Alamos Gold’s Island Gold Mine Continues Its Track Record of Creating Value for All Stakeholders

All amounts are in Canadian dollars, unless otherwise stated.

TORONTO, Dec. 16, 2020 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (Alamos) has released its first Economic Benefits Assessment of the Island Gold Mine report, which provides an overview of the mine’s economic value and community benefits in the region. Results show that the growing number of full-time jobs and training opportunities has positioned the mine to become an economic engine for the future of the region, including positively impacting the closest town of Dubreuilville. This trend will continue as a result of Alamos’ recent $684 million investment to expand the operations at the Island Gold underground mine, including constructing a new shaft, expected to be completed in 2025. This expansion will double the mine life and allow it to continue operating until at least 2035.

In addition, the report highlights the mine’s response to COVID-19, reflecting a strong collaboration between the mine and community stakeholders. The report, prepared by EY, is available here: https://www.alamosgold.com/islandgoldeconomicbenefits

“Good mines and good people are the foundation of our growth in Northern Ontario. When we took root in the region three years ago, we set out to hire locally, train great talent, and create tremendous value in the community, which we continue today,” said John A. McCluskey, President and Chief Executive Officer. “Our next phase of growth at Island Gold will result in new jobs and opportunities in the region, create a lasting legacy that benefits all Alamos stakeholders, and reflect our core values of safety, teamwork, environmental sustainability, commitment and integrity.”

In response to COVID-19, Alamos extended its support to the local community by providing supplies locally and funding a meal service program in Dubreuilville for persons in need, at high risk and facing economic challenges. In late March, Alamos made the decision to temporarily suspend operations at Island Gold given the unique set-up of the operation with both a large local as well as a fly-in, fly-out workforce. Alamos began safely ramping up operations at the beginning of May and returned to normal operating levels in June.

Report highlights include:

• As of early 2020, Island Gold’s employees account for nearly 22% of total mining employment in the Algoma region, sustaining 379 jobs and 560 construction jobs annually over the past 3 years (as explained in Table 1)
• With the planned expansion of the Island Gold Mine between 2020 and 2035, activities are expected to sustain over 400 jobs annually, as well as over 3,100 construction jobs overall (as explained in Table 2)
• Among Island Gold employees, approximately 6% belong to Indigenous communities, which is more than twice the mining industry average of 2.4% in Ontario
• Island Gold’s practice of local hiring has increased economic stability in the local communities of Dubreuilville, Wawa, and White River, offering allowances and incentives to employees to move near the mine in Dubreuilville, indirectly helping to increase rural population as well as local resources and infrastructure
• The Island Gold mine also helps contribute towards the formation of a highly skilled mining workforce and the accumulation of human capital in the local communities: it employs a wide range of tradespersons, such as welders, truckers, surveyors, scoop operators, electricians, mechanics, bolters, millwrights, construction miners, geologists, blasters, conventional miners, engineers, and drillers
• Alamos provides employees with opportunities to further develop their skills, expand their trades and attend training programs
• Alamos offers training and education to community members to maintain a local qualified workforce and help residents acquire the qualifications for long-term employment in the mining industry
• Island Gold’s employees help augment the local economy, through a host of related activities by supporting local businesses while residing in Dubreuilville
• Alamos acknowledges that Indigenous communities constitute some of their most important partners, fully respects their protected rights, and continually looks for opportunities to generate wealth and socio-economic growth generated from mining operations within their traditional territories including through partnerships, employment, skills development, business and spin-off opportunities.