Header Image

Header Image

Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2022 Gold Reserves of 12.3 million ounces and M&I Gold Resources of 19.2 million ounces

Dec 05, 2022

VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2022.

The Company’s total MRMR is adjusted for the planned divestment of its non-core Romanian asset (Certej), which is consistent with the Company’s strategy of focusing on core jurisdictions in its portfolio.

Mineral Reserves Update

Net of divestitures, the Company’s Proven and Probable gold Reserves (“2P Reserves”), totalled 12.3 million ounces as of September 30, 2022(1), a decrease of approximately 4% from the previous MRMR statement as of September 30, 2021. Excluding depletion, the 2P Reserves year over year remained relatively flat. The complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.
() See “Mineral Reserve Notes” below.

  Total 2P Reserves
(Gold Ounces x 1,000)
Proven and Probable in-situ gold ounces as of September 30, 2021 15,264
Depletion(1) -597
Adjustments for metal prices, cut-off value and mine plan optimization 46
Net Proven and probable in-situ gold ounces as of September 30, 2022 14,714
Certej Divestment(2) -2,402
Proven and probable in-situ gold ounces as of September 30, 2022 12,312

 

NOTE: Numbers may not down-add due to rounding.
(1) Depletion declared here are in-situ ounces. Depletion includes Q4 2021 and Q1-Q3 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is expected to close in Q1 2023.


Net of divestitures, and excluding depletion, the small change in Proven and Probable Reserves is attributable to conversion of Resources to Reserves in the Kokarpinar zone at Efemcukuru and infill drilling in the Upper Triangle zone at Lamaque. These gains were mostly offset by adjustments for cut-off value, metal prices and mine plan optimization at Olympias.

The following table summarizes the year-over-year changes to the Company’s gold Reserves:

Proven and Probable Reserves
  2021 2022 Change ( 1)
Change excluding depletion
  Contained Au Oz (x1,000)
Efemcukuru 620 542 -13 % 4 %
Kisladag 4,282 4,069 -5 % 0 %
Lamaque 1,091 985 -10 % 7 %
Olympias 1,990 1,836 -8 % -3 %
Perama Hill 1,250 1,250 -   -  
Skouries 3,630 3,630 -   -  
Certej 2,402 0 -100 % -  
Total 15,264 12,312 -19 % -15 %
Less divestitures:(2)        
Certej 2,402 -    
Gross Total 12,862 12,312 -4 % <1%

 

NOTE: Numbers may not down-add due to rounding.
(1) The Company reports on MRMR as of September 30, 2022. As such the change year over year, is from September 30, 2021 to September 30, 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is expected to close in Q1 2023.


Mineral Resources
Update

Eldorado’s Measured and Indicated (“M+I”) Resources totalled 19.2 million ounces, net of divestitures(1), as of September 30, 2022. This is a 2% decrease from the previous MRMR statement on September 30, 2021, attributable to decreases at Kisladag, Lamaque and Olympias. Eldorado’s Inferred Resources totalled 7.7 million ounces as of September 30, 2022, a 3% increase from the previous MRMR statement on September 30, 2021, net of divestitures.
(1)The Company elected to allow the Bolcana exploration license to expire in 2021, and as such the applicable Mineral Resources have been removed from the Company’s Mineral Resources statement.

  • Efemcukuru: The decrease in Inferred Resources is attributable to the upgrade to M+I Resources at Bati and Kokarpinar, through resource conversion drilling, which demonstrates increasing geological confidence in the ore bodies, and removing isolated areas of M+I Resources that are not expected to enter the future mine plan.
  • Lamaque: The Inferred Resource increased substantially due to geological model updates. The M+I decrease is attributable to depletion, partially offset by upgrades of Inferred Resources.
  • Ormaque: The Inferred Resource increased to reflect the new Technical Study released in February 2022. As previously announced in the October 2022 exploration update, the resource conversion drilling program at Ormaque commenced in June 2022 and will continue through 2023, targeting the upper two-thirds of the deposit. Results from this resource conversion drilling program, up to mid-2023, are expected to be reflected in the Company’s 2023 MRMR statement.

