Our Kirazlı Gold Project in Turkey represents a significant near term source of low cost production growth. With its low capital and operating costs, Kirazlı is one of the highest return, undeveloped gold projects in any gold price environment.

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Kirazlı Gold Project

Ownership 100%
Location Çanakkale, Turkey
Status Permitting
Operation Open Pit, heap leach
Commodity Gold & Silver
2017 Positive feasibility Study - Summary
Mine Life Years 5
Average Annual Production oz Au
oz Ag
Average Throughput tpd 15,000
Average Grade g/t Au
g/t Ag
Total Cash Cost1 $US/oz $339
Mine-Site All-In Sustaining Cost1 $US/oz $373
Pre-production Capex US$m $152
Total Capex US$m $180
After-Tax IRR2 % 44%
After-Tax NPV (8%)2  US$m$187 
Tonnes Grade Contained Ounces
(000) (g/t Au) (g/t Ag) Au Ag
Proven & Probable Reserves3 33,8610.699.42752,000 10,257,000 
Measured & Indicated Resources3 3,0560.432.7142,000266,000
Inferred Resources 7,6940.618.71152,0002,155,000

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

3M&I Resources exclusive of Reserves

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


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


Average annual production of 104,000 ounces of gold over a 5 year mine life based on 2017 Feasibility Study.


Low cost, low capital and low technical risk project with robust after tax IRR of 44.3% as estimated in 2017 Feasibility Study.


The 100% owned Ağı Dağı and Kirazlı gold development projects are located in Çanakkale Province on the Biga Peninsula of northwestern Turkey. Ağı Dağı is located about 50 kilometres("km") southeast of Çanakkale, and Kirazlı is located approximately 25km northwest of Ağı Dağı. Alamos acquired the projects January 6, 2010 from Teck and Fronteer Development for total consideration of approximately $90 million. Positive feasibility studies were completed on Ağı Dağı and Kirazlı in 2017 with both projects contemplated as stand-alone open-pit, heap-leach operations. These studies were a continuation of the pre-feasibility study completed on the projects in 2012.  Under the feasibility study, Kirazlı is expected to produce an average of 104,000 oz of gold at mine-site all-in sustaining costs1 of $373/oz over a 5 year mine life.


Kirazlı is situated 25km to the northwest of Ağı Dağı, with both projects located in the Çanakkale Province in the Biga Peninsula of northwestern Turkey, some 250km by air southwest of Istanbul or 800km west of Ankara, Turkey’s capital. The Company maintains an administrative office in Ankara, Turkey, and exploration offices in Etili and Sogutalan, both small towns located in the Biga District of Turkey. These offices support all activities for the Ağı Dağı and Kirazlı Projects. Çanakkale is the largest centre on the Biga Peninsula with a population of approximately 100,000. Infrastructure in close proximity to the project is excellent and well-serviced with paved roads, electricity, transmission lines, and electricity generating facilities, the most significant being a large coal-fired power plant adjacent to the nearby Town of Çan, which has a population of approximately 30,000.

The Kirazlı property consists of 1,541 hectares of mineral tenure in two contiguous licenses covering a prominent northwest trending ridge with 500 metres ("m") of relief. One concession is classified as an operating license, and the other is an exploration license. Mineral rights for all concessions comprising the Turkish assets are controlled by Kuzey Biga and Doğu Biga, Turkish subsidiaries of the Company. As all projects are located in a forestry reserve, surface rights are controlled by the State government of Çanakkale.


On January 6, 2010, the Company acquired the Ağı Dağı and Kirazlı advanced-stage development projects through the purchase of three Turkish companies held by Teck Resources (“Teck”) and Fronteer Development Group (“Fronteer”). The Company paid a total of $40 million cash and issued an aggregate of 4 million common shares to Teck (as to 60%) and Fronteer (as to 40%), for total consideration amounting to $90 million at the closing of the sale.

In March 2010, the Company published a positive preliminary economic assessment technical report (“Scoping Study”) evaluating the economic potential of developing Ağı Dağı and Kirazlı into gold mines.

This was followed up by a positive pre-feasibility study completed on both projects in 2012. Positive Feasibility Studies were completed on both projects in 2017.



The Kirazlı deposit is located in the Biga peninsula within the northern sector of the Aegean Horst and Graben System and between major structural zones. The local geology includes pre-Triassic metamorphic and ultramafic volcanic rocks and the basal section of the Triassic Krakaya sequence. These rocks have been intruded by Oligo-Miocene granite to granodiorite and overlain by Oligo-Miocene volcanic rocks ranging in composition from andesite to basalt. Phreatic and phreatomagmatic breccias that were emplaced at mushroom-shaped pipes cut the sequence. They are the result of intense structural and volcanic activity, and can be described as polymictic, matrix-supported breccias with moderately angular to well-rounded clasts of varying size and composition.

Silicification is the most prominent alteration type and is surrounded by advanced argillic, argillic and propylitic alteration zones. Four phases of silicification have been identified at Kirazlı including grey massive and vuggy silica, chalcedonic to opaline silica (interpreted as the silica cap), grey quartz with a high pyrite content and crystalline silica that infills fractures.

