Lundin GOLD Expands Its 2023 Near-MINE Exploration Program
NEWS RELEASE
Vancouver, September 7, 2023
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 EXPANDS ITS 2023 NEAR-MINE EXPLORATION PROGRAM
Lundin Gold Inc. (TSX: LUG ) (Nasdaq Stockholm: LUG ) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") is pleased to announce that for the second time this year the Company is expanding its 2023
near-mine exploration progr am at its Fruta del Norte (“FDN”) operation in southeast Ecuador . The
Company plans to increase the 2023 near-mine drilling program by 7,500 metres to a minimum of 30,000
metres to accelerate delineation of new targets and continue to explore other sectors along FDN’s major
structures. The 2023 near-mine program was originally planned for 15,500 metres and increased to 23,000
meters in May. The regional exploration program continues unchanged.
As a result of improved productivities in the field, t he expanded program is expected to be completed
within the revised near-mine exploration budget of $12.9 million announced earlier this year. Six rigs (one
underground and five on surface) are currently operating on the near-mine program. Three additional rigs
are also turning on the Company’s other programs, including one underground on the conversion program
and two surface rigs on the regional program.
Ron Hochstein, President and CEO, commented, “I am pleased to announce further expansion of our near-
mine exploration program. Results from the near -mine program have improved our understanding of
many targets within this highly prospective district, leading to the current program now being almost
double what was originally planned for 2023. A minimum of 50,000 metres of drilling is planned across the
conversion, near-mine and regional programs in 2023. This represents the largest drill program in the
district since 2007.”
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Andre
Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with
the requirements of NI 43-101.
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 mine 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 impac ted communities,
fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes
that the value created t hrough the development of Fruta del Norte will benefit its shareholders, the
Government and the citizens of Ecuador.
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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 September 7, 2023 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 and Corporate Development
Tel (Ecuador): +593 2-299-6400 Tel: +1 604 806 3089
Tel (Canada): +1-604-806-3589 [email protected]
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", "expects", "is expected", "scheduled", "estimates", "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 taken", or "occur" and similar expressions) are not statements of historical fa ct 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 forward -looking statements and information. Lundin
Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be giv en
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 necessarily 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 Company’s
exploration plans, activities and results . 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 31, 2023,
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 from any forward-looking statement or that could have a material impact on the Company or the trading price of its
shares include: risks related to political and economic instability in Ecuador; risks associated with the Company's community
relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of
critical supplies; the cost of non-compliance and compliance costs; control of the Company's largest shareholders; volatility in the
price of gold; failure of the Company to maintain its obligations under its debt facilities; 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; security risks to the Company, its assets and its personnel; risks related to illegal mining; explorati on and
development risks; the impacts of a pandemic virus outbreak; risks related to the Company’s ability to obtain, maintain or renew
regulatory approvals, permits and licenses; uncertainty with and changes to the tax regime in Ecuador; the reliance of the
Company on its information systems and the risk of cyber -attacks on those systems; the imprecision of Mineral Reserve and
Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and r isk
to the health and safety of the Company’s employees and contractors; risks related to the Company’s workforce and its labour
relations; 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 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
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compliance with anti -bribery and anti -corruption laws; the uncertainty regarding risks posed by climate change; limits of
disclosure and internal controls; the potential for litigation; and risks due to conflicts of interest.