Alamos Gold Inc (AGI)

[NYBob]

ALAMOS GOLD RECEIVES GSM PERMIT FOR KIRAZLI PROJECT
07/25/2018
Download this Press Release (PDF 239 KB)
TORONTO, July 25, 2018 (GLOBE NEWSWIRE) --

Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) (“Alamos” or the “Company”) today
reported it has been granted the GSM (Business Opening and Operation)
permit required for the development of its Kirazli project, by the
Çanakkale Governorship in Turkey.

https://www.alamosgold.com/news-and-media/news-releases/news-releases-details/2018/Alamos-Gold-Receives-GSM-Permit-for-Kirazl-Project/default.aspx

“We are very pleased to have achieved this key milestone. With the Environmental Impact Study and Forestry Permits having been previously approved, we have all the required permits to ramp up full scale construction activities. As one of the lowest-cost and highest return gold projects in the world, Kirazli will be a significant driver of free cash flow growth with initial production expected in 2020,” said John A. McCluskey, President and Chief Executive Officer.

As outlined in the 2017 feasibility study, Kirazli has a 44% after-tax internal rate of return and is expected to produce over 100,000 ounces of gold during its first full year of production at mine-site all-in sustaining costs of less than $400 per ounce. This is expected to bring consolidated production to over 600,000 ounces per year, while significantly lowering the Company’s cost profile.

The Company will be mobilizing for full scale construction activities over the next two months. The initial capital estimate for Kirazli is $152 million of which $50 to $60 million is expected to be spent in 2018, inclusive of $10 million spent through the first half of 2018. The bulk of the remaining initial capital will be spent in 2019 and the first half of 2020. Based on the current timelines, the Company expects initial production from Kirazli in the second half of 2020.

https://www.alamosgold.com/news-and-media/news-releases/news-releases-details/2018/Alamos-Gold-Receives-GSM-Permit-for-Kirazl-Project/default.aspx




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