Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2017
ALAMOS GOLD INC.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
Toronto, Ontario, Canada M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
FOR IMMEDIATE RELEAS E
WEBSITE: www.alamosgold.com TRADING SYMBOL: TSX:AGI NYSE:AGI
Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2017
Global Mineral Reserves Increase 28% Reflecting Addition of Island Gold, Strong
Growth at La Yaqui Grande and Initial Mineral Reserve at Lynn Lake
Toronto, Ontario (February 21, 2018) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos”
or the “Company”) today reported its updated mineral reserves and resources as of December
31, 2017. For a detailed summary of mineral reserves and resources by project, refer to the
tables below.
Highlights
Global Proven and Probable mineral reserves increased 28%, or 2.1 million
ounces, to 9.8 million ounces of gold, (203 million tonnes (“mt”) grading 1.50 grams
per tonne of gold (“g/t Au”)) net of mining depletion, with grades increasing 16%. The
increase reflects the addition of Island Gold (with the acquisition of Richmont Mines
closing November 23, 2017), further growth at La Yaqui Grande and the declaration of
an initial mineral reserve at Lynn Lake
Island Gold’s Proven and Probable mineral reserves increased 18% to 887,000
ounces of gold, (2.7 mt grading 10.20 g/t Au) net of mining depletion. Mineral reserve
grades also increased 11% to 10.20 g/t Au compared to 9.17 g/t Au at the end of 2016.
Since 2014, mineral reserves have increased 383% in terms of ounces and 60% in
terms of grade
Increased Proven and Probable mineral reserves at La Yaqui Grande to 644,000
ounces of gold, (14.3 mt grading 1.40 g/t Au) a 24%, or 123,000 ounce increase.
Including additions within the Mulatos Pit, this offset mining depletion at Mulatos
Initial Proven and Probable mineral reserve declared at Lynn Lake of 1.6 million
ounces of gold (26.8 mt grading 1.89 g/t Au) with the release of the positive feasibility
study in December 2017
Global Measured and Indicated mineral resources decreased 21% to 7.4 million
ounces of gold, (207 mt grading 1.1 g/t Au) reflecting the conversion of mineral
resources to mineral reserves at Lynn Lake
Global exploration budget of $36 million, a 50% increase from 2017 with nearly
80% of the spending to be focused on following up exploration success at Island Gold
and the Mulatos District
“Alamos’ reserve base has grown substantially over the past several years, both in size and
quality. Our 2017 exploration program is a continuation of this success, highlighted by strong
increases at Island Gold in terms of ounces and grade. With reserves approaching 10 million
ounces of gold, this represents one of the highest quality, longest life reserve bases in some
of the best jurisdictions in the world. With significant potential at each of our core operations
and development projects, we look forward to continued exploration success,” said John A.
McCluskey, President and Chief Executive Officer.
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2 | ALAMOS GOLD INC
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Young-Davidson - Surface 857 0.98 27 1,165 0.91 34 -26% 8% -21%
Young-Davidson - Underground 40,011 2.67 3,440 42,054 2.70 3,653 -5% -1% -6%
Total Young-Davidson 40,868 2.64 3,467 43,220 2.65 3,687 -5% -1% -6%
Island Gold 2,703 10.20 887 - - - - - -
Mulatos Mine 21,944 0.88 624 26,020 0.90 750 -16% -1% -17%
Stockpiles 8,855 1.30 370 7,129 1.38 317 24% -6% 17%
La Yaqui 1,444 1.39 65 1,939 1.40 87 -26% - -26%
La Yaqui Grande 14,325 1.40 644 11,548 1.40 521 24% - 24%
Cerro Pelon 3,253 1.63 170 3,253 1.63 170 - - -
Underground 39 12.05 15 106 11.65 40 -63% 3% -62%
Total Mulatos 49,860 1.18 1,888 49,995 1.17 1,885 - - -
El Chanate - Open Pit 2,700 0.63 54 10,812 0.56 193 -75% 13% -72%
