Eldorado Gold Corporation (“Eldorado” or “the Company”) today
releases its updated Reserve and Resource estimates as of September
30, 2019.
Highlights
- Total Proven and Probable Reserves
of 384 million tonnes at 1.32 grams per tonne gold containing 16.4
million ounces.1
- Measured and Indicated Resources
and Inferred Resources at Lamaque increased by 191,000 ounces of
gold and 198,000 ounces of gold, respectively, while Proven and
Probable Reserves increased by 19,000 ounces of gold.
- Inferred Resources at the combined
Perama Hill and Perama South projects increased by 758,000 ounces
of gold.
- Proven and Probable Reserves for
Kisladag will be further updated in Q1 2020 concurrent with the
completion of metallurgical testwork and an updated Kisladag
mineral reserve (to be described in a new NI 43-101 Technical
Report).
Reserves and Resources
Update
The Company’s Proven and Probable gold Reserves
totalled 16.4 million ounces as of September 30, 2019, compared to
16.9 million ounces as of September 30, 2018.
|
Thousand Ounces |
Proven and Probable in-situ gold ounces as of September 30,
2018 |
16,937 |
Mined ounces including mining depletion during 20192 |
-468 |
Discovered ounces and converted resources during 2019 |
169 |
Decrease due to engineering and metallurgy |
-279 |
Proven and probable in-situ gold ounces as of September 30,
2019 |
16,359 |
|
|
The complete mineral Reserve and Resource data
can be found at the end of this release and includes the data for
tonnes, grades and ounces.
The three percent decrease in Proven and
Probable Reserve ounces was primarily attributable to processed
production. At Lamaque, the last twelve months included successful
construction, commissioning and two quarters of solid operating
results that have now been supplemented with an increase in Reserve
ounces. The reduction at Efemcukuru was due to updated geotechnical
information which required a more dilutive mining method. This
affected the economics of some previously designed stopes, removing
them from this year's reserves. Olympias also experienced a minor
reduction, the result of mined production and readjustment of
dilution assumptions in some parts of the orebody. The Perama South
resource increase resulted from an updated interpretation of the
hosting geology and mineralized horizon. Perama Hill and Perama
South Reserve and Resource data is now presented separately,
whereas it was previously shown on a combined basis.
_______________1 A gold price of $1,250 per
ounce was used in the reserve estimates.2 Mined ounces declared
here are processed ounces.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, Serbia, 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,
2019
Project |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total Proven and Probable |
Gold |
Tonnes |
Au |
In-situ Au |
Tonnes |
Au |
In-situ Au |
Tonnes |
Au |
In-situ 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 |
1,690 |
6.62 |
360 |
1,931 |
5.18 |
322 |
3,621 |
5.86 |
682 |
Kisladag |
107,694 |
0.80 |
2,770 |
5,357 |
0.59 |
102 |
113,051 |
0.79 |
2,872 |
Lamaque |
484 |
7.32 |
114 |
3,607 |
7.40 |
858 |
4,091 |
7.39 |
972 |
Olympias |
2,601 |
9.19 |
769 |
10,324 |
6.47 |
2,148 |
12,925 |
7.02 |
2,917 |
Perama Hill |
3,120 |
4.02 |
403 |
6,590 |
2.63 |
557 |
9,710 |
3.08 |
960 |
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 |
231,188 |
1.18 |
8,793 |
153,069 |
1.54 |
7,566 |
384,257 |
1.32 |
16,359 |
Silver |
Tonnes |
Ag |
In-situ Ag |
Tonnes |
Ag |
In-situ Ag |
Tonnes |
Ag |
In-situ 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 |
2,601 |
133 |
11,122 |
10,324 |
115 |
38,171 |
12,925 |
119 |
49,293 |
Perama Hill |
3,120 |
4 |
401 |
6,590 |
5 |
1,059 |
9,710 |
5 |
1,460 |
Stratoni |
0 |
0 |
0 |
768 |
154 |
3,803 |
768 |
154 |
3,803 |
TOTAL SILVER |
28,509 |
20 |
18,527 |
39,182 |
41 |
51,584 |
67,691 |
32 |
70,111 |
Copper |
Tonnes |
Cu |
In-situ Cu |
Tonnes |
Cu |
In-situ Cu |
Tonnes |
Cu |
In-situ 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 |
In-situ Pb |
Tonnes |
Pb |
In-situ Pb |
Tonnes |
Pb |
In-situ Pb |
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
Olympias |
2,601 |
4.3 |
112 |
10,324 |
4.0 |
413 |
12,925 |
4.1 |
525 |
Stratoni |
0 |
0.0 |
0 |
768 |
6.0 |
46 |
