TSX: ELD NYSE: EGO
VANCOUVER, Nov. 22, 2016 /PRNewswire/ - Eldorado Gold
Corporation, ("Eldorado" or "the Company") is pleased to announce
that the Company has completed the sale of its respective interest
in the White Mountain and Tanjianshan Mines and Eastern Dragon
Development Project to an affiliate of Yintai Resources Co. Ltd.
(SHSZ: 000975) ("Yintai") as previously announced on May 16, 2016.
"This closing marks the conclusion to Eldorado's 11-year history in China. We
would like to acknowledge the dedication and hard work of all of
our Chinese employees and staff throughout this period," said
Paul Wright, President and Chief
Executive Officer of Eldorado Gold. "We are very pleased to have
completed the monetization of our Chinese assets and look forward
to advancing our internal project pipeline with the enhanced
financial flexibility resulting from the sale process."
About Eldorado Gold
Eldorado is a leading low cost
gold producer with mining, development and exploration operations
in Turkey, Greece, Serbia, Romania and Brazil. The Company's
success to date is based on a low cost strategy, a highly skilled
and dedicated workforce, safe and responsible operations, and
long-term partnerships with the communities where it
operates. Eldorado's common
shares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
Certain of the statements made in this news release may
contain forward-looking statements or information within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and applicable Canadian securities laws. Often, but not
always, forward-looking statements and forward-looking information
can be identified by the use of words such as "plans", "targets",
"targeted", "expect", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements or information in this news
release include, but are not limited to the Company's Announcement
of the Closing of the Yintai Transactions.
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions
about the forward-looking statements and information, including
assumptions about the completion of post-closing conditions of the
Yintai Transactions, including liability and timing of meeting the
closing conditions, the political and economic environment that we
operate in, the future price of commodities, anticipated costs and
expenses and the impact of the disposition on the Company's
business. Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or
information. These risks, uncertainties and other factors
include, among others, the following: impact and timing of
completion of post-closing conditions of the Yintai transactions,
change in the use of proceeds, political, economic, environmental
and permitting risks, regulatory restrictions, gold price
volatility, discrepancies between actual and estimated production,
estimated mineral reserves and resources and metallurgical
recoveries; mining operational and development risks , litigation
risks, regulatory restrictions, including environmental and
permitting regulatory restrictions and liabilities, internal and
external approval risks, risks of sovereign investment, and impact
of the completion of the sale of our interests in the Jinfeng,
Tanjianshan and White Mountain Mines and the Eastern Dragon
Development Project on the Company, currency fluctuations;
speculative nature of gold exploration, global economic climate;
dilution, share price volatility; competition, loss of key
employees, additional funding requirements, and defective title to
mineral claims or property, as well as those factors discussed in
the sections entitled "Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Information Form & Form 40-F
dated March 30, 2016.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance
on the forward-looking statements or information contained
herein. Except as required by law, we do not expect to update
forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed
with the securities regulatory authorities in Canada and the U.S.
All forward looking statements and information contained in
this News Release are qualified by this cautionary
statement.
SOURCE Eldorado Gold Corporation