TORONTO, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Minera Alamos Inc. (TSX VENTURE:MAI) (VGMTF) (the "Company" or "Minera Alamos") is pleased to announce the completion of the geotechnical studies required for the approval of its mine development permits for the La Fortuna Gold Project (“La Fortuna”) in Durango, Mexico. The study results which include the design of the tailings containment facilities comprise the final data package to be submitted by the Company’s environmental consultant (Consultoria Ambiental Vugalit, S.C.) to the Mexican Federal Environmental Agency (Secretaria de Medio Ambiente y Recursos Naturales or “SEMARNAT”) as part of the mine permitting approval process. Based on the feedback received to date, the target for approval of these permits remains early second quarter in 2018.
“The completion of this milestone is the direct result of the excellent work done by our technical team in Mexico as we continue to advance the La Fortuna gold project towards construction. The receipt of environmental permits is the last hurdle prior to our construction decision,” said Darren Koningen, President and CEO of Minera Alamos. “The end of 2017 marked the conclusion of a transformative year for the Company. In addition to the milestones achieved at La Fortuna, the Company signed a strategic partnership with Osisko Gold Royalties mid-year which was then followed by the acquisition of the late stage Guadalupe de Los Reyes gold project. Preparations are now complete for the first new significant exploration program at the La Fortuna gold in more than two decades. The program is intended to target new areas of mineralization that were the subject of historical mining activity but unexplored with modern exploration techniques. For 2018, the Company’s remains focused on advancing both the La Fortuna and Guadalupe de los Reyes projects towards construction decisions while continuing to expand the Company’s development and production profile through additional acquisitions and exploration activities.”
The completion and submission of the tailings study was a critical milestone on the development schedule for the La Fortuna project. This recent geotechnical work was performed by Especialistas en Ciencias de la Tierra (“ECT” – Earth Sciences Specialists) which was engaged by the Company in July 2017 (see Company press release dated July 25, 2017) to complete the detailed design of the tailings containment facilities for the project. ECT is one of Mexico’s most prestigious consulting groups consisting of a team of specialists with over 35 years of experience in providing geotechnical design services for the mining industry.
ECT’s work in preparing the tailing study included the following components:
- Completion of a series of geotechnical drill holes to establish the characteristics of the soils and subsurface bedrock in the selected tailings containment area;
- Preparation of a general containment area design suitable for not only the current La Fortuna resources but also with the capability to be expanded as site resources are increased;
- Design details and specifications for the initial construction and ongoing operation of the tailings containment facilities; and
- Site and laboratory testwork to obtain all necessary design parameters for the thickened and filtered tailings materials as are anticipated to be produced from the La Fortuna processing facilities.
In conjunction with ECT, the Company is planning to incorporate the use of filtered and dry stacked tailings for the La Fortuna project. The decision ensures that the project will incorporate “best practice” environmental technologies for final containment and disposal of tailings materials from the processing and gold recovery facilities.
About Minera Alamos
Minera Alamos is an advanced stage exploration and development company. Its growing portfolio of high-grade Mexican projects includes the La Fortuna open pit gold project in Durango and the Guadalupe de los Reyes gold/silver project in Sinaloa. The Company is well financed to conduct its planned exploration and development activities and continues to pursue additional project acquisitions in Latin America.
Mr. Darren Koningen, P. Eng., Minera Alamos’ President & CEO, 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 approved the scientific and technical disclosures in this news release.
CONTACT INFORMATION:
Minera Alamos Inc
Darren Koningen, President & CEO
416-306-0990 ext 201
Patrick Piette, Investor Relations
416-306-0990 ext 203
www.mineraalamos.com
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production. Minera Alamos’ financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: the absence of funding resulting from a determination by Osisko Gold Royalties Ltd not to exercise the royalty options contemplated under the Investment Agreement on the terms provided for therein or at all; an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
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