The following table summarizes the year-over-year changes to the Company’s gold Resources:

Total Measured and Indicated Resources  

 

 

Inferred Resources
 

 

 

2021 2022 Change ( 1)
2021 2022 Change ( 1)
Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Efemcukuru 1,066 1,069 <1% 629 431 -31 %
Kisladag 6,822 6,603 -3 % 107 107 0 %
Lamaque 1,937 1,806 -7 % 1,962 2,354 20 %
Ormaque 0 0 -   803 839 4 %
Olympias 3,409 3,329 -2 % 566 560 -1 %
Perama Hill 1,374 1,374 -   59 59 -  
Perama South 0 0 -   728 728 -  
Piavitsa 0 0 -   1,025 1,025 -  
Sapes 0 0 -   820 820 -  
Skouries 5,030 5,030 -   814 814 -  
Certej 3,829 0 -100 % 23 0 -100 %
Bolcana 0 0 -   6,492 0 -100 %
Total 23,467 19,210 -18 % 14,028 7,737 -45 %
Less divestitures:(2)              
Certej 3,829       23    
Bolcana -       6,492    
Gross Total 19,683 19,210 -2 %   7,513 7,737 3 %

 

NOTE: Numbers may not down-add due to rounding.
(1) The Company Reports on MRMR as of September 30, as such the change year over year, is from September 30, 2021 to September 30, 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is expected to close in Q1 2023. The Company also elected to allow the Bolcana exploration license to expire in 2021, and as such the applicable Mineral Resources have been removed from the Company’s Mineral Resources statement.


About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. 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

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
lisa.wilkinson@eldoradogold.com

Media

Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.353.8166
louise.mcmahon@eldoradogold.com


Eldorado Gold Mineral Reserves, as of September 30, 2022

Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Efemcukuru 1,567 5.59 282 1,617 5.01 260 3,184 5.30 542
Kisladag 173,443 0.69 3,856 12,563 0.53 213 186,006 0.68 4,069
Lamaque 877 6.82 192 3,753 6.57 793 4,630 6.62 985
Olympias 1,583 9.31 474 6,660 6.36 1,362 8,243 6.93 1,836
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 253,660 0.89 7,257 108,017 1.46 5,055 361,677 1.06 12,312
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Olympias 1,583 136 6,937 6,660 132 28,157 8,243 132 35,094
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
TOTAL SILVER 4,671 49 7,340 16,070 59 30,434 20,741 57 37,774
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
TOTAL COPPER 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,583 4.4 70 6,660 4.5 300 8,243 4.5 369
TOTAL LEAD 1,583 4.4 70 6,660 4.5 300 8,243 4.5 369
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,583 5.0 79 6,660 5.4 360 8,243 5.3 439
TOTAL ZINC 1,583 5.0 79 6,660 5.4 360 8,243 5.3 439
                   

 

Eldorado Gold Mineral Reserves, as of September 30, 2021

Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,732 6.03 336 1,645 5.37 284 3,377 5.71 620
Kisladag 183,092 0.69 4,061 12,819 0.54 221 195,911 0.68 4,282
Lamaque 502 8.02 129 4,154 7.20 962 4,656 7.29 1,091
Olympias 1,205 10.87 421 8,132 6.00 1,569 9,337 6.63 1,990
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 285,508 0.96 8,814 131,674 1.52 6,450 417,182 1.14 15,264
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,205 155 6,006 8,132 116 30,422 9,337 121 36,428
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 0 0 0 0 0 0
TOTAL SILVER 27,081 15 13,413 39,042 33 41,250 66,123 26 54,663
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
TOTAL COPPER 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL LEAD 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL ZINC 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
                   

 

