VANCOUVER, BC, Oct. 24,
2022 /CNW/ - Lundin Gold Inc. (TSX: LUG)
(Nasdaq Stockholm: LUG) ("Lundin Gold" or the
"Company") is pleased to announce that the South
Ventilation Raise ("SVR") at its Fruta del Norte gold mine in
southeast Ecuador is now complete
and operational. View PDF.
The SVR has been under construction over the past three years,
during which time the project encountered delays due to COVID and
various technical challenges. In mid-2021, Lundin Gold revised the work plan from a
traditional 5.1 metre raise bore to a 2.1 metre diameter pilot
raise followed by top-down slashing to 5.1 metres and concrete
lining. The slash and line was completed in early-October and
commissioning of the fans was achieved over the past couple of
weeks. As a result of the completion of the SVR, ventilation in the
mine will increase from 180
m3/s to 350
m3/s resulting in improved efficiencies and
enabling mining activities on all levels.
Ron Hochstein, President and CEO,
commented: "I am very happy to finally announce that the SVR is
complete and operational. The SVR project has had its challenges,
but the team has worked tirelessly to ensure that the delays did
not impact operations. With the SVR now complete and commissioned,
the entirety of the Fruta del Norte deposit can be accessed and
mined, and haul truck cycle times can be improved."
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 October 24, 2022 at
2:00 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 the expected
benefits of increased ventilation in the Fruta del Norte gold mine.
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.