VANCOUVER, British Columbia,
September 14, 2017 /PRNewswire/
--
(TSX: ELD) (NYSE:
EGO)
Eldorado Gold Corporation ("Eldorado" or the "Company") advises that its
Greek subsidiary, Hellas Gold S.A.
("Hellas Gold"), today received a
formal notice from Greece's
Ministry of Finance and Ministry of Environment and Energy (the
"Ministries") initiating Greek domestic arbitration. This
arbitration is pursuant to the provisions of the Contract between
the Greek State and Hellas Gold and
in it the Ministries have named its nominee to the three person
arbitral panel.
The arbitration notice alleges that the Technical Study for the
Madem Lakkos Metallurgical Plant for treating Olympias and Skouries
concentrates in the Stratoni Valley, submitted in December 2014, is deficient and thereby is in
violation of the Transfer Contract and the environmental terms of
the project. The Company is highly confident that the subject
Technical Study is robust and consistent with the Transfer
Contract, the Business Plan and the approved environmental terms of
the project.
George Burns, President and Chief
Executive Officer of Eldorado Gold said, "Eldorado has always sought a constructive
relationship and dialogue with all levels of the Greek government.
Despite the Greek government's refusal to engage with Eldorado, we believe that this matter could
still be resolved through good faith negotiations. We again invite
the Ministry to engage with us for such purpose. Nevertheless, we
will vigorously defend our rights and employ all legal means at our
disposal. We are confident in the completeness of our efforts in
Greece, the rigor of our
engineering and the vast potential benefit of these projects for
regional and national stakeholders."
"We carry on business to the highest industry standards at all
of our operations and projects, and we seek to implement best in
class technologies wherever possible to meet commercial and
environmental goals. This is acknowledged in our original
agreements and will be reinforced through the resolution of this
matter. What cannot be overlooked is the 2,400 people working
directly for our projects in Greece to deliver high quality mines and the
significant contributions being made to Greece's economy. Upon approval and receipt of
all the required permits and a government that engages in good
faith with the Company, we will then be in a position to re-assess
our investment options in Greece."
About Eldorado Gold
Eldorado is a leading mid-tier
intermediate gold producer with mining, development and exploration
operations in Turkey, Greece, Romania, Serbia, Canada and Brazil. The Company's success
to date is based on a highly skilled and dedicated workforce, safe
and responsible operations, a portfolio of high-quality assets, and
long-term partnerships with the communities where it
operates. Eldorado's common
shares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
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, 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", "continue", "projected", "scheduled", "estimates",
"forecasts", "projected", "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. Such forward-looking statements or
information include, but are not limited to, statements or
information with respect to this news release.
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 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; 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.
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. Similar to the litigation process,
there is an inherent uncertainty in the process of arbitration and
there is no assurance that any arbitration proceeding will
be resolved in a manner that will not have a material and or
adverse effect on us.
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), risks
related to mineral tenure and permits; gold and other metal
price volatility; mining operational and development risk; foreign
country operational risks; risks of sovereign investment;
regulatory environment and restrictions, including environmental
regulatory restrictions and liability; discrepancies between
actual and estimated production, mineral reserves and resources and
metallurgical recoveries; risks related to impact of the sale of
our Chinese assets on the Company's operations; risks related to
the acquisition of Integra Gold
Corporation; additional funding requirements; currency
fluctuations; litigation risks; community and non-governmental
organization actions; speculative nature of gold exploration;
dilution; share price volatility; competition; loss of key
employees; 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 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, for a fuller
understanding of the risks and uncertainties that affect the
Company's business and operations.
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.
Investor Relations: Krista Muhr,
Vice President Investor Relations & Corporate Communications,
+604-601-6701 or +1-888-363-8166, kristam@eldoradogold.com; Media:
Louise Burgess, Director
Communications & Government Relations, +604-616-2296,
louiseb@eldoradogold.com