Eldorado Gold Mineral Resources, as of September 30, 2022

Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Efemcukuru 1,857 7.37 440 2,842 6.88 629 4,699 7.07 1,069 2,677 5.01 431
Kisladag 300,070 0.61 5,895 44,408 0.50 708 344,478 0.60 6,603 7,529 0.44 107
Lamaque 1,125 9.14 331 5,978 7.68 1,475 7,103 7.91 1,806 10,003 7.32 2,354
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,223 11.74 839
Olympias 2,618 10.49 883 10,319 7.37 2,446 12,937 8.00 3,329 2,186 7.97 560
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,136 1.63 59
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814
TOTAL GOLD 399,477 0.81 10,439 223,779 1.22 8,771 623,256 0.96 19,210 118,328 2.03 7,738
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Olympias 2,618 148 12,440 10,319 148 49,212 12,937 148 61,651 2,186 190 13,368
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,136 2 83
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389
Stratoni 0 0 0 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866
TOTAL SILVER 5,711 70 12,855 22,643 80 58,438 28,354 78 71,292 11,635 90 33,706
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,618 4.8 125 10,319 5.0 520 12,937 5.0 645 2,186 6.5 142
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106
TOTAL LEAD 2,618 4.80 125 11,670 5.2 602 14,288 5.1 727 3,886 6.4 248
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,618 5.7 150 10,319 6.6 682 12,937 6.4 831 2,186 7.3 158
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158
TOTAL ZINC 2,618 5.7 150 11,670 6.8 799 14,288 6.6 948 3,886 8.1 316
                         

Eldorado Gold Mineral Resources, as of September 30, 2021

Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23
Efemcukuru 2,437 7.38 578 2,178 6.96 488 4,615 7.18 1,066 3,300 5.93 629
Kisladag 311,255 0.61 6,111 44,581 0.50 712 355,836 0.60 6,822 7,529 0.44 107
Lamaque 876 9.49 267 6,246 8.32 1,670 7,122 8.46 1,937 8,880 6.87 1,962
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,620 9.53 803
Olympias 2,343 10.66 803 10,905 7.43 2,606 13,248 8.00 3,409 2,092 8.41 566
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,136 1.63 59
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814
TOTAL GOLD 440,017 0.87 12,276 282,796 1.23 11,191 722,814 1.01 23,467 499,973 0.87 14,028
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110
Olympias 2,343 149 11,203 10,905 142 49,841 13,248 143 61,043 2,092 179 12,070
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,136 2 83
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389
Stratoni 0 0 0 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866
TOTAL SILVER 34,736 18 19,729 81,882 29 77,170 116,618 26 96,898 12,383 82 32,518
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,343 4.8 113 10,905 4.8 527 13,248 4.8 640 2,092 5.9 124
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106
TOTAL LEAD 2,343 4.81 113 12,256 5.0 609 14,599 4.9 722 3,792 6.1 230
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,343 5.7 134 10,905 6.4 701 13,248 6.3 835 2,092 7.1 149
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158
TOTAL ZINC 2,343 5.7 134 12,256 6.7 818 14,599 6.5 952 3,792 8.1 307
                         

 

Notes on Mineral Resources and Reserves

  1. Mineral Resources and Mineral Reserves are as of September 30, 2022
  2. The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
  3. Mineral Reserves are included in the Mineral Resources.
  4. The Mineral Resources and Mineral Reserves are disclosed on a total project basis.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “inferred mineral resources”, 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 an “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
There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms mineral resource, measured mineral resource, indicated mineral resource and inferred mineral resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.
These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this news release with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.

Mineral Reserve Notes

Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. All Mineral Reserves are determined using a long-term gold price ($1,300/oz). A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.

  1. Long-Term Metal Price Assumptions

  • Gold price: $1,300/oz
  • Silver price: $17.00/oz
  • Copper price: $2.75/lb
  • Lead price: $2,000/t
  • Zinc price: $2,400/t

  2. Cut-off Grades

Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $104.00/t NSR (long hole stoping), $108.00/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.69 g/t Au; Olympias: $195.00/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).

  3. Qualified Persons

The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this release:

Asset Mining Type(s) Qualified Person Company
Efemcukuru Underground Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations Eldorado Gold
Kisladag Open Pit Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations Eldorado Gold
Lamaque Underground Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque Eldorado Gold
Olympias Underground Victor Vdovin, P.Eng., Head of Mining Greece Eldorado Gold
Skouries Open Pit Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations Eldorado Gold
Skouries Underground Gary Methven, P.Eng., Underground Manager / Principal Mining Engineer AMC Mining Consultants
Perama Hill Open Pit Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations Eldorado Gold
Certej Open Pit Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations Eldorado Gold


Mineral Resource Notes

Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Open Pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado’s Mineral Resources are inclusive of Reserves.

