Alamos Gold Inc (NYSE:AGI) Unveils Positive Feasibility Results For Lynn Lake Project

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Alamos Gold Inc (NYSE:AGI) Unveils Positive Feasibility Results For Lynn Lake Project

The stock of Alamos Gold Inc (NYSE:AGI) closed at $6.03 losing 1.95% in yesterday’s trading session. The positive feasibility results emanating from the Lynn Lake project indicate that Alamos is making tremendous steps forward in terms of achieving immense business success.

This company has been making efforts targeted at the identification of the numerous opportunities that will assist it towards enhancing the overall economics of the project.

The President and Chief Executive Officer, John A. McCluskey opined, “Alamos has identified a number of opportunities to enhance the overall economics of the project through an evaluation of a smaller, higher grade mine plan, employing contract mining, and incorporating exploration success over the past year which has not be factored into the feasibility study.”

He went ahead to disclose that in 2016 they succeeded in acquiring the Lynn Lake project and it cost them about $20 million. According to him, the feasibility study was already a done deal and they were now anticipating stronger economics before making the move to set up the new construction. It goes without saying that the location has been chosen carefully and that is part of the company’s longer term strategy.

The MacLellan and Gordon deposits associated with the Lynn Lake project are going to be mined by employing conventional open pit mining methods. The Canadian Environmental Assessment Agency received the Project Description for Lynn Lake this particular year. It has already kick started its federal Environmental Assessment (EA) process and all eyes are fixed on it to see the report in unveils in the course of time.

As a way of satisfying provincial EA requirements, it is currently working on an EIS document and will be submitting it in a short while. This company has also made contact with a number of the Métis organizations and the nation communities to help with the various project planning activities. It has been projected that it might take almost two years to obtain the permit and the construction might take about two years.

Both MacLellan and Gordon deposits will be developed using the open pit mining methods and one company official admits that numerous challenges might pop up along the way.

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