The Çamyurt project is located approximately four kilometres (“km”) southeast of the Company’s development-stage Ağı Dağı project which is situated about 50 kilometres southeast of Çanakkale, Turkey. Alamos acquired Çamyurt along with the Ağı Dağı and Kirazlı projects on January 6, 2010 from Teck and Fronteer Development for total consideration of approximately $90m.
A preliminary economic assessment (“PEA”) was conducted in 2017 on Çamyurt on the basis that the project will have minimal standalone infrastructure. Mineralized material from Çamyurt will be mined and trucked approximately 8 km to be processed through the infrastructure at Ağı Dağı once the Baba and Deli pits have been mined out. Under the PEA, Çamyurt is expected to produce an average of 93,200 oz of gold at mine-site all-in sustaining costs1 of $645/oz over a 4 year mine life. As more detailed economic studies are completed on Çamyurt, there are opportunities to both accelerate the processing of the Çamyurt mineralized material before the end of the mine life at Ağı Dağı and build a standalone crushing circuit and leach pad facility at Çamyurt which would reduce haulage and mining costs.