Eldorado Gold Corporation ("Eldorado" or the "Company") today filed
three separate technical reports for its Kisladag, Olympias and
Efemcukuru projects (the “Technical Reports”). Further to the
Company’s news release dated February 20, 2020 (Eldorado Announces
15 Year Mine Life at Kisladag; Provides 2020 Guidance and Long-term
Outlook) (“Guidance Release”), these Technical Reports have been
prepared pursuant to Canadian Securities Administrators' National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“NI 43-101”), and may be found on the Company’s website
(www.eldoradogold.com) or under the Company's SEDAR profile
(www.sedar.com).
Technical Report, Kisladag Gold Mine,
Turkey (the “Kisladag Technical Report”)The Kisladag
Technical Report, with an effective date of January 17, 2020, was
prepared by the following Qualified Persons as defined by NI
43-101: Stephen Juras, P. Geo., David Sutherland, P.Eng.,
Paul Skayman, FAusIMM, Richard Miller, P.Eng., and Sean McKinley,
P.Geo., and has been filed to confirm a 15-year mine life based on
the completed long-cycle heap leach testwork and the replacement of
the tertiary crushing circuit with a high-pressure grinding roll
circuit and to confirm the Company’s updated disclosure of mineral
reserves contained in its Guidance Release.
Technical Report, Olympias Mine,
Greece (the “Olympias Technical Report”)The Olympias
Technical Report, with an effective date of December 31, 2019, was
prepared by the following Qualified Persons as defined by NI
43-101: David Sutherland, P.Eng., Ertan Uludag, P. Geo., Colm
Keogh, P. Eng., Paul Skayman, FAusIMM, and Sean McKinley, P.Geo,
and has been filed to update certain scientific and technical
information regarding the operations at the Olympias Mine.
Technical Report, Efemcukuru Gold Mine,
Turkey (the “Efemcukuru Technical Report”)The Efemcukuru
Technical Report, with an effective date of December 31, 2019, was
prepared by the following Qualified Persons as defined by NI
43-101: Ertan Uludag, P. Geo., Imola Gotz, P. Eng., Paul Skayman,
FAusIMM, David Sutherland, P.Eng., and Sean McKinley, P.Geo., and
has been filed to update certain scientific and technical
information regarding the operations at the Efemcukuru Gold
Mine.
For further information regarding the results of
the Technical Reports, please refer to the Company’s material
change report filed under the Company's SEDAR profile
(www.sedar.com).
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).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or 1.888.353.8166
peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 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: our guidance and
outlook, including expected production, cost guidance and
recoveries of gold, including increased heap leach recoveries
through increased leach time in conjunction with a high pressure
grinding roll at Kisladag, favourable economics for our heap
leaching plan and the ability to extend mine life at our projects,
including at Kisladag, improved production at Olympias, expanded
production, expectations regarding repayment of outstanding debt,
planned capital and exploration expenditures; our expectation as to
our future financial and operating performance, expected
metallurgical recoveries, improved concentrate grade and quality,
gold price outlook and the global concentrate market; and 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 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 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. 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: results of further testwork, 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; continued softening of the global
concentrate market; 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; 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 the
common shares of the Company; 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 and other
regulatory filings 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.
Financial Information and condensed statements
contained herein or attached hereto may not be suitable for readers
that are unfamiliar with the Company and is not a substitute for
reading the Company’s financial statements and related MD&A
available on our website and on SEDAR under our Company name. The
reader is directed to carefully review such document for a full
understanding of the financial information summarized herein.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Special Advisor to the Chief
Operating Officer, a "qualified person" under NI 43-101.
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