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Alamos Gold Breaks Ground for Phase III Expansion

 

Alamos Gold Inc. held a groundbreaking celebration for the Island Gold Mine expansion. This expansion will increase production, lower costs, and be an economic engine for the Algoma region. The expansion will also best position the operation to benefit from additional exploration success.

John A. McCluskey, President and Chief Executive Officer, stated: “When we first acquired the Island Gold Mine we were aware of its potential. It had 1.8 million ounces of Mineral Reserves and Resources, and through exploration investment we have increased this high-grade deposit to 5.1 million ounces of Mineral Reserves and Resources. By further investing in the Phase III expansion, we will more than double the mine life. This mine will be an economic engine for this region for years to come, and positively impact the closest town of Dubreuilville and surrounding communities.”

The Honourable Greg Rickford, Ontario Minister of Northern Development, Mines, Natural Resources and Forestry, stated: “The Island Gold expansion will help to strengthen the Algoma economy and is the latest in a series of recent success stories in Ontario’s mining sector—successes that our government is proud to support. The project will bring good-paying jobs and prosperity throughout the region including northern and Indigenous communities.”

The Honourable Todd Smith, Ontario Minister of Energy, stated: “Our government has reduced electricity prices for large industrial customers like Alamos Gold by 15 per cent through our Comprehensive Electricity Plan. We are pleased to support expansions like today’s at Alamos Gold that will support good-paying jobs for communities in the north.”

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