Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased
to announce the Company’s first quarter 2020 preliminary production
results.
Preliminary production for Q1 2020 was 115,949
ounces of gold. Further detail on asset level production is
shown in Table 1 below.
Gold leached into solution at Kisladag during
the quarter was consistent with expectations and gold production
was higher than the comparative period in 2019 as a result of the
recommencement of operations (mining, crushing and stacking of ore)
on April 1, 2019. Gold production for Q1 2020 was lower than
planned as elevated rainfall in the quarter led to increased
solution volumes. The gold contained in excess solution will
be recovered over the spring and summer months.
Production at Olympias continued to show
improvement quarter-over-quarter with gold produced in Q1 2020 the
highest in six quarters. The Company continues to see
positive results from increased underground development,
improvements in the paste backfill system and increased equipment
availability.
Production at Efemcukuru for Q1 2020 was
consistent with expectations, but lower than Q1 2019 due to lower
grades mined during the quarter.
Operations at Lamaque were temporarily moved to
care and maintenance on March 23rd, 2020 to comply with the Quebec
provincial government-mandated restrictions with respect to
COVID-19. This had a modest impact on production during Q1
2020.
Table 1: Q1 2020 Preliminary
Production
Production (oz) |
Q1 2020 |
Q1 2019 |
%Change |
Kisladag |
50,176 |
27,247 |
84% |
Efemcukuru |
23,239 |
26,124 |
-11% |
Olympias |
15,181 |
9,928 |
53% |
Lamaque |
27,353 |
19,678a |
39% |
Total |
115,949 |
82,977 |
40% |
a Includes pre-commercial production. |
Q1 2020 Financial and Operational
Results Call Details
Eldorado Gold will release its Q1 2020 Financial
and Operational Results after market closes on Thursday, April 30,
2020 and will host a conference call on Friday, May 1, 2020 at
11:30am ET (8:30am 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/eldoradogold20200501.html
Conference Call Details |
Replay (available until June 5, 2020) |
|
|
Date: |
May 1, 2020 |
Vancouver: |
+1 604 638 9010 |
Time: |
8:30 am PT (11:30 am ET) |
Toll Free: |
1 800 319 6413 |
Dial in: |
+1 604 638 5340 |
Access code: |
4286 |
Toll free: |
1 800 319 4610 |
|
|
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).
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 guidance and
outlook, including expected production and recoveries of gold; our
expectation as to our future financial and operating performance,;
and our strategy, plans and goals.
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 how the world-wide economic and social impact of COVID-19 is
managed and the duration and extent of the COVID 19 pandemic, the
tonnage of ore to be mined and processed; ore grades and
recoveries; mineral reserves and resources and metallurgical
recoveries, 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; and
actual production. 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: the duration and effects of
COVID-19, and any other pandemics on our operations and workforce,
and the effects on global economies and society; geopolitical and
economic climate (global and local), mineral tenure and permits;
gold and other commodity price volatility; recoveries of gold and
other metals; results of test work; revised guidance; mining
operational and development risk; discrepancies between actual and
estimated production, mineral reserves and resources and
metallurgical testing and recoveries; additional funding
requirements; currency fluctuations; speculative nature of gold
exploration; 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.
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.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Special Advisor to the Chief
Operating Officer for the Company, and a "qualified person" under
NI 43-101.
Contact
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications and Government Relations604.601.6679 or
1.888.363.8166louise.burgess@eldoradogold.com
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