Lundin GOLD Awards MINE Development Contract
NEWS RELEASE
LUNDIN GOLD AWARDS MINE DEVELOPMENT CONTRACT
February 22, 2017 (Vancouver, Canada)… Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX:
“LUG”, Nasdaq Stockholm: “LUG”) is pleased to announce that its wholly-owned subsidiary Aurelian
Ecuador S.A. has awarded the mine development contract for the Fruta del Norte gold project in Ecuador
to a consortium comprising the following companies:
• Ingenieria y Construcciones Mas Errazuriz Limitada y Filiales (“Mas Errazuriz”) of Chile, which
brings over 30 years of underground mine constructi on and employs over 1,000 employees in
Chile, Peru, Argentina and Columbia; and
• Sevilla y Martinez Ingenieros C.A. Semaica (“Semai ca”) of Ecuador, with over 60 years of civil
construction experience in the country and employs over 1,000 people.
Mas Errazuriz and Semaica will partner as a 50/50 consortium to become Lundin Gold’s key contractor
for the portals and soft tunneling work and the dev elopment of the twin declines and of the mine in
preparation for operations. Planning and mobilizat ion activities will commence immediately under the
terms of a Letter of Award executed on February 21, 2017.
A competitive bidding, evaluation and negotiation p rocess was carried out by a cross functional projec t
team over several months leading to this award. “We are very pleased to have completed the process
of selection for the mine development contractor, enabling Lundin Gold to continue to advance the Fruta
del Norte project on schedule” said Lundin Gold’s President and Chief Executive Officer, Ron Hochstein.
“We look forward to working with these two experien ced companies to form the critical underground
development team for the success of Fruta del Norte.”
The Early Works program to prepare the site for the start of the work on the mine development, as well
as basic engineering, continue. With the award of t his contract, the Fruta del Norte project remains o n
track for the start of construction of the mine portals as planned in the Feasibility Study.
About the Company
Lundin Gold Inc. owns the Fruta del Norte gold project located in southeast Ecuador. FDN is one of the
largest and highest grade undeveloped gold projects in the world. The Company is advancing FDN in
order to realize the significant potential of this asset.
The Company believes that the value created will no t only greatly benefit shareholders, but also the
Government and people of Ecuador who are the Company's most important stakeholders in this project.
Lundin Gold views its commitment to corporate socia l responsibility as a strategic advantage that
enables it both to access and effectively manage bu siness opportunities in increasingly complex
environments. Lundin Gold is committed to addressing the challenge of sustainability - delivering value
to its shareholders, while simultaneously providing economic and social benefits to impacted
communities and minimizing its environmental footprint.
Additional Information
The information in this release is subject to the d isclosure requirements of the Company under the EU
Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly
communicated on February 22, 2017 at 5:00 a.m. Vancouver Time.
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For more information, please contact
Lundin Gold Inc.
Ron F. Hochstein
President and CEO
+593-2-299-6400
+1-604-806-3589
Lundin Gold Inc.
Sophia Shane
Corporate Development
+1-604-689-7842
www.lundingold.com
Forward-Looking Statements
This press release contains or refers to forward-lo oking information under Canadian securities
legislation, including statements regarding the awa rd of the mine development contract, the formation
of a consortium and the satisfaction of other contr act conditions by the contractor, the performance o f
the contractor, the estimated cost and duration of the mine development work, the execution of the
definitive mine development contract and the antici pated time to production, all of which information is
based on current expectations that involve a number of business risks and uncertainties. Forward-
looking statements are subject to significant risks and uncertainties, and other factors that could ca use
actual results to differ materially from expected r esults. Readers should not place undue reliance on
forward-looking statements.
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 Short Form Prospectus
dated July 12, 2016 available at www.sedar.com.
Factors that could cause actual results to differ m aterially from any forward-looking statement includ e,
but are not limited to, the ability to arrange financing, the timely receipt of regulatory approvals, permits
and licenses, risks related to carrying on business in an emerging market such as possible government
instability and civil turmoil and economic instabil ity, measures required to protect endangered specie s,
deficient or vulnerable title to mining concessions and surface rights; the potential for litigation; volatility
in the market price of the Company's shares; the ri sk to shareholders of dilution from future equity
financings; the cost of compliance or failure to co mply with applicable laws; difficulty complying wit h
changing government regulations and policies, inclu ding without limitation, compliance with
environment, health and safety regulations; illegal mining; uncertainty as to reclamation and
decommissioning liabilities, unreliable infrastructure and local opposition to mining; the accuracy of the
Mineral Reserve and Resource estimates for the Fruta del Norte Project and the Company's reliance on
one project; volatility in the price of gold; short ages of resources, such as labour, and the dependen ce
on key personnel; the Company's lack of operating h istory in Ecuador and negative cash flow; the
inadequacy of insurance; potential conflicts of int erest for the Company's directors who are engaged i n
similar businesses; limitations of disclosure and i nternal controls; and the potential influence of th e
Company's largest shareholders. The forward-lookin g statements contained in this press release are
made as of the date hereof and the Company assumes no responsibility to update them or revise them
to reflect new events or circumstances other than as required by law.