El Chanate - Leach Pad Inv. - - 80 - - 100 - - -20%
Total El Chanate 2,700 - 135 10,812 - 293 -75% - -54%
Total Lynn Lake 26,803 1.89 1,625 - - - - - -
Ağı Dağı 54,361 0.67 1,166 54,361 0.67 1,166 - - -
Kirazlı 26,104 0.79 665 26,104 0.79 665 - - -
Total Turkey 80,465 0.71 1,831 80,465 0.71 1,831 - - -
Alamos - Total 203,399 1.50 9,832 184,492 1.30 7,696 10% 16% 28%
Young-Davidson - Surface 1,739 1.24 69 1,739 1.24 69 - - -
Young-Davidson - Underground 11,374 3.53 1,291 10,792 3.39 1,177 5% 4% 10%
Total Young-Davidson 13,113 3.23 1,361 12,531 3.09 1,246 5% 4% 9%
Island Gold 591 5.86 111 - - - - - -
Mulatos Mine 69,467 1.10 2,461 72,491 1.10 2,554 -4% 1% -4%
Underground 519 4.68 78 558 5.20 93 -7% -10% -16%
La Yaqui Grande 3,045 1.11 109 1,108 1.91 68 175% -42% 60%
Cerro Pelon 572 2.56 47 572 2.56 47 - - -
Carricito 1,355 0.83 36 1,355 0.83 36 - -1% -1%
Total Mulatos 74,958 1.13 2,731 76,084 1.14 2,798 -1% -1% -2%
El Chanate 5,757 0.72 134 4,415 0.66 93 30% 10% 43%
Lynn Lake 7,972 1.91 490 40,303 2.03 2,629 -80% -6% -81%
Esperanza 34,352 0.98 1,083 34,352 0.98 1,083 - - -
Turkey 58,574 0.59 1,108 58,574 0.59 1,108 - - -
Quartz Mountain 12,156 0.87 339 12,156 0.87 339 - - -
Alamos - Total 207,472 1.10 7,357 238,415 1.21 9,298 -13% -9% -21%
Total Young-Davidson 3,528 2.74 311 3,555 2.75 314 -1% - -1%
Island Gold 2,958 9.55 908 - - - - - -
Mulatos Mine 8,804 0.92 261 8,935 0.92 265 -1% - -2%
Underground 162 4.93 26 162 4.93 26 - - -
La Yaqui Grande 303 0.97 9 174 1.39 8 74% -30% 13%
Cerro Pelon 109 1.23 4 109 1.23 4 - - -
Carricito 900 0.74 22 900 0.74 22 - - -
Total Mulatos 10,278 0.97 322 10,280 0.98 325 - -1% -1%
El Chanate 52 0.79 1 112 0.71 3 -53% 12% -48%
Lynn Lake 45,923 1.11 1,646 50,704 1.28 2,089 -9% -13% -21%
Esperanza 718 0.80 18 718 0.80 18 - - -
Turkey 25,240 0.54 438 25,240 0.54 438 - - -
Quartz Mountain 39,205 0.91 1,147 39,205 0.91 1,147 - - -
Alamos - Total 127,903 1.17 4,791 129,815 1.04 4,334 -1% 12% 11%
Measured and Indicated Gold Mineral Resources (exclusive of Mineral Reserves)
Inferred Gold Mineral Resources
TOTAL MINERAL RESERVES AND RESOURCES
2017 2016 % Change
Proven and Probable Gold Mineral Reserves
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3 | ALAMOS GOLD INC
Mineral Reserves
Global Proven and Probable mineral reserves increased by 28% to 9.8 million ounces of gold,
net of mining depletion as of December 31, 2017. This reflects the addition of Island Gold,
following the completion of the Richmont Mines acquisition on November 23, 2017, further
growth at La Yaqui Grande and the declaration of an initial mineral reserve at Lynn Lake.
These increases were partially offset by mining depletion at Young-Davidson and El Chanate
with no exploration drilling conducted at either operation in 2017.
The Island Gold deposit continues to demonstrate significant growth, both in terms of the size
and quality of its mineral reserve base. Island Gold’s mineral reserves increased a further
18% in 2017 to 887,000 ounces compared to the end of 2016. This is a continuation of a
strong trend since 2014 which has seen mineral reserves grow by 383%. Mineral reserve
additions of 236,000 ounces more than offset mining depletion of 102,000 ounces. The
mineral reserve grade increased a further 11% to 10.20 g/t Au, marking a 60% increase since
2014. This growth was part of a successful 2017 program focused on upgrading a portion of
the large inferred mineral resource base.
La Yaqui Grande’s mineral reserves grew 24% to 644,000 ounces following up on an initial
mineral reserve of 521,000 ounces declared at the end of 2016. The majority of the growth
came through mineral reserve additions within Zones 2 and 3. La Yaqui Grande is now more
than seven times the size of La Yaqui Phase I based on its initial mineral reserve. La Yaqui
Phase I was constructed and brought into production during 2017.
