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Austral Gold Ltd
Symbol AGLD
Shares Issued 559,394,322
Close 2020-06-01 C$ 0.14
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Austral signs three-year deal with unions, ends strike

2020-06-05 10:24 ET - News Release

Mr. Stabro Kasaneva reports

AUSTRAL GOLD ANNOUNCES SETTLEMENT OF MINERS STRIKE AT GUANACO/AMANCAYA

The strike by Union No. 1 and No. 2 at Austral Gold Ltd.'s Chilean Guanaco/Amancaya mines has ended as the company and both unions representing 254 employees signed a three-year collective labour agreement. The major terms of the settlement include an average increase in salary and benefits of 15 per cent and a one-time bonus of approximately $13,000 (U.S.) per employee. The total aggregate cost of the one-time bonus is approximately $3.5-million (U.S.).

Austral Gold's chief executive officer, Stabro Kasaneva, said: "This has been a difficult bargaining process and we settled on what we believe to be a fair agreement for the company and for the employees of Union No. 1 and No. 2. We look forward to having the Guanaco/Amancaya mines restart operations next week and we believe there will be no material impact to our 2020 production guidance of 55,000 to 60,000 gold equivalent ounces."

About Austral Gold Ltd.

Austral Gold is a growing precious metals mining, development and exploration company building a portfolio of quality assets in Chile and Argentina.

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