VANCOUVER, BC, July 6, 2023
/CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
(OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to report second quarter 2023 gold production of 129,731
ounces ("oz") from its Fruta del Norte gold mine ("Fruta del
Norte") in southeast Ecuador. Of
the total quarterly gold production, 85,395 oz were produced as
concentrate and 44,336 oz as doré. During the same quarter in 2022,
the Company produced 111,890 oz of gold. Gold sales in the second
quarter 2023 totalled 128,958 oz versus 96,291 oz sold in the same
period last year. View PDF version.
In the second quarter of 2023, the mill processed 418,373 tonnes
resulting in an average throughput rate of 4,598 tonnes per day at
an average grade of 11.0 grams per tonne with recoveries of 88.0%.
Grade and recoveries are expected to vary over the coming
quarters.
Ron Hochstein, President and CEO
commented, "Higher than expected grade and mill throughput in
the second quarter have offset lower recoveries, which were caused
by changes in ore type and oxidation impacts on the coarse ore
stockpile. In the first half of 2023, mill performance has been
excellent resulting in the achievement of an average throughput
rate of 4,479 tonnes per day. Although we expect recoveries to be
impacted in the third quarter, we continue to optimize operations
and believe we can build on the successes achieved in the first
half of the year. As a result, we will be reviewing our 2023
guidance and will provide an update as part of our second quarter
financial results in a few weeks' time."
Production Results
|
Q2
2023
|
Q2
2022
|
Ore processed
(tonnes)
|
418,373
|
385,675
|
Average throughput
(tonnes per day)
|
4,598
|
4,238
|
Average head grade
(grams per tonne)
|
11.0
|
10.3
|
Recovery (%)
|
88.0 %
|
87.6 %
|
Gold ounces
produced
|
129,731
|
111,890
|
Concentrate
|
85,395
|
75,730
|
Doré
|
44,336
|
36,160
|
Gold ounces
sold
|
128,958
|
96,291
|
Second Quarter of 2023 Results Conference Call and
Webcast
Lundin Gold will publish its
second quarter of 2023 results on Wednesday,
August 9, 2023, after market close in North America. The Company will host a
conference call and webcast to discuss its results on Thursday, August 10 at 7:00 a.m. PT, 10:00 a.m.
ET, 4:00 p.m. CET. Conference
call details and a link to the webcast will be published with the
second quarter of 2023 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 July 6, 2023 at
3:00 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
several places, such as in statements relating to the Company's
2023 guidance, including estimates of gold production, grades,
recoveries and expected sales. 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 31,
2023, 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 related to
political and economic instability in Ecuador; risks associated with the
Company's community relationships; risks related to estimates of
production, cash flows and costs; risks inherent to mining
operations; shortages of critical supplies; the cost of
non-compliance and compliance costs; control of the Company's
largest shareholders; volatility in the price of gold; failure of
the Company to maintain its obligations under its debt facilities;
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;
security risks to the Company, its assets and its personnel; risks
related to illegal mining; exploration and development risks; the
impacts of a pandemic virus outbreak; risks related to the
Company's ability to obtain, maintain or renew regulatory
approvals, permits and licenses; uncertainty with and changes to
the tax regime in Ecuador; the
reliance of the Company on its information systems and the risk of
cyber-attacks on those systems; the imprecision of Mineral Reserve
and Resource estimates; 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; risks related to the Company's workforce and its
labour relations; 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 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; the
potential for litigation; and risks due to conflicts of
interest.
SOURCE Lundin Gold Inc.