Eldorado Gold Corporation, (“Eldorado” or “the Company”) is pleased
to announce that it has achieved commercial production at its
wholly owned Lamaque mine (Lamaque) in Quebec as at March 31,
2019. Lamaque produces ore from the Triangle-deposit, which
is then processed at the refurbished Sigma Mill.
With an initial mine life of approximately seven
years, Lamaque is forecast to produce 100,000-110,000 ounces of
gold in 2019. Production is expected to increase to 125,000-135,000
ounces of gold in 2020 and 2021. In 2018, the Inferred Resources at
Lamaque were increased by over 50%, and further drilling is
currently ongoing to increase both the reserves and resources. With
over 37,000 meters of exploration drilling budgeted for 2019 and
excess capacity at the Sigma Mill the Company is well positioned
and focused on optimizing the potential of the Lamaque mine.
Eldorado’s Chief Operating Officer, Paul
Skayman, stated: “We are proud to announce the achievement of this
important milestone just over 18 months after acquiring this asset.
It is a testament to all of the hard work that has gone into the
exploration, pre-feasibility study, engineering and construction
that we have safely delivered commercial production ahead of
schedule. I would like to thank everyone who worked on this
project, especially Sylvain Lehoux, Lamaque General Manager, and
the rest of the team at site.”
Q1 2019 Financial and Operational
Results
Eldorado Gold will release its Q1 2019 Financial
and Operational Results after market closes on Thursday, May 2,
2019 and will host a conference call on Friday, May 3, 2019 at
11:30am ET (8:30am PT). The call will be webcast and be accessed at
Eldorado Gold’s website: www.eldoradogold.com, or
via: http://services.choruscall.ca/links/eldoradogold20190503.html
Conference Call Details |
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Replay (available until June 7,
2019) |
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Date: |
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May 3, 2019 |
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Vancouver: +1 604 638 9010 |
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Time: |
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8:30 am PT (11:30 am ET) |
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Toll Free: 1 800 319 6413 |
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Dial in: |
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+1 604 638 5340 |
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Access code: 3049 |
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Toll free: |
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1 800 319 4610 |
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AGM Details and AIF Filing
The Company will hold its 2019 Annual Meeting of
Shareholders (the “AGM”) on Thursday, May 2, 2019 at 3:00pm PT in
Vancouver, BC. Further details regarding the AGM and the meeting
materials will be available on SEDAR and on
www.eldoradogold.com.
The Company has also filed its annual
information form and 2018 annual report on Form 40-F, including its
audited financial statements for the year ended December 31, 2018,
with the SEC on EDGAR as well as the Canadian securities
authorities on SEDAR. These documents are also available
at www.eldoradogold.com and a hard copy will be provided
to shareholders free-of-charge upon request.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, Serbia, 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).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations+1 604 687 4018 or 1 888 353
8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations+1 604 687 4018 or 1 888
353 8166 louiseb@eldoradogold.com
Cautionary Note about Forward-looking Statements and
InformationCertain 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 guidance and
outlook, including expected production and exploration drilling at
Lamaque; increases to reserves and resources and our strategy,
plans and goals, including our proposed exploration, development,
construction, permitting and operating plans and priorities and
related timelines.
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 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 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: 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; 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;
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; 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.
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 ResourcesThe 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.
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