Mineral Reserves across the Mulatos District were unchanged at 1.9 million ounces with the
additions at La Yaqui Grande and the El Salto area of the Mulatos Pit, offsetting mining
depletion.
At Lynn Lake, an initial Proven and Probable mineral reserve of 1.6 million ounces was
declared reflecting the successful conversion of Measured, Indicated and Inferred mineral
resources as detailed in the feasibility study on the project, results of which were released in
December 2017.
No exploration drilling was conducted at Young-Davidson given its existing long life mineral
reserve base of 14 years. Exploration activities are expected to recommence once the lower
mine has been developed. Similarly, no exploration was conducted at El Chanate with mining
operations expected to cease in 2018.
A $1,250 per ounce gold price assumption was used in estimating 2017 mineral reserves,
unchanged from 2016. A detailed summary of Proven and Probable mineral reserves as of
December 31, 2017 is presented in Table 1 at the end of this press release.
Mineral Resources
Global Measured and Indicated mineral resources (exclusive of mineral reserves) totaled 7.4
million ounces as of December 31, 2017. This represents a 21% decrease from the end of
2016 reflecting the conversion of mineral resources at Lynn Lake to mineral reserves, partially
offset by the addition of Island Gold and increases at Young-Davidson and La Yaqui Grande.
Global Inferred mineral resources totaled 4.8 million ounces as of December 31, 2017, up
11% from 2016 reflecting the addition of Island Gold, partially offset by the successful
conversion of mineral resources at Lynn Lake to mineral reserves.
The Company’s $1,400 per ounce gold price assumption for estimating mineral resources is
unchanged from 2016. Detailed summaries of the Company’s Measured and Indicated, and
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4 | ALAMOS GOLD INC
Inferred mineral resources as of December 31, 2017 are presented in Tables 3 and 4
respectively, at the end of this press release.
Island Gold
Island Gold’s mineral reserves increased 18% to 887,000 ounces, net of mining depletion,
from the end of 2016. The 2017 exploration program was focused on upgrading a portion of
the large inferred mineral resource base and successful in adding 236,000 ounces of new
mineral reserves, more than offsetting mining depletion of 102,000 ounces.
Mineral reserve grades also increased 11% to 10.20 g/t Au as the mineral reserve continues
to grow both in size and quality. Over the past three years, Island Gold’s mineral reserve has
grown by more than 700,000 ounces, net of mining depletion, for a 383% increase. Over the
same period, the mineral reserve grade has increased from 6.39 g/t Au to 10.20 g/t Au for a
60% increase.
Based on throughput rates of 1,100 tonnes per day (“tpd”), Island Gold has a current mineral
reserve life of approximately seven years. With a large mineral resource base, significant
exploration potential, and strong track record of mineral resource additions and conversion to
mineral reserves, the Company expects a significantly longer mine life.
Measured and Indicated mineral resources increased 22% to 111,000 ounces while Inferred
mineral resources decreased 9% to 908,000 ounces reflecting the above noted conversion of
mineral resources to mineral reserves. Despite not being a primary focus, 147,000 ounces of
Inferred mineral resources were added, replacing nearly two-thirds of the 236,000 ounces that
were converted to mineral reserves.
The 2017 exploration program was also successful in outlining additional gold mineralization
down plunge to the southeast. The majority of the exploration drill results in this area are not
yet at the required drill spacing to allow for inclusion into the Inferred mineral resource
category.
Previously released highlight intercepts not included in year end 2017 mineral reserve or
resource calculations include (all true width and capped at 70 g/t Au):
• 19.85 g/t Au over 8.40 metres (“m”) (MH8-4, E1E Zone);
• 17.67 g/t Au over 2.30 m (MH10-2, E1E Zone);
• 11.36 g/t Au over 3.57 m (MH10-3, E1E Zone); and
• 10.48 g/t Au over 2.92 m (MH9-5A, E1E Zone).
See Figure 1 for locations of the above noted intercepts and Table 5 at the end of this press
release.
These results all sit down plunge to the southeast of the main mineralization at Island Gold.
The 2018 exploration program will be focused on converting this newly outlined zone of
mineralization into the Inferred mineral resource category by the end of 2018. This new zone
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Proven & Probable Mineral Reserves 2,703 10.20 887 2,551 9.17 752 6% 11% 18%
Measured & Indicated Mineral Resources 591 5.86 111 479 5.94 91 23% -1% 22%
Inferred Mineral Resources 2,958 9.55 908 3,042 10.18 996 -3% -6% -9%
2017 2016 % Change
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5 | ALAMOS GOLD INC
of mineralization and the area of Inferred mineral resources above it (to the northwest) form
an area with similar dimensions as the Phase I PEA expansion area.
