Eldorado Gold Corporation (“Eldorado” or “the
Company”) today announced the Company’s fourth quarter and full
year 2020 preliminary production results.
Preliminary 2020 gold production increased 34%
over 2019 to 528,874 ounces, meeting the Company’s annual
consolidated production guidance of between 520,000 and 550,000
ounces. Preliminary gold production for the fourth quarter of 2020
increased 16% to 138,220 ounces compared to the fourth quarter of
2019.
Preliminary 2020 gold production at Lamaque
exceeded guidance despite a three-week shutdown in early Spring
related to government-mandated COVID-19 operating restrictions. The
strong performance at Lamaque was partially offset by lower labour
availability impacting leach pad flow rates at Kisladag during the
second quarter. Kisladag finished the year with strong
fourth-quarter gold production, driven by improving heap leach
performance.
“Delivering on our production guidance amid a
year of unprecedented external challenges is a testament to the
dedication and resilience of our people,” said George Burns,
Eldorado President and Chief Executive Officer. “Our unique
portfolio of high-quality, long-lived mines and projects will
continue to position Eldorado for sustained success in the years
ahead.”
Table 1: 2020 Preliminary Production
Production (oz) |
Q4 2020 |
Q4 2019 |
2020 |
2019 |
Kisladag |
56,816 |
51,010 |
226,475 |
140,214 |
Efemcukuru |
25,828 |
26,243 |
99,835 |
103,767 |
Olympias |
11,408 |
12,617 |
58,423 |
46,750 |
Lamaque |
44,168 |
29,085 |
144,141 |
113,9401 |
Total |
138,220 |
118,955 |
528,874 |
395,331 |
1 Includes pre-commercial production. |
The Company will report its full year 2020 Year End-Results at
the end of February.
Corporate
The Company also announced today that Steve Reid
has been appointed Chair of the Board, replacing George Albino, who
will remain on the Eldorado Board as a Director. Steve Reid
has served as a Director on the Eldorado Board since May
2013. He has over 40 years of experience in the mineral
resource industry. He served as the Executive Vice President and
Chief Operating Officer for Goldcorp Inc. from 2007 to September
2012. Before joining Goldcorp, Mr. Reid spent 13 years at Placer
Dome in numerous corporate, mine management and operating
roles.
“I am pleased to announce the appointment of
Steve to Chair of the Eldorado Board,” said Burns. “His work
as a Director over the last seven years has contributed
significantly to Eldorado’s success and we look forward to
benefiting from his leadership. I would like to thank George
Albino for his counsel and dedication as Chair and for his
continued strong presence on the Board as a Director.”
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).
Contact:
Investor Relations
Jeff Wilhoit, Interim Head of Investor
Relations604.376.1548 or 1.888.353.8166
jeff.wilhoit@eldoradogold.com
Media
Louise Burgess, Director Communications &
Government Relations604.616.2296 or 1.888.363.8166
louise.burgess@eldoradogold.com
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: the duration, extent and
other implications of COVID-19 and any restrictions and suspensions
with respect to our operations; our expectations regarding the
timing and quantity annual gold production; our strategy with
respect to non-core assets; expected benefits resulting from design
improvements at Kisladag; timing of construction and expected
benefits resulting from design improvements at Skouries; timing of
drilling activities at the Stratoni mine; our guidance and outlook,
including expected production, cost guidance and recoveries of
gold, including higher gold bearing solution volumes and increased
heap leach recoveries through increased leach time in conjunction
with a high pressure grinding roll and related upgrades at
Kisladag; timing and cost of the construction of an underground
decline at the Triangle mine and the associated benefits; expansion
at Lamaque, Efemcukuru, Olympias and Stratoni; the success of a
column flotation system in improving concentrate grade and quality
and lowering transportation and concentrate treatment charges at
Efemcukuru; favourable economics for our heap leaching plan and the
ability to extend mine life at our projects; planned capital and
exploration expenditures, including at Olympias, Lamaque and
Stratoni and the timing thereof; conversion of mineral resources to
mineral reserves; the qualification of common shares as
flow-through shares for Canadian tax purposes; the evaluation of
alternative mechanized mining technologies; our expectation as to
our future financial and operating performance, including
expectations around generating free cash flow; working capital
requirements; debt repayment obligations; use of proceeds from
financing activities; expected metallurgical recoveries and
improved concentrate grade and quality; gold price outlook and the
global concentrate market; redemption of senior secured notes; risk
factors affecting our business; our strategy, plans and goals,
including our proposed exploration, development, construction,
permitting and operating plans and priorities and related
timelines; and schedules and results of litigation and arbitration
proceedings.
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: how the world-wide economic and social impact of COVID-19 is
managed and the duration and extent of the COVID-19 pandemic;
timing and cost of construction, including in respect of an
underground decline at the Triangle mine and the associated
benefits; benefits of the improvements at Kisladag; 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,
expenses and working capital requirements; 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:
global outbreaks of infectious diseases, including COVID-19; timing
and cost of construction, including in respect of an underground
decline at the Triangle mine and the associated benefits; results
of further testwork; 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; information technology systems risks; continued
softening of the global concentrate market; risks regarding
potential and pending litigation and arbitration proceedings
relating to our 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 and
the price of our common shares; 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 and EDGAR 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.
The inclusion of 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.
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