Lundin Gold Temporarily Suspends Operations at Fruta del Norte

VANCOUVER, March 22, 2020 - Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) announced that the Company is temporarily suspending operations at its Fruta del Norte gold mine in Ecuador amid growing concerns regarding the spread of COVID-19 in the country. View PDF version.

"The situation in Ecuador has changed rapidly over the last few days," said Ron Hochstein, Lundin Gold President and CEO. "We are committed to the health and safety of our employees and the local communities in which we operate. In consultation with both local officials and the Government of Ecuador, we have made the decision to temporarily suspend operations in order to reduce the risk to our workforce and to local communities."

During the suspension, the Company will maintain a workforce at Fruta del Norte to conduct care and maintenance activities and special projects in order to minimize the impacts of this temporary shutdown As the situation is dynamic and dependent on actions by both the local and national governments, the Company cannot currently indicate the duration of the temporary suspension on the Company's operations nor its full impact.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold project in southeast Ecuador. Fruta del Norte is among the largest and highest-grade gold projects in the world, which is now in production.

The Company's board and management team have extensive expertise in mine operations and are dedicated to advancing Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on March 22, 2020 at 7:15 a.m. Pacific Time through the contact persons set out below.

Follow Lundin Gold on Twitter

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). 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, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.

By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the impact of the suspension on the Company's operations, the Company's efforts to minimize the impacts of the suspension and the timing of the resumption of operations at Fruta del Norte. 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 Management Discussion and Analysis dated February 20, 2020, which is available at www.lundingold.com or on SEDAR.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares, include: risks associated with the Company's community relationships, operating risks, risks related to production estimates, risks associated with the ramp up of mining operations, risks related to Lundin Gold's compliance with environmental laws and liability for environmental contamination, risks related to political and economic instability in Ecuador, volatility in the price of gold, failure by the Company to maintain its obligations under its credit facilities, lack of availability of infrastructure, deficient or vulnerable title to mining concessions, easements and surface rights, shortages of critical supplies, risks related to the Company's workforce and its labour relations, inherent safety hazards and risk to the health and safety of the Company's employees and contractors, risks related to the Company's ability to obtain, maintain or renew regulatory approvals, permits and licenses, the imprecision of mineral reserve and resource estimates, key talent recruitment and retention of key personnel, volatility in the market price of the Company's shares, the potential influence of the Company's largest shareholders, uncertainty with the tax regime in Ecuador, measures to protect endangered species and critical habitats, the cost of non-compliance and compliance costs, exploration and development risks, the Company's reliance on one project, risks related to illegal mining, the reliance of the Company on its information systems and the risk of cyber-attacks on those systems, the adequacy of the Company's insurance, uncertainty as to reclamation and decommissioning, the ability of Lundin Gold to ensure compliance with anti-bribery and anti- corruption laws, the uncertainty regarding risks posed by climate change, the potential for litigation, limits of disclosure and internal controls, security risks to the Company, its assets and its personnel, conflicts of interest, the risk that the Company will not declare dividends and social media and the Company's reputation.

SOURCE Lundin Gold Inc.