Blueprint
NEWS
RELEASE
TSX: ELD NYSE: EGO
|
October 16, 2019
|
Eldorado Gold Reports Preliminary
Third Quarter 2019 Results
VANCOUVER,
BC – Eldorado Gold Corporation (“Eldorado” or
“the Company”) 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 Relations
Peter
Lekich, Manager Investor Relations
604.687.4018
or 1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise
Burgess, Director Communications & Government
Relations
604.687.4018
or 1.888.353.8166 louise.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.