ego_ex991
Exhibit 99.1
NEWS RELEASE
TSX:
ELD NYSE: EGO
|
April
12, 2021
|
Eldorado Gold Announces First Quarter 2021 Preliminary Production
Results and Conference Call Details
VANCOUVER,
BC – Eldorado Gold
Corporation (“Eldorado” or “the
Company”) is pleased to announce first quarter 2021
preliminary gold production of 111,742 ounces, in-line with the
Company’s 2021 annual guidance of between 430,000 and 460,000
ounces of gold. Individual mine gold production is shown in the
table below.
Q1 2021 Preliminary Gold Production
Gold Production (oz)
|
Q1 2021
|
Full Year 2021 Guidance
|
Kisladag
|
46,172
|
140,000
- 150,000
|
Lamaque
|
28,835
|
140,000
- 150,000
|
Efemcukuru
|
23,298
|
90,000
- 95,000
|
Olympias
|
13,437
|
55,000
- 65,000
|
Total
|
111,742
|
430,000 - 460,000
|
Canada
First
quarter 2021 gold production at Lamaque is on track, with both
throughput and grade in-line with the plan to deliver annual
guidance. The decline connecting the Sigma mill with the Triangle
underground mine is progressing on schedule for year-end
completion. In-fill and expansion drilling continued at the
recently announced Ormaque maiden gold resource. On April 7, 2021,
Eldorado announced the closing of the acquisition of QMX, which has
increased the Company’s overall land position around Lamaque
by 550%.
Turkey
Strong
first quarter production at Kisladag was consistent with 2021
guidance. The mine is expected to benefit from higher solution
processing rates resulting from the successful installation of two
additional CIC trains in the first quarter. At Efemcukuru, gold
production, throughput and average gold grade were also in-line
with guidance.
Greece
First
quarter gold production at Olympias was consistent with the plan to
deliver 2021 guidance. The Company continues to target efficiency
and productivity improvements at Olympias to enhance the
mine’s long-term production and cost profile. On March 23,
2021 the amended Investment Agreement (the “Agreement”)
was published in the Greek Government Gazette, officially becoming
law of the Hellenic Republic. The Agreement underscores
Eldorado’s commitment to long-term responsible investment in
Greece for the mutual benefit of all stakeholders.
Q1 2021 Financial and Operational Results Call Details
Eldorado
will release its first quarter 2021 Financial and Operational
Results after the market closes on Thursday, April 29, 2021 and
will host a conference call on Friday, April 30, 2021 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/eldoradogold20210430.html
Conference
Call Details
|
Replay
(available until June 4, 2021)
|
Date:
|
April
30, 2021
|
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: 6634
|
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).
Contact
Investor Relations
Jeff
Wilhoit, Interim Head of Investor Relations
604.376
1548 or 1.888.353.8166
jeff.wilhoit@eldoradogold.com
Media
Louise
Burgess, Director Communications & Government
Relations
604.616
2296 or 1.888.363.8166
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: our preliminary first quarter 2021 gold production, the
Company’s 2021 annual guidance, including at our individual
mine production; construction of the decline connecting Sigma mill
with the Triangle underground mine, including the timing of
completion; any benefits from higher solution processing rates at
Kisladag; any expected improvements at Olympias, including any
expected benefits to long-term production and cost profile; our
expectation as to our future financial and operating performance,
including expectations around generating free cash flow; working
capital requirements; debt repayment obligations; use of proceeds
from financing activities; expected metallurgical recoveries and
improved concentrate grade and quality; gold price outlook and the
global concentrate market; risk factors affecting our business; our
strategy, plans and goals, including our proposed exploration,
development, construction, permitting and operating plans and
priorities and related timelines; and schedules and results of
litigation and arbitration proceedings. 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 assumptions about: our
preliminary gold production and our guidance, timing of
construction of the decline between Sigma mill and the Triangle
underground mine; the benefits of high solution processing rates at
Kisladag; benefits of improvements at Olympias; how the world-wide
economic and social impact of COVID-19 is managed and the duration
and extent of the COVID-19 pandemic; timing and cost of
construction and exploration; 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, expenses and working capital
requirements; 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: inability to
meet production guidance, inability to complete construction of the
decline between Triangle mill and the Triangle underground mine on
time, inability to achieve the expected benefits from high solution
processing rates at Kisladag or improvements at Olympias, global
outbreaks of infectious diseases, including COVID-19; timing and
cost of construction, and the associated benefits; recoveries of
gold and other metals; geopolitical and economic climate (global
and local), risks related to mineral tenure and permits; gold and
other commodity price volatility; information technology systems
risks; continued softening of the global concentrate market; risks
regarding potential and pending litigation and arbitration
proceedings relating to our 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 our common shares; 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 and EDGAR 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.
The inclusion of 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.
Except as otherwise noted, scientific and technical information
contained in this press release was reviewed and approved by Simon
Hille, FAusIMM and VP Technical Services for the Company, and a
"qualified person" under NI 43-101.