VANCOUVER, BC, March 6,
2023 /CNW/ - Lundin Gold Inc. (TSX: LUG)
(Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the
"Company") today provides an update on changes to its
senior management team with the upcoming appointment of
Terrence (Terry) Smith as Chief
Operating Officer and Chester See,
current Vice President Finance, as Interim Chief Financial Officer,
concurrent with the retirement of Alessandro Bitelli, as Executive Vice-President
and Chief Financial Officer. View PDF version.
Ron Hochstein, President and
Chief Executive Officer of Lundin
Gold stated, "I am excited that Terry is joining
Lundin Gold. 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. At the same time, I congratulate and wish
Alessandro the best on his retirement. Under Alessandro's
leadership, Lundin Gold successfully
financed the development of Fruta del Norte and is now in a strong
financial position with an aggressive debt reduction strategy
underway. We all thank him for his dedication and contribution to
the Company since 2016."
Terry Smith will be joining
Lundin Gold as Chief Operating
Officer on March 13,
2023. Terry is a mining engineer and experienced executive
with over 20 years in the industry. Prior to joining
Lundin Gold, Terry served as Chief
Operating Officer at Pure Gold Inc., where he was responsible for
the ramp up of the PureGold Mine in Red
Lake, Ontario, after a challenging startup. His
previous work experience includes serving as Chief Development
Officer and as Senior Vice President, Operations with Coeur Mining
Inc., where he was responsible for Coeur's portfolio of precious
metals mines and projects across the company. Prior to joining
Coeur, Terry served as Vice President, Project Development and
Assessments for Hunter Dickinson Inc., Manager of Operations
Support for Barrick Gold Corporation, and Senior Mining Engineer
for Teck Cominco Ltd. Terry holds a Bachelor of Mining Engineering
from Laurentian University.
The Company will appoint Chester
See as Interim Chief Financial Officer upon Alessandro's
retirement early this month. Chester has been a key member of
Lundin Gold's senior management team
since the acquisition of Fruta del Norte in 2014 and has more than
15 years of experience in finance, tax, IT, and commercial matters.
He has been with the Lundin Group of Companies since 2011. An
external search for a new CFO is underway, with an appointment
expected to be made in the coming months.
About Lundin Gold
Lundin Gold, headquartered in
Vancouver, Canada, owns the Fruta
del Norte gold mine in southeast Ecuador. Fruta del Norte is among the
highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise
in mine operations and are dedicated to operating Fruta del Norte
responsibly. The Company operates with transparency and in
accordance with international best practices. Lundin Gold is committed to delivering value to
its shareholders, while simultaneously providing economic and
social benefits to impacted communities, fostering a healthy and
safe workplace and minimizing the environmental impact. The Company
believes that the value created through the development of Fruta
del Norte will benefit its shareholders, the Government and the
citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure
requirements of Lundin Gold under
the EU Market Abuse Regulation. This information was publicly
communicated on March 6, 2023 at
2:00 p.m. Pacific Time through the
contact persons set out below.
Caution Regarding Forward-Looking Information and
Statements
Certain of the information and statements in this press
release are considered "forward-looking information" or
"forward-looking statements" as those terms are defined under
Canadian securities laws (collectively referred to as
"forward-looking statements"). Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, identified by words
or phrases such as "believes", "anticipates", "expects", "is
expected", "scheduled", "estimates", "pending", "intends", "plans",
"forecasts", "targets", or "hopes", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "will", "should" "might", "will be taken",
or "occur" and similar expressions) are not statements of
historical fact and may be forward-looking statements. By their
nature, forward-looking statements and information involve
assumptions, inherent risks and uncertainties, many of which are
difficult to predict, and are usually beyond the control of
management, that could cause actual results to be materially
different from those expressed by these forward-looking statements
and information. Lundin Gold
believes that the expectations reflected in this forward-looking
information are reasonable, but no assurance can be given that
these expectations will prove to be correct. Forward-looking
information should not be unduly relied upon. This information
speaks only as of the date of this press release, and the Company
will not necessarily update this information, unless required to do
so by securities laws.
This press release contains forward-looking information in
several places, such as in statements relating to expected benefits
of management changes. There can be no assurance that such
statements will prove to be accurate, as Lundin Gold's actual results and future events
could differ materially from those anticipated in this
forward-looking information as a result of the factors discussed in
the "Risk Factors" section in Lundin
Gold's Management Discussion & Analysis dated
February 23, 2023, which
is available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results
could differ materially from those anticipated. Factors that could
cause actual results to differ materially from any forward-looking
statement or that could have a material impact on the Company or
the trading price of its shares include: risks related to
political and economic instability
in Ecuador; risks associated with the Company's
community relationships; risks related to estimates of
production, cash flows and costs; risks inherent to mining
operations; shortages of critical supplies; control of the
Company's largest shareholders; volatility in the price
of gold; failure of the Company to maintain its obligations
under its debt facilities;
risks related to Lundin Gold's compliance with environmental laws and liability
for environmental contamination; the lack of availability
of infrastructure; the Company's reliance on one mine;
security risks to the Company, its assets and its personnel;
risks related to illegal mining; exploration and
development risks; the impacts of a pandemic
virus outbreak; risks related to the Company's ability to
obtain, maintain or renew regulatory approvals, permits and
licenses; uncertainty with and changes to the tax regime
in Ecuador; the reliance of the Company on its information
systems and the risk of cyber-attacks on those systems; the
imprecision of Mineral Reserve and Resource estimates;
deficient or vulnerable title to concessions, easements and
surface rights; inherent safety hazards and risk to the health
and safety of the Company's employees and contractors; risks
related to the Company's workforce and its labour relations;
key talent recruitment and retention of key personnel;
volatility in the market price of the Company's shares; measures to
protect endangered species and critical habitats; social media
and reputation; the cost of non-compliance and
compliance costs; the adequacy of the
Company's insurance; risks relating to the declaration of
dividends; uncertainty as to reclamation and decommissioning;
the ability of Lundin Gold to ensure
compliance with anti-bribery and anti-corruption laws; the
uncertainty regarding risks posed by climate change; limits of
disclosure and internal controls; the potential for litigation; and
risks due to conflicts of interest.
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SOURCE Lundin Gold Inc.