Alamos Gold Inc (AGI)

[NYBob]

Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2019
T.AGI | 1 day ago
Island Gold’s Significant Growth Continues with a 21% Increase in Mineral Reserves and 46% Increase in Inferred Mineral Resources
All amounts are in United States dollars, unless otherwise stated.

TORONTO, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2019. For a detailed summary of Mineral Reserves and Resources by project, refer to the tables below.
Highlights

Island Gold’s Mineral Reserves and Resources increased by a combined 921,000 ounces, net of mining depletion, including:
21% increase in Proven and Probable Mineral Reserves to 1.22 million ounces (3.6 million tonnes (“mt”) grading 10.37 grams per tonne of gold (“g/t Au”)), net of mining depletion
46% increase in Inferred Mineral Resources to 2.30 million ounces (5.4 mt grading 13.26 g/t Au) with grades also increasing 13% reflecting higher grade additions in Island East
Combined Mineral Reserves and Resources now total 3.70 million ounces, double the 1.84 million ounces at the time of acquisition in 2017, net of 364,000 ounces of mining depletion
Global Proven and Probable Mineral Reserves of 9.73 million ounces of gold (203 mt grading 1.49 g/t Au), up slightly from 9.70 million ounces at the end of 2018 with increases primarily at Island Gold offsetting 576,000 ounces of mining depletion
Global Measured and Indicated Mineral Resources of 7.04 million ounces of gold (199 mt grading 1.10 g/t Au), down 3% reflecting the conversion to Mineral Reserves at Young-Davidson
Global Inferred Mineral Resources increased 10% to 5.98 million ounces of gold (130 mt grading 1.43 g/t Au), with grades also increasing 10% driven by the 725,000 ounce increase at Island Gold
Global exploration budget of $36 million in 2020, a 24% increase from the $29 million spent in 2019. This includes $21 million at Island Gold focused on defining additional near mine Mineral Reserves and Resources, $7 million budgeted at Mulatos and $5 million budgeted at Lynn Lake
“We had another tremendous year at Island Gold on all fronts with the asset continuing to evolve into a world class ore body. Over the past two years we have added more than two million ounces of Mineral Reserves and Resources, before mining depletion, with the deposit now approaching four million ounces in all categories. We see strong potential for this growth to continue with the deposit open laterally and down-plunge across multiple areas of focus,” said John A. McCluskey, President and Chief Executive Officer.
“The majority of this growth is being incorporated into a Phase III expansion study of Island Gold supporting what we expect will be a larger, increasingly profitable, long-life operation in one of the best mining jurisdictions in the world,” Mr. McCluskey added.

TOTAL MINERAL RESERVES AND RESOURCES

https://stockhouse.com/news/press-releases/2020/02/18/alamos-gold-reports-mineral-reserves-and-resources-for-the-year-ended-2019


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