Updated Mineral Reserves at Fruta del Norte of 5.02 million ounces

VANCOUVER, BC, Feb. 27, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce its updated estimates of Mineral Resources ("Resources") and Mineral Reserves ("Reserves") as at December 31, 2022 for its Fruta del Norte gold mine ("FDN") in Ecuador. The updated estimate builds from the Company's previously reported estimates of Resources and Reserves as at April 30, 2016 ("2016 estimate")1. The tables of the updated Resources and Reserves can be found at the end of this release. All amounts are in U.S. dollars unless otherwise indicated. View PDF version.

Highlights

Measured and Indicated ("M&I") Resources are reported at 23.0 million tonnes ("Mt") with an average grade of 9.20 grams per tonne ("g/t") containing 6.8 million ounces ("Moz") of gold.
A total of 9.3 Mt with an average grade of 12.09 g/t containing 3.6 Moz of gold are now categorized as Measured Resources as a result of an improved understanding of the deposit geology. The Company reported no estimates of Measured Resources in the 2016 estimate.
Proven and Probable Reserves for FDN are reported at 18.0 Mt with an average grade of 8.68 g/t containing 5.0 Moz of gold.
With this update, Lundin Gold has replaced all Reserves mined from the beginning of operations in late 2019 and added additional Reserves.
Figure 1: Waterfall Chart Comparing 2016 Mineral Reserves Estimate and 2022 Mineral Reserves

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