Lundin Gold Inc.  (TSX: LUG) (Nasdaq Stockholm: LUG) is pleased to report production of 94,250 ounces of gold from its Fruta del Norte gold mine in southeast Ecuador for the third quarter of 2020, which was the first full quarter of operations for Fruta del Norte.  Approximately 66,790 ounces were produced as a concentrate and 27,460 ounces as doré. 

During the quarter, the mill processed approximately 324,000 tonnes at an average throughput rate of 3,340 tonnes per day.  The average grade of ore milled for the quarter was 10.4 grams per tonne, and average recovery was 86.8%.

“The re-start and ramp-up of operations went very smoothly following the three-month suspension of operations due to COVID-19,” said Ron Hochstein, President and CEO of Lundin Gold.  “Our first full quarter of operations has demonstrated what Fruta del Norte is capable of achieving.”

At the end of the third quarter, total gold production so far this year is 145,570 ounces.  At this time, the Company is maintaining its production outlook of 150,000 to 170,000 ounces at Fruta del Norte for the second half of 2020, targeting the upper end of the range based on its fourth quarter plan of mining and processing ore, at a slightly lower average grade compared to the third quarter.  Together with production achieved prior to the onset of the temporary suspension, total 2020 gold production is estimated to be between 200,000 and 220,000 ounces.

Qualified Person

The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold’s President and CEO who is a Qualified Person under National Instrument 43-101.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador.  Fruta del Norte is among the largest and highest-grade gold projects in the world currently in production.

The Company’s board and management team have extensive expertise in mine operations and are dedicated to advancing Fruta del Norte responsibly.  The Company operates with transparency and in accordance with international best practices.  Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.  The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.