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Lundin Gold Inc.
Summary
| Project: | Fruta Del Norte | |
|---|---|---|
| Deposit: | Fruta Del Norte | |
| Location: | Ecuador | |
| Commodities: | Gold-Silver | |
| Date: | 9/19/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 19-9-2018: Lundin Gold Inc. announces a Feasibility Study report for its Fruta Del Norte deposit at the Fruta Del Norte project. Project estimate study results incl. post-tax NPV of US $786M (5%), IRR of 17.5%, updated reserve. September 19, 2018 (Vancouv | |
| Resources: | (Reserve, Prob.) 17.8Mt @ 8.74g/t Au, 12.1g/t Ag at project | |
| CP/QP: | [Overall Report]: Ron Hochstein (Internal) | |
| ABSTRACT: | September 19, 2018 (Vancouver, Canada) Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) is pleased to announce the results of its update of the project estimate (“UPE”) for its Fruta del Norte gold project (“Fruta del Norte” or the “Project”). The UPE involved a thorough review of the mine plan, capital and operating cost re-estimate and an update to the Project schedule. All amounts are in U.S. dollars unless otherwise indicated. This update should be read in conjunction with the Technical Report entitled "Fruta del Norte - NI 43-101 Technical Report on Feasibility Study" (the "Technical Report") filed by the Company in June 2016, with an effective date of April 30, 2016, and the Company’s project update press release dated May 30, 2017. “At the end of August we had committed 63% of planned capital expenditure, and construction is 27% complete. The UPE demonstrates that we are on track to build Fruta del Norte on budget and on schedule which is a credit to our Project team,” said Ron Hochstein, Lundin Gold’s President and CEO. “We were able to lower the estimated AISC through improvements in the mine plan, refinement of processing costs and negotiation of smelting contracts for the concentrate. This further demonstrates the robustness of our high-grade Fruta del Norte gold deposit.” As a result of the UPE, Fruta del Norte’s mine plan has been improved, and a strategic decision was made to utilize primary-secondary sequencing versus end-slicing. Implementing this methodology provides greater operational flexibility with access to more areas of the ore body simultaneously and reduced backfill costs due to longer cure times and less binder requirements. | |
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