  1. Long-Term Metal Price Assumptions:

  • Gold price: $1,800/oz
  • Silver price: $24/oz
  • Copper price: $3.25/lb
  • Lead price: $2,200/t
  • Zinc price: $2,600/t

  2. Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction:

The Mineral Resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground resources have the open pit Resources constrained by either the permit (Skouries), and pit shell, or by an open pit/underground economic crossover surface (Bolcana), and underground Resources constrained by a reporting shape.

  3. Cut-off Grades

Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.

  4. Qualified Persons

The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this release:

Asset Mining Type(s) Qualified Person Company
Efemcukuru Underground Ertan Uludag, P.Geo., Manager, Resource Geology Eldorado Gold
Kisladag Open Pit Ertan Uludag, P.Geo., Manager, Resource Geology Eldorado Gold
Lamaque Underground Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque Eldorado Gold
Ormaque Underground Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque Eldorado Gold
Olympias Underground Ertan Uludag, P.Geo., Manager, Resource Geology Eldorado Gold
Skouries Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Skouries Underground Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Perama Hill Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Perama South Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Piavitsa Underground Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Sapes Underground and Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold
Stratoni Underground Ertan Uludag, P.Geo., Manager, Resource Geology Eldorado Gold
Certej Open Pit Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation Eldorado Gold


Note Regarding Mineral Reserve and Mineral Resources:

All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and NI 43-101. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are done consistent with industry standards while independent certified assay labs are used. Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31, 2021 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedar.com and www.sec.gov:

  • Technical report entitled "Technical Report, Kisladag Gold Mine, Turkiye” with an effective date of January 17, 2020.
  • Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkiye” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 22, 2022.
  • Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” with an effective date of December 31, 2021.

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 “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “foresee”, “future”, “goal”, “guidance”, “intends”, “opportunity”, “outlook”, “plans”, “potential”, “strive”, “target” or “underway” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” 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 mineral reserves and mineral resources; the sale of the Certej project; our expectation as to our future financial and operating performance, including future cash flow, estimated cash costs, expected metallurgical recoveries and gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules. 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: ability to obtain all required approvals and permits; changes in input costs, exchange rates, development and gold; the geopolitical, economic, permitting and legal climate that we operate in; our preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; tax expenses in Turkiye; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing, cost and results of our construction and exploration; 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 values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In addition, 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: inability to meet production guidance; inability to achieve the expected benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; inability to assess income tax expenses in Turkiye; risks relating to the ongoing COVID-19 pandemic and any future pandemic, epidemic, endemic or similar public health threats; risks relating to our operations being located in foreign jurisdictions; community relations and social license; climate change; liquidity and financing risks; development risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings; environmental matters; waste disposal; the global economic environment; government regulation; reliance on a limited number of smelters and off-takers; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; non-governmental organizations; corruption, bribery and sanctions; litigation and contracts; information technology systems; estimation of mineral reserves and mineral resources; production and processing estimates; credit risk; actions of activist shareholders; price volatility, volume fluctuations and dilution risk in respect of our shares; reliance on infrastructure, commodities and consumables; currency risk; inflation risk; interest rate risk; tax matters; dividends; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; labour, including relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors; reclamation and long-term obligations; regulated substances; necessary equipment; co-ownership of our properties; acquisitions, including integration risks, and dispositions; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition, as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in our 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 & Form 40-F 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 our 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 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 United States.

Qualified Person

Except as otherwise noted, Simon Hille, FAusIMM, Senior Vice President, Technical Services, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and verifying the technical data disclosed in this document relating to our operating mines and development projects. Jessy Thelland, géo (OGQ No. 758)., Director Technical Services Lamaque, a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this press release for the Quebec projects.


Primary Logo

Source: Eldorado Gold Corporation
Powered by Translations.com GlobalLink OneLink Software