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Alamos Gold Announces Updated Feasibility Study for Lynn Lake Project Outlining Larger, Longer-Life, Low-Cost Operation in Canada with Attractive Economics and Significant Exploration Upside
TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported results from the updated
About this update from Alamos Gold Inc.
[{"type":"text","content":" TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported results from the updated Feasibility Study (“2023 Study”) conducted on the Lynn Lake project (“Lynn Lake”), located in Manitoba, Canada. The 2023 Study replaces the previous Feasibility Study completed in 2017 (“2017 Study”) and incorporates a 44% larger Mineral Reserve and 14% increase in milling rates to 8,000 tonnes per day (“tpd”) supporting a larger, longer-life, low-cost operation. The 2023 Study has been updated to reflect the current costing environment, as well as a significant amount of additional engineering, on-site geotechnical investigation work, and requirements outlined during the permitting process with the Environmental Impact Statement (\"EIS”) granted in March 2023. All amounts are in United States dollars, unless otherwise stated. 2023 Study Highlights: Higher production: average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial 10 years The 10-year average represents a 23% increase over the annual average of 143,000 ounces in the 2017 Study Low-cost profile: average mine-site all-in sustaining costs of $699 per ounce over the first 10-years and $814 per ounce over the life of mine Average mine-site all-in sustaining costs decreased 6% from the 2017 Study over the initial 10-years with economies of scale provided by the larger operation, and higher average grades, more than offsetting cost inflation Larger, longer-life operation supported by 44% larger Mineral Reserve with further upside potential 44% larger Mineral Reserve totaling 2.3 million ounces grading 1.52 grams per tonne of gold (“g/t Au”) (47.6 million tonnes (“mt”)) 17-year mine life, up from 10 years in the 2017 Study Life of mine production of 2.2 million ounces, a 46% increase from 1.5 million ounces reported in 2017 Modest increase in capital intensity with larger operation and 46% increase in life of mine production partly offsetting inflation Initial capital of $632 million, and life of mine capital including sustaining capital and reclamation of $832 million, increased from the 2017 Study reflecting inflation and scope changes with the larger operation and Mineral Reserve Total life of mine capital of $381 per ounce increased 17% from $325 per ounce in the 2017 Study...