VANCOUVER, BC, Oct. 12,
2023 /CNW/ - Lundin Gold Inc. (TSX: LUG)
(Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or
the "Company") is pleased to report third quarter 2023
gold production of 112,212 ounces ("oz") from its Fruta del Norte
gold mine ("Fruta del Norte") in southeast Ecuador. Of the total quarterly gold
production, 71,902 oz were produced as concentrate and 40,310 oz as
doré. During the same quarter in 2022, the Company produced 121,635
oz of gold. Gold sales in the third quarter of 2023 totalled
112,711 oz and were sold at an average realized gold
price1 of $1,931 per oz.
All dollar amounts are stated in U.S. dollars unless otherwise
stated. View PDF
In the third quarter of 2023, the mill processed 416,072 tonnes
resulting in an average throughput rate of 4,523 tonnes per day at
an average grade of 9.7 grams per tonne with recoveries of
86.5%.
Ron Hochstein, President and CEO
commented, "Our third quarter results put Lundin Gold firmly on track to meet its 2023
production guidance. The increase in mill throughput partially
offsets lower recoveries in the third quarter resulting in a
decrease in production compared to that achieved during the same
quarter last year. We continue to focus on improving recoveries
through numerous initiatives and expect improvement in the coming
quarters."
Production Results
|
Q3
2023
|
Q3
2022
|
Ore processed
(tonnes)
|
416,072
|
379,258
|
Average throughput
(tonnes per day)
|
4,523
|
4,122
|
Average mill head grade
(grams per tonne)
|
9.7
|
11.0
|
Average recovery
(%)
|
86.5 %
|
90.3 %
|
Gold ounces
produced
|
112,212
|
121,635
|
Concentrate
|
71,902
|
81,607
|
Doré
|
40,310
|
40,028
|
Gold ounces
sold
|
112,711
|
134,640
|
Average realized gold
price ($/oz sold)1
|
1,920
|
1,618
|
Third Quarter of 2023 Results Conference Call and Webcast
Lundin Gold will publish its
third quarter of 2023 results on Wednesday,
November 8, 2023, after market close in North America. The Company will host a
conference call and webcast to discuss its results on Thursday, November 9 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
third quarter of 2023 results.
Non-IFRS Financial Measures
This news release refers to certain financial measures, such as
average realized gold price, which are not measures recognized
under IFRS and do not have a standardized meaning prescribed by
IFRS. These measures may differ from those made by other companies
and accordingly may not be comparable to such measures as reported
by other companies. These measures have been calculated on a basis
consistent with historical periods. Please refer to the Company's
MD&A filed on SEDAR under the Company's profile at
www.sedar.com, pages 13 to 16, for the second quarter of 2023 for
an explanation of non-IFRS measures used.
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 12, 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
several places, such as in statements relating to the Company's
2023 guidance, including estimates of gold production, grades,
recoveries and expected sales. 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 31, 2023, 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 related to
political and economic instability
in Ecuador; risks associated with the Company's
community relationships; risks related to estimates of
production, cash flows and costs; risks inherent to mining
operations; shortages of critical supplies; the cost of
non-compliance and compliance costs; control of the Company's
largest shareholders; volatility in the price of gold;
failure of the Company to maintain its obligations under its debt
facilities; 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;
security risks to the Company, its assets and its personnel;
risks related to illegal mining; exploration and
development risks; the impacts of a pandemic
virus outbreak; risks related to the Company's ability to
obtain, maintain or renew regulatory approvals, permits and
licenses; uncertainty with and changes to the tax regime
in Ecuador; the reliance of the Company on its information
systems and the risk of cyber-attacks on those systems; the
imprecision of Mineral Reserve and Resource estimates;
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; risks
related to the Company's workforce and its labour relations;
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 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; the potential for litigation; and
risks due to conflicts of interest.
_________________________
|
1 Refer to
Non-IFRS Financial Measures section in this News
Release.
|
SOURCE Lundin Gold Inc.