Exhibit 99.1
NEWS
RELEASE
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TSX:
ELD NYSE: EGO
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January 14,
2020
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Eldorado Gold Announces 2019 Production In-line with
Guidance
and Senior Management Changes
VANCOUVER,
BC – Eldorado Gold Corporation (“Eldorado” or
“the Company”) is pleased to announce the
Company’s fourth quarter and full year 2019 preliminary
production results. The Company will provide its full year 2020
guidance in conjunction with its 2019 Year End Results at the end
of February.
Eldorado
also announces that Executive Vice President (EVP) and Chief
Operating Officer (COO) Paul Skayman is retiring and is pleased to
confirm that Joe Dick has been hired as the Company’s new EVP
and COO.
2019 Production Meets Guidance
Preliminary
production of 395,331 ounces of gold met the Company’s annual
consolidated production guidance. Preliminary production for the
fourth quarter 2019 was 118,955 ounces of gold. Further detail on
asset level production is shown in Table 1 below.
Gold
recovery at Kisladag met the Company’s expectations in 2019.
However, production at Kisladag was slightly less than guidance as
crushing and stacking were slower to ramp up and solution flows
through the leach pad took longer than expected. Solution flows
picked up significantly in the month of December.
The
Company will complete an updated NI 43-101 technical report on
Kisladag prior to the end of the first quarter 2020. This report
will be based on heap leaching with a longer leach cycle supported
by 2019 metallurgical test work.
Table 1: 2019 Preliminary Production
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Production (oz)
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Q4 2019
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Q4 2018
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2019
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2018
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Kisladag
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51,010
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28,196
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140,214
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172,009
|
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Efemcukuru
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26,243
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23,544
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103,767
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95,038
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Olympias
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12,617
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8,101
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37,410
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46,750
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Lamaque
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29,085
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16,046a
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113,940a
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35,350a
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Total
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118,955
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75,887
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395,331
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349,147
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a Includes pre-commercial production.
Senior Management Changes
After
almost 15 years with the Company, Paul Skayman, EVP and COO has
announced his retirement. Mr. Skayman will stay on with Eldorado as
Special Advisor to the COO to assist with the transition. Eldorado
would like to thank Mr. Skayman for his contributions to the
Company.
Joe
Dick joined the Company as EVP and COO at the end of 2019. Mr. Dick
has over 30 years of operational and leadership experience in
companies such as Rio Tinto, Barrick and Goldcorp. Prior to joining
Eldorado, Mr. Dick was the SVP, Latin America for Goldcorp. He also
held the roles of General Manager of Pueblo Viejo and General
Manager of Cortez with Barrick Gold Corporation.
Q4 and Year End 2019 Financial and Operational Results Call
Details
Eldorado Gold will release its Q4 and Year End 2019 Financial and
Operational Results after market closes on Thursday, February 20,
2020 and will host a conference call on Friday, February 21, 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/eldoradogold20200221.html
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Conference Call Details
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Replay (available until March 27, 2020)
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Date:
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February
21, 2020
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Vancouver:
+1 604 638 9010
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Time:
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8:30 am
PT (11:30 am ET)
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Toll
Free: 1 800 319 6413
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Dial
in:
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+1 604
638 5340
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Access
code: 3980
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Toll
free:
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1 800
319 4610
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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: completing an updated technical report with respect to
Kisladag, 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 timing of
the updated technical report, 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: 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 statementsor 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, Special Advisor to the Chief Operating Officer
for the Company, and a "qualified person" under NI
43-101.
Contact
Investor Relations
Peter
Lekich, Manager Investor Relations
604.687.4018
or 1.888.353.8166
peter.lekich@eldoradogold.com
Media
Louise
Burgess, Director Communications and Government
Relations
604.601.6679
or 1.888.363.8166
louise.burgess@eldoradogold.com