TSX: ELD NYSE: EGO
VANCOUVER, May 29, 2018 /PRNewswire/ - Eldorado Gold
Corporation ("Eldorado" or "the Company") today provides an update
on the permitting status for the following capital projects.
Tocantinzinho, Brazil
The mining concession, which permits mining and commercial
production at the Tocantinzinho project, was issued on May 18, 2018 by the federal branch of the
Brazilian Ministry of Mines. This permit, in addition to the
Environmental Construction Licenses, issued by the Environmental
Agency of the State of Para, completes the permits required for
project construction. The project plan is currently
undergoing an optimization phase to improve capital costs and the
economics of the project. Eldorado's Board of Directors will assess next
steps for the project after completion of this work.
Kışladağ, Turkey
Eldorado's wholly owned
subsidiary, Tüprag Metal Madencilik Sanayive Ticaret A.S., has
received confirmation from the Turkish Ministry of Environment and
Urbanization ("MoE"), that the proposed construction of the mill at
the Kisladag site is permissible under the existing Kisladag
Environmental Impact Assessment ("EIA"), approved by the MoE in
2014. Eldorado does not
expect to make any material amendments to the existing EIA as the
mill site falls within the EIA approved project boundaries and
meets other existing EIA requirements. The installation and
construction of the Kisladag mill remains subject to further
routine permitting, which will be submitted to the relevant
Ministries for approval following detailed design work.
As referenced in Eldorado's
press release dated March 21, 2018,
the feasibility study for the Kisladag mill is expected to be
completed later this year, with a final investment decision by the
Eldorado Board of Directors
expected shortly thereafter.
Lamaque, Canada
As disclosed in the Company's First Quarter results release
dated April 26, 2018, the mining
lease for the Triangle deposit was received in early 2018.
This key permit enables production from the Triangle deposit,
currently expected in early 2019.
Underground development continues ahead of schedule while
refurbishment of the Sigma mill is ongoing. The Company
continues to progress infill drilling and extension drilling with
the goal of converting resource to increase the Proven and Probable
reserves as well as growing resources at Triangle and other known
mineralized zones and new targets.
Kassandra Mines (Skouries,
Olympias and Stratoni), Greece
Eldorado continues to discuss
the need to approve outstanding permits for the development of its
Kassandra assets with the government of Greece. The Company
remains committed to developing its Kassandra assets, including
Skouries, in accordance with its contractual and other legal
obligations, which Greek court rulings have consistently
supported. Eldorado's
compliance with its legal obligations was confirmed by the recent
positive arbitration decision (disclosed on April 4, 2018), which found the Company not in
breach of the provisions of its Transfer Contract with the Greek
State.
The transition of the Skouries site to care and maintenance is
expected to be complete by the end of Q2 2018. Ongoing care
and maintenance costs are estimated to be $3-5
million per year for 2019 and beyond.
About Eldorado Gold
Eldorado is a gold and base
metals producer with mining, development and exploration operations
in Turkey, Greece, Romania, Serbia, Canada 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 expectation as to completion
dates, investment decisions, production dates and costs and our
strategy, plans and goals, including our proposed exploration,
review, development, construction, permitting and operating plans
and priorities, related timelines and schedules.
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. 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), risks related to mineral tenure and permits; gold and other
commodity price volatility; recoveries of gold and other metals;
results of test work; revised guidance; risks regarding potential
and pending litigation and arbitration proceedings relating
to the Company's, 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; foreign country operational
risks; risks of sovereign investment; regulatory risks and
liabilities including, regulatory environment and restrictions, and
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production, mineral reserves and
resources and metallurgical testing and recoveries; risks related
to the impact of the sale of our Chinese assets and the acquisition
and integration of Integra on the Company's operations; additional
funding requirements; currency fluctuations; 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 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.
Except as otherwise noted, scientific and technical
information contained in this press release was reviewed and
approved by Paul Skayman, FAusIMM,
Chief Operating Officer for Eldorado Gold Corporation, and a
"qualified person" under NI 43-101.
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.
Cautionary Note to US Investors Concerning Estimates of
Measured, Indicated and Inferred Resources
The terms "mineral resource", "measured mineral resource",
"indicated mineral resource", "inferred mineral resource" used
herein are Canadian mining terms used in accordance with NI 43-101
under the guidelines set out in the Canadian Institute of Mining
and Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as may
be amended from time to time. These definitions differ from the
definitions in the United States
Securities & Exchange Commission ("SEC") Industry Guide 7. In
the United States, a mineral
reserve is defined as a part of a mineral deposit which could be
economically and legally extracted or produced at the time the
mineral reserve determination is made.
While the terms "mineral resource", "measured mineral
resource," "indicated mineral resource", and "inferred mineral
resource" are recognized and required by Canadian regulations, they
are not defined terms under standards in the United States and normally are not
permitted to be used in reports and registration statements filed
with the SEC. As such, information contained herein concerning
descriptions of mineralization and resources under Canadian
standards may not be comparable to similar information made public
by U.S. companies in SEC filings.
Accordingly, information herein containing descriptions of
our mineral deposits may not be comparable to similar information
made public by US companies subject to the reporting and disclosure
requirements under US federal securities laws and the rules and
regulations thereunder.
View original
content:http://www.prnewswire.com/news-releases/eldorado-gold-provides-update-on-permitting-for-capital-projects-300656008.html
SOURCE Eldorado Gold Corporation