TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Alamos Gold Inc. (TSX: AGI)(NYSE: AGI) ("Alamos" or the "Company") today reported that it has received the final signatures approving the Environmental Impact Assessment ("EIA") for its Kirazli gold project.
The Ministry of the Environment and Urbanization, the Turkish government agency responsible for reviewing the Company's EIA, has signed and issued formal approval in the form of an EIA Positive Decision Certificate for Kirazli. "We are very pleased to have achieved this milestone. The EIA approval process is a very thorough and rigorous process that goes beyond the environmental impact to also consider the social impact of development. This achievement reflects our commitment to operating in accordance with the highest environmental and social standards. Kirazli will be Turkey's next gold mine. We look forward to advancing it over the next 18 months with initial production expected in the first half of 2015," said John A. McCluskey, President and Chief Executive Officer.
Additionally, the EIA on the Agi Dagi project has progressed to the final stage of the approval process. The EIA Commission has reviewed the submission for Agi Dagi and found the EIA sufficient and accepted it as final. The Company has also been informed that a subsequent mandatory 10-day public notice period produced no opposition or comments of any kind. Final approval of the Agi Dagi EIA is anticipated in a similar time frame as was achieved with Kirazli. With approximately $475m in cash, no debt and strong ongoing cash flow generation, the Company expects to fund development of these projects internally.
Alamos is an established Canadian-based gold producer that owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey. The Company employs more than 600 people and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos has approximately $475 million in cash and cash equivalents, is debt-free, and unhedged to the price of gold. As of July 23, 2013, Alamos had 127,348,988 common shares outstanding (132,413,188 shares fully diluted), which are traded on the TSX and NYSE under the symbol "AGI".
The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- AIG to Create 230 Jobs in Charlotte
- General Motors Names Mary Barra as First Female CEO
- Russia Says Nyet to Canada North Pole Claim
- Bipartisan Negotiators Reach Modest Budget Agreement
- Justin Bieber Visits Typhoon Victims, Plays Concert
- Senate Dems Move Forward With Obama Nominees
- MasterCard to Split Shares, Raise Dividend
- New Obama Aide to Focus on Climate Change
- Obama Nominee Confirmed for D.C. Appeals Court