Blueprint
NEWS RELEASE
TSX:
ELD NYSE: EGO
|
March 31, 2019
|
Eldorado Gold Announces Commercial Production at Lamaque
and
Provides Q1 2019 Conference Call Details
VANCOUVER,
BC – 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
|
Replay (available until June 7, 2019)
|
Date: May
3, 2019
|
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:
3049
|
Toll
free:
1 800 319 4610
|
|
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 Relations
Peter
Lekich, Manager Investor Relations
+1 604
687 4018 or 1 888 353 8166 peter.lekich@eldoradogold.com
Media
Louise
Burgess, Director Communications & Government
Relations
+1 604
687 4018 or 1 888 353 8166 louiseb@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: 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 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.