The 2018 exploration program (see Figure 2) will also be focused on further drilling below the
1,000 m level, both beneath the existing mine infrastructure and to the west, and first pass
drilling over the five to six kilometre long strike extent of the Goudreau Deformation Zone to
the east of the main Island Gold Deposit. A total of $15 million and 84,000 m has been
budgeted for the 2018 exploration program at Island Gold, consistent with what was spent in
2017.
Young-Davidson
Mineral reserves at Young-Davidson decreased 0.2 million ounces to 3.5 million ounces of
gold, reflecting mining depletion. Given its large existing mineral reserve base, long mineral
reserve life of approximately 14 years, and it being cost prohibitive to drill from surface,
exploration has not been a focus. Exploration activities will recommence once the lower mine
has been developed allowing for drilling platforms at depth. The operation has excellent
exploration potential with the deposit open at depth and to the west.
Young-Davidson also hosts a large Measured and Indicated mineral resource base of 1.4
million ounces, which increased 0.1 million ounces through underground infill drilling. The
Company expects a strong conversion rate of mineral resources to mineral reserves through
additional stope definition and infill drilling and further potential to add to the mineral resource
base. Inferred mineral resources of 0.3 million ounces were largely unchanged.
In addition to the underground mineral reserves, the Company has 0.9 million tonnes of
surface stockpiles grading 0.98 g/t Au. These stockpiles will be used to supplement higher
grade underground ore until the tie in of the upper and lower mine is completed. The tie in is
currently scheduled for the fourth quarter of 2019, after which underground mining rates are
expected to ramp up above 7,500 tpd. Based on expected underground mining rates, the
remaining mineral reserve life of the Young-Davidson mine is approximately 14 years as of
December 31, 2017.
Mulatos
Total Mulatos District mineral reserves (including La Yaqui Grande and Cerro Pelon) of 1.9
million ounces grading 1.18 g/t Au were unchanged with mineral reserve additions at La Yaqui
Grande and the El Salto portion of the Mulatos Mine, offsetting mining depletion.
Based on the 2018 budgeted throughput rates, the remaining mineral reserve life of the
Mulatos District is approximately eight years, as of December 31, 2017.
Underground mineral reserves at Mulatos decreased 25,000 ounces reflecting mining
depletion at San Carlos. The Company continues to have success mining ore outside of the
remaining mineral reserves with depletion of 67,000 tonnes, approximately half the 133,000
tonnes milled. The Company expects remaining mineral reserves to be depleted during the
first half of 2018.
Measured and Indicated mineral resources at Mulatos of 2.7 million ounces are largely
unchanged with additions at La Yaqui Grande partially offsetting a decrease in the Mulatos
Mine reflecting the conversion of mineral resources at El Salto to mineral reserves. Inferred
mineral resources at Mulatos were unchanged at 0.3 million ounces.
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6 | ALAMOS GOLD INC
La Yaqui Grande
Mineral reserves at La Yaqui Grande increased 24%, or 123,000 ounces to 644,000 ounces,
with the mineral reserve grade unchanged at 1.40 g/t Au. The bulk of the increase was driven
through further exploration success in Zone 2 and an initial mineral reserve in Zone 3. This
followed an initial mineral reserve of 521,000 ounces declared on the project at the end of
2016. In the span of two years, La Yaqui Grande has grown substantially and is now more
than seven times the size of La Yaqui Phase I which was brought into production in
September 2017.
La Yaqui Grande’s mineral reserve grade of 1.40 g/t Au is 59% higher than the Mulatos Mine
mineral reserve grade of 0.88 g/t Au. Similar to La Yaqui Phase I, the higher grades are
expected to support lower cost production than current levels at the Mulatos Mine.
Additionally, the Measured and Indicated mineral resource at La Yaqui Grande increased by
41,000 ounces to now total 109,000 ounces.
Mulatos District Exploration
A total of $13 million and 41,500 m has been budgeted at Mulatos for exploration in 2018. El
Carricito will be a key focus with mapping, sampling and geophysics planned for the first half
of the year followed by approximately 10,000 m of scout drilling in the second half of 2018.
The field programs at El Carricito commenced in the fourth quarter of 2017 with mapping and
sampling already underway.
