Eldorado Gold Reports Preliminary Third Quarter 2019 Results
October 16 2019 - 5:47PM
Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD)
(NYSE: EGO) today reports its preliminary third quarter 2019
results.
Preliminary Third Quarter
Results
- Total gold production was 101,596
ounces for the third quarter and 276,376 ounces year to date.
Guidance for 2019 remains unchanged.
- Recent test results from Kisladag
confirm that recoveries from leaching deeper material over 250 day
cycles support an extension of mine life beyond the Company’s
current three year guidance. Waste stripping to support a mine life
extension will commence prior to the end of October 2019. Test work
is still ongoing to determine the ultimate heap leach recovery of
this material and thus the ultimate length of the mine life
extension. Waste stripping over the remainder of 2019 is expected
to minimize production interruptions in 2020 and beyond. Estimated
expenditure for waste stripping in 2019 is $4 million.
- Production at Olympias was lower
than plan. During the third quarter measures to increase
production volumes were continued in key areas of the
operation and will support the ramp up towards 2020 and
beyond. These measures included increased capital development
resources and other operational improvement initiatives.
|
Gold Production |
|
Q3 2019 |
Q3 2018 |
YTD 2019 |
Total |
|
|
|
Production (oz) |
101,596 |
84,783 |
276,376 |
Kisladag |
|
|
|
Production (oz) |
35,885 |
34,070 |
89,204 |
Efemcukuru |
|
|
|
Production (oz) |
25,733 |
24,493 |
77,524 |
Olympias |
|
|
|
Production (oz) |
7,941 |
12,790 |
24,793 |
Lamaque |
|
|
|
Production (oz) (a) |
32,037 |
13,430 |
84,855 |
(a) Includes pre-commercial production |
|
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
LekichManager Investor Relations604.687.4018 or
1.888.353.8166peter.lekich@eldoradogold.com
MediaLouise BurgessDirector
Communications & Government Relations604.687.4018 or
1.888.353.8166louise.burgess@eldoradogold.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward looking
statements and forward looking information within the meaning of
applicable Canadian and U.S. securities laws. Often, but not
always, forward-looking statements and forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "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 herein include, but are not limited to expectations
regarding meeting annual guidance, extension of mine life at
Kisladag, waste stripping at Kisladag, and improved production at
Olympias.
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
and 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. 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: discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries; mining
operational and development risk; litigation risks; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment; currency fluctuations;
speculative nature of gold exploration; global economic climate;
dilution; share price volatility; competition; loss of key
employees; additional funding requirements; and defective title to
mineral claims or property, as well as those factors discussed in
the sections entitled “Forward-Looking Statements” and “Risk
Factors” in the Company's Annual Information Form & Form 40-F
dated March 29, 2019.
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.
Scientific and technical information contained
in this press release was reviewed and approved by Paul Skayman,
FAusIMM, Chief Operating Officer for Eldorado Gold Corporation, and
a "qualified person" under NI 43-101.
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