COMPANY IS ON TRACK TO MEET UPPER END OF 2021 PRODUCTION
GUIDANCE
VANCOUVER, BC, Oct. 13, 2021 /CNW/ - Lundin Gold Inc.
(TSX: LUG) (Nasdaq Stockholm: LUG) ("Lundin Gold" or the
"Company") is pleased to report third quarter 2021 gold
production of 107,663 ounces ("oz") from its Fruta del Norte gold
mine ("Fruta del Norte") in southeast Ecuador resulting in gold production of
320,599 oz for the nine months ended September 30, 2021. Of the total quarterly gold
production, 76,837 oz were produced as a concentrate and 30,826 oz
as doré. During the same quarter in 2020, the Company produced
94,250 oz of gold. PDF version.
In the third quarter of 2021, the mill processed approximately
365,316 tonnes at an average throughput rate of 3,971 tonnes per
day, the average grade of ore milled was 10.3 grams per tonne, and
average recovery was 88.8%.
Ron Hochstein, President and CEO
commented, "When compared to one year ago, it is clear that
Fruta del Norte has progressed significantly. We remain on track to
meet the upper end of our 2021 production guidance of 420,000
ounces of gold. The mine is now producing at 4,200 tpd. We have
been increasing the average plant throughput and, with the
completion of the mill expansion early in Q4, will achieve the
expanded 4,200 tpd nameplate capacity as planned. I am very happy
with how this second half of 2021 has begun and what the team
continues to achieve."
Production Results
|
Q3
2021
|
Q3
2020
|
Ore processed
(tonnes)
|
365,316
|
324,143
|
Average throughput
(tonnes per day)
|
3,971
|
3,340
|
Average head grade
(grams per tonne)
|
10.3
|
10.4
|
Recovery
(%)
|
88.8%
|
86.8%
|
Gold ounces
produced
|
107,663
|
94,250
|
Concentrate
|
76,837
|
66,790
|
Doré
|
30,826
|
27,460
|
Third Quarter of 2021 Results Conference Call and
Webcast
Lundin Gold will publish its
third quarter of 2021 results on Tuesday,
November 9, 2021, after market close in North America. The Company will host a
conference call and webcast to discuss its results on Wednesday, November 10 at 8:00 a.m. PT, 11:00 a.m.
ET, 5:00 p.m. CET. Conference
call details and a link to the webcast will be published with the
third quarter of 2021 results.
Qualified Persons
The technical information relating to Fruta del Norte contained
in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a
Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in
Vancouver, Canada, owns the Fruta
del Norte gold mine in southeast Ecuador. Fruta del Norte is among the
highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise
in mine operations and are dedicated to operating Fruta del Norte
responsibly. The Company operates with transparency and in
accordance with international best practices. Lundin Gold is committed to delivering value to
its shareholders, while simultaneously providing economic and
social benefits to impacted communities, fostering a healthy and
safe workplace and minimizing the environmental impact. The Company
believes that the value created through the development of Fruta
del Norte will benefit its shareholders, the Government and the
citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure
requirements of Lundin Gold under
the EU Market Abuse Regulation. This information was publicly
communicated on October 13, 2021 at
2:00 p.m. Pacific Time through the
contact persons set out below.
Caution Regarding Forward-Looking Information and
Statements
Certain of the information and statements in this press
release are considered "forward-looking information" or
"forward-looking statements" as those terms are defined under
Canadian securities laws (collectively referred to as
"forward-looking statements"). Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, identified by words
or phrases such as "believes", "anticipates", "expects", "is
expected", "scheduled", "estimates", "pending", "intends", "plans",
"forecasts", "targets", or "hopes", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "will", "should" "might", "will be taken",
or "occur" and similar expressions) are not statements of
historical fact and may be forward-looking statements. By their
nature, forward looking statements and information involve
assumptions, inherent risks and uncertainties, many of which are
difficult to predict, and are usually beyond the control of
management, that could cause actual results to be materially
different from those expressed by these forward-looking statements
and information. Lundin Gold
believes that the expectations reflected in this forward-looking
information are reasonable, but no assurance can be given that
these expectations will prove to be correct. Forward-looking
information should not be unduly relied upon. This information
speaks only as of the date of this press release, and the Company
will not necessarily update this information, unless required to do
so by securities laws.
This press release contains forward-looking information in a
number of places, such as in statements relating to its 2021
production outlook, including estimates of gold production. There
can be no assurance that such statements will prove to be accurate,
as Lundin Gold's actual results and
future events could differ materially from those anticipated in
this forward-looking information as a result of the factors
discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated
March 2, 2021, which is available at
www.lundingold.com or on SEDAR.
Lundin Gold's actual results
could differ materially from those anticipated. Factors that could
cause actual results to differ materially from any forward-looking
statement or that could have a material impact on the Company or
the trading price of its shares include: risks relating to the
impacts of a pandemic virus outbreak, political and economic
instability in Ecuador, production
estimates, mining operations, the Company's community
relationships, ability to maintain obligations or comply with debt,
financing requirements, volatility in the price of gold, shortages
of critical supplies, compliance with environmental laws and
liability for environmental contamination, lack of availability of
infrastructure, the Company's reliance on one mine, deficient or
vulnerable title to concessions, easements and surface rights,
uncertainty with the tax regime in Ecuador, the Company's workforce and its
labour relations, inherent safety hazards and risks to the health
and safety of the Company's employees and contractors, the
Company's ability to obtain, maintain or renew regulatory
approvals, permits and licenses, the imprecision of mineral reserve
and resource estimates, key talent recruitment and retention of key
personnel, volatility in the market price of the shares, the
potential influence of the Company's largest shareholders, measures
to protect 3 endangered species and critical habitats, the reliance
of the Company on its information systems and the risk of
cyber-attacks on those systems, the cost of non-compliance and
compliance costs, exploration and development risks, risks related
to illegal mining, the adequacy of the Company's insurance,
uncertainty as to reclamation and decommissioning, the ability of
Lundin Gold to ensure compliance
with anti-bribery and anti-corruption laws, the uncertainty
regarding risks posed by climate change, the potential for
litigation, limits of disclosure and internal controls, security
risks to the Company, its assets and its personnel, conflicts of
interest, risks that the Company will not declare dividends and
social media and reputation.
SOURCE Lundin Gold Inc.