Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased
to announce Q3 2020 preliminary production of 136,672 ounces of
gold, a 35% increase over Q3 2019. Further detail on asset level
production is shown in the table below.
Q3 and Year-to-Date 2020 Preliminary
Production
Q3 Preliminary Production |
Production (oz) |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q3 2019 |
Q3 %Change |
Kisladag |
50,176 |
59,890 |
59,593 |
35,885 |
66 |
% |
Lamaque |
27,353 |
33,095 |
39,525 |
32,037 |
23 |
% |
Efemcukuru |
23,239 |
26,876 |
23,642 |
25,733 |
-8 |
% |
Olympias |
15,182 |
17,921 |
13,912 |
7,941 |
75 |
% |
Total |
115,950 |
137,782 |
136,672 |
101,596 |
35 |
% |
|
|
|
|
|
|
Year-to-Date Preliminary Production |
Production (oz) |
|
|
YTD 2020 |
YTD 2019 |
YTD %Change |
Kisladag |
|
|
169,659 |
89,204 |
90 |
% |
Lamaque |
|
|
99,973 |
84,855 |
18 |
% |
Efemcukuru |
|
|
73,757 |
77,524 |
-5 |
% |
Olympias |
|
|
47,015 |
24,793 |
90 |
% |
Total |
|
|
390,404 |
276,376 |
41 |
% |
Gold production at Kisladag increased 66% over
Q3 2019 and was consistent with Q2 2020. Gold recoveries continue
to be as expected and solution grades increased over the summer due
to drier weather. Production for 2020 remains slightly below
expectations as solution inventories remain higher than normal. We
expect to see continued benefit from drawing the solution inventory
down through the balance of 2020 and into 2021. Budgeted
improvements are being made in the solution processing plant to
further increase capacity and are expected to start coming online
in Q1 2021.
Lamaque had record gold production in Q3 2020.
Production was higher compared to Q3 2019 and Q2 2020 due to an
increase in tonnes mined per day that was enabled by the revised
Certificate of Authorization from the Quebec Ministry of
Environment. Additionally, for the month of September, underground
development moved into higher grade ore at the top of the C4 zone
which had a positive impact on ounces produced.
Gold production at Efemcukuru for Q3 2020 was
slightly lower than Q3 2019 and Q2 2020 due to lower grades
processed during the quarter compared to comparative quarters.
Gold production at Olympias increased 75% over
Q3 2019 as a result of investments in mine development, equipment,
resources, and backfilling capacity that have improved productivity
over the last year. Gold production in Q3 2020 was lower than Q2
2020 due to lower than average head grades. Throughput was lower in
September 2020 due to COVID-19 protocols that were activated at
site, including testing and contact tracing. The operation resumed
normal levels of throughput by the end of September.
Q3
2020 Financial and Operational Results Call
Details
Eldorado Gold will release its Q3 2020 Financial
and Operational Results after the market closes on Thursday,
October 29, 2020 and will host a conference call on Friday, October
30, 2020 at 11:30am ET (8:30am PT). The call will be webcast and
can be accessed at Eldorado Gold’s website: www.eldoradogold.com,
or via:
http://services.choruscall.ca/links/eldoradogold20201030.html
Conference Call Details |
Replay (available until December
4, 2020) |
Date: |
October 30,
2020 |
Vancouver: |
+1 604 638
9010 |
Time: |
11:30 am ET (8:30 am PT) |
Toll Free: |
1 800 319 6413 |
Dial in: |
+1 604 638 5340 |
Access code: |
5357 |
Toll free: |
1 800 319 4610 |
|
|
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).
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 and recoveries of gold; our
expectation as to our future financial and operating performance,
and our strategy, plans and goals.
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 how the world-wide economic and social impact of COVID-19 is
managed and the duration and extent of the COVID 19 pandemic, the
tonnage of ore to be mined and processed; ore grades and
recoveries; 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; and
actual production. 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), mineral tenure and permits; gold and other
commodity price volatility; recoveries of gold and other metals;
results of test work; revised guidance; mining operational and
development risk; discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical
testing and recoveries; additional funding requirements; currency
fluctuations; speculative nature of gold exploration; 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.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability. With respect to
“indicated mineral resource” and “inferred mineral resource”, there
is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of a “measured mineral resource”,
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, and a "qualified person"
under NI 43-101.
Contact
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or 1.888.353.8166
peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications and Government Relations604.601.6679 or
1.888.363.8166louise.burgess@eldoradogold.com
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Sep 2023 to Sep 2024