Alamos Gold Reports Delay in Mining Concession Renewal for Kirazlı Project
TORONTO, Oct. 14, 2019 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported that it has suspended all construction activities on its Kirazlı project pending the renewal of its Turkish mining concessions which expired on October 13, 2019. Although the mining concessions have not been revoked and can be renewed following this expiration date, no further construction activities can be completed until the concessions have been renewed.
The Company has met all the regulatory requirements and conditions for the concessions to be renewed and reasonably expected the renewal by the expiration date. The communities local to the Kirazlı project remain supportive. As such, the Company is working with the Turkish Department of Energy and Natural Resources on securing the renewal of the mining concessions which will allow for a resumption of construction activities. The renewal is required from the same government department that granted the Operating Permit for Kirazlı in March 2019.There has been false information about the project circulated through social media. The Company continues to share correct information about the project, and dispel misinformation which gave rise to protests and social media inaccuracies concerning the Kirazlı project (see Kirazlı fact sheet for more detail on the Company’s website at www.alamosgold.com).Since 2010, Alamos has been working with the various government ministries and local communities as part of a multi-year environmental review and community consultation process. After earning the support of the local communities and passing a rigorous environmental review process, the Company was granted approval of all the major permits needed to build Kirazlı including the Environmental Impact Assessment, Forestry Permits, GSM and Operating Permits. Given the uncertainty around the timing of the concession renewal, initial production from Kirazlı has been delayed from previous guidance of late 2020. The Company will provide updated guidance on the construction schedule and budget for Kirazlı following the receipt of the concession renewal and resumption of construction activities.About AlamosAlamos is a Canadian-based intermediate gold producer with diversified production from four operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.FOR FURTHER INFORMATION, PLEASE CONTACT: