VANCOUVER, BC, Sept. 7,
2023 /CNW/ - Lundin Gold Inc. (TSX: LUG)
(Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce that for the second time this
year the Company is expanding its 2023 near-mine exploration
program at its Fruta del Norte ("FDN") operation in southeast
Ecuador. The Company plans to
increase the 2023 near-mine drilling program by 7,500 metres to a
minimum of 30,000 metres to accelerate delineation of new targets
and continue to explore other sectors along FDN's major structures.
The 2023 near-mine program was originally planned for 15,500 metres
and increased to 23,000 meters in May. The regional exploration
program continues unchanged. View PDF version.
As a result of improved productivities in the field, the
expanded program is expected to be completed within the revised
near-mine exploration budget of $12.9
million announced earlier this year. Six rigs (one
underground and five on surface) are currently operating on the
near-mine program. Three additional rigs are also turning on the
Company's other programs, including one underground on the
conversion program and two surface rigs on the regional
program.
Ron Hochstein, President and CEO,
commented, "I am pleased to announce further expansion of
our near-mine exploration program. Results from the near-mine
program have improved our understanding of many targets within this
highly prospective district, leading to the current program now
being almost double what was originally planned for 2023. A minimum
of 50,000 metres of drilling is planned across the conversion,
near-mine and regional programs in 2023. This represents the
largest drill program in the district since 2007."
Qualified Persons
The technical information contained in this News Release has
been reviewed and approved by Andre
Oliveira, P. Geo, Vice President, Exploration of the
Company, who is a Qualified Person in accordance with the
requirements of NI 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 September 7, 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 relating to the Company's
exploration plans, activities and results. 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.
SOURCE Lundin Gold Inc.