Global Mineral Reserves Increase 28% Reflecting Addition of Island Gold, Strong Growth at La Yaqui Grande and Initial Mineral Reserve at Lynn Lake
TORONTO, Feb. 21, 2018 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) (“Alamos” or the “Company”) today reported its updated mineral reserves and resources as of December 31, 2017. For a detailed summary of mineral reserves and resources by project, refer to the tables below.
- Global Proven and Probable mineral reserves increased 28%, or 2.1 million ounces, to 9.8 million ounces of gold, (203 million tonnes (“mt”) grading 1.50 grams per tonne of gold (“g/t Au”)) net of mining depletion, with grades increasing 16%. The increase reflects the addition of Island Gold (with the acquisition of Richmont Mines closing November 23, 2017), further growth at La Yaqui Grande and the declaration of an initial mineral reserve at Lynn Lake
- Island Gold’s Proven and Probable mineral reserves increased 18% to 887,000 ounces of gold, (2.7 mt grading 10.20 g/t Au) net of mining depletion. Mineral reserve grades also increased 11% to 10.20 g/t Au compared to 9.17 g/t Au at the end of 2016. Since 2014, mineral reserves have increased 383% in terms of ounces and 60% in terms of grade
- Increased Proven and Probable mineral reserves at La Yaqui Grande to 644,000 ounces of gold, (14.3 mt grading 1.40 g/t Au) a 24%, or 123,000 ounce increase. Including additions within the Mulatos Pit, this offset mining depletion at Mulatos
- Initial Proven and Probable mineral reserve declared at Lynn Lake of 1.6 million ounces of gold (26.8 mt grading 1.89 g/t Au) with the release of the positive feasibility study in December 2017
- Global Measured and Indicated mineral resources decreased 21% to 7.4 million ounces of gold, (207 mt grading 1.1 g/t Au) reflecting the conversion of mineral resources to mineral reserves at Lynn Lake
- Global exploration budget of $36 million, a 50% increase from 2017 with nearly 80% of the spending to be focused on following up exploration success at Island Gold and the Mulatos District
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 (“NI 43-101”). The Qualified Persons for the National Instrument 43-101 compliant mineral reserve and resource estimates are detailed in the following table.
|Jeffrey Volk, CPG,|
|Director – Reserves and Resource,|
Alamos Gold Inc.
|Young-Davidson, El Chanate,|
San Carlos U/G, Lynn Lake
|Raynald Vincent, P.Eng., M.G.P.||Chief Geologist – Island Gold||Island Gold|
|Marc Jutras, P.Eng||Principal, Ginto Consulting Inc.||Mulatos Pits, Cerro Pelon, La|
Yaqui, Carricito, Esperanza, Ağı
Dağı, Kirazlı, Çamyurt, Quartz Mountain
|Chris Bostwick, FAusIMM||VP Technical Services, Alamos Gold Inc.||Young-Davidson, El Chanate,|
San Carlos Underground, Lynn Lake
|Leon LeBlanc, P.Eng||Chief Engineer – Island Gold||Island Gold|
|Herb Welhener, SME-QP||VP, Independent Mining Consultants Inc.||Mulatos Pits, Cerro Pelon, La|
Yaqui, Ağı Dağı, Kirazlı
With the exception of Mr. Volk, Mr. Bostwick, Mr. Vincent, and Mr. LeBlanc each of the foregoing individuals are independent of Alamos Gold.