16:06:09 EDT Wed 12 May 2021
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Austral Gold Ltd
Symbol AGLD
Shares Issued 559,394,322
Close 2020-05-11 C$ 0.14
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Austral employees at Guanaco/Amancaya go on strike

2020-05-11 20:36 ET - News Release

Mr. Stabro Kasaneva reports


Workers of union No. 1 and No. 2 at Austral Gold Ltd.'s Chilean Guanaco/Amancaya mines went on strike on Monday as the previous seven days of mediation talks failed to reach an agreement on the new collective labour agreement covering the next three years, including the amount for a one-time cash payment for each unionized employee known as the end-of-conflict bonus. Both unions represent 261 employees out of the 370 unionized employees at the mines.

The company's compensation proposal was filed with the Chilean government labour authorities last week as part of the formal process. The two unions at the Guanaco/Amancaya mines did not accept the company's proposal and decided to walk off the job on Monday.

The Guanaco/Amancaya mines currently have three unions. As announced in the March, 2020, quarterly report, the remaining union representing the mines' supervisors accepted the company's proposal during the quarter.

Austral Gold's chief executive officer, Stabro Kasaneva, said: "We and the union's representatives are making our best efforts to reach an agreement soon. We believe that the company's proposal is fair and in line with our size and current financial situation. During the strike, all activities will be temporarily suspended except those essential activities regarding security and environment."

About Austral Gold Ltd.

Austral Gold is a growing precious metal mining, development and exploration company, building a portfolio of quality assets in Chile and Argentina. The company's flagship Guanaco/Amancaya project in Chile is a gold and silver producing mine with further exploration upside. The company also holds the Casposo mine (San Juan, Argentina), an approximately 26.46-per-cent interest in the Rawhide mine (Nevada, United States), and an attractive portfolio of exploration projects, including the Pinguino project in Santa Cruz, Argentina (100-per-cent interest), and the San Guillermo and Reprado projects near Amancaya (100-per-cent interest). With an experienced local technical team and highly regarded major shareholder, Austral has a goal of continuing to strengthen its asset base through acquisition and discovery.

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