Lundin GOLD Produces 104,137 Ounces of GOLD IN the First Quarter of 2021
NEWS RELEASE
Vancouver, April 12, 2021
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 PRODUCES 104,137 OUNCES OF GOLD IN THE FIRST QUARTER OF 2021
Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report
first quarter 2021 gold production of 104,137 ounces (“oz”) from its Fruta del Norte gold mine (“Fruta del Norte”)
in southeast Ecuador. Of the total gold production, 70,642 oz were produced as a concentrate and 33,675 oz as
doré.
During the f irst quarter of 202 1, the mill processed approximately 324,600 tonnes, the average grade of ore
milled was 11.36 grams per tonne, and average recovery was 87.8%.
Ron Hochstein, President and CEO commented, “Fruta del Norte has delivered strong production figures in its
first quarter of 2021. The grades mined, recoveries and tonnes milled were all in line with expectations, and we
remain firmly on track to meet our 2021 guidance of 380,000 – 420,000 oz gold produced with mill throughput
expected to rise from 3,500 tonnes per day, to 4,200 t onnes per day in Q4 2021 upon completion of the mill
expansion. I am very happy with how the year has begun and proud of what the team has achieved. Operational
excellence is one of our four key growth pillars, and the team is focused on continuing to further optimize our
operations.”
Production Results
Q1 2021
Ore processed (tonnes) 324,591
Average head grade (grams per tonne) 11.36
Recovery (%) 87.8%
Gold ounces produced 104,137
Concentrate 70,642
Doré 33,675
First Quarter of 2021 Results Conference Call and Webcast
Lundin Gold will publish its first quarter of 2021 results on Wednesday, May 12, 2021, after market close in
North America. The Company will host a conference call and webcast to discuss its results on Thursday, May 13
at 8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference call details and a link to the webcast will be published
with the first quarter of 2021 results.
Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and
approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National
Instrument 43-101.
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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 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 April 12, 2021 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]
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, object ives,
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 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
forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information 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 necessarily u pdate 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 its 2021 production
outlook, including estimates of gold production , and the expected timing of completion of the throughput expansion project . There can
be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could diffe r 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 2, 2021, 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 sha res include: risks
relating to the impacts of a pandemic virus outbreak, political and economic instability in Ecuador, production estimates, mining
operations, the Company's community relationships, ability to maintain obligations or comply with debt, financing requirements, volatility
in the price of gold, shortages of critical supplies, compliance with environmental laws and liability for environmental contamination, lack
of availability of infrastructure, the Company's reliance on one mine, deficient or vulnerable title to concessions, easements and surface
rights, uncertainty with the tax regime in Ecuador, the Company’s workforce and its labour relations, inherent safety hazards and risks
to the health and safety of the Company’s employees and contractors, the Company’s ability to obtain, maintain or renew regulatory
approvals, permits and licenses, the imprecision of mineral reserve and resource estimates, key talent recruitment and retention of key
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personnel, volatility in the market price of the shares, the potential influence of the Company's largest shareholders, measures to protect
endangered species and critical habitats, the reliance of the Company on its information systems and the risk of cyber -attacks on those
systems, the cost of non-compliance and compliance costs, exploration and development risks, risks related to illegal mining, the adequacy
of the Company’s insurance, uncertainty as to reclamation and decommissioning, the ability of Lundin Gold to ensure compliance with
anti-bribery and anti - corruption laws, the uncertainty regarding risks posed by climate change, the potential for litigation, limits of
disclosure and internal controls, security risks to the Company, its assets and its personnel, conflicts of interest, risks that the Company
will not declare dividends and social media and reputation.