Çamyurt represents a very low capital and high return project given its close proximity and ability to utilize infrastructure at Aği Daği.

Slide table

Çamyurt Gold Project

Ownership 100%
Location Çanakkale, Turkey
Status Permitting
Commodity Gold & Silver
2017 Preliminary Economic Assessment - Summary
Mine Life  Years
Average Annual Production  oz Au
oz Ag
Average Throughput tpd15,000
Average Grade g/t Au
g/t Ag
Total Cash Cost1 $US/oz$604
Mine-Site All-in Sustaining Costs1 $US/oz$645
Pre-production Capex US$m$10
Total Capex US$m $26
After-Tax IRR2 %253%
After- Tax NPV (8%)2  US$m$86 
Tonnes Grade Contained Ounces
(000) (g/t Au) (g/t Ag) Au Ag
Measured & Indicated Resources 17,721 0.89 6.14 508,000 3,497,000
Inferred Resources 2,791 0.95 5.77 85,000 518,000

2Base Case IRR was calculated assuming a $1,250/oz gold and $16.00/oz silver price

Please see 2019 year end Reserves and Resources statement for additional detail.


Acquired along with the Ağı Dağı and Kirazlı projects project for approximately $90 million in 2010.


Located approximately 4 km SE of Ağı Dağı project.


Given its close proximity to Ağı Dağı, Çamyurt has low capital requirements with mineralized material expected to be trucked and processed through Ağı Dağı’s infrastructure.


The Çamyurt project is located approximately four kilometres (“km”) southeast of the Company’s development-stage Ağı Dağı project which is situated about 50km 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 $90 million.

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 8km 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.


Alamos announced an initial Inferred resource of 640,000 oz gold, grading 0.81 g/t at Çamyurt in June 2012, concurrent with the results of the positive Pre-feasibility study for Ağı Dağı and Kirazlı. The Company subsequently upgraded the majority of this Inferred resource into the Measured and Indicated categories while also improving the grade. This measured and indicated mineral resource formed the basis for the PEA completed in 2017.


Drilling at Çamyurt has defined a mineralized zone that is continuous for at least 1,200 metres ("m") along strike with additional potential to extend mineralization to the northeast and at depth. Gold mineralization is hosted within a tabular, steeply-dipping oxidized zone starting at surface and with a cross-strike width up to 150m. The deposit has an average drill spacing of 55m along strike with a total of 59 core drill holes included in the resource estimation.


Conventional open pit mining methods will be utilized at Çamyurt with contract mining to be employed as with Ağı Dağı. The final pit designs are based on a 5m bench height. A traditional drill, blast, load and haul sequence will be used to deliver ore to the crushing circuit at Ağı Dağı. Waste produced over the life of the mine will be sent to the waste rock dump located near the Çamyurt pit, or backfilled into the pit once the ultimate pit bottom has been achieved.

Çamyurt has been designed as a 15,000 tpd mining operation with mineralized material to be hauled approximately 8km to the crushing circuit at Ağı Dağı where it will be processed by primary and secondary crushing to a nominal size of 26 millimetres. The secondary crushed mineralized material will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods.

The crushed mineralized material will be stacked in 10m lifts on the Ağı Dağı leach pad facility which will be expanded in three phases and have an ultimate capacity of 73.6 million tonnes. This is sufficient to accommodate the 54.4 million tonne Ağı Dağı mineral reserve and 16.6 million tonnes of mineralized material included in the PEA mine plan for Çamyurt. A dilute cyanide solution will be applied to the crushed mineralized material over a 90 day leaching cycle with the pregnant solution collected and processed through the ADR plant where gold and silver doré will be produced.

Based on column tests conducted on the different alteration types at Çamyurt, gold and silver recoveries are expected to average 76% and 48%, respectively.

Production from Çamyurt is subject to a 2% net smelter return (“NSR”) royalty payable to Franco-Nevada Corporation.

Technical Information and Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

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Reconciliation of non-GAAP and additional GAAP measures

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Note to U.S. Investors

Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this website are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The United States Securities and Exchange Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Alamos may use certain terms, such as “measured mineral resources”, “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves” that the SEC does not recognize (these terms may be used in this website and are included in the public filings of Alamos, which have been filed with the SEC and the securities commissions or similar authorities in Canada).

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income include “Mine operating costs”, “Earnings from mine operations” and “Earnings from operations”. These measures are intended to provide an indication of the Company’s mine and operating performance. “Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Free cash flow” is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company’s consolidated statements of cash flows and that would provide an indication of the Company’s ability to generate cash flows from its mineral projects. Return on Equity is defined as Earnings from Continuing Operations divided by the average Total Equity for the current and previous year. “Mining cost per tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. “Cash operating costs per ounce”, “total cash costs per ounce” and “all-in sustaining costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “cash operating costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. “Cash operating costs per ounce” may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. “Total cash costs per ounce” includes “cash operating costs per ounce” plus applicable royalties. Cash operating costs per ounce and total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. For a reconciliation of non-GAAP and GAAP measures, please refer to Alamos’ Managements’ Discussion and Analysis as presented on SEDAR and the Company’s website.

Technical Information

Except as otherwise noted herein, Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this website. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101. For more information, please refer to the Alamos Gold Inc. and AuRico Gold Inc. 2014 Annual Information Forms and the technical reports referenced therein and in this website, available on SEDAR (