Eldorado Gold Corporation (“Eldorado” or “the Company”) today
releases its updated Reserve and Resource estimates as of September
30, 2020.
Reserves
Update
The Company’s Proven and Probable gold Reserves
totalled 17.7 million ounces as of September 30, 20201, compared to
17.5 million ounces as of December 31, 2019, an increase of 1.3%.
The complete Mineral Reserve and Resource listing can be found at
the end of this release and includes the data for tonnes, grades
and contained metal.
|
Thousand Ounces |
Proven and Probable in-situ gold ounces as of December 31,
2019 |
17,501 |
Mined ounces including mining depletion during 20202 |
-615 |
Converted resources during 2020 |
1,408 |
Decrease due to changes in cut-off values |
-557 |
Proven and probable in-situ gold ounces as of September
30, 2020 |
17,737 |
The slight increase in overall Proven and
Probable Reserves was attributable to increases at Kisladag,
Lamaque and Perama Hill, offset by decreases at Olympias and
Efemcukuru.
At Kisladag, Mineral Reserves increased due to a
combination of a higher long-term gold price assumption ($1,300/oz
vs $1,250/oz) and an improved leach recovery model. The latter was
derived from additional metallurgical testwork completed in 2020 on
gold mineralized material from the south east sector of the planned
open pit. The increase at Lamaque was primarily the result of
ongoing successful conversion drilling. Perama Hill’s Reserve
increase resulted from a revised and expanded open pit design which
will allow more of the known orebody to be mined.
At Olympias, changes were made to both unit
costs as well as mining assumptions used for estimating Reserves
including increased mining dilution and decreased mining recovery.
These factors resulted in an increase in cut-off values, leading to
the decrease in Reserves.
Reserves decreased at Efemcukuru due to
depletion. Inferred resources increased modestly reflecting
positive exploration results in 2019 and 2020. Further exploration
and infill drilling are planned for 2021 with the aim of expanding
and converting Inferred resources to offset future depletion.
1 A gold price of $1,300 per ounce was used in
the reserve estimates.2 Mined ounces declared here are processed
ounces, depletion of Efemcukuru and Kisladag includes only Q1-Q3
2020 as Proven and Probable Reserves were updated December 31,
2019. Depletion Lamaque and Olympias includes Q4 2019 and Q1-Q3
2020.
The following table summarizes the year over
year changes to the Company’s Reserves:
Total Proven and Probable Reserves |
|
2019 |
2020 |
Change |
|
Contained Au Oz (x1,000) |
|
Certej |
2,402 |
2,402 |
0 |
% |
Efemcukuru |
686 |
613 |
-11 |
% |
Kisladag |
4,010 |
4,580 |
14 |
% |
Lamaque |
972 |
1,086 |
12 |
% |
Olympias |
2,917 |
2,252 |
-23 |
% |
Perama |
960 |
1,250 |
30 |
% |
Skouries |
3,773 |
3,773 |
0 |
% |
Tocantinzinho |
1,781 |
1,781 |
0 |
% |
Resources
Update
Eldorado revisited its Mineral Resource portfolio, in particular
the “reasonable prospects for eventual economic extraction”
provision in the definition of a Mineral Resource. The
Company has implemented a more analytical approach to resource
reporting this year. The previous approach evaluated mineral
resources at cut-off values calculated from a multiple range of
metal prices and modifying factors to gauge sensitivity to being
mined.
The current method now determines resource cut-off grades or
values using a single long term gold metal price ($1,800/oz) and
modifying factors derived in the resource to reserve conversion
process (or by analogy for our resource-only properties).
This value is then applied to the creation of constraining surfaces
or volumes to control resource reporting. Open pit-only projects
used pit shells created with the long term gold price to constrain
reportable model blocks. Underground resources were
constrained by 3D volumes whose design was guided by the reporting
cut-off grade or value, contiguous areas of mineralization and
mineability.
