Record year for Alamos Gold: Gold miner spending $15 million to boost the ounces at Island Gold – by Staff (Northern Ontario Business – January 12, 2018)

lamos Gold hit new highs for gold production in 2017. The Toronto gold miner released its 2017 and fourth-quarter production numbers and provided an outlook on the year ahead.

The company’s mines in Canada and Mexico produced a record 429,400 ounces of gold in 2017, up 10 per cent from the previous year. Included in the mix was one month of production from Island Gold, the Wawa-area mine that Alamos acquired last fall from Richmont Mines for $933 million.

It was also a record fourth quarter with 120,000 ounces posted, including 56,500 ounces from the Young-Davidson Mine near Matachewan and 9,000 ounces from Island Gold. Quarterly sales amounted to $162 million.

The company-wide production plans for 2018 are to mine between 480,000 to 520,000 ounces of gold, a 16 per cent increase over last year.

“With record fourth quarter gold production, Alamos achieved a new annual record, producing 429,400 ounces of gold, while delivering a significant reduction in operating costs and capital spending. This translated into strong free cash flow growth from our operations,” said Alamos Gold president-CEO John McCluskey in a Jan. 11 news release.

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