Lundin Gold Inc. is a Canadian mining company listed on the TSX and Nasdaq Stockholm under the symbol "LUG". In December, 2014 the Company acquired mining concessions in Southeast Ecuador including the Fruta del Norte gold project for US $240 million.
Lundin Gold's property in Southeast Ecuador consists of 33 mining concessions covering an area of approximately 75,000 hectares. From this, the Fruta del Norte Project is comprised of three concessions and covers an area of approximately 5,000 hectares and is located approximately 80 kilometres east of the City of Loja, which is the fourth largest city in Ecuador.
Fruta del Norte is one of the largest and highest grade undeveloped gold projects in the world and the Company plans to advance Fruta del Norte in order to realize the significant potential of this asset, which is Lundin Gold's flagship project. The value created will not only greatly benefit shareholders, but also the Government and people of Ecuador who are the Company's most important partners in this project.
The project has a large resource base (see Reserves and Resources
) with additional significant resource upside potential. Fruta del Norte has the potential to be a large scale, low cost, underground gold mining operation that has had over US$275 million invested in it since its discovery in 2006 to 2014. Fruta del Norte can move quickly through feasibility to a construction decision, leveraging the considerable amount of historical exploration, development, mine planning and permitting work that has already been completed to date. In addition, there is significant exploration potential both at Fruta del Norte and in the 70,000 ha of surrounding concessions where multiple early and advanced exploration targets have already been identified.
Lundin Gold is a member of the Lundin Group of Companies (see www.thelundingroup.com
). The Lundin family, who have invested significantly in Lundin Gold, have an impressive track-record of acquiring world-class projects and generating industry leading returns. The Lundin Group views its commitment to corporate social responsibility as a strategic advantage that enables it both to access and effectively manage business opportunities in increasingly complex environments. The Lundin Group is committed to addressing the challenge of sustainability - delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities and minimizing its environmental footprint (see www.lundinfoundation.org