Mar 4 2019
Alamos Gold Inc. has announced that it has received the Operating Permit from the Turkish Department of Energy and Natural Resources for the commencement of earthworks on the open pit area of the Kirazlı project.
As reported in January 2019, it is anticipated that in 2019, the company would spend $75 million for finishing work on the water reservoir and increasing major construction activities and earthworks. Of Kirazlı’s total initial capital budget of $152 million, the remaining $60 million will be spent in 2020 with primary production anticipated by the close of 2020.
It has been highlighted in the 2017 feasibility study that Kirazlı has a 44% after-tax internal rate of return. Throughout the time of its first full year of production, it is supposed to achieve more than 100,000 ounces of gold at mine-site all-in sustaining costs of <$400 per ounce, which is anticipated to achieve a consolidated production of more than 600,000 ounces each year, during which the company’s cost profile would be markedly lowered.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information included in this press release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101.