Exhibit
99.1
NEWS RELEASE
|
TSX:
ELD NYSE: EGO
|
September
3, 2019
|
Eldorado Gold Receives Skouries and Olympias Installation
Permits
VANCOUVER,
BC – Eldorado Gold Corporation (“Eldorado” or
“the Company”) is pleased to confirm receipt of
electromechanical installation permits for its Skouries project and
an installation permit for its Olympias mine from the Greek
Ministry of Energy and Environment (the
“Ministry”).
Skouries
The
permits allow for the installation of mechanical and electrical
equipment at the flotation plant to be completed and installation
of additional surface facilities. Receipt of these permits will
enable the Company to apply for the flotation plant building
permit, which will be submitted this month.
Eldorado
intends to carry out certain construction activities that were
suspended in 2017, including building the mill enclosure once
permitted, to protect the plant assets. Capital expenditure for
asset protection works is estimated to be approximately US$5
million.
Olympias
The
permit allows for installation of an upgraded electrical substation
and construction of support facilities, which will be considered as
part of Eldorado’s annual planning process.
Path Forward in Greece
Eldorado
is working with the Greek government to achieve the necessary
conditions required to restart full construction at the Skouries
Project. These include a stable regulatory framework and assurances
that provide appropriate foreign direct investor protection and
dispute resolution as well as regulatory approval for subsequent
permits and technical studies.
The
Ministry and the Company are collaborating on a mutually acceptable
path forward to build safe, modern, world-class operations in
Greece, including approval to implement dry stack tailings at
Skouries. This best-available technology would reduce the
project’s environmental footprint by approximately 40% and
decrease the site’s water consumption.
George
Burns, President and CEO of Eldorado Gold said, “We are very
pleased with the receipt of these long-awaited permits, which
enable us to protect our existing investment. We are greatly
encouraged with the engagement we’ve had to date with the
Greek State and look forward to working constructively with the
relevant Ministries. We believe the Skouries project offers
significant value for our investors and benefits to the local
communities and the Greek economy, while adhering to the highest
environmental standards.”
About Skouries
Skouries
is a high-grade gold-copper porphyry project that is partially
constructed and currently in care and maintenance. Skouries is
expected to operate for approximately 23 years based on current
reserves, initially as an open pit and underground mine, followed
by underground mining only.
To take
a virtual tour of the Skouries site, please visit: https://vrify.com/explore/projects/45/sites/3147
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
604.687.4018
or 1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise
Burgess, Director Communications & Government
Relations
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: intentions regarding additional permit applications,
planned construction activities and capital exploration
expenditures; our strategy, plans and goals with respect to
construction and permitting and related timelines and schedules,
including our path forward in Greece and expectations regarding
reduced environment footprint of our projects in Greece and
associated benefits.
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; anticipated costs and expenses and the ability to
achieve our goals. 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: geopolitical and economic climate , risks related to
permits; 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; additional funding
requirements; currency fluctuations and community and
non-governmental organization actions; 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.