Minera Alamos Inc

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Market Cap:
$286.59 m
0.66 CAD
52 weeks high
52 weeks low

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open pit gold project in Durango with positive PEA completed (permits awaiting issuance) and the Santana open pit heap-leach development project in Sonora with test mining and processing completed (permits pending). The Company anticipates making a construction decision at Santana in 2019 and advancing both Santana and Fortuna in to production in 2019-2020.

The Company’s strategy is to develop low capex assets while expanding the near mine resource and pursuing complementary strategic acquisitions.

Santana Gold Project

Santana is a low CAPEX heap leach development project with test mining currently underway. It is strategically positioned in a rich mining district that features operational mines from some of the world’s leading names in precious metals mining (Goldcorp, Agnico Eagle, Alamos Gold).
Santana is envisioned as an open pit heap leach project with a large contiguous land package containing numerous exploration targets property-wide. The project claim area is also contiguous with the Company’s Los Verdes mineral claims and the Santana gold structures drilled to date may extend into the Los Verdes area.


  • 100% owned
  • Located southeast of Hermosillo, in Sonora State, Mexico
  • 8,500 hectare land package in the Sierra Madre Occidental range
  • Excellent infrastructure
  • Permitted for ongoing, bulk-sample, heap-leach studies
  • Near-term production potential for open pit mining
  • Two Zones of mineralization  (Nicho and Nicho North)
  • 30,000 meters of exploration drilling completed
  • Numerous additional exploration targets property-wide

A Low Capex Open Pit Operation with Significant Resource Expansion Potential


Location & Setting

Durango State, Mexico
~6,200 ha contiguous land package
Easily accessible via a 100 km road from Culiacan, the Capital of Sinaloa state and the site of the Company's Mexican office
State authorities are upgrading the 2-lane highway to the project along with grid power

Mine Plan / Stage

PEA in Q1 2018 contemplating a simple open-pit mine with initial 45-50 koz Au annual production

Simple Funding Package

Option for Osisko Gold Royalties to acquire 4.0% NSR for $9M to fund a significant portion of expected initial capital outlay

La Fortuna Background

The La Fortuna Gold Project includes the historic La Fortuna mine together with the surrounding concessions, totaling 6,200+ hectares. The property is located in the northwestern corner of the State of Durango, Mexico, about 100 km northeast of the city of Culiacan, Sinaloa.

Initial development of La Fortuna followed the 1884 discovery of the gold-bearing oxidized outcrop. Between 1886 and 1892 a 200 TPD gravity mill was built near the site to process the ore which was selectively mined underground. Reportedly, about 200,000 tonnes of material, grading 20 g/t was mined and processed during this period. In 1987 an 80 tonne per day flotation mill was installed in order to process the sulfide ore, operating intermittently until 1990.

Reportedly, 20,000 tonnes were mined from underground and processed. Between 1991 and 2008 numerous exploration surveys were performed which included detailed mapping and sampling of the underground workings and the drilling in the immediate La Fortuna Mine area. These programs culminated in the development of a resource block model which produced a Measured and Indicated resource of 4,800,000 tonnes at 2.0 g/t gold (308,000 contained ounces) at a 0.50 g/t gold cutoff grade as set forth above.


A PEA-Stage Heap Leachable Gold/Silver Asset with ~2 g/t AuEq grade in Stable Sinaloa

Location & Setting

  • Sinaloa State, Mexico
  • 200 km north of Mazatlan, 30 km southeast of Cosalá (pop 17,000), or a 3 hour drive from the Company's Mexican office in Culiacan
  • ~6,000 ha contiguous land package

Mine Plan / Stage

  • PEA completed in 2013 by Vista Gold Corp.
  • Minera Alamos acquired the project from Vista Gold Corp. through an Option Agreement in October 2017
  • A team is establishing a presence on site to prepare an updated PEA contemplating a simple in-house engineered and designed heap leach operation

Guadalupe de Los Reyes Project Background

Gold and silver were discovered at Guadalupe by the Spanish in the late 1700s and mining occurred in the area for over 150 years up until the 1950s.  The main Guadalupe underground operation opened in the late 1800s and to date is the most significant source of gold production in the district.  It is estimated (historical estimates only) to have produced approximately 500-600,000 ounces of gold and 40 million ounces of silver over its operational life at reported grades of +10 g/t Au and +500 g/t Ag.  Most of the historical production is derived from a single section of mineralized structures over a length of approximately 2 km.  At least eight other mineralized zones have been identified at site along three structural arms of the same large regional system.  In total, the system mineralization has been mapped at surface over a total combined distance of approximately 10 km.

From the 1950s through the 1980s there was limited activity in the Guadalupe area other than exploration reconnaissance studies.  The one exception was a small vat leaching operation that was constructed and operated by the local concession owner in the late 1980s.  It is reported that during this period approximately 32,000 tonnes of coarse crushed mineralized rock (5-6 g/t au) was leached with cyanide in open vats.

