Eldorado Gold Corporation, (“Eldorado” or “the Company”) reports
that, in accordance with the Quebec provincial government-mandated
restrictions to address the COVID-19 situation in the province
announced on March 23, 2020, it will temporarily minimize
operations at its Lamaque mine until April 13, 2020. The
Company also reports that it has today received a Certificate of
Authorization from the Quebec Ministry of Environment to allow for
the expansion of underground production from the Triangle deposit
at Lamaque from 1,800 tonnes per day (“tpd”) to 2,650 tpd, once
operations resume.
Effective March 25, 2020, Eldorado will ramp
down operational activity and maintain only essential personnel on
site responsible for maintaining appropriate health, safety,
security and environmental systems. The Company remains committed
to resuming operations in a timely manner once the suspension is
lifted.
George Burns, President and CEO, said: “Our
focus and number one priority is our people and supporting local
families and communities. While we are temporarily suspending
operations at Lamaque, we continue to run our global operations at
modestly reduced manpower levels at this time. This is a
result of us putting people first and taking proactive steps to
mitigate potential risk to our workforce and mandating work from
home where possible. We remain focused on ensuring that these
temporary disruptions to our business do not impact long-term
value. Inventories of key suppliers, trade routes and
delivery times have been reviewed and remain unaffected at this
time. Today’s receipt of the expansion permit at Lamaque will
create jobs and increase value for local communities, Quebec and
our shareholders once the temporary suspension is lifted and we are
safe to return to normal operations.”
The Company continues to monitor the operating
environment closely in the jurisdictions where it operates.
Eldorado has implemented additional controls at all its operations
and offices around the globe to further protect the health and
safety of its workforce, their families and neighboring
communities, which include:
- Restricting site access and conducting employee screening
measures, such as thermometric testing;
- Putting social-distancing protocols in place and encouraging
increased hand-washing;
- Educating workforce and local communities about symptoms and
transmission of the virus with clear instructions to stay home if
one feels unwell;
- Halting all non-essential travel; and
- Liaising with governments, regulators and other external
stakeholders to closely monitor developments.
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: the duration or extent
of the restrictions and suspensions with respect to our operations
at Lamaque,and the effect that any such restrictions or suspensions
may have on our operations and our financial and operational
results; the ability of the Company to continue with any operations
at Lamaque or our other operations, or to successfully maintain our
Lamaque operations while they are temporarily suspended ,or to
restar or ramp-up these operations efficiently or economically, or
at all, the impact of COVID-19 on our workforce, suppliers and
other essential resources and what effect those impacts, if they
occur, would have on our business, our planned capital and
exploration expenditures; our expectation as to our future
financial and operating performance, 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.
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 the
world-wide economic and social impact of COVID-19 is managed and
the duration and extent of the COVID 19 pandemic minimized or not
long-term; tonnage of ore to be mined and processed; ore grades and
recoveries, decommissioning estimates, 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: the duration and effects of COVID-19, and any other
pandemics on our operations and workforce, and the effects on
global economies and society,; 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.
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