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Exploration & Current Activities

Ecuador
Project Program News Release
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Fruta del Norte June 13, 2017: Lundin Gold is pleased to announce that, following receipt of an initial draw of $30 million on May 30, 2017, it has now received an additional $120 million under its previously announced project finance package with the Orion Mine Finance Group and Blackstone Tactical Opportunities (the "Financing"). All dollar amounts are quoted in U.S. dollars ("$"). June 13, 2017
  May 30, 2017: Lundin Gold is pleased to announce a project finance package of $400 to $450 million (the "Financing") with the Orion Mine Finance Group ("Orion") and Blackstone Tactical Opportunities ("Blackstone"). The Financing provides the foundation for the development of the Company's Fruta del Norte project and shows the growing support for mining investment in Ecuador. May 30, 2017
  May 30, 2017: Lundin Gold is pleased to report the start of construction of the mine development support facilities on its 100% owned Fruta del Norte Project ("FDN" or the "Project") in Ecuador. In addition, the Company has completed a project update for FDN. May 30, 2017
  On February 22, 2017 Lundin Gold Inc.  announced that its wholly-owned subsidiary Aurelian Ecuador S.A. has awarded the mine development contract for the Fruta del Norte gold project in Ecuador to a consortium comprising the following companies: Ingenieria y Construcciones Mas Errazuriz Limitada y Filiales ("Mas Errazuriz") of Chile, which brings over 30 years of underground mine construction and employs over 1,000 employees in Chile, Peru, Argentina and Columbia; and Sevilla y Martinez Ingenieros C.A. Semaica ("Semaica") of Ecuador, with over 60 years of civil construction experience in the country and employs over 1,000 people. February 22, 2017
  December 21, 2016 Lundin Gold Inc. announced that it has signed the Investment Protection Agreement ("IPA") for Fruta del Norte ("FDN" or "Project"), its flagship gold project in Ecuador. Together with the Exploitation Agreement ("EA") signed on December 14, 2016, and the issuance of the Environmental License at the end of October, the Company now has all the major agreements and permits with the Government of Ecuador for commencing the development of the Project. December 21, 2016
  On December 14, 2016 Lundin Gold Inc. announced that it has signed the Exploitation Agreement ("EA") for Fruta del Norte ("FDN" or "Project"), its flagship gold project in Ecuador. December 14, 2016
  On October 13, 2016 Lundin Gold Inc. announced the completion and approval of the Environmental Impact Study (the "EIS") by the Government of Ecuador for its Fruta del Norte Project (the "Project") located in Ecuador. October 13, 2016
  On August 5, 2016 Lundin Gold Inc. announced that it has successfully concluded the negotiation of the definitive form of investment protection agreement (the "IPA") for the Fruta del Norte Project, its flagship gold project in Ecuador, and that the draft IPA has now been approved by the Government of Ecuador. August 5, 2016
  On July 14, 2016 Lundin Gold Inc. announced that the Phase Change Application (the "PCA") in respect of its 100% owned La Zarza concession, which is host to the Fruta del Norte Project has been approved by the Government of Ecuador. With this approval, the La Zarza concession moves from the exploration phase to the exploitation phase under Ecuador's mining law and permits Aurelian Ecuador S.A., the Company's wholly owned subsidiary, to enter into the Exploitation Agreement with the Government of Ecuador and to proceed with its plans to develop the Project. July 14, 2016
  On June 16, 2016 Lundin Gold Inc. announced that its wholly owned subsidiary in Ecuador, Aurelian Ecuador S.A., has submitted a Phase Change Application (the "PCA") to the Government of Ecuador in respect of its 100% owned La Zarza concession, which is host to the Fruta del Norte Project ("FDN" or the "Project"), to permit the Company to proceed with its plans to develop the Project. June 16, 2016
  On June 6, 2016 Lundin Gold Inc. announced the results of an independent Feasibility Study ("FS") for its 100% owned Fruta del Norte Project ("FDN" or the "Project") in Ecuador. The FS has been prepared by Amec Foster Wheeler, with the support of four other globally recognized, leading engineering firms, and is being summarized into a Technical Report (the "FDN Technical Report") to be filed on SEDAR in accordance with National Instrument 43-101 ("NI 43-101"). The FS confirms that the Project will support an economically viable and robust, high grade underground gold mine. June 6, 2016
  A 26-hole, 10,500 metre drill program is planned on five high priority targets located 15 to 20 kilometres south of FDN (please see attached map).  The drilling campaign is planned to be carried out in two phases with the first phase comprising 20 holes totalling approximately 7,500 metres.  Based on results, a second phase of follow up drilling is anticipated with current plans of up to 3,000 additional metres. April 20, 2016
 
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