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2016-10-14

LUNDIN GOLD ANNOUNCES APPROVAL OF FRUTA DEL NORTE ENVIRONMENTAL IMPACT STUDY

Lundin Gold Inc. Company Announcement LUNDIN GOLD ANNOUNCES APPROVAL OF
FRUTA DEL NORTE ENVIRONMENTAL IMPACT STUDY October 13, 2016 (Vancouver,
Canada)… Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: “LUG”,
Nasdaq Stockholm: “LUG”) is pleased to announce the completion and approval
of the Environmental Impact Study (the “EIS”) by the Government of Ecuador
for its Fruta del Norte Project (the “Project”) located in Ecuador. “This
is a significant accomplishment for the Company and the development of
Fruta del Norte. The next and final step in the environmental approval
process, paving the way for proceeding with the development of the Project,
is the granting of the Environmental Licence, a procedural process expected
to be completed over the next few weeks”, remarked Lundin Gold President
and Chief Executive Officer, Ron Hochstein. “The approval of the EIS
demonstrates the commitment of the Government of Ecuador to move Fruta del
Norte towards construction and eventual production”. The process of
approval of the EIS started with the submission of a draft EIS in April
2016, followed by a public participation process coordinated and developed
with the Ministry of Environment (the “MOE”), and the delivery of a final
EIS to the MOE in August. Project update Following several key management
hires and the award of a services contract to G Mining Services Inc. (“G
Mining”), the Company now has its project management team in place.
Together, Lundin Gold and G Mining will form an integrated project team to
manage all aspects of the project, covering optimization of all areas of
the project design and execution plan, basic engineering, detailed
engineering, procurement, construction and commissioning. G Mining is a
multidisciplinary mining and project management company based in Montreal,
Quebec, Canada. They offer a wide range of services to mining projects
worldwide with extensive experience in gold mining projects. They have
completed projects in Canada, Africa and South America, including its most
recent project in Suriname. Louis Gignac, Chairman of G Mining commented
that “Fruta del Norte is one of the most exciting undeveloped projects in
the Americas. G Mining is proud to join Lundin Gold management and be part
of the team that will develop FDN into a responsible, capital effective
operation for its stakeholders.” Other key advancements on the Project
include: --

award of a contract to Ausenco Services Canada Inc. for completion of plant
layout optimization, basic engineering and detailed engineering for the
process plant and surface facilities;

--

award of a contract to Klohn Crippen Berger (KCB) from Vancouver, Canada,
for surface geotechnical design and associated field investigations. The
drilling and field investigations component of this program is scheduled to
commence in late October, 2016;

--

award of contracts to NCL Ingenieria y Construccion S.A. (NCL) of Santiago,
Chile for underground mine design; SRK Consulting in Vancouver, Canada, for
mine geotechnical services; and Alan Auld Group Ltd. in Saskatoon, Canada,
for mine portal and soft tunneling design services. All three companies
completed the equivalent scope of work for the Feasibility Study and
continue to progress and develop detailed designs.

The early works field investigations for the mine development has been
completed with the results of over 2,000 metres of geotechnical drilling
supporting the advancing of the designs of the mine portals, twin declines
and the north ventilation raise. Lundin Gold is currently out for tender
for the mine development contract to a select group of prequalified
bidders. The scope of this contract will cover mine portal construction and
over 6,000 metres of development. This contract is expected to be awarded
in January 2017 for mobilization and commencement of mine portals
construction in May 2017. About the Company Lundin Gold Inc. owns the Fruta
del Norte gold project located in southeast Ecuador. FDN is one of the
largest and highest grade undeveloped gold projects in the world. The
Company is advancing FDN in order to realize the significant potential of
this asset. The Company believes that the value created will not only
greatly benefit shareholders, but also the Government and people of Ecuador
who are the Company's most important stakeholders in this project. Lundin
Gold views its commitment to corporate social responsibility as a strategic
advantage that enables it both to access and effectively manage business
opportunities in increasingly complex environments. Lundin Gold is
committed to addressing the challenge of sustainability - delivering value
to its shareholders, while simultaneously providing economic and social
benefits to impacted communities and minimizing its environmental
footprint. Additional Information The information in this release is
information that the Company is required to make public pursuant to the EU
Market Abuse Regulation and the Swedish Securities Market Act. This
information was publicly communicated on October 13, 2016 at 3:00 p.m.
Pacific Time. For more information, please contact Lundin Gold Inc. Ron F.
Hochstein President and CEO +593-2-299-6400 +1-604-806-3589 Lundin Gold
Inc. Sophia Shane Corporate Development +1-604-689-7842 info@lundingold.com
www.lundingold.com Forward-Looking Statements This press release contains
or refers to forward-looking information under Canadian securities
legislation, including statements regarding the issuance of the
Environmental Licence, the development of the Project including project
design and execution, basic engineering, detailed engineering, procurement,
construction and commissioning, the execution of the Exploitation Agreement
and the Investment Protection Agreement, the engagement of key contractors
and the award of key contracts, all of which information is based on
current expectations that involve a number of business risks and
uncertainties. Forward-looking statements are subject to significant risks
and uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place undue
reliance on forward-looking statements. There can be no assurance that such
statements will prove to be accurate, as Lundin Gold's actual results and
future events could differ materially from those anticipated in this
forward-looking information as a result of the factors discussed in the
"Risk Factors" section in Lundin Gold's Short Form Prospectus dated July
12, 2016 available at www.sedar.com. Factors that could cause actual
results to differ materially from any forward-looking statement include,
but are not limited to, the ability to arrange financing, the timely
receipt of regulatory approvals, permits and licenses, risks related to
carrying on business in an emerging market such as possible government
instability and civil turmoil and economic instability, measures required
to protect endangered species, deficient or vulnerable title to mining
concessions and surface rights; the potential for litigation; volatility in
the market price of the Company's shares; the risk to shareholders of
dilution from future equity financings; the cost of compliance or failure
to comply with applicable laws; difficulty complying with changing
government regulations and policies, including without limitation,
compliance with environment, health and safety regulations; illegal mining;
uncertainty as to reclamation and decommissioning liabilities, unreliable
infrastructure and local opposition to mining; the accuracy of the Mineral
Resource estimates for the Fruta del Norte Project and the Company's
reliance on one project; volatility in the price of gold; shortages of
resources, such as labour, and the dependence on key personnel; the
Company's lack of operating history in Ecuador and negative cash flow; the
inadequacy of insurance; potential conflicts of interest for the Company's
directors who are engaged in similar businesses; limitations of disclosure
and internal controls; and the potential influence of the Company's largest
shareholders. The forward-looking statements contained in this press
release are made as of the date hereof and the Company assumes no
responsibility to update them or revise them to reflect new events or
circumstances other than as required by law.

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