Alamos Gold Receives Phase II Expansion Permit for Island Gold
Press Release
TORONTO, May 28, 2019 — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported it has been granted amendments to its existing operational permits from the Ministry of the Environment, Conservation and Parks, Ontario, allowing for the Phase II expansion of the Island Gold Mine to 1,200 tonnes per day (“tpd”).
These amendments were received ahead of schedule and will allow underground mining and mill throughput rates to increase from the previously permitted rate of 1,100 tpd. Underground mining rates are expected to increase to 1,200 tpd in 2020. The Company will look for opportunities to ramp up mining rates to 1,200 tpd before the end of 2019; however, 2019 guidance for production and costs is unchanged. With a mine and mill that can both support throughput rates of 1,200 tpd, no additional capital will be required for the Phase II expansion.
In parallel, the Company is continuing with a large ongoing exploration program at Island Gold which has been successful in driving significant growth in Mineral Reserves and Resources the last several years. This growth and ongoing exploration success is being incorporated into a Phase III expansion study beyond 1,200 tpd. The study is expected to be completed over the next year.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101.
Upcoming Catalysts and News Flow
- Q2 2019 – Young-Davidson and Island Gold Site Tours
- Mid-2019 – Lynn Lake Optimization Study
- H2 2019 – La Yaqui Grande EIA Approval
- H2 2019 – Cerro Pelon Construction Update
- H2 2019 – Kirazlı Construction Update
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. Parsons
Vice President, Investor Relations
(416) 368-9932 x 5439
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