Lundin Gold Reports Third Quarter 2018 Results

Alleen voor leden beschikbaar, wordt daarom gratis lid!

09/11/2018 06:56
VANCOUVER, Nov. 8, 2018 /CNW/ - Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) is pleased to announce its results for the three and nine months ended September 30, 2018. All amounts are in U.S. dollars unless otherwise indicated.

Please view PDF version of News Release.

"With overall construction just over a third complete and a significant portion of the Project's capital committed, Fruta del Norte remains on track for first gold expected around this time next year. This makes us one of the largest and highest-grade gold projects coming online in the near term," said Ron Hochstein, Lundin Gold's President and CEO. "Underground mine development is progressing on schedule and based on planned rates, we anticipate reaching the orebody in the first quarter of 2019."


Fruta del Norte Gold Project ("Fruta del Norte" or the "Project")

Overall engineering was 63% complete and construction 34% complete.
Cumulative advance in the Kuri and K'isa declines was 3.3 kilometres ("km").
Process plant excavation is done, and concrete is 40% complete.
Grinding building steel erection is underway.
North Access Road was substantially complete and being used by commercial vehicles.
Powerline construction is ongoing on three separate work fronts.
Updated mine plan and re-estimate of the Project's capital cost and operating cost were completed. It resulted in increases in the Project's NPV 5% ($786 million from $717 million) and IRR (17.5% from 16.3%). The new capital cost estimate increased only marginally by $8.0 million to $692 million. At the same time, the estimated all-in sustaining cost dropped to $583 per ounce of gold from $609 per ounce of gold.


Mapping, geochemical sampling and permitting required for future drilling continues on a number of epithermal gold-silver targets in the central and southern Suarez Basin, and the Gata Salvaje target area to the west of the Basin.

Fruta del Norte Gold Project

Mine Development

As at September 30, a total of 3.3 km of underground mine development had been achieved, with 1,565 metres ("m") and 1,760 m in the Kuri and K'isa declines, respectively. Daily advance rates continued to be above target throughout the quarter with an average advance rate of 6.2 m per day in Kuri and 7.0 m per day in K'isa in September, versus a target of 4.0 m per day and 3.8 m per day, respectively. The increase in advance rates are the result of better than anticipated ground conditions, less water than expected and higher contractor productivities.

Process Plant Construction

Process plant foundations are well advanced and steel erection has started on the grinding building. Fabrication of process plant equipment is on track and the flotation cells, mills, CIL tanks and thickeners are expected to arrive on site by the end of this year.

Major Site Earthworks

The North Access Road was substantially complete and is being used by commercial vehicles. The tailings storage facility dam and basin clearing has started, while the temporary construction coffer dams are finished. Work also began on the east diversion ditch. Polishing pond earthworks are almost done, and liner installation is underway.

Paste plant access road and site preparation has begun and the fresh air raise access road was completed.


The Company received the Mountain Pass Quarry Environmental License and is in the final stages of negotiating rights to develop the quarry with local government. Construction of the powerline started on three fronts in September.

Financial Results
Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017
Results of Operations:
Net income (loss) for the period $ 7,270 $ (16,032) $ 1,423 $ (21,634)
Income (loss) per share
Basic 0.03 (0.13) 0.01 (0.18)
Diluted 0.03 (0.13) 0.01 (0.18)

see &
The Company's consolidated financial statements for the three and nine months
ended September 30, 2018 and related management's discussion and analysis are available
on the Company's website at

Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord

Copyrights © 2000 by all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.