Results of this change in reporting is a onetime adjustment of
the Company’s mineral resource inventory (-7% for Measured +
Indicated contained ounces; -18% for Inferred contained
ounces). A table summarizing the changes to Eldorado’s
Resources is shown below:
Total Measured and Indicated |
|
Inferred Resources |
|
2019 |
2020 |
Change |
|
2019 |
2020 |
Change |
|
Contained Au |
|
|
Contained Au |
|
|
ounces (x1000) |
|
|
ounces (x1000) |
|
Bolcana |
0 |
0 |
0 |
% |
|
6,492 |
6,492 |
0 |
% |
Certej |
4,064 |
3,829 |
-6 |
% |
|
376 |
23 |
-94 |
% |
Efemcukuru |
1,021 |
941 |
-8 |
% |
|
927 |
941 |
2 |
% |
Kisladag |
7,888 |
7,197 |
-9 |
% |
|
575 |
107 |
-81 |
% |
Lamaque |
1,545 |
1,821 |
18 |
% |
|
2,028 |
2,074 |
2 |
% |
Olympias |
3,798 |
3,493 |
-8 |
% |
|
954 |
562 |
-41 |
% |
Perama |
1,392 |
1,374 |
-1 |
% |
|
239 |
62 |
-74 |
% |
Perama South |
0 |
0 |
0 |
% |
|
1,073 |
728 |
-32 |
% |
Piavitsa |
0 |
0 |
0 |
% |
|
1,932 |
1,025 |
-47 |
% |
Sapes |
474 |
0 |
-100 |
% |
|
346 |
820 |
137 |
% |
Skouries |
5,401 |
5,030 |
-7 |
% |
|
1,680 |
814 |
-52 |
% |
Tocantinzinho |
2,115 |
2,029 |
-4 |
% |
|
69 |
17 |
-75 |
% |
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, and Brazil. The Company has a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Eldorado Gold Mineral Reserves, as of
September 30,
2020
Project |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total Proven and Probable |
|
Gold |
Tonnes |
Au |
Contained Au |
Tonnes |
Au |
Contained Au |
Tonnes |
Au |
Contained Au |
|
|
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
|
Certej |
22,788 |
1.93 |
1,414 |
21,500 |
1.43 |
988 |
44,288 |
1.69 |
2,402 |
|
Efemcukuru |
2,012 |
6.30 |
407 |
1,155 |
5.54 |
206 |
3,167 |
6.02 |
613 |
|
Kisladag |
194,314 |
0.70 |
4,352 |
13,236 |
0.54 |
228 |
207,550 |
0.69 |
4,580 |
|
Lamaque |
425 |
5.23 |
71 |
4,569 |
6.91 |
1,015 |
4,994 |
6.76 |
1,086 |
|
Olympias |
1,515 |
10.14 |
494 |
8,734 |
6.26 |
1,758 |
10,249 |
6.83 |
2,252 |
|
Perama Hill |
3,088 |
4.03 |
400 |
9,410 |
2.81 |
850 |
12,498 |
3.11 |
1,250 |
|
Skouries |
75,804 |
0.87 |
2,132 |
81,862 |
0.62 |
1,641 |
157,666 |
0.74 |
3,773 |
|
Tocantinzinho |
17,007 |
1.52 |
831 |
21,898 |
1.35 |
950 |
38,905 |
1.42 |
1,781 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOLD |
316,953 |
0.99 |
10,101 |
162,364 |
1.46 |
7,636 |
479,317 |
1.15 |
17,737 |
|
Silver |
Tonnes |
Ag |
Contained Ag |
Tonnes |
Ag |
Contained Ag |
Tonnes |
Ag |
Contained Ag |
|
|
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
|
Certej |
22,788 |
10 |
7,004 |
21,500 |
12 |
8,551 |
44,288 |
11 |
15,555 |
|
Olympias |
1,515 |
159 |
7,745 |
8,734 |
119 |
33,416 |
10,249 |
125 |
41,161 |
|
Perama Hill |
3,088 |
4 |
403 |
9,410 |
8 |
2,277 |
12,498 |
7 |
2,680 |
|
Stratoni |
0 |
0 |
0 |
560 |
