VANCOUVER, BC, Jan. 9, 2023
/CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm:
LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to report fourth quarter 2022 gold production of 121,139
ounces ("oz") from its Fruta del Norte gold mine ("Fruta del
Norte") in southeast Ecuador,
resulting in total gold production of 476,329 oz for the year,
exceeding the high end of the Company's 2022 guidance of 460,000
oz. Of the total quarterly gold production, 78,756 oz were produced
as a concentrate and 42,383 oz as doré. During the same quarter in
2021, the Company produced 107,915 oz of gold. PDF Version
In the fourth quarter of 2022, the mill processed approximately
420,838 tonnes at an average throughput rate of 4,574 tonnes per
day ("tpd"), the average grade of ore milled was 10.0 grams per
tonne, and average recovery was 89.6%.
Ron Hochstein, President and CEO
commented, "I am extremely happy to announce that for the second
year running, Lundin Gold has beaten
its production guidance. We continue to push the boundaries of what
Fruta del Norte is capable of, and noteworthy improvements have
been made across the board as compared to last year. Our average
throughput of 4,574 tpd this fourth quarter is proof that there is
a lot more we can get out of Fruta del Norte, and I'm particularly
excited to continue building on our successes in 2023."
Production Results
|
Q4
2022
|
FY
2022
|
Q4
2021
|
FY
2021
|
Ore processed
(tonnes)
|
420,838
|
1,559,178
|
379,166
|
1,415,634
|
Average throughput
(tonnes per day)
|
4,574
|
4,272
|
4,121
|
3,878
|
Average head grade
(grams per tonne)
|
10.0
|
10.6
|
9.9
|
10.6
|
Recovery (%)
|
89.6 %
|
89.5 %
|
89.7 %
|
88.6 %
|
Gold ounces
produced
|
121,139
|
476,329
|
107,915
|
428,514
|
Concentrate
|
78,756
|
314,694
|
75,299
|
289,499
|
Doré
|
42,383
|
161,635
|
32,616
|
139,015
|
Gold ounces
sold
|
119,890
|
470,103
|
108,476
|
427,298
|
Year End 2022 Results Conference Call and Webcast
Lundin Gold will publish its year
end 2022 results on Thursday, February 23,
2023, after market close in North
America. The Company will host a conference call and webcast
to discuss its results on Friday, February
24 at 7:00 a.m. PT,
10:00 a.m. ET, 4:00 p.m. CET. Conference call details and a link
to the webcast will be published with the year end 2022
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 January 9, 2023 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 pertaining to the
opportunity to improve the operational performance of Fruta del
Norte. 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 21, 2022, 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 associated with
the Company's community relationships; risks related to
political and economic instability in Ecuador; risks related
to estimates of production, cash flows and costs; the impacts of a
pandemic virus outbreak; risks inherent to mining operations;
failure of the Company to maintain its obligations under its debt
facilities; shortages of critical supplies; control of the
Company's largest shareholders; risks related
to Lundin Gold's compliance with environmental laws and liability
for environmental contamination; the lack of availability
of infrastructure; the Company's reliance on one mine;
exploration and development risks; risks related to the
Company's ability to obtain, maintain or renew regulatory
approvals, permits and licenses; uncertainty with the tax regime
in Ecuador; risks related to the Company's workforce and its
labour relations; volatility in the price of gold; the
reliance of the Company on its information systems and the risk of
cyber-attacks on those systems; deficient or vulnerable title
to concessions, easements and surface rights; inherent safety
hazards and risk to the health and safety of the Company's
employees and contractors; the imprecision of Mineral Reserve
and Resource estimates; key talent recruitment and retention of
key personnel; volatility in the market price of the Company's
shares; measures to protect endangered species and
critical habitats; social media and reputation; the cost
of non-compliance and compliance costs; risks related to
illegal mining; the adequacy of the Company's insurance; risks
relating to the declaration of dividends; 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; limits of disclosure
and internal controls; security risks to the Company, its
assets and its personnel; the potential for litigation;
and risks due to conflicts of interest.
SOURCE Lundin Gold Inc.