Exhibit 99.1
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NEWS RELEASE
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TSX: ELD NYSE: EGO
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October 13, 2020
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Eldorado Gold Announces Third Quarter 2020 Preliminary Production
Results
and Conference Call Details
VANCOUVER,
BC – 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
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Q3 Preliminary Production
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Production (oz)
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Q1 2020
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Q2 2020
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Q3 2020
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Q3 2019
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Q3 %Change
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Kisladag
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50,176
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59,890
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59,593
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35,885
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66%
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Lamaque
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27,353
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33,095
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39,525
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32,037
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23%
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Efemcukuru
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23,239
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26,876
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23,642
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25,733
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-8%
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Olympias
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15,182
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17,921
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13,912
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7,941
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75%
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Total
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115,950
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137,782
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136,672
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101,596
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35%
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Year-to-Date Preliminary Production
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Production (oz)
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YTD 2020
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YTD 2019
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YTD %Change
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Kisladag
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169,659
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89,204
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90%
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Lamaque
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99,973
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84,855
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18%
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Efemcukuru
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73,757
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77,524
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-5%
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Olympias
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47,015
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24,793
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90%
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Total
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390,404
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276,376
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41%
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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
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Conference Call Details
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Replay
(available until December
4,
2020)
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Date:
October 30, 2020
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Vancouver:
+1 604 638 9010
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Time:
11:30 am ET (8:30 am PT)
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Toll
Free: 1 800 319 6413
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Dial
in: +1 604 638
5340
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Access
code: 5357
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Toll
free: 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: 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 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