health and safety of the Company's
employees and contractors; the imprecision of Mineral Reserve
and Resource estimates; key talent recruitment and retention of
key personnel; volatility in the market price of the Company's
shares; measures to protect endangered species and
critical habitats; social media and reputation; the cost
of non-compliance and compliance costs; risks related to
illegal mining; the adequacy of the Company's insurance; risks
relating to the declaration of dividends; uncertainty as to
reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with
anti-bribery and anti-corruption laws; the uncertainty
regarding risks posed by climate change; limits of disclosure
and internal controls; security risks to the Company, its
assets and its personnel; the potential for litigation;
and risks due to conflicts of interest.
SOURCE Lundin Gold Inc.