Eldorado Gold Corporation (“Eldorado” or “the Company”) today
releases its updated Reserve and Resource estimates as of September
30, 2018.
Highlights
- Total Proven and Probable Reserves of 389 million tonnes at
1.35 grams per tonne gold containing 16.9 million ounces.1
- Added new reserves of 60,000 ounces of gold at Lamaque and
replaced milled production (80,000 ounces of gold) at
Efemcukuru.
- Added 572,000 ounces of gold to the Lamaque Inferred Resources
which now totals, 1.8 million ounces of gold.2
- Maiden Inferred Resource at Bolcana in Romania of 381 million
tonnes at 0.53 grams per tonne gold and 0.18% copper containing 6.5
million ounces of gold and 686,000 tonnes of copper.
George Burns, Eldorado Gold’s President and CEO
said, “Our updated Mineral Reserves and Resources remain materially
unchanged from December 2017 due to our conversion drilling and
exploration success. We have increased our Inferred Mineral
Resources at Lamaque and Stratoni, which underscores the long-term
potential we have in our strong asset base.
With the declaration of a maiden Inferred
Resource at Bolcana of 6.5 million ounces of gold and 686,000
tonnes of copper, we have outlined a significant gold copper
porphyry deposit. We are very pleased with the announced resource
and excited about the significant potential of this asset and will
be exploring various alternatives to continue advancing
Bolcana.”
Reserves and Resources
Update
The Company’s Proven and Probable gold Reserves
totalled 16.9 million ounces as of September 30, 2018, compared to
17.3 million ounces as of December 31, 2017.
|
Thousand Ounces |
Proven and Probable in-situ gold ounces as of December 31,2017 |
17,327 |
Mined ounces including mining depletion during 20183 |
-284 |
Net discovered ounces and converted resources during 2018 |
159 |
Net decrease due to engineering and metallurgy |
-265 |
Proven and probable in-situ gold ounces as of September 30,
2018 |
16,937 |
_________________________________1 A gold price
of $1,200 per ounce was used in the reserve estimates, the same as
in 2017.2 This does not include the Lamaque exploration results
reported on October 25, 2018.3 Mined ounces declared here are
processed ounces.
The complete mineral reserve and resource data
can be found at the end of this news release and includes the data
for tonnes, grades and ounces.
The two percent decrease in Proven and Probable
gold Mineral Reserve ounces was attributable to depletion and a
reduction in Olympias Mineral Reserves. The reduction at Olympias
was due to a geotechnical re-evaluation of historically mined
areas, which resulted in these areas being removed from the latter
years of the life of mine plan. This was partially offset (30%) by
the addition of reserves from underground conversion drilling at
Olympias.
Bolcana Maiden Mineral
Resource
The maiden resource estimate for the Bolcana
gold-copper porphyry project in Romania is based on 98 diamond
drillholes totaling over 61,995 metres completed by Eldorado mainly
in 2017-2018; and 17 drillholes totaling 4,609 metres and 4,224
metres of underground channel samples collected by European
Goldfields in 2002-2004.
The Bolcana porphyry system includes three
shallow mineralized zones (North, Central and South) over a strike
extent of > 1 km, which coalesce at depth into a north-plunging
high-grade mineralized core. Highest grades coincide with
late-stage gold-rich dykes that are superimposed on an earlier
gold-copper porphyry that intrudes broadly coeval breccias and
andesitic country rocks. Stockwork veins and disseminations of
chalcopyrite and subordinate bornite are hosted in the dykes and
associated breccias. Alteration includes potassic assemblages
(biotite–feldspar–magnetite) and a shallow pyrite-white mica-clay
domain, with a magnetite-albite-chlorite-epidote overprint related
to the late-stage dykes.
The Bolcana resource is classified as an
Inferred Mineral Resource and is based on an open pit and an
underground component. The open pit portion, which contains just
over half the inferred resources, is constrained by a conceptual
pit design with a depth of approximately 720 metres average depth.
All resources outside this pit shell were available to be
classified as underground Inferred Resources.