148 |
2,665 |
560 |
148 |
2,665 |
|
TOTAL SILVER |
27,391 |
17 |
15,152 |
40,204 |
36 |
46,909 |
67,595 |
29 |
62,061 |
|
Copper |
Tonnes |
Cu |
Contained Cu |
Tonnes |
Cu |
Contained Cu |
Tonnes |
Cu |
Contained Cu |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Skouries |
75,804 |
0.52 |
393 |
81,862 |
0.47 |
386 |
157,666 |
0.49 |
779 |
|
TOTAL COPPER |
75,804 |
0.52 |
393 |
81,862 |
0.47 |
386 |
157,666 |
0.49 |
779 |
|
Lead |
Tonnes |
Pb |
Contained Pb |
Tonnes |
Pb |
Contained Pb |
Tonnes |
Pb |
Contained Pb |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Olympias |
1,515 |
5.1 |
77 |
8,734 |
4.0 |
349 |
10,249 |
4.2 |
426 |
|
Stratoni |
0 |
0.0 |
0 |
560 |
6.1 |
34 |
560 |
6.1 |
34 |
|
TOTAL LEAD |
1,515 |
5.1 |
77 |
9,294 |
4.1 |
383 |
10,809 |
4.3 |
460 |
|
Zinc |
Tonnes |
Zn |
Contained Zn |
Tonnes |
Zn |
Contained Zn |
Tonnes |
Zn |
Contained Zn |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Olympias |
1,515 |
5.8 |
88 |
8,734 |
5.1 |
445 |
10,249 |
5.2 |
533 |
|
Stratoni |
0 |
0.0 |
0 |
560 |
9.2 |
52 |
560 |
9.2 |
52 |
|
TOTAL ZINC |
1,515 |
5.8 |
88 |
9,294 |
5.3 |
497 |
10,809 |
5.4 |
585 |
|
|
|
|
|
|
|
|
|
|
|
|
Eldorado Gold Mineral Resources, as of
September 30,
2020
Project |
Measured Resources |
Indicated Resources |
Total Measured and Indicated |
Inferred Resources |
|
Gold |
Tonnes |
Au |
Contained Au |
Tonnes |
Au |
Contained Au |
Tonnes |
Au |
Contained Au |
Tonnes |
Au |
Contained Au |
|
|
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
|
Bolcana |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
381,000 |
0.53 |
6,492 |
|
Certej |
29,300 |
1.73 |
1,626 |
58,653 |
1.17 |
2,203 |
87,953 |
1.35 |
3,829 |
842 |
0.86 |
23 |
|
Efemcukuru |
2,675 |
7.02 |
604 |
1,660 |
6.31 |
337 |
4,335 |
6.75 |
941 |
4,919 |
5.95 |
941 |
|
Kisladag |
328,500 |
0.61 |
6,476 |
45,274 |
0.50 |
721 |
373,774 |
0.60 |
7,197 |
7,543 |
0.44 |
107 |
|
Lamaque |
464 |
7.15 |
107 |
6,654 |
8.01 |
1,714 |
7,118 |
7.96 |
1,821 |
9,280 |
6.95 |
2,074 |
|
Olympias |
2,610 |
10.48 |
879 |
10,853 |
7.49 |
2,614 |
13,463 |
8.07 |
3,493 |
2,032 |
8.60 |
562 |
|
Perama Hill |
3,093 |
4.15 |
412 |
10,973 |
2.73 |
962 |
14,066 |
3.04 |
1,374 |
1,182 |
1.64 |
62 |
|
Perama South |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
14,870 |
1.52 |
728 |
|
Piavitsa |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
6,613 |
4.82 |
1,025 |
|
Sapes |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
3,434 |
7.43 |
820 |
|
Skouries |
90,714 |
0.85 |
2,479 |
149,260 |
0.53 |
2,551 |
239,974 |
0.65 |
5,030 |
67,657 |
0.37 |
814 |
|
Tocantinzinho |
17,529 |
1.51 |
849 |
28,486 |
1.29 |
1,180 |
46,015 |
1.37 |
2,029 |
600 |
0.90 |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOLD |
474,885 |
0.88 |
13,432 |
311,813 |
1.23 |
