Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company") today reported it has received the Forestry Permits required for the development of its Kirazli gold project from the Forestry General Directorate in Turkey.
"Kirazli will be low cost to build and operate. It is our highest return project and will be a significant source of free cash flow in the years ahead. This represents a significant breakthrough for the project," said John A. McCluskey, President and Chief Executive Officer.
With the Environmental Impact Study and Forestry Permits for Kirazli approved by the federal government, the Company is pursuing the GSM (Business Opening and Operation) permit which is granted by the Çanakkale Governorship.
Feasibility studies to update the economics for both Kirazli and Aği Daği, as outlined in the positive 2012 pre-feasibility study, are nearing completion. A preliminary economic assessment is also being conducted on the higher grade Çamyurt project. A number of significant changes including weakness in the Turkish Lira and lower diesel prices since 2012 are expected to positively impact what were already attractive project economics.