Preliminary rougher flotation testing on a suite
of nine samples representative of the alteration and mineralogical
variability in the deposit achieved recoveries of up to 90% for Cu
and 86% for Au.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Greece,
Romania, Serbia, Canada 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,
2018
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 |
2,135 |
6.77 |
465 |
2,246 |
5.69 |
411 |
4,381 |
6.22 |
876 |
Kisladag |
110,463 |
0.82 |
2,912 |
5,284 |
0.60 |
102 |
115,747 |
0.81 |
3,014 |
Lamaque |
215 |
7.12 |
49 |
3,872 |
7.26 |
904 |
4,087 |
7.25 |
953 |
Olympias |
2,732 |
8.55 |
751 |
10,631 |
6.93 |
2,369 |
13,363 |
7.26 |
3,120 |
Perama |
2,477 |
4.44 |
354 |
7,220 |
2.68 |
621 |
9,697 |
3.13 |
975 |
Skouries |
75,804 |
0.87 |
2,132 |
81,862 |
0.62 |
1,641 |
157,666 |
0.74 |
3,773 |
Tocantinzinho |
16,699 |
1.53 |
821 |
22,914 |
1.36 |
1,003 |
39,613 |
1.43 |
1,824 |
|
|
|
|
|
|
|
|
|
|
TOTAL GOLD |
233,313 |
1.18 |
8,898 |
155,529 |
1.61 |
8,039 |
388,842 |
1.35 |
16,937 |
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 |
2,732 |
122 |
10,716 |
10,631 |
123 |
42,041 |
13,363 |
123 |
52,757 |
Perama |
2,477 |
3 |
254 |
7,220 |
4 |
897 |
9,697 |
4 |
1,151 |
Stratoni |
0 |
0 |
0 |
581 |
161 |
3,007 |
581 |
161 |
3,007 |
TOTAL SILVER |
27,997 |
20 |
17,974 |
39,932 |
42 |
54,496 |
67,929 |
33 |
72,470 |
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 |
2,732 |
4.0 |
109 |
10,631 |
4.3 |
457 |
13,363 |
4.2 |
566 |
Stratoni |
0 |
0.0 |
0 |
581 |
6.2 |
36 |
581 |
6.2 |
36 |
TOTAL LEAD |
2,732 |
4.0 |
109 |
11,212 |
4.4 |
493 |
13,944 |
4.3 |
602 |
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 |
2,732 |
4.9 |
134 |
10,631 |
5.6 |
595 |
13,363 |
5.5 |
729 |
Stratoni |
0 |
0.0 |
0 |
581 |
8.3 |
48 |
581 |
8.3 |
48 |
TOTAL ZINC |
2,732 |
4.9 |
134 |
11,212 |
5.7 |
643 |
13,944 |
5.6 |
777 |
Eldorado Gold Mineral Resources, as of September 30,
2018
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 |
2,446 |
8.07 |
635 |
2,221 |
7.16 |
511 |
4,667 |
7.64 |
1,146 |
3,577 |
6.21 |
714 |
Kisladag |
363,460 |
0.64 |
7,479 |
92,954 |
0.47 |
1,405 |
456,414 |
0.61 |
8,884 |
290,466 |
0.45 |
4,202 |
Lamaque |
239 |
9.00 |
69 |
4,837 |
8.26 |
1,285 |
5,076 |
8.30 |
1,354 |
8,397 |
6.78 |
1,830 |
Olympias |
2,551 |
10.49 |
860 |
12,176 |
7.60 |
2,975 |
14,727 |
8.10 |
3,835 |
3,437 |
8.04 |
888 |
Perama |
3,064 |
4.30 |
424 |
9,375 |
3.18 |
958 |
12,439 |
3.46 |
1,382 |
8,766 |
1.96 |
554 |
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 |
516,826 |
0.87 |
14,444 |
406,914 |
1.09 |
14,211 |
923,740 |
0.96 |
28,655 |
891,955 |
0.67 |
19,083 |
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 |
2,551 |
152 |
12,467 |
12,176 |
134 |
52,457 |
14,727 |
137 |
64,924 |
3,437 |
132 |
14,586 |
Perama |
3,064 |
3 |
335 |
9,375 |
9 |
2,833 |
12,439 |
8 |
3,168 |
8,766 |
7 |
1,860 |
Piavitsa |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
10,542 |
57 |
19,156 |
Stratoni |
0 |
0 |
0 |
770 |
178 |
4,407 |
770 |
178 |
4,407 |
1,120 |
153 |
5,509 |
TOTAL SILVER |
33,133 |
19 |
20,570 |
84,784 |
28 |
77,530 |
117,917 |
26 |
98,100 |
36,093 |
37 |
42,475 |
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 |
2,551 |
4.9 |
125 |
12,176 |
4.6 |
560 |
14,727 |
4.7 |
685 |
3,437 |
3.8 |
131 |
Stratoni |
0 |
0.0 |
0 |
770 |
6.9 |
53 |
770 |
6.9 |
53 |
1,120 |
6.1 |
68 |
TOTAL LEAD |
2,551 |
4.9 |
125 |
12,946 |
4.7 |
613 |
15,497 |
4.8 |
738 |
4,557 |
4.4 |
199 |
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 |
2,551 |
6.1 |
156 |
12,176 |
6.2 |
755 |
14,727 |
6.2 |
911 |
3,437 |
3.8 |
131 |
Stratoni |
0 |
0.0 |
0 |
770 |
9.3 |
72 |
770 |
9.3 |
72 |
1,120 |
8.2 |
92 |
TOTAL ZINC |
2,551 |
6.1 |
156 |
12,946 |
6.4 |
827 |
15,497 |
6.3 |
983 |
4,557 |
4.9 |
223 |
Notes on Mineral Resources and Reserves
- Mineral reserves and mineral resources are as of September 30,
2018.