12,282 |
786,698 |
1.02 |
25,714 |
499,972 |
0.85 |
13,665 |
|
Silver |
Tonnes |
Ag |
Contained Ag |
Tonnes |
Ag |
Contained Ag |
Tonnes |
Ag |
Contained Ag |
Tonnes |
Ag |
Contained Ag |
|
|
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
|
Certej |
29,300 |
9 |
8,111 |
58,653 |
10 |
18,103 |
87,953 |
9 |
26,214 |
842 |
4 |
110 |
|
Olympias |
2,610 |
148 |
12,419 |
10,853 |
144 |
50,246 |
13,463 |
145 |
62,665 |
2,032 |
188 |
12,282 |
|
Perama Hill |
3,093 |
4 |
415 |
10,973 |
7 |
2,579 |
14,066 |
7 |
2,994 |
1,182 |
2 |
93 |
|
Piavitsa |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
6,613 |
54 |
11,389 |
|
Stratoni |
0 |
0 |
0 |
937 |
159 |
4,790 |
937 |
159 |
4,790 |
1,147 |
188 |
6,933 |
|
TOTAL SILVER |
35,003 |
19 |
20,945 |
81,416 |
29 |
75,718 |
116,419 |
26 |
96,663 |
11,816 |
81 |
30,807 |
|
Copper |
Tonnes |
Cu |
Contained Cu |
Tonnes |
Cu |
Contained Cu |
Tonnes |
Cu |
Contained Cu |
Tonnes |
Cu |
Contained Cu |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Bolcana |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
381,000 |
0.18 |
686 |
|
Skouries |
90,714 |
0.51 |
466 |
149,260 |
0.44 |
652 |
239,974 |
0.47 |
1,118 |
67,657 |
0.40 |
267 |
|
TOTAL COPPER |
90,714 |
0.51 |
466 |
149,260 |
0.44 |
652 |
239,974 |
0.47 |
1,118 |
448,657 |
0.21 |
953 |
|
Lead |
Tonnes |
Pb |
Contained Pb |
Tonnes |
Pb |
Contained Pb |
Tonnes |
Pb |
Contained Pb |
Tonnes |
Pb |
Contained Pb |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Olympias |
2,610 |
4.8 |
125 |
10,853 |
4.8 |
521 |
13,463 |
4.8 |
646 |
2,032 |
6.2 |
126 |
|
Stratoni |
0 |
0.0 |
0 |
937 |
6.5 |
61 |
937 |
6.5 |
61 |
1,147 |
6.6 |
76 |
|
TOTAL LEAD |
2,610 |
4.8 |
125 |
11,790 |
4.9 |
582 |
14,400 |
4.9 |
707 |
3,179 |
6.3 |
202 |
|
Zinc |
Tonnes |
Zn |
Contained Zn |
Tonnes |
Zn |
Contained Zn |
Tonnes |
Zn |
Contained Zn |
Tonnes |
Zn |
Contained Zn |
|
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
|
Olympias |
2,610 |
5.7 |
149 |
10,853 |
6.5 |
705 |
13,463 |
6.3 |
854 |
2,032 |
7.3 |
148 |
|
Stratoni |
0 |
0.0 |
0 |
937 |
9.5 |
89 |
937 |
9.5 |
89 |
1,147 |
9.3 |
107 |
|
TOTAL ZINC |
2,610 |
5.7 |
149 |
11,790 |
6.7 |
794 |
14,400 |
6.6 |
943 |
3,179 |
8.0 |
255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes on Mineral Resources and
Reserves
- Mineral reserves and mineral
resources are as of September 30, 2020
- The mineral resources and mineral
reserves were classified using logic consistent with the CIM
Definition Standards for Mineral Resources & Mineral Reserves
(2014) incorporated, by reference, into National Instrument 43-101
– Standards of Disclosure for Mineral Projects (NI 43-101).
- Mineral reserves are included in
the mineral resources.
- The mineral reserves and mineral
resources are disclosed on a total project basis.
