13:01:52 EST Sun 17 Jan 2021
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Minera Alamos Inc
Symbol MAI
Shares Issued 438,577,953
Close 2020-11-24 C$ 0.68
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Minera Alamos receives approval for La Fortuna mining

2020-11-24 09:17 ET - News Release

Mr. Darren Koningen reports


Minera Alamos Inc. is in receipt of the complete MIA/ETJ (manifestacion de impacto ambiental/estudio tecnico justificativo or environmental impact statement) approval documentation from the federal agency (secretaria de medio ambiente y recursos naturales -- SEMARNAT), for the company's La Fortuna gold project in Durango, Mexico. Together with the previously announced change of land use notification, the company possesses all the key federal approvals necessary for the construction of a commercial-scale mine and associated processing facilities at the Fortuna project site.

"We are pleased to be able to provide this positive update regarding our La Fortuna gold project," commented Darren Koningen, chief executive officer. "The company has been focused over the last year with construction activities at Santana, which now have Minera poised to join the ranks of gold producers early in 2021. As that work is nearing completion, we have been able to turn some of our attention back to other parts of our development pipeline. Entering the new year, Minera's assets will provide exposure to its first mining operation, another permitted for development, and permits being submitted for our most recent acquisition Cerro de Oro, providing a strong foundation for continued growth."

The Fortuna MIA-ETJ applications were structured to provide the company with significant flexibility to further optimize the development approach for the project and the ability to expand the project operations organically once resources are increased. The permit documents cover the following activities:

  • Approximately 217 hectares approved for mining use in the MIA, which includes the required areas for development of the Fortuna main zone gold deposit including the related gold extraction and recovery facilities and critical site supporting infrastructure.
  • The MIA remains in good standing for a period of 52 years, which covers the potential construction, operations and closure stages for the project.
  • The scope of the operating permit includes the initial open-pit mine, waste dump areas, crushing, grinding and flotation facilities, and all related infrastructure. Allowances were made to include additional stages not required for the current start-up plan (i.e. concentrate cyanidation and detoxification) to provide the company with added flexibility in the future.
  • Permits allow for an expansion in production volumes up to 2,000 tonnes per day in order to accommodate potential new regional sources of mineralization.
  • The MIA remains conditional on a series of standard conditions from SEMARNAT that are included to protect and monitor the environment and must be implemented by the company in order to satisfy the permit requirements.

Relocation of crushing system to Mexico for Santana gold project

The company is in the process of finalizing preparations in Arizona, United States, to ship the crushing, screening and agglomeration system that was purchased earlier this year -- after some delays due to the restrictions implemented in 2020 caused by COVID-19. Final inspections are planned for the end of the month in advance of the first shipments of equipment to the company's staging yard in Obregon, Sonora. The Santana project construction site is located approximately two hours by road from Obregon.

The company is planning to start initial operations at Santana using contractor portable crushing equipment until optimal crushing strategies are better understood. The new system will allow for the company to transition to a larger-capacity crushing operation capable of accommodating Minera's future plans for significant increases in the production profile at Santana as the overall scale of the project increases through its continuing exploration. The system as purchased has multiple stages that can easily be rearranged making it flexible to suit whatever arrangement is optimal for the different future ore sources/pits within the overall project boundaries.

Annual general meeting -- Dec. 17, 2020

The annual and special meeting of shareholders of Minera Alamos will be held at Suite 402, 55 York St., Toronto, Ont., M5J 1R7, on Thursday, Dec. 17, 2020, at 10 a.m. EST.

Due to continuing concerns related to the spread of COVID-19, notwithstanding new lockdown protocols affecting the city of Toronto, and in order to mitigate potential risks to the health and safety of the company's shareholders and employees, shareholders are encouraged not to attend the AGM in person. Instead, shareholders are strongly encouraged to vote on the matters before the meeting by proxy.

Darren Koningen, PEng, Minera Alamos's chief executive officer, is the qualified person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of and has approved the scientific and technical disclosures in this news release.

About Minera Alamos Inc.

Minera Alamos is a gold-development company poised to join the ranks of gold producers in 2021. The company has a portfolio of high-quality Mexican assets, including the 100-per-cent-owned Santana open-pit, heap-leach development project in Sonora that is currently under construction, and which is expected to have its first gold production in early 2021. The newly acquired 100-per-cent-owned Cerro de Oro oxide gold project in northern Zacatecas that has considerable past drilling and metallurgical work completed and could enter the permitting process rapidly. The La Fortuna open pit gold project in Durango (100-per-cent-owned) has an extremely robust and positive preliminary economic assessment completed and the main federal permits in hand. A construction decision on La Fortuna could be made in late 2020 or early 2021, highlighting the organic growth the existing project portfolio can provide to the overall production profile. Minera Alamos is built around its operating team that together brought three mines into production in Mexico over the last 13 years.

The company's strategy is to develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.

We seek Safe Harbor.

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