TSX: ELD NYSE: EGO
VANCOUVER, Sept. 6, 2016 /CNW/ - Eldorado Gold Corporation,
("Eldorado" or "the Company") is pleased to announce that the
Company has completed the sale of its 82 percent interest in the
Jinfeng mine to a wholly-owned subsidiary of China National Gold
Group Corporation as previously announced April 26, 2016.
"We are pleased to have completed the sale of our interest in
the Jinfeng mine and expect the previously announced sale of our
interest in the White Mountain and Tanjianshan Mines and the
Eastern Dragon Development Project to continue on schedule and
close in the fourth quarter. These transactions surface meaningful
value to Eldorado and further
strengthen our financial flexibility to advance our internal
project pipeline." said Paul Wright,
Eldorado's President and Chief
Executive Officer.
About Eldorado Gold
Eldorado is a leading low cost
gold producer with mining, development and exploration operations
in Turkey, China, Greece, Romania and Brazil. The Company's
success to date is based on a low cost strategy, a highly skilled
and dedicated workforce, safe and responsible operations, 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 in this news release may
contain 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", "targets",
"targeted", "expect", "expects", "is expected", "budget",
"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 in this news
release include, but are not limited to the Company's Announcement
of the Closing of the Jinfeng Transaction and the sale of the
remaining assets of the Company in China.
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 ability closing of both Chinese sale
transactions, including liability and timing of meeting the closing
conditions, the political and economic environment that we operate
in, the future price of commodities, anticipated costs and expenses
and the impact of the disposition on the Company's business.
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.
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: closing of the transactions not occurring or
delayed, , change in the use of proceeds, political, economic,
environmental and permitting risks, regulatory restrictions, gold
price volatility, discrepancies between actual and estimated
production, estimated mineral reserves and resources and
metallurgical recoveries; mining operational and development risks
, litigation risks, regulatory restrictions, including
environmental and permitting regulatory restrictions and
liabilities, internal and external approval risks, risks of
sovereign investment, risks of advancing the Chinese
monetization process and impact of the completion of the Jinfeng
Transaction and the proposed sale of our interests in the
Tanjianshan and White Mountain Mines and the Eastern Dragon
Development Project on the Company, currency fluctuations;
speculative nature of gold exploration, global economic climate;
dilution, share price volatility; competition, loss of key
employees, additional funding requirements, 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 the Company's Annual Information Form & Form 40-F
dated March 30, 2016.
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.
All forward looking statements and information contained in
this News Release are qualified by this cautionary
statement.
SOURCE Eldorado Gold Corporation