On May 28th, 2019, Alamos Gold Inc. has announced that it has been granted amendments to its current operational permits from the Ministry of the Environment, Conservation and Parks, Ontario, which leads to the Phase II expansion of the Island Gold Mine to 1200 ton/day (“tpd”).
These amendments were received before planning and will increase the underground mining and mill throughput rates from the former permitted rate of 1100 tpd. It is anticipated that underground mining rates would increase to 1200 tpd in 2020. Although 2019 guidance for production and costs is constant, the company will seek opportunities to increase the mining rates to 1200 tpd before the end of 2019. No extra capital will be needed for the Phase II expansion with mining and mill supporting throughput rates of 1200 tpd.
Concurrently, the company continues with a huge ongoing exploration program at Island Gold that can be successful in steering significant growth in Mineral Reserves and Resources in the last many years. This development and success in the ongoing exploration have been included in the Phase III expansion study beyond 1200 tpd. It is expected that the study would be completed within the next year.
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical contents in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101.