Exhibit
99.1
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NEWS
RELEASE
TSX:
ELD NYSE: EGO
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October
12, 2021
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Eldorado Gold Announces Third Quarter 2021 Preliminary Production
Results and Conference Call Details
VANCOUVER,
BC – Eldorado Gold
Corporation (“Eldorado” or “the
Company”) is pleased to announce third quarter 2021
preliminary gold production of 125,459 ounces, an 8% increase from
116,066 ounces produced in the second quarter 2021. Based on strong
production performance in the first nine months of 2021, the
Company is reviewing the full year 2021 production guidance ranges
and will provide an update with the release of its financial and
operational results on October 28, 2021. Detailed production, by
asset, is outlined in the table below.
Q3 2021 and Year-to-Date 2021 Preliminary Gold
Production
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Production (oz)
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||
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Mine
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Q3 2021
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Q3 2020
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Q2 2021
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Kısladag
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51,040
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59,593
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44,016
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Lamaque
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37,369
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39,525
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35,643
|
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Efemcukuru
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23,305
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23,892
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23,473
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Olympias
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13,745
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13,912
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12,934
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Total Gold Production (oz)
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125,459
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136,922
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116,066
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Production (oz)
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|
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Mine
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YTD 2021
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YTD 2020
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|
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Kısladag
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141,229
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169,659
|
|
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Lamaque
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101,847
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99,973
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|
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Efemcukuru
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70,076
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74,007
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|
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Olympias
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40,116
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47,015
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|
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Total Gold Production (oz)
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353,268
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390,654
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Canada
Third
quarter gold production at Lamaque remained on track with both
throughput and grade in-line with 2021 plans. The decline
connecting the Sigma mill with the Triangle underground mine is
progressing on schedule and is expected to be completed in the
fourth quarter. Infill and expansion drilling at Ormaque continued
during the third quarter. Refer to the September 27, 2021 news
release that summarizes recent infill drilling results at Ormaque,
titled “Eldorado
Gold Identifies New Mineralized Lenses at Ormaque; Multiple Styles
of High-Grade Mineralization at Bonnefond; Kokarpinar Vein
Extension Drilled at Efemcukuru”.
Turkey
Kisladag
performed well in the third quarter with gold production higher
than previously forecast. Several operational improvements
implemented in the mine, crushing circuit, and leach pad earlier
this year are resulting in increased throughput. The commissioning
of the high-pressure grinding roll (HPGR) circuit remains on
track.
At
Efemcukuru, gold production, throughput, and average gold grade
were in-line with expectations.
The Company’s profits from
mining operations in Turkey are taxed at the effective rate and the
resulting current income tax expense can be further increased or
reduced by other items. In the third quarter, the Company expects
the Turkish current income tax expense on mining profits, at an
effective rate of 25%, to be further reduced by $8-11 million. The
expected reduction is primarily related to the investment tax
credit relating to Kisladag heap leach improvements.
Greece
Third
quarter production at Olympias reflects some initiatives that were
implemented in relation to the transformation efforts at the
Kassandra assets in Greece. As previously disclosed, the Company is
implementing a wide-ranging, sustained effort to optimize the Greek
operations that touches every part of the business in Greece, from
employee education and training, to physical plant and business
systems upgrades. The Company continues to target efficiency and
productivity improvements at Olympias. The long-term benefits in
safety, culture, and productivity will result in a stronger
operation with greatly enhanced economic
opportunities.
Q3 2021 Financial and Operational Results Call Details
Eldorado
will release its third quarter 2021 Financial and Operational
Results after the market closes on Thursday, October 28, 2021 and
will host a conference call on Friday, October 29, 2021 at 11:30 AM
ET (8:30 AM 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/eldoradogold20211029.html
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Conference
Call Details
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Replay
(available until December 3, 2021)
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Date:
October
29, 2021
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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:
7602
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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).
Contact
Investor Relations
Lisa
Wilkinson, VP, Investor Relations
604.757
2237 or 1.888.353.8166
lisa.wilkinson@eldoradogold.com
Media
Louise
McMahon, Director Communications & Public Affairs
604.757
5573 or 1.888.363.8166
louise.mcmahon@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 third 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; continued drilling at the Ormaque gold resource,
completion of the HPGR circuit, including the timing of completion;
expected tax expense in Turkey; the optimization of Greek
operations, including the benefits and risks thereof; 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; results from drilling at Ormaque; benefits of the
improvements at Kisladag; 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 or to meet expected timing thereof, poor results from drilling
at Ormaque; inability to complete improvements at Kisladag or to
meeting expected timing thereof, or to achieve the benefits
thereof; inability to assess taxes in Turkey or depreciation
expenses; 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.