Obtaining Environmental Impact Assessment and Forestry Permits for Kirazlı, the company is awaiting the GSM (Business Opening and Operation) permit, which is granted by the Çanakkale Governorship.
The Company stated that they does not anticipate receiving the GSM permit until after the election. stating receiving the permit will delay construction activities planed for this year, Alamos gold decide to revise 2018 capital budget for Kirazlı to $25 million, down from $100 million, with spending focused on surrounding infrastructure projects. The Company said they will update its 2018 capital budget once the GSM permit has been received allowing for the ramp up of full scale construction activities.
Report also include ongoing development activities. Alamos said approximately 70% of tree clearing and 15% of the road realignment earthworks is completed. The Company has awarded several key contracts, including civil works, subject to the receipt of the GSM. For the first quarter, development expenditures at Kirazlı were $5.1 million.
When started their operation, Kirazlı is expected to produce more than 100,000 ounces of gold in its first full year of production at mine-site AISC of less than $400 per ounce.
For Further Information: Alamos Gold
