Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased
to confirm receipt of electromechanical installation permits for
its Skouries project and an installation permit for its Olympias
mine from the Greek Ministry of Energy and Environment (the
“Ministry”).
SkouriesThe permits allow for
the installation of mechanical and electrical equipment at the
flotation plant to be completed and installation of additional
surface facilities. Receipt of these permits will enable the
Company to apply for the flotation plant building permit, which
will be submitted this month.
Eldorado intends to carry out certain
construction activities that were suspended in 2017, including
building the mill enclosure once permitted, to protect the plant
assets. Capital expenditure for asset protection works is
estimated to be approximately US$5 million.
OlympiasThe permit allows for
installation of an upgraded electrical substation and construction
of support facilities, which will be considered as part of
Eldorado’s annual planning process.
Path Forward in GreeceEldorado
is working with the Greek government to achieve the necessary
conditions required to restart full construction at the Skouries
Project. These include a stable regulatory framework and
assurances that provide appropriate foreign direct investor
protection and dispute resolution as well as regulatory approval
for subsequent permits and technical studies.
The Ministry and the Company are collaborating
on a mutually acceptable path forward to build safe, modern,
world-class operations in Greece, including approval to implement
dry stack tailings at Skouries. This best-available
technology would reduce the project’s environmental footprint by
approximately 40% and decrease the site’s water consumption.
George Burns, President and CEO of Eldorado Gold
said, “We are very pleased with the receipt of these long-awaited
permits, which enable us to protect our existing investment.
We are greatly encouraged with the engagement we’ve had to date
with the Greek State and look forward to working constructively
with the relevant Ministries. We believe the Skouries project
offers significant value for our investors and benefits to the
local communities and the Greek economy, while adhering to the
highest environmental standards.”
About Skouries
Skouries is a high-grade gold-copper porphyry
project that is partially constructed and currently in 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.
To take a virtual tour of the Skouries site,
please visit: https://vrify.com/explore/projects/45/sites/3147
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).
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 louiseb@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: intentions regarding
additional permit applications, planned construction activities and
capital exploration expenditures; our strategy, plans and goals
with respect to construction and permitting and related timelines
and schedules, including our path forward in Greece and
expectations regarding reduced environment footprint of our
projects in Greece and associated benefits.
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; anticipated costs and expenses and the ability to
achieve our goals. 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 , risks related to
permits; 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; additional funding
requirements; currency fluctuations and community and
non-governmental organization actions; 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.
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