Argillic alteration with a younger overprinting core of advanced argillic alteration underlies the massive grey silica and the later chalcedonic silica cap rocks. The advanced argillic alteration sits immediately below the silica cap and around its sub-vertical silica roots and is surrounded by widespread argillic alteration.

Propylitization occurs at depth in drill core and in outcrops at low elevations on the southwestern flank of Kirazlı Dağı. The presence of gypsum and calcite with the ubiquitous clays indicate propylitic alteration.

Four main structural trends are noted in the vicinity of the Kirazlı deposit; steep NW striking structures associated with caldera development, NE striking extensional features associated with horst and graben tectonics, north trending fractures (associated with zones of higher grade mineralisation) and later EW striking faults that offset mineralisation.


The Kirazlı deposit is an epithermal, high-sulphidation, disseminated gold system.

Gold mineralization is hosted within the heterolithic phreatomagmatic / phreatic breccia bodies that cut through the Oligo-Miocene-age andesitic tuffs. Mineralization can generally be subdivided into two main types: (1). A regional low-grade gold zone underlying much of Kirazlı Dağı and broadly enveloping the high-grade gold zones. This low grade mineralization occurs both above and below the zone of supergene oxidation (redox boundary). The wide spread, low grade mineralization is interpreted to be early and may be associated with the broad epithermal alteration that resulted in the chalcedonic silica (the second silica event). (2) Four elongate bodies of high-grade gold mineralization that occur in the uppermost argillic / advanced argillic zone and slightly overlapping the bottom of the silica cap. The high grade mineralization trends north-south and shows a strong spatial relationship with the margins of heterolithic breccia bodies.



Conventional open pit mining methods will be utilized at Kirazlı with contract mining to be employed. 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. Waste rock will be used as engineered fill for the leach pad foundation during the early years after which the majority will be sent to the waste rock dump and be used to backfill portions of the pit as the ultimate extents are achieved.

An opportunity to improve the design of the pit slopes at Kirazlı was outlined in the 2012 prefeasibility study and additional geotechnical work was subsequently undertaken. The geotechnical evaluation was based on core logging, point load testing and laboratory analysis of the geotechnical core holes. Based on the findings, the recommended inter-ramp/overall pit slope angles have been increased to a range of 40 to 48° depending on the sector of the pit. This has reduced the amount of waste to be mined, significantly lowering the life of mine waste-to-ore ratio to 1.45:1 from 1.83:1 in the 2012 pre-feasibility study. This has helped reduce the mining cost per tonne of ore and improved the overall economics of the project.


Processing and Infrastructure

Kirazlı has been designed as a 15,000 tonnes per day (“tpd”) heap leach operation utilizing a multiple lift, single use leach pad. Ore will be processed by primary crushing and open circuit secondary crushing to a nominal size of 26 millimetres. The secondary crushed ore will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods.

The crushed ore will be stacked in 10 metre lifts with the leach pad facility sized with a capacity of 35 million tonnes. This is approximately 8.9 million tonnes larger than the current mineral reserve to accommodate additional ore beyond the current mineral reserves. A dilute cyanide solution will be applied to the crushed ore over a 90 day leaching cycle with the pregnant solution collected and processed through the adsorption-desorption-recovery (“ADR”) plant where gold and silver doré bars will be produced.

Based on column tests conducted on the different alteration types at Kirazlı, gold and silver recoveries are expected to average 81% and 31%, respectively.

Power will be supplied from the commercial electricity grid with a new dedicated 30 kilometre long overhead line connecting the Çanakkale utility substation to the Kirazlı mine substation. In the event of a power failure, a diesel-fired backup generator will be used to supply emergency power.

Operational water will be supplied via a pipeline from a new constructed reservoir that was completed by Alamos in 2019. In conjunction with the Ministry of Forestry and Water Affairs – State Hydraulic Works (“DSI”), the water reservoir has been designed to supply the process water requirements of the Kirazlı mine and clean drinking water and irrigation for the nearby communities. 

Since acquiring the Ağı Dağı and Kirazlı projects in early 2010 and in line with the Company’s objectives of sustainable development and social responsibility, the Company recognized the importance of improving the quality of potable water delivered to the local communities within its project areas.


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

Kirazlı Mine Animation

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Reconciliation of non-GAAP and additional GAAP measures

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No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements in this website are “forward-looking statements”, including within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this website, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management that involve various risks and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements.” Alamos cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Alamos' actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, gold and silver price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled “Risk Factors” in both Alamos Gold Inc.’s Annual Information Form for the year ended December 31, 2014 and the Annual Information Form for the year ended December 31, 2014 of AuRico Gold Inc., (each a predecessor to Alamos Gold Inc.), along with each of these entities’ subsequent public filings available on the SEDAR website at, should be reviewed in conjunction with the information found in this website. Although Alamos has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information.

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 (