Mineral Reserve Notes
1. Long
Term Metal Price Assumptions
- Gold price: $1,300/oz
- Silver price: $16.00/oz
- Copper price: $2.75/lb
- Lead price: $2,000/t
- Zinc price: $2,200/t
2. Cut-off Grades
Kisladag: 0.18 g/t Au Recoverable which is
equivalent to approximately $7.30/t NSR; Efemcukuru: 3.52 g/t (long
hole stoping), 3.67 g/t (drift and fill); Lamaque: 4.45 g/t Au;
Perama Hill: 0.73 g/t Au; Tocantinzinho: 0.365 g/t Au; Skouries:
$9.47/t NSR (open pit), $33.33/t NSR (underground); Olympias:
$187.5/t NSR (drift and fill), $166.4/t NSR (long hole stoping);
Stratoni: $273.4/t NSR; Certej: 0.90 g/t Au Equivalent grade
(=Au(g/t)+Ag(g/t)*0.0121).
3. Qualified Persons
The following persons, all of whom are qualified
persons under NI 43-101, have approved the disclosure contained
within the following sections of this release:
- Richard Miller, P.Eng., Director,
Mine Engineering (Open Pit) for the Company, is responsible for the
Skouries (open pit), Kisladag and Perama Hill mineral
reserves;
- John Nilsson, P.Eng., of Nilsson
Mine Services, is responsible for the Certej and Tocantinzinho
mineral reserves;
- Colm Keogh, P.Eng., Manager,
Operations Support for the Company, is responsible for the Skouries
(underground) mineral reserves;
- Imola Götz, P.Eng., Manager, Mine
Engineering (Underground) for the Company, is responsible for the
Efemcukuru, Olympias, Stratoni, and Lamaque mineral reserves.
Mineral Resource Notes
1. Mineral Resource
Reporting and demonstration of Reasonable Prospects for Eventual
Economic Extraction:
The mineral resources used a long term look gold
metal price of $1,800/oz for the determination of resource cut-off
grades or values. This guided execution of the next step where
constraining surfaces or volumes were created to control resource
reporting. Open pit-only projects (Kisladag, Perama Hill, Perama
South, Tocantinzinho and Certej) used pit shells created with the
long term gold price to constrain reportable model blocks.
Underground resources were constrained by 3D volumes whose design
was guided by the reporting cut-off grade or value, contiguous
areas of mineralization and mineability. Only material internal to
these volumes were eligible for reporting. Projects with both open
pit and underground resources have the open pit resources
constrained by either the permit (Skouries) or by an OP/UG economic
crossover surface (Bolcana), and underground resources constrained
by a reporting shape.
2. Cut-off
Grades
Kisladag: 0.25 g/t; Efemcukuru: 2.5 g/t Au;
Lamaque: 3.0 g/t Au; Perama and Perama South: 0.50 g/t Au;
Tocantinzinho: 0.30 g/t Au; Certej: 0.60 g/t Au; Skouries: 0.30 g/t
Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade
(underground) (=Au g/t + 1.25*Cu%); Olympias: $125/t NSR; Piavitsa:
4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit);
Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au
Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni:
$200/t NSR
3. Qualified Persons
The following persons, all of whom are qualified
persons under NI 43-101, have approved the disclosure contained
within the following sections of this release:
- Ertan Uludag, P.Geo, Manager,
Resource Geology for the Company, is responsible for the
Efemcukuru, Olympias, Stratoni, Lamaque and Bolcana mineral
resources;
- Stephen Juras, Ph.D., P.Geo.,
Director, Technical Services for the Company, is responsible for
the Kisladag, Certej, Skouries and Perama Hill mineral
resources;
- Rafael Jaude Gradim, P. Geo.,
Manager, Corporate Development - Technical Evaluations for the
Company, is responsible for the Tocantinzinho mineral
resources;
- Sean McKinley, P.Geo., Senior
Geologist, Resource Development for the Company, is responsible for
the Sapes, Piavitsa and Perama South mineral resources.
Note Regarding
Mineral Reserve and
Mineral Resources:All Mineral
Reserves and Mineral Resources have been estimated in accordance
with the standards of the Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") and NI 43-101. Additional information on the
mineral properties mentioned in this news release that are
considered to be material mineral properties to the Company are
contained in Eldorado’s annual information form for the year ended
December 31, 2019 and the following technical reports for each of
those properties, all of which are available under the Company's
profile at www.sedar.com:
- Technical report entitled
"Technical Report, Kişladağ Gold Mine, Turkey” with an effective
date of January 17, 2020.
- Technical report entitled
"Technical Report, Efemçukuru Gold Mine, Turkey” with an effective
date of December 31, 2019.