Modern drilling was re-initiated at the Guadalupe project area in the 1990s and was targeted at defining a significant area of shallow lower grade gold/silver mineralization in areas surrounding the Guadalupe underground operations.  Since that time, in excess of 40,000 meters of drilling (RC and diamond) have been completed within the current project boundaries.


Canada & Mexico

Darren Koningen, BSc, PEng
CEO & Director

Darren Koningen has over 25 years of international mining experience. His expertise in metallurgy process design and operations has allowed him to make significant contributions to bringing three operating and profitable gold mines into production in the past twelve years.

Mr. Koningen was a founding member and VP Mine Development of Castle Gold Corp. and was integral in the development and commissioning of the El Castillo heap leach gold mine in Mexico. Castle Gold was subsequently acquired by Argonaut Gold Inc. in 2009 for C$130M.

He was President & CEO of NWM Mining Corporation after being asked by lenders to restructure the company in 2012. He led a new management team to fix operational issues, prepare a new production plan for a ramp-up to +60,000 oz/yr, and complete a resource expansion. NWM quickly became cash flow positive and the project was ultimately sold in 2015 at which point all debt was paid out in full as part of the acquisition.

Mr. Koningen also acted as VP Project Development for GoWest Gold Ltd. and was a Senior Process Engineer (mining and metallurgy) with Kvaerner Engineering. Mr. Koningen holds a Bachelor of Applied Science, Mineral Process Engineering from Queens University.

Doug Ramshaw, BSc, ARSM
President & Director

Doug Ramshaw is a senior executive and corporate director with more than 20 years of experience in the mineral resource sector. His work has focused on mineral project evaluation, M&A and business development strategies supporting corporate growth.

Mr. Ramshaw previously worked as a mining analyst for an independent brokerage firm in London, UK and has served in various executive capacities for a number of publicly listed junior resource companies. He holds a Bachelor of Science in Mining Geology from the Royal School of Mines.

Chris Chadder, CA, CPA
Chief Financial Officer

Chris Chadder has over 20 years of financial management experience and has served in senior roles with various mining companies in all stages of the mining cycle.

Mr. Chadder holds a Bachelor of Business Administration from Brock University and is a member of the Canadian Institute of Chartered Accountants.

Federico Alvarez, MEng
Vice President, Project Development

Federico Alvarez is a mining engineer with 35 years of experience within academia, government and the mining industry, primarily in Mexico. Mr. Alvarez joined Minera Alamos in 2011 as Vice President, Project Development and oversees all operations and mine planning.

Mr. Alvarez was Vice President, Operations for Argonaut Gold Inc. and its predecessor Castle Gold, where he supervised production at the El Castillo gold mine in Durango, Mexico and worked with the company’s JV partner on the El Sastre gold mine in Guatemala.

For 10 years Mr. Alvarez held the position of Director of Mining Affairs for the State of Guanajuato. He is widely recognized within Mexico as one of the top mining professionals in the country. Mr. Alvarez holds a Bachelor’s degree in Mine Engineering from Guanajuato University and a Masters degree in Mining Engineering from McGill University.

Miguel Cardona, BEng, PEng
Vice President, Exploration

Miguel Cardona is a geological engineer with over 20 years of experience in mineral exploration and underground and open pit mining operations. He has worked with numerous ore types including gold skarn, epithermal gold and silver and copper-zinc-gold deposits.

Mr. Cardona managed all exploration activities for Castle Gold, leading a three-fold increase in El Castillo’s gold resources from 400k oz to 1.2M oz prior to its acquisition in 2009. He also worked for Teck-Cominco and was part of the team that discovered the Los Filos and El Limon gold deposits in Mexico. Previously he was with Industrias Penoles at various project sites and mines throughout Mexico. Mr. Cardona holds a Bachelor’s degree in Geological Engineering and a Master’s degree in Planning and Systems from the San Luis Potosi University.

Carolina Salas, M.S.Met.
Vice President, Technical Services

Carolina Salas holds over 15 years of experience in the mining industry, 6 of which were spent with Peñoles in various roles. Ms. Salas was most recently with Outotec, one of the world’s largest mining process equipment suppliers, focused primarily on gold and copper projects. She has mining experience in design/ construction, operations, engineering, metallurgic and maintenance at various project sites throughout Mexico.

Prior to join Outotec, she was with Minera Columbia de Mexico, as Process Manager at the Lluvia de Oro gold heap leach project in Sonora. Ms. Salas was responsible for the oversight of all gold processing and recovery facilities as well metallurgical test work program and the design/ construction of new processing systems. Ms. Salas has a Master’s Degree in Metallurgical Science from the University of Sonora.

Minera Alamos Inc. - Corporate Office 55 York Street, Suite 402
Toronto, Ontario
M5J 1R7
Fax: +1.416.306.0990
Email: info@mineraalamos.com

Minera Alamos Inc. - Mexican Operations
Calle Pedro Moreno #24, Int. Segundo Piso
Col. Centro CP 83000
Hermosillo, Sonora, Mexico

Investor Relations
Patrick Piette