Lynn Lake
An initial mineral reserve totaling 1.6 million ounces was declared on the Lynn Lake project
reflecting the successful conversion of Measured, Indicated and Inferred Mineral Resources at
the Gordon and MacLellan deposits. This was outlined in the feasibility study completed on
the project and published earlier this year. Based on the feasibility mine plan, Lynn Lake has
an expected mineral reserve life of more than 10 years.
Measured and Indicated mineral resources on the project decreased to 0.5 million ounces
reflecting the conversion to mineral reserves. The Lynn Lake project combined with the Burnt
Timber and Linkwood deposits also host Inferred mineral resources totalling 1.6 million
ounces. This was also down from a year ago reflecting the conversion of some of these
Inferred mineral resources to mineral reserves.
A total of $4 million and 10,000 m has been budgeted for exploration at the Lynn Lake project
in 2018. The focus of the 2018 program will be regional scale targeting, prospect delineation
and ranking through mapping, sampling and geophysics and technical studies on structures,
veins and stratigraphy. Drilling adjacent to known deposits and scout drilling on the southern
shear, over regional targets is also planned.
El Chanate
El Chanate’s mineral reserves decreased to 135,000 ounces with mining activities expected to
wind down mid-2018. Given the long leach cycle at El Chanate, the Company expects to
benefit from ongoing gold production beyond 2018 through residual leaching of the pad. This
is expected to drive higher mine-site free cash flow from the operation in the second half of
the year and into 2019.
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7 | ALAMOS GOLD INC
Kirazlı, Ağı Dağı, Çamyurt, Esperanza and Quartz Mountain
Mineral reserves and resources for the Kirazlı, Ağı Dağı, Çamyurt, Esperanza and Quartz
Mountain projects were unchanged from a year ago.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed
and approved the scientific and technical information contained in this news release. Chris
Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s
National Instrument 43-101 (“NI 43-101”). The Qualified Persons for the National Instrument
43-101 compliant mineral reserve and resource estimates are detailed in the following table.
With the exception of Mr. Volk, Mr. Bostwick, Mr. Vincent, and Mr. LeBlanc each of the
foregoing individuals are independent of Alamos Gold.
Exploration programs for the Company are directed by Aoife McGrath, M.Sc., M.AIG, Alamos'
Vice President of Exploration and a Qualified Person under the requirements of National
Instrument 43-101.
About Alamos
Alamos 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”.
Resources
Jeffrey Volk, CPG,
FAusIMM
Director - Reserves and Resource,
Alamos Gold Inc.
Young-Davidson, El Chanate,
San Carlos U/G, Lynn Lake
Raynald Vincent,
P.Eng., M.G.P. Chief Geologist - Island Gold Island Gold
Marc Jutras, P.Eng Principal, Ginto Consulting Inc.
Mulatos Pits, Cerro Pelon, La
Yaqui, Carricito, Esperanza, Ağı
Dağı, Kirazlı, Çamyurt, Quartz
Mountain
Reserves
Chris Bostwick,
FAusIMM
VP Technical Services, Alamos Gold
Inc.
Young-Davidson, El Chanate,
San Carlos Underground, Lynn
Lake
Leon LeBlanc, P.Eng Chief Engineer - Island Gold Island Gold
Herb Welhener, SME-
QP
VP, Independent Mining Consultants
Inc.
Mulatos Pits, Cerro Pelon, La
Yaqui, Ağı Dağı, Kirazlı
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8 | ALAMOS GOLD INC
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons
Vice President, Investor Relations
(416) 368-9932 x 5439
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 "forward-looking statements". All statements other than statements of historical
fact included in this release are forward-looking statements that involve various risks and uncertainties. These
forward-looking statements include, but are not limited to, statements with respect to planned exploration
programs, 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.
These forward-looking statements include, but are not limited to, statements with respect to future exploration
potential, project economics, timing and scope of future exploration, anticipated 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.
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, using words or phrases
such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur
or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking
statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from
those reflected in the forward-looking statements.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of
the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient
grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral
resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its
existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral
resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are
cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into
proven and probable reserves.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from Alamos' expectations include, among others, risks related to international
operations, risks related to obtaining the permits required to carry out planned exploration or development work,
the actual results of current exploration activities, conclusions of economic evaluations and changes in project
parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors
discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form and other disclosures of "Risk
Factors" by Alamos and its predecessors, available on SEDAR and EDGAR. Although Alamos has attempted to
identify important factors that could cause actual results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.