Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased
to announce that the Greek Ministry of Energy and Environment has
approved a modification to the Kassandra Mines Environmental Impact
Assessment (“EIA”) to allow for the use of dry stack tailings
disposal at the Skouries project. Dry stack technology involves
filtering tailings to remove water prior to stacking and compacting
the dry material in a designated tailings area.
Using dry stack tailings disposal provides
several benefits to the Skouries project:
- Dry stacked
material is denser than conventional slurry tailings and can be
stacked and compacted, thus occupying less space and reducing the
environmental footprint of the facility by 50%.
- The high solids
content of the dry-stack material, which has a consistency similar
to damp sand, significantly improves the tailings facility’s safety
and stability, particularly during extreme weather events.
- Water removed
from the tailings will be recycled, reducing the need to extract
water from local sources.
- Allows for
continuous reclamation, making final reclamation at the end of mine
life faster and easier.
“Receipt of this approval is a major milestone
for the Skouries project and the use of dry-stack technology
results in a number of safety, environmental and economic
benefits,” said George Burns, President and CEO. “Eldorado
continues to be an industry leader in dry stack tailings as we have
deployed this technology at the majority of our mines. Investment
in dry stack at Skouries demonstrates our commitments to using best
available environmental technologies at our mines and to ensuring
the safety and protection of people and the environment.
“This approval is one of the key items required
to restart construction at Skouries. We continue to advance other
work on the project, including the completion of a
feasibility-level update to the capital cost estimate. Skouries is
a world class asset and once in production will add significant
value for our investors, local communities and the Greek
State.”
About Skouries ProjectThe
Skouries project is one component of the Kassandra Mines, which
includes the nearby Olympias mine and the Stratoni/Mavres Petres
mine. On February 5, 2021, Eldorado Gold signed an Amended
Investment Agreement (the “Agreement”) with the Hellenic Republic
to govern the further development, construction and operation of
the Kassandra Mines and facilities in northern Greece. The
Agreement was approved and ratified by the Greek Parliament on
March 17, 2021.
Skouries is a high-grade gold-copper porphyry
project that is partially constructed and currently on care and
maintenance. Skouries is expected to operate for approximately 23
years based on current reserves, initially as an open pit and
underground mine, followed by underground mining only.
A copy of the Skouries Technical report can be
found here, or on SEDAR.
To take a virtual tour of the Skouries site, please visit:
https://vrify.com/explore/projects/45/sites/3147
About Eldorado GoldEldorado 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).
Contacts
Investor RelationsJeff Wilhoit,
Interim Head of Investor Relations604.376.1548 or 1.888.353.8166
jeff.wilhoit@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.616.2296 or
1.888.363.8166 louise.burgess@eldoradogold.com
Cautionary Note About Forward-Looking Statements and
Information
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, 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: the completion of
workstreams and construction at Skouries, including updates to
capital cost estimates and securing project financing, and the
ratification of the Amended Investment Agreement. the benefits of
using dry stack tailings, the advancement of technical work at
Skouries, expected reserves, mine life, production, costs, NPV and
design at Skouries, and the benefits thereof, our expectations
regarding the timing and quantity annual gold production; our
expectation as to our future financial and operating performance,
including expectations around generating free cash flow; working
capital requirements; debt repayment obligations; use of proceeds
from financing activities; expected metallurgical recoveries and
concentrate grade and quality; gold price outlook and the global
concentrate market; risk factors affecting our business; our
strategy, plans and goals, including our proposed exploration,
development, construction, permitting and operating plans and
priorities and related timelines; and schedules and results of
litigation and arbitration proceedings. Forward-looking statements
and forward-looking information by their nature are based on
assumptions and involve known and unknown risks, market
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: ratification and effectiveness of the Amended Investment
Agreement, and the benefits thereof and, the ability to achieve the
expected benefits, the completion of advancement of technical work
and construction at Skouries, including securing financing,
production and cost guidance, and ability to move into production,
and the timing thereof, how the world-wide economic and social
impact of COVID-19 is managed and the duration and extent of the
COVID-19 pandemic; timing and cost of construction and exploration;
the geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities; the
global concentrate market; exchange rates; anticipated costs,
expenses and working capital requirements; 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. 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 ratification of the Amended Investment Agreement, including the
timing thereof, the ability to achieve the expected benefits of the
Agreement, the ability to complete advancement of technical work
and construction at Skouries, including securing financing, and
meeting production and cost guidance, and ability to move into
production, and the timing thereof, ability to meet production and
cost guidance, global outbreaks of infectious diseases, including
COVID-19; timing and cost of construction, and the associated
benefits; recoveries of gold and other metals; geopolitical and
economic climate (global and local), risks related to mineral
tenure and permits; gold and other commodity price volatility;
information technology systems risks; continued softening of the
global concentrate market; risks regarding potential and pending
litigation and arbitration proceedings relating to our business,
properties and operations; expected impact on reserves and the
carrying value; the updating of the reserve and resource models and
life of mine plans; mining operational and development risk;
financing risks; foreign country operational risks; risks of
sovereign investment; regulatory risks and liabilities including
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production; mineral reserves and
resources and metallurgical testing and recoveries; additional
funding requirements; currency fluctuations; community and
non-governmental organization actions; speculative nature of gold
exploration; dilution; share price volatility and the price of our
common shares; 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 and EDGAR 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.
The inclusion of 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.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Simon Hille, FAusIMM and VP Technical Services for
the Company, and a "qualified person" under NI 43-101.
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