TSX: ELD NYSE:
EGO
VANCOUVER, Nov. 9, 2017 /PRNewswire/ - Eldorado Gold
Corporation ("Eldorado" or the "Company") announces it will move
the Skouries development project into care and maintenance.
Dialogue has continued with Greece's Ministry of Energy and Environment
("MoE") with respect to the development of the Company's subsidiary
Hellas Gold S.A.'s, Kassandra Mine
assets in Halkidiki, Northern
Greece. However, the MoE has failed to issue the amended
Electromechanical Installation permit for the Skouries flotation
plant as well as other matters including, but not limited to, the
relocation of antiquities at the Skouries site.
The Company has also initiated legal action within the statutory
deadline in order to enforce and protect its legal rights.
This legal action consists of three lawsuits which have been filed
with the Council of State ("CoS"), requesting judicial protection
against the Ministry's failure to issue routine installation
permits, resulting in unjustifiable delays to the development of
the Skouries facilities. Furthermore, the Company has filed
with the CoS a petition for non-compliance of the Ministry with a
previous decision granted by the CoS.
The Company will re-assess its investment in the Skouries
project upon approval and receipt of the required permits, coupled
with a supportive government open to discussions regarding the use
and implementation of best available technologies.
Olympias Phase I progress on historical tailings cleanup
continues and the ramp-up to commercial production at Olympias
Phase II during the quarter demonstrate our commitment to high
environmental standards and long term partnership with communities
as well as our ability to construct and operate mines in
Greece. Early indications from
exploration drilling at Stratoni to extend the mine life are
positive.
George Burns, Eldorado's President and CEO stated, "Although
we have made good progress on the Olympias mine, we require the
necessary permits and government support prior to investing further
in Skouries. As a consequence we are now taking the necessary legal
action to enforce the Company's rights while continuing efforts to
resolve outstanding matters through ongoing dialogue."
About Eldorado Gold
Eldorado is a leading intermediate gold
producer with mining, development and exploration operations in
Turkey, Greece, Canada, Romania, Serbia and Brazil. The
Company's success to date is based on a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, 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).
Forward Looking Statement
Certain of the
statements made and information provided in this press release are
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", "expects", "is
expected", "budget", "continue"", "projected", "scheduled",
"estimates", "forecasts", "projected", "intends", "anticipates", or
"believes" or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results "to
be", "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Such forward-looking statements or information
include, but are not limited to, statements or information with
respect to first production at Skouries, exploration drilling at
Stratoni and commercial production at Olympias.
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
geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities;
exchange rates; anticipated costs and expenses; production, mineral
reserves and resources and metallurgical recoveries, the impact of
acquisitions, dispositions, suspensions or delays on our business
and the ability to achieve our goals.
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. Many
assumptions may be difficult to predict and are beyond our
control.
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: geopolitical and economic climate (global and
local), risks related to mineral tenure and permits; gold and other
metal price volatility; mining operational and development risk;
foreign country operational risks; risks of sovereign investment;
regulatory environment and restrictions, including environmental
regulatory restrictions and liability; discrepancies between actual
and estimated production, mineral reserves and resources and
metallurgical testing and recoveries; risks related to impact of
the sale of our Chinese assets on the Company's operations; risks
related to the acquisition of Integra Gold
Corporation; additional funding requirements; currency
fluctuations; litigation and arbitration risks; community and
non-governmental organization actions; speculative nature of gold
exploration; dilution; share price volatility; competition; loss of
key employees; 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 our business" in
the Company's most recent Annual Information Form and Form
40-F. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Information Form filed on
SEDAR under our Company name, for a fuller understanding of the
risks and uncertainties that affect the Company's business and
operations.
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.
SOURCE Eldorado Gold Corporation