Alamos receives permit for expansion of Island Gold mine

Alamos Gold Inc. reported yesterday, May 28, 2019, it has been granted amendments to its existing operational permits from the Ministry of the Environment, Conservation and Parks, Ontario, allowing for the Phase II expansion of the Island Gold Mine to 1,200 tonnes per day (tpd).

These amendments were received ahead of schedule and will allow underground mining and mill throughput rates to increase from the previously permitted rate of 1,100 tpd. Underground mining rates are expected to increase to 1,200 tpd in 2020. The Company will look for opportunities to ramp up mining rates to 1,200 tpd before the end of 2019; however, 2019 guidance for production and costs is unchanged. With a mine and mill that can both support throughput rates of 1,200 tpd, no additional capital will be required for the Phase II expansion.

In parallel, the Company is continuing with a large ongoing exploration program at Island Gold which has been successful in driving significant growth in Mineral Reserves and Resources the last several years. This growth and ongoing exploration success is being incorporated into a Phase III expansion study beyond 1,200 tpd. The study is expected to be completed over the next year.

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Alamos Gold

The Island Gold Mine is located 83 kilometres northeast of Wawa, Ontario. The mine comprises 217 patented, leased and staked claims covering 7,926 hectares. It is accessible via a four-season road from Highway 519, just west of the town of Dubreuilville. The Island Gold mine is a high grade, low cost underground mining operation located in Northern Ontario, Canada. The mine began production in October 2007 and has produced over 500,000 ounces of gold to date. In November 2017, Alamos Gold acquired Richmont Mines, and the Island Gold Mine.