Lundin Gold unveils senior management changes

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Lundin Gold Inc. [LUG-TSX, Nasdaq Stockholm] has released an update on changes to its senior management team. Highlights include the upcoming appointment of Terry Smith as Chief Operating Officer and Chester See, the current Vice-President Finance as Interim Chief Financial Officer. The appointments are concurrent with the retirement of Alessandro Bitelli as Executive Vice-President and Chief Financial Officer.

Smith will be joining Lundin Gold as Chief Operating Officer on March 13, 2023. He is a mining engineer and experienced executive with over 20 years in the industry. Smith previously serves as Chief Operating Officer at Pure Gold Inc. where he was responsible for the ramp up of its Red Lake mine after a challenging startup. Earlier roles include Manager of Operations Support for Barrick Gold Corp. [ABX-TSX, GOLD-NYSE], and Senior Mining Engineer for Teck Cominco Ltd.

“I am excited that Terry is joining Lundin Gold,’’ said Lundin Gold President and CEO Ron Hochstein. “He will be a great addition to our leadership team and has the right experience to enhance the company’s ability to optimize and continue to expand operations at Fruta del Norte, and in doing so provide vital input as Lundin Gold looks to execute its growth strategy.’’

The senior management changes were announced after the close of trading on March 6, 2023, when Lundin Gold shares closed at $14.98. The shares currently trade in a 52-week range of $16 and $7.80.

Lundin Gold’s key asset is the Fruta del Norte gold mine in Ecuador. It ranks as one of the highest-grade operating gold mines in the world. The mine reached commercial production in February, 2020. Lundin acquired the asset from Kinross Gold Corp. (K-TSX, KGC-NYSE) in 2014 for $240 million.

The company exceeded the high end of its production targets by producing 476,329 ounces of gold last year. In a February 27, 2023, news release, Lundin said it has added 1.58 million ounces of gold to Fruta del Norte’s original mineral reserves, more than replacing mined mineral reserves since the beginning of operations in late 2019.

Proven and probable reserves now stand at 18 million tonnes of grade 8.68 g/t containing 5.0 million ounces of gold. Measured and indicated resources are reported at 23 million tonnes of grade 9.20 g/t, containing 6.8 million ounces.

Lundin Gold recently announced promising results from the first round of near-mine exploration drilling at Fruta del Norte.

The company said results from the drill program identified new mineralized zones to the south and at depth of Fruta del Norte’s currently defined mineral resources.

Highlights of drilling to the south of the known resource include hole FDN2022-009 which intersected 5.11 g/t gold over 30.3 metres from a depth of 267.7 metres, including 9.79 g/t gold over 14 metres from 284.0 metres.


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