TORONTO and VANCOUVER, July 26,
2018 /CNW/ - Minera Alamos Inc. ("Minera Alamos" or
the "Company") (TSX VENTURE:MAI) is pleased to announce that it
has completed the environmental studies required to amend the scope
of the existing Santana gold project test mining permits and
submitted them for approvals to the relevant Mexican mining
regulatory agency (SEMARNAT). Acceptance of the permit expansion
will provide the Company with the flexibility to transform the
operation from bulk mining testwork to a commercial scale gold mine
once a production decision is made.
"Since the closing of the transaction between Minera Alamos and Corex Gold in April the
Company has aggressively advanced the Santana project's engineering
work culminating in our recent submission for these permits.
We have received extremely positive community support for our plans
and based on currently available information we anticipate the
receipt of final approvals later this year." stated
Darren Koningen, CEO.
"Construction could begin in Q1 2019 with Santana the first of
three planned operations in our development pipeline."
Bulk test mining operations at the Santana project are currently
governed by a temporary environment/change of land use permit
(MIA-ETJ) that was issued by SEMARNAT in 2016. The current permits
cover changes made to a limited area of the project site which was
consistent with the scope of the test activities. Included as
part of the recently submitted environmental expansion studies are
early stage designs for commercial-scale production. The
Company has received all necessary formal sign-offs from the local
community (Ejido) to proceed with
the proposed changes.
Summary of Santana Bulk Leaching Activities
For the past 18 months the Santana project has been undergoing
continuous bulk heap-leach testing activities. An initial
phase utilized coarse crushing (<3") with a second phase
involving fine crushing (<1/2" to 5/8") and agglomeration prior
to leaching. While the use of fine crushing appeared to
improve the gold leach kinetics, ultimate gold recoveries for both
phases were relatively consistent (~0.65 g/t Au extracted) over the
range of crush sizes that were tested. In total,
approximately 35,000 tonnes of mineralized material has now been
placed on the test leach pads and the results of the bulk test work
fully support the on-going development of the project with a goal
towards commercial scale operation.
Drilling Update
Drilling has commenced at Santana (see news release dated
May 3rd, 2018)
following the receipt of successful community approvals associated
with combining Minera Alamos' Los
Verdes contiguous on strike claim into the Santana plan of
development. Updates to this 20-hole, 3000
m, program will be provided in due course.
Cautionary Note
The Company advises that it has not made a production
decision and that although it is advancing the project towards such
a decision it does not have a feasibility study of mineral
reserves, demonstrating economic and technical viability, and, as a
result, there may be an increased uncertainty of achieving any
particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit.
Historically, such projects have a much higher risk of
economic and technical failure. There is no guarantee that
production decision will be made or, that if it is, production will
begin as anticipated or at all or that anticipated production costs
will be achieved.
Failure to commence production would have a material adverse
impact on the Company's ability to generate revenue and cash flow
to fund operations.
About Minera
Alamos
Minera Alamos is an advanced
stage exploration and development company. Its growing portfolio of
high-grade Mexican projects includes the La Fortuna open pit gold project in Durango
and the Guadalupe de los Reyes gold/silver project in Sinaloa as well as the now combined
Santana/Los Verdes gold-copper project in Sonora. The Company is well financed to
conduct all of its planned exploration and development activities
and continues to pursue additional project acquisitions in
Latin America.
Mr. Darren Koningen, P. Eng.,
Minera Alamos' CEO, is the Qualified
Person responsible for the technical content of this press release
under National Instrument 43-101. Mr. Koningen has supervised the
preparation of, and approved the scientific and technical
disclosures in this news release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and
Minera Alamos cautions readers that
forward-looking information is based on certain assumptions and
risk factors that could cause actual results to differ materially
from the expectations of Minera
Alamos included in this news release. This news release
includes certain "forward-looking statements", which often, but not
always, can be identified by the use of words such as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". These statements are based on information
currently available to Minera Alamos
and Minera Alamos provides no
assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements with
respect to Minera Alamos' future
plans with respect to the Santana Gold Project, timing for and
ability to finance any such plans, any future production decision
for the Santana Gold Project, the results of the current leaching
and drill programs, objectives or goals, to the effect that
Minera Alamos or management expects
a stated condition or result to occur and the expected timing for
release of a resource and reserve estimate on the Santana Gold
Project. Since forward-looking statements are based on assumptions
and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results relating
to, among other things, results of exploration, the economics of
processing methods, project development, reclamation and capital
costs of Minera Alamos' mineral
properties (including the Santana Gold Project), the ability to
complete a preliminary economic assessment which supports the
technical and economic viability of mineral production could differ
materially from those currently anticipated in such statements for
many reasons. Minera Alamos'
financial condition and prospects could differ materially from
those currently anticipated in such statements for many reasons
such as: an inability to finance and/or complete an updated
resource and reserve estimate and a preliminary economic assessment
which supports the technical and economic viability of mineral
production; changes in general economic conditions and conditions
in the financial markets; changes in demand and prices for
minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Minera Alamos'
activities; and other matters discussed in this news release and in
filings made with securities regulators. This list is not
exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These
and other factors should be considered carefully and readers should
not place undue reliance on Minera
Alamos' forward-looking statements. Minera Alamos does not undertake to update any
forward-looking statement that may be made from time to time by
Minera Alamos or on its behalf,
except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Minera Alamos Inc.