- Technical report entitled
“Technical Report, Olympias Mine, Greece” with an effective date of
December 31, 2019.
- Technical report entitled
“Technical Report, Skouries Project, Greece” with an effective date
of January 1, 2018.
- Technical report entitled
“Technical Report, for the Lamaque Project, Quebec, Canada’” an
effective date of March 21, 2018.
Cautionary Note about Forward-looking
Statements and InformationCertain 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, these 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",
"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
contained in this release include, but are not limited to,
statements or information with respect to: our mineral reserves and
resources, our guidance and outlook, including expected production
and recoveries of gold, planned capital and exploration
expenditures; our expectation as to our future financial and
operating performance, including future cash flow, estimated all-in
sustaining costs and cash operating costs, expected metallurgical
recoveries, gold price outlook; and our strategy, plans and goals,
including our proposed exploration, development, construction,
permitting and operating plans and priorities, related timelines
and schedules and proposed share consolidation.
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 mineral reserves and resources and metallurgical recoveries,
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, the
impact of acquisitions, dispositions, suspensions or delays on our
business and the ability to achieve our goals. In particular,
except where otherwise stated, we have assumed a continuation of
existing business operations on substantially the same basis as
exists at the time of this release.
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 the updating of our resource and reserve
models and life of mine plans; mineral tenure and permits; gold and
other commodity price volatility; recoveries of gold and other
metals; results of test work; revised guidance; risks regarding
potential and pending litigation and arbitration proceedings
relating to the Company’s, business, properties and operations;
expected impact on reserves and the carrying value; mining
operational and development risk; foreign country operational
risks; risks of sovereign investment; regulatory risks and
liabilities including, regulatory environment and restrictions, and
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production, mineral reserves and
resources and metallurgical testing and recoveries; risks related
to the impact of the acquisition and integration of Integra on the
Company’s operations; additional funding requirements; currency
fluctuations; 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 properties, as well as those risk factors
discussed in the sections titled “Forward-Looking Statements” and
"Risk factors in our business" in the Company's most recent Annual
Information Form & 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,
which discussion is incorporated by reference in this release, for
a fuller understanding of the risks and uncertainties that affect
the Company’s business and operations.
Forward-looking statements and information is
designed to help you understand management’s current views of our
near and longer term prospects, and it may not be appropriate for
other purposes.
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.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability. With respect to
“indicated mineral resource” and “inferred mineral resource”, there
is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of a “measured mineral resource”,
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category.
Cautionary Note to US Investors
Concerning Estimates of Measured, Indicated and Inferred
ResourcesTechnical disclosure regarding the Company’s
properties included herein (the “Technical Disclosure”) has not
been prepared in accordance with the requirements of U.S.
securities laws. Without limiting the foregoing, the Technical
Disclosure uses terms that comply with reporting standards in
Canada and certain estimates are made in accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. Unless otherwise indicated, all mineral reserve
and mineral resource estimates contained in the Technical
Disclosure have been prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. These standards differ significantly from
the requirements of SEC Industry Guide 7, and resource information
contained in the Technical Disclosure may not be comparable to
similar information disclosed by U.S. companies.
The definitions of proven and probable reserves
used in NI 43-101 differ from the definitions in SEC Industry Guide
7. In addition, the terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource” and “inferred mineral
resource” are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide
7 and U.S. companies have historically not been permitted to
disclose mineral resources of any category in reports and
registration statements filed with the SEC.
Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. “Inferred mineral resources” have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian securities laws,
estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases.
Additionally, disclosure of “contained ounces” in a resource
is permitted disclosure under Canadian securities laws, however the
SEC Industry Guide 7 historically only permitted issuers to report
mineralization that does not constitute “reserves” by SEC standards
as in place tonnage and grade without reference to unit
measurements. Accordingly, information contained in the Technical
Disclosure may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements of U.S. federal securities laws and the rules and
regulationsthereunder that disclose mineral reserves and mineral
resources in accordance with SEC Industry Guide
7.Contact
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or 1.888.353.8166
peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications and Government Relations604.601.6679 or
1.888.363.8166louise.burgess@eldoradogold.com
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