- 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: $1,200/oz
- Silver price: $16.00/oz (for Stratoni it was $8.14/oz Ag as
governed by a streaming agreement with Silver Wheaton (Caymans)
Ltd.)
- Copper price: $2.50/lb
- Lead price: $1,800/t
- Zinc price: $2,000/t
|
|
|
Due to a
limited mine life for Stratoni (3 years) the following Pb and Zn
prices were used for its mineral reserves ($2,250/t Pb and $2,500/t
Zn) |
- SkouriesThe open pit design is based
on permit limits, not metal prices, therefore relatively
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 $2.50/lb has no impact on 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 17 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 mine life 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 mine life.
- Cut-off GradesKisladag: $12.25 NSR ;
Efemcukuru: 3.00 g/t Au; Lamaque: 3.50 g/t Au; Perama: 0.80 g/t Au;
Tocantinzinho: 0.42 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).
- Qualified Persons
- Richard Miller, P.Eng., Director, Mine Engineering (Open Pit)
for the Company, has reviewed and approved the Kisladag and Perama
mineral reserves, and is a “qualified person” under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”);
- John Nilsson, P.Eng., of Nilsson Mine Services, has reviewed
and approved the Skouries (open pit), Certej and Tocantinzinho
mineral reserves, and is a “qualified person” under NI 43-101;
- Colm Keogh, P.Eng, Manager, Underground Mining for the Company,
has reviewed and approved the Efemcukuru, Olympias, Stratoni,
Skouries (underground) and Lamaque mineral reserves, and is a
“qualified person” under NI 43-101.
Mineral Resource Notes
- Cut-off GradesKisladag: 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: 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.
- Qualified Persons
- Ertan Uludag, P.Geo, Resource Geologist for the Company, has
reviewed and approved the Efemcukuru, Olympias, Kisladag and
Stratoni mineral resources, and is a “qualified person” under NI
43-101;
- Stephen Juras, Ph.D., P.Geo., Director, Technical Services for
the Company, has reviewed and approved the Lamaque, Certej,
Skouries, Perama, Piavitsa, Tocantinzinho and Bolcana mineral
resources, and is a “qualified person” under NI 43-101;
- Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the
Company, has reviewed and approved the Sapes mineral resources, and
is a “qualified person” under NI 43-101.
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, projected all-in sustaining costs and cash
operating costs, planned capital and exploration expenditures; and
the outstanding potential for the Triangle deposit at Lamaque; 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.
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
ResourcesThe terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, “inferred mineral
resource” used herein are Canadian mining terms used in accordance
with NI 43-101 under the guidelines set out in the Canadian
Institute of Mining and Metallurgy and Petroleum (the “CIM”)
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as may be amended from time to time. These definitions
differ from the definitions in the United States Securities &
Exchange Commission (“SEC”) Industry Guide 7. In the United States,
a mineral reserve is defined as a part of a mineral deposit which
could be economically and legally extracted or produced at the time
the mineral reserve determination is made.
While the terms “mineral resource”, “measured
mineral resource,” “indicated mineral resource”, and “inferred
mineral resource” are recognized and required by Canadian
regulations, they are not defined terms under standards in the
United States and normally are not permitted to be used in reports
and registration statements filed with the SEC. As such,
information contained herein concerning descriptions of
mineralization and resources under Canadian standards may not be
comparable to similar information made public by U.S. companies in
SEC filings.
Accordingly, information herein containing
descriptions of our mineral deposits may not be comparable to
similar information made public by US companies subject to the
reporting and disclosure requirements under US federal securities
laws and the rules and regulations thereunder.
Contact
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications and Government Relations604.601.6679 or
1.888.363.8166louiseb@eldoradogold.com
PDF
available: http://resource.globenewswire.com/Resource/Download/53df7921-f3e4-4dbd-a7af-a88558883045
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