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Alamos Gold Announces Significant Permitting Milestone at Island Gold with Filing of Closure Plan Amendment
All amounts are in United States dollars, unless otherwise stated. TORONTO, March 16, 2022 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
About this update from Alamos Gold Inc.
[{"type":"text","content":" All amounts are in United States dollars, unless otherwise stated. TORONTO, March 16, 2022 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today announced the Closure Plan Amendment for the Island Gold Mine has been filed by the Ontario Government. This represents a significant milestone for the operation, allowing for ramp up of construction activities on the Phase III expansion, including the pre-sink of the shaft which is expected to begin mid-2022. As outlined in the Phase III expansion study released in July 2020, the expansion is expected to drive production approximately 70% higher to average 236,000 ounces of gold per year at industry low mine-site all-in sustaining costs of $534 per ounce once completed in 2025. Since the completion of the study, Mineral Reserves and Resources have increased 37% to total 5.1 million ounces of gold as of the end of 2021. This growth will be incorporated into an updated mine plan which is expected to be released mid-2022. The optimized mine plan is also expected to incorporate higher-grade additions in proximity to the planned shaft bottom earlier in the mine life, further increasing the value of the operation. Qualified Persons Chris Bostwick, FAusIMM, Alamos Gold’s Senior 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 (“NI 43-101”). For further information pertaining to the 2020 Phase III Expansion Study, please see press release titled “Alamos Gold Announces Phase III Expansion of Island Gold to 2,000 tpd”, dated July 14, 2020, and the corresponding technical report, both available under the Company's profile on SEDAR at www.sedar.com and on the Alamos website at www.alamosgold.com. About Alamos Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine 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 hig...