768 |
6.0 |
46 |
TOTAL LEAD |
2,601 |
4.3 |
112 |
11,092 |
4.1 |
459 |
13,693 |
4.2 |
571 |
Zinc |
Tonnes |
Zn |
In-situ Zn |
Tonnes |
Zn |
In-situ Zn |
Tonnes |
Zn |
In-situ Zn |
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
Olympias |
2,601 |
5.1 |
133 |
10,324 |
5.3 |
547 |
12,925 |
5.3 |
680 |
Stratoni |
0 |
0.0 |
0 |
768 |
8.4 |
65 |
768 |
8.4 |
65 |
TOTAL ZINC |
2,601 |
5.1 |
133 |
11,092 |
5.5 |
612 |
13,693 |
5.4 |
745 |
|
|
|
|
|
|
|
|
|
|
Eldorado Gold Mineral Resources, as of September 30,
2019
Project |
Measured Resources |
Indicated Resources |
Total Measured and Indicated |
Inferred Resources |
Gold |
Tonnes |
Au |
In-situ Au |
Tonnes |
Au |
In-situ Au |
Tonnes |
Au |
In-situ Au |
Tonnes |
Au |
In-situ 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 |
27,518 |
1.80 |
1,592 |
62,463 |
1.23 |
2,472 |
89,981 |
1.40 |
4,064 |
12,228 |
0.96 |
376 |
Efemcukuru |
2,390 |
8.06 |
619 |
2,016 |
6.64 |
430 |
4,406 |
7.41 |
1,049 |
3,647 |
6.31 |
740 |
Kisladag |
357,106 |
0.63 |
7,233 |
92,740 |
0.47 |
1,401 |
449,846 |
0.60 |
8,634 |
290,460 |
0.45 |
4,202 |
Lamaque |
469 |
9.46 |
143 |
5,294 |
8.24 |
1,402 |
5,763 |
8.34 |
1,545 |
8,998 |
7.01 |
2,028 |
Olympias |
2,702 |
10.93 |
950 |
11,779 |
7.52 |
2,848 |
14,481 |
8.16 |
3,798 |
3,720 |
7.98 |
954 |
Perama Hill |
3,126 |
4.10 |
412 |
10,164 |
3.00 |
980 |
13,290 |
3.26 |
1,392 |
3,374 |
2.20 |
239 |
Perama South |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
25,324 |
1.32 |
1,073 |
Piavitsa |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
10,542 |
5.70 |
1,932 |
Sapes |
0 |
0.00 |
0 |
2,423 |
6.08 |
474 |
2,423 |
6.08 |
474 |
1,011 |
10.65 |
346 |
Skouries |
100,018 |
0.79 |
2,534 |
189,263 |
0.47 |
2,867 |
289,281 |
0.58 |
5,401 |
170,136 |
0.31 |
1,680 |
Tocantinzinho |
17,530 |
1.51 |
851 |
31,202 |
1.26 |
1,264 |
48,732 |
1.35 |
2,115 |
2,395 |
0.90 |
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOLD |
510,859 |
0.87 |
14,334 |
407,344 |
1.08 |
14,138 |
918,203 |
0.96 |
28,472 |
912,835 |
0.69 |
20,131 |
Silver |
Tonnes |
Ag |
In-situ Ag |
Tonnes |
Ag |
In-situ Ag |
Tonnes |
Ag |
In-situ Ag |
Tonnes |
Ag |
In-situ Ag |
|
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
(x1000) |
g/t |
ounces (x1000) |
Certej |
27,518 |
9 |
7,768 |
62,463 |
9 |
17,833 |
89,981 |
9 |
25,601 |
12,228 |
3 |
1,364 |
Olympias |
2,702 |
156 |
13,552 |
11,779 |
134 |
50,746 |
14,481 |
138 |
64,298 |
3,720 |
137 |
16,385 |
Perama Hill |
3,126 |
4 |
402 |
10,164 |
8 |
2,516 |
13,290 |
7 |
2,918 |
3,374 |
4 |
477 |
Piavitsa |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
10,542 |
57 |
19,156 |
Stratoni |
0 |
0 |
0 |
807 |
185 |
4,800 |
807 |
185 |
4,800 |
1,563 |
169 |
8,493 |
TOTAL SILVER |
33,346 |
20 |
21,722 |
85,213 |
28 |
75,895 |
118,559 |
26 |
97,617 |
31,427 |
45 |
45,875 |
Copper |
Tonnes |
Cu |
In-situ Cu |
Tonnes |
Cu |
In-situ Cu |
Tonnes |
Cu |
In-situ Cu |
Tonnes |
Cu |
In-situ 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 |
100,018 |
0.48 |
484 |
189,263 |
0.40 |
758 |
289,281 |
0.43 |
1,242 |
170,136 |
0.34 |
578 |
TOTAL COPPER |
100,018 |
0.48 |
484 |
189,263 |
0.40 |
758 |
289,281 |
0.43 |
1,242 |
551,136 |
0.23 |
1,264 |
Lead |
Tonnes |
Pb |
In-situ Pb |
Tonnes |
Pb |
In-situ Pb |
Tonnes |
Pb |
In-situ Pb |
Tonnes |
Pb |
In-situ Pb |
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
Olympias |
2,702 |
5.0 |
135 |
11,779 |
4.6 |
542 |
14,481 |
4.7 |
677 |
3,720 |
3.9 |
145 |
Stratoni |
0 |
0.0 |
0 |
807 |
7.2 |
58 |
807 |
7.2 |
58 |
1,563 |
6.6 |
103 |
TOTAL LEAD |
2,702 |
5.0 |
135 |
12,586 |
4.8 |
600 |
15,288 |
4.8 |
735 |
5,283 |
4.7 |
248 |
Zinc |
Tonnes |
Zn |
In-situ Zn |
Tonnes |
Zn |
In-situ Zn |
Tonnes |
Zn |
In-situ Zn |
Tonnes |
Zn |
In-situ Zn |
|
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
(x1000) |
% |
tonnes (x1000) |
Olympias |
2,702 |
6.0 |
162 |
11,779 |
6.2 |
730 |
14,481 |
6.2 |
892 |
3,720 |
4.0 |
149 |
Stratoni |
0 |
0.0 |
0 |
807 |
10.1 |
82 |
807 |
10.1 |
82 |
1,563 |
9.6 |
150 |
TOTAL ZINC |
2,702 |
6.0 |
162 |
12,586 |
6.5 |
812 |
15,288 |
6.4 |
974 |
5,283 |
5.7 |
299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes on Mineral Resources and Reserves
- Mineral reserves and mineral resources are as of September 30,
2019.
