Lundin GOLD Announces the Completion of the South Ventilation Raise at Its Fruta Del Norte GOLD MINE
NEWS RELEASE
Vancouver, October 24, 2022
Lundin Gold Inc. 885 West Georgia Street, Suite 2000 Phone: +1 604 689 7842 lundingold.com
Vancouver, BC, V6C 3E8 Fax: +1 604 689 4250 Email: [email protected]
LUNDIN GOLD ANNOUNCES THE COMPLETION OF THE SOUTH VENTILATION RAISE AT ITS
FRUTA DEL NORTE GOLD MINE
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce
that the South Ventilation Raise (“SVR”) at its Fruta del Norte gold mine in southeast Ecuador is now complete
and operational.
The SVR has been under construction over the past three years, during which time the project encountered delays
due to COVID and various technical challenges. In mid-2021, Lundin Gold revised the work plan from a traditional
5.1 metre raise bore to a 2.1 metre diameter pilot raise followed by top-down slashing to 5.1 metres and concrete
lining. The slash and line was completed in early-October and commissioning of the fans was achieved over the
past couple of weeks. As a result of the completion of the SVR, ventilation in the mine will increase from 180 m3/s
to 350 m3/s resulting in improved efficiencies and enabling mining activities on all levels.
Ron Hochstein, President and CEO , commented: “I am very happy to finally announce that the SVR is complete
and operational. The SVR project has had its challenges, but the team has worked tirelessly to ensure that the
delays did not impact operations. With the SVR now complete and commissioned, the entirety of the Fruta del
Norte deposit can be accessed and mined, and haul truck cycle times can be improved.”
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 min e 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 October 24, 2022 at 2:00 p.m. Pacific Time
through the contact persons set out below.
For more information, please contact
Ron F. Hochstein Finlay Heppenstall
President and CEO Director, Investor Relations
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]
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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", "ex pects", "is
expected", "scheduled", "estimate s", "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 tak en", 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 fo rward-
looking statements and information. Lundin Gold believes that the expectations reflected in this forward -looking informa tion 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 n ecessarily 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 expected benefits of
increased ventilation in the Fruta del Norte gold mine. 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 21, 2022 , 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 f rom
any forward -looking statement or that could have a material impact on the Company or the trading pric e of its shares include: risks
associated with the Company's community relationships; risks related to political and economic instability in Ecuador; risks related to
estimates of production, cash flows and costs; the impacts of a pandemic virus outbreak; risks inherent to mining operations; failure of the
Company to maintain its obligations under its debt facilities; shortages of critical supplies; control of the Company's largest shareholders;
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; exploration and development risks; risks related to the Company’s ability to obtain,
maintain or renew regulatory approvals, permits and licenses; uncertainty with the tax regime in Ecuador; risks related to the Company’s
workforce and its labour relations; volatility in the price of gold; the reliance of the Company on its information systems and the risk of
cyber-attacks on those systems; 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; the imprecision of Mineral Reserve and Reso urce estimates; 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 cost of non-compliance and compliance costs; risks related to illegal mining;
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 complianc e with anti -bribery and anti -corruption laws; the uncertainty regarding
risks posed by climate change; limits of disclosure and internal controls; security risks to the Company, its assets and its personnel; the
potential for litigation; and risks due to conflicts of interest.