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A U G U S T / S E P T E M B E R 2 0 1 8 www.resourceworld.com 35 chalcopyrite, traces of tetrahedrite and silver sulphosalts. Mineralization is mod- erately refractory with some of the gold free milling and 40% of the gold locked in sulphides. A minimum 15-year mine life based on probable reserves of 16,774,000 tonnes grading 9.16 g/t gold containing 4,940,000 oz of gold represents only 67% of indi- cated resources. Production beyond 15 years appears evident assuming conditions remain the same as today. In addition, the company owns prospective acreage over a 16-km trend to the south with numerous targets of epithermal geochemical targets – some of which have drill programs in place. First gold is expected in Q4 2019 and commercial production is to start in Q2 2020. Mill capacity will be approximately 3,500 tonnes per day and average annual gold production during the first 11 years is expected to exceed 300,000 oz per year. The underground operation will be accessed by two declines (sloping tunnels) currently at almost 2.0 km of total mine development with all surface facilities in advanced stages of construction. To finance this world-class precious metal project, a US $400 million package has been completed headed by Australian Newcrest Mining Limited [NCM-ASX], the Lundin Family Trust and others. Looking at other gold projects worldwide, Fruta del Norte and Ecuador has drawn considerable attention by international explorers by way of participants advancing precious/base metal projects throughout the country. With a competitive tax regime in place, Ecuador is destined to continue to attract both small and major mining com- panies led by Fruta del Norte and Lundin Gold. Lundin Gold has developed a Responsible Mining Policy which, in part, states: We seek to create endur- ing relationships with local communities and stakeholders and to address social challenges that are priorities both for com- munities and for the business through partnerships. The company has 213,163,980 shares outstanding. Ron F. Hochstein, P.Eng., is President and CEO. n Mineral Resources, inclusive of Mineral Reserves as of December 31, 2015 Category Tonnes(Mt) Grade(g/t Au) Contained Metal (Moz) AuGrade(g/t Ag) Contained Metal (Moz Ag) Indicated 23.8 9.61 7.3 12.9 9.89 Inferred 11.6 5.96 2.13 10.8 4.05 GOLD