- 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: $1,250/oz
- Silver price: $16.00/oz (for Stratoni it was $11.42/oz Ag as
governed by a streaming agreement with Silver Wheaton (Caymans)
Ltd.)
- Copper price: $2.75/lb
- Lead price: $2,000/t
- Zinc price: $2,400/t
2. Skouries
The open pit design is based on permit limits,
not metal prices, therefore insensitive to a falling or rising
metal price environment. The underground designs were based
on a Cu price of $3.00/lb. The change in the Cu price to $2.75/lb
has no impact to the underground portion of the mineral reserves
developed at that time given that the margin on the lowest value
ore has been demonstrated to remain positive against the backdrop
of updated operating costs. Nevertheless, it is recognized that at
the lower Cu price, approximately 11 Mt of the mineral reserves
have marginal value, and a further decrease in metal prices would
render these uneconomic. The impact would not be felt until the
latter part of the project’s long minelife as the lower grade
resources are located on the periphery of the orebody and at
depth. Furthermore, the loss of these resources would not
change the design philosophy or placement of long-term underground
infrastructure, the result would be simply a shorter minelife.
3. Cut-off
Grades
Kisladag: $12.25 NSR ; Efemcukuru:
3.00 g/t Au; Lamaque: 3.50 g/t Au; Perama: 0.80 g/t Au;
Tocantinzinho: 0.365 g/t Au; Skouries: $12.00 NSR (open
pit), $33.33 NSR (underground); Olympias:
$133 NSR (drift and fill), $116 NSR (long hole
stoping); Stratoni: 13.5% Zn Equivalent
grade (=Zn%+Pb%*1.06+Ag%*113.5); Certej: 0.90 g/t Au Equivalent
grade (=Au(g/t)+Ag(g/t)*0.0121).
4. Qualified Persons
- Richard Miller, P.Eng., Director, Mine Engineering (Open Pit)
for the Company, is responsible for the Skouries (open pit),
Kisladag and Perama mineral reserves;
- John Nilsson, P.Eng., of Nilsson Mine Services, is responsible
for the Certej and Tocantinzinho mineral reserves;
- Colm Keogh, P.Eng., Operations Manager, Olympias for the
Company, is responsible for the Efemcukuru, Olympias, Stratoni,
Skouries (underground) and Lamaque mineral reserves.
Mineral Resource Notes
1. Cut-off
Grades
Kisladag: 0.30 g/t Au for M+I, 0.35
g/t for Inferred; Efemcukuru: 2.5 g/t Au;
Lamaque: 2.5 g/t Au; Perama and Perama South: 0.5 g/t
Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au;
Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t
Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%);
Olympias: $50 NSR; Piavitsa: 3.5 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: resources are
geologically constrained to massive sulfide material based on the
sharpness of the mineralized contacts and the high grade nature of
the mineralization
2. Qualified Persons
- Ertan Uludag, P.Geo, Resource Geologist for the Company, is
responsible for the Efemcukuru, Olympias and Stratoni mineral
resources;
- Stephen Juras, Ph.D., P.Geo., Director, Technical
Services for the Company, is responsible for the Lamaque, Kisladag,
Certej, Skouries, Perama, Piavitsa and Bolcana mineral
resources;
- Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the
Company, is responsible for the Sapes 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 for the Company, is
responsible for the Perama South 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, 2017 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 Milling
Project, Turkey” with an effective date of March 16, 2018.
- Technical report entitled "Technical Report on the Efemçukuru
Project” dated September 17, 2007 with an effective date of August
1, 2007.
- Technical report entitled “Technical Report on the Olympias
Project, Au Pb Zn Ag Deposit, Northern Greece” dated July 14, 2011
with an effective date of July 14, 2011.
- 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.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Chief Operating Officer for
the Company, and a "qualified person" under NI 43-101.
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
regulations thereunder 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
1.888.363.8166louiseb@eldoradogold.com
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Mar 2023 to Mar 2024