10:48 AM EDT, 03/27/2024 (MT Newswires) -- Lundin Gold Inc. ( LUGDF ) reported Thursday an increase in reserves at its Fruta del Norte (FDN) gold mine in Ecuador.

The company said proven and probable reserves at the mine increased to 5.50 million ounces of gold contained within 21.7 million tonnes of ore grading 7.89 g/t gold. This compares to 5.02 million ounces of contained gold outlined in 2022.

Measured and indicated resources stood at 23.53 million tonnes grading 9.24 g/t gold containing 6.99 million ounces of gold.

"With this updated estimate, Lundin Gold ( LUGDF ) has grown FDN's Mineral Reserves since operations began in 2019, adding approximately 2.6 [million ounces] before mining depletion," President and CEO Ron Hochstein said. "This kind of success is only possible with an asset of exceptional quality like FDN and a strong geology team."

The company was up 1.5% at last look.

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