Alamos Gold Achieves Two Million Ounce Milestone at its Mulatos Mine
03 April 2019 - 11:00PM
Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) is pleased to
announce that its Mulatos mine produced its two millionth ounce of
gold in March 2019. This milestone also marks the end of the 5% NSR
royalty that the operation has been paying since the start of
production in 2005. At the current gold price, this represents a
savings of approximately $65 per ounce, which has already been
incorporated into previously disclosed guidance.
This past week also marked the completion of a voluntary
relocation of residents of the town of Mulatos to Matarachi which
began in 2016. Alamos worked closely with the community during this
relocation, investing in several projects that will provide
long-term benefits, including the construction of 21 new homes, as
well as a new education centre, church, and medical clinic. The
Company is proud of these investments and this past week
participated in an opening ceremony for these new facilities with
the community of Matarachi and several key government officials
including Jorge Vidal, Secretary of Economy of the State of Sonora
representing the Governor Claudia Pavlovich; Yvonne Stinston,
General Director of Mining Development of the Federal Government;
and Berenice Porchas, Mayor of Sahuaripa.
“The Mulatos operation has been an incredible success story. It
started producing gold in 2005 with approximately a seven-year mine
life and 14 years later, the mine still has six years of reserves
ahead of it. We would like to acknowledge all our employees, the
local communities, and elected officials for their continued
support in helping us achieve this significant milestone. The
Mulatos District still holds great potential and we look forward to
many more years of profitable production,” said John A. McCluskey,
President and Chief Executive Officer.
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from four operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos and El Chanate mines 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. ParsonsVice 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 contains statements which are, or may deemed
to be, forward-looking information within the meaning of applicable
Canadian and U.S. securities laws (“forward-looking
statement(s)”). All statements in this news release, other
than statements of historical fact, which address events, results,
outcomes or developments that Alamos expects to occur are, or may
be deemed to be, forward-looking statements. Forward-looking
statements are generally, but not always, identified by the use of
forward-looking terminology such as "expects", “is expected”
"believes", "anticipates", "will", "intends", "estimates",
"forecast", "budget" 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.
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, 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.
Such factors and assumptions underlying the forward-looking
statements in this news release include, but are not limited to:
the speculative nature of mineral exploration and development,
including the risks of obtaining and maintaining necessary
licenses, permits and authorizations; changes to current estimates
of mineral reserves and resources; fluctuations in the price of
gold; changes in foreign exchange rates (particularly the Canadian
dollar and U.S. dollar); the impact of inflation; expropriation or
nationalization of property; availability of and increased costs
associated with mining inputs and labour; contests over title to
properties; changes in national and local government legislation
(including tax legislation), controls or regulations and risk
of loss due to sabotage and civil disturbances.
Additional risk factors affecting the Company are set out in the
Company’s latest Form 40-F/ Annual Information Form and MD&A,
each under the heading “Risk Factors”, available on the SEDAR
website at www.sedar.com or on EDGAR at www.sec.gov., and should be
reviewed in conjunction with this. The foregoing should be reviewed
in 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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/e0248e7c-2a7b-4d3b-9658-b6029fb2f225
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