Eldorado Gold Reports Preliminary Second Quarter 2019 Results
July 09 2019 - 5:05PM
Eldorado Gold Corporation (“Eldorado” or “the Company”) today
reports its preliminary second quarter 2019 results.
Preliminary Second Quarter 2019
Results
- Total gold production for the
second quarter 2019 was 91,803 ounces and 174,780 ounces year to
date. Production is on track to meet annual guidance of
390,000-420,000 ounces of gold.
- Commercial operations were declared
at the Lamaque mine on March 31, 2019 and the first quarter of
commercial operations showed strong production of 33,140 ounces of
gold.
- Concentrate sales during the second
quarter included the sale of Efemcukuru concentrate which
had accumulated, due to delayed sales, in the first quarter. Most
of the concentrate in inventory at both Efemcukuru and Olympias was
sold during the quarter and inventories are now at normal
levels.
- Production at Olympias was lower
than plan due to limited headings underground as a result of slower
than anticipated capital development and a backlog of stopes to be
filled. This reduced the tonnage fed to the processing plant. A new
underground contractor was mobilized during the second quarter and
capital development rates are expected to increase over the second
half of 2019. Additionally, process improvements are being
implemented in the paste backfill plant, which will allow for an
increased rate of stope filling. The mill continues to perform to
plan and recoveries are inline with expectations.
- Mining and stacking of ore resumed
at Kisladag at the start of the second quarter. Production is
expected to increase at Kisladag in the second half of 2019.
Gold Production
|
Q2 2019 |
Q2 2018 |
YTD 2019 |
Total |
|
|
|
Production (oz) |
91,803 |
99,105 |
174,780 |
Kisladag |
|
|
|
Production (oz) |
26,072 |
55,930 |
53,319 |
Efemcukuru |
|
|
|
Production (oz) |
25,667 |
24,146 |
51,791 |
Olympias |
|
|
|
Production (oz) |
6,924 |
15,895 |
16,852 |
Lamaque |
|
|
|
Production (oz) |
33,140 |
3,134 |
52,818 |
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 Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louiseb@eldoradogold.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable Canadian and U.S. securities laws. Often, but not
always, forward-looking statements and forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "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 herein include, but are not limited to expectations
regarding increased capital development rates, increased rate of
stope filling and recoveries at Olympias, and increased production
at Kisladag.
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
and 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. 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: discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries; mining
operational and development risk; litigation risks; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment; currency fluctuations;
speculative nature of gold exploration; global economic climate;
dilution; share price volatility; competition; loss of key
employees; additional funding requirements; and defective title to
mineral claims or property, as well as those factors discussed in
the sections entitled “Forward-Looking Statements” and “Risk
Factors” in the Company's Annual Information Form & Form 40-F
dated March 29, 2019.
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.
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.
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