Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today provided an
update on the measures it has instituted to prevent the spread of
COVID-19 including a 14 day suspension of operations at Island
Gold.
To date, Alamos has not had any confirmed cases of COVID-19
among any of its employees or contractors and has not experienced
any impact to its operations or its supply chain. Over the past two
weeks, the Company has instituted a number of measures to help
prevent the spread of COVID-19 and protect the health and
well-being of its employees and contractors, their families, and
the local communities. This includes temporarily suspending
operations at its Island Gold mine given the unique set-up of the
operation with both a large local community and fly-in, fly-out
workforce. The Company continues to closely monitor the situation
and will institute additional measures as appropriate.
To date, operations at Young-Davidson and Mulatos have not been
impacted. The Company is on track to achieve consolidated
production guidance for the first quarter of 2020 of 105,000 to
110,000 ounces of gold.
“First and foremost, our focus is on ensuring we protect the
health and safety of our employees and the communities in which we
operate. At Island Gold, approximately half of our employees travel
from various parts of Ontario and Quebec, while the other half are
local residents. We have a very unique camp set-up at Island Gold,
with the camp located directly within the town of Dubreuilville.
For these reasons, we have decided that the best way to minimize
the possible spread of the virus is to temporarily suspend the
operation of the mine. This is a rapidly evolving situation and we
will take further action based on the best available information,”
said John A. McCluskey, President and Chief Executive Officer.
Temporary Suspension of Operations at Island
Gold
The Island Gold mine is located southeast of the town of
Dubreuilville and 83 kilometres northeast of Wawa in Northern
Ontario. Approximately 50% of the workforce comes from the local
communities with the other 50% housed in a camp within the town of
Dubreuilville and operating on a fly-in, fly out basis from various
other regions. To help prevent the potential spread of COVID-19
between these various communities, the Company will be scaling down
activities over the next few days as part of a 14 day suspension of
operations at Island Gold.
During this period, Island Gold will be placed on care and
maintenance. A number of essential employees will remain on site to
provide security, water management and other environmental
protection activities.
Measures Taken Across all Operations
To date, operating activities at the Young-Davidson and Mulatos
mines have not been impacted. The following measures have been
instituted to prevent the potential spread of the virus:
- Medical screening for all personnel upon entry to site for
symptoms of COVID-19
- Elimination of all non-essential business travel
- Required 14 day quarantine for any employees returning from out
of country travel
- Rigid camp and site hygiene protocols have been instituted and
are being followed
- Social distancing practises have been implemented to limit
interactions to only within functional groups or crews
- Restrictions on visitor site access to only essential
personnel
- Sponsored a service to provide hot meals to those in need
within Dubreuilville, including anyone with health issues, facing
economic challenges, those at risk and residents 65 years of age or
older
We continue to monitor the situation and will take additional
measures as appropriate to protect the health and well-being of our
employees, contractors and communities.
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from three operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos mine 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:
Scott K. Parsons |
|
Vice President, Investor Relations |
|
(416)
368-9932 x 5439 |
|
All amounts are in United States dollars, unless otherwise
stated.
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note
This news release includes certain statements
that constitute forward-looking information within the meaning of
applicable Canadian and U.S. securities laws ("forward-looking
statements"). All statements, other than statements of historical
fact, are, or may be deemed to be, forward-looking statements and
are generally, but not always, identified by the use of
forward-looking terminology such as “continue”, “on track”,
“believe”, “possible”, “potential”, or variations of such
words and phrases and similar expressions or statements that
certain actions, events or results “may", “could”, “would”, "might"
or "will" be taken, occur or be achieved or the negative
connotation of such terms.
This news release contains forward-looking
statements, including specifically with respect to measures the
Company has instituted to prevent the spread of COVID-19 at or near
its mine sites. Forward-looking statements are necessarily based
upon a number of factors and assumptions that, while considered
reasonable by management at the time of making such statements, are
inherently subject to significant business, economic, technical,
legal, political and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements,
and undue reliance should not be placed on such statements and
information.
Such factors and assumptions underlying the
forward-looking statements in this news release, but are not
limited to: operations may be exposed to widespread pandemic;
provincial and federal orders (including with respect to mining
operations generally or auxiliary businesses or services required
for our operations); changes in national and local government
legislation, controls or regulations, failure to comply with
environmental and health and safety laws and regulations; labour
and contractor availability and other operating or technical
difficulties, and disruptions in the maintenance or provision of
required infrastructure and information technology systems. In
addition, fluctuations in the price of gold or certain other
commodities such as, diesel fuel, natural gas, and electricity;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
changes to production estimates (which assume accuracy of projected
ore grade, mining rates, recovery timing and recovery rate
estimates and may be impacted by unscheduled maintenance,; changes
in foreign exchange rates (particularly the Canadian dollar, U.S.
dollar, Mexican peso and Turkish Lira); the impact of inflation;
any decision to declare a dividend; employee and community
relations; labour and contractor availability (and being able to
secure the same on favourable terms); litigation and administrative
proceedings; disruptions affecting operations; availability of and
increased costs associated with mining inputs and labour; inherent
risks and hazards associated with mining and mineral processing
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures and cave-ins; the risk that
the Company’s mines may not perform as planned; uncertainty
with the Company's ability to secure additional capital to execute
its business plans; the speculative nature of mineral exploration
and development, risks in obtaining and maintaining necessary
licenses, permits and authorizations, contests over title to
properties; expropriation or nationalization of property; political
or economic developments in Canada, Mexico, the United States,
Turkey and other jurisdictions in which the Company may carry on
business in the future; increased costs and risks related to the
potential impact of climate change; the costs and timing of
construction and development of new deposits; risk of loss due to
sabotage, protests and other civil disturbances; the impact of
global liquidity and credit availability and the values of assets
and liabilities based on projected future cash flows; risks arising
from holding derivative instruments; and business opportunities
that may be pursued by the Company.
For a more detailed discussion of such risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the Company’s latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each
under the heading “Risk Factors” available on the SEDAR website at
www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be
reviewed in conjunction with the information found in this news
release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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