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

2022年12月06日06:00

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, 202115,264
Depletion(1)-597
Adjustments for metal prices, cut-off value and mine plan optimization46
Net Proven and probable in-situ gold ounces as of September 30, 202214,714
Certej Divestment(2)-2,402
Proven and probable in-situ gold ounces as of September 30, 202212,312

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
20212022Change(1)

Change excluding depletion
Contained Au Oz (x1,000)
Efemcukuru620542-13%4%
Kisladag4,2824,069-5%0%
Lamaque1,091985-10%7%
Olympias1,9901,836-8%-3%
Perama Hill1,2501,250- -
Skouries3,6303,630- -
Certej2,4020-100%-
Total15,26412,312-19%-15%
Less divestitures:(2)
Certej2,402-
Gross Total12,86212,312-4%<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 ResourcesUpdate

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

20212022Change(1)

20212022Change(1)
Contained Au

ounces (x1000)

Contained Au

ounces (x1000)

Efemcukuru1,0661,069<1%629431-31%
Kisladag6,8226,603-3%1071070%
Lamaque1,9371,806-7%1,9622,35420%
Ormaque00- 8038394%
Olympias3,4093,329-2%566560-1%
Perama Hill1,3741,374- 5959-
Perama South00- 728728-
Piavitsa00- 1,0251,025-
Sapes00- 820820-
Skouries5,0305,030- 814814-
Certej3,8290-100%230-100%
Bolcana00- 6,4920-100%
Total23,46719,210-18%14,0287,737-45%
Less divestitures:(2)
Certej3,829 23
Bolcana- 6,492
Gross Total19,68319,210-2% 7,5137,7373%

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

ProjectProven Mineral ReservesProbable Mineral ReservesTotal Proven and Probable
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Efemcukuru1,5675.592821,6175.012603,1845.30542
Kisladag173,4430.693,85612,5630.53213186,0060.684,069
Lamaque8776.821923,7536.577934,6306.62985
Olympias1,5839.314746,6606.361,3628,2436.931,836
Perama Hill3,0884.034009,4102.8185012,4983.111,250
Skouries73,1010.872,05374,0150.661,576147,1160.773,630
TOTAL GOLD253,6600.897,257108,0171.465,055361,6771.0612,312
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Olympias1,5831366,9376,66013228,1578,24313235,094
Perama Hill3,08844039,41082,27712,49872,680
TOTAL SILVER4,671497,34016,0705930,43420,7415737,774
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Skouries73,1010.5238174,0150.48359147,1160.50740
TOTAL COPPER73,1010.5238174,0150.48359147,1160.50740
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,5834.4706,6604.53008,2434.5369
TOTAL LEAD1,5834.4706,6604.53008,2434.5369
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,5835.0796,6605.43608,2435.3439
TOTAL ZINC1,5835.0796,6605.43608,2435.3439

Eldorado Gold Mineral Reserves, as of September 30, 2021

ProjectProven Mineral ReservesProbable Mineral ReservesTotal Proven and Probable
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,7881.931,41421,5001.4398844,2881.692,402
Efemcukuru1,7326.033361,6455.372843,3775.71620
Kisladag183,0920.694,06112,8190.54221195,9110.684,282
Lamaque5028.021294,1547.209624,6567.291,091
Olympias1,20510.874218,1326.001,5699,3376.631,990
Perama Hill3,0884.034009,4102.8185012,4983.111,250
Skouries73,1010.872,05374,0150.661,576147,1160.773,630
TOTAL GOLD285,5080.968,814131,6741.526,450417,1821.1415,264
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,788107,00421,500128,55144,2881115,555
Olympias1,2051556,0068,13211630,4229,33712136,428
Perama Hill3,08844039,41082,27712,49872,680
Stratoni000000000
TOTAL SILVER27,0811513,41339,0423341,25066,1232654,663
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Skouries73,1010.5238174,0150.48359147,1160.50740
TOTAL COPPER73,1010.5238174,0150.48359147,1160.50740
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,2054.9598,1324.03239,3374.1382
Stratoni00.0000.0000.00
TOTAL LEAD1,2054.9598,1324.03239,3374.1382
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,2055.6688,1325.04109,3375.1477
Stratoni00.0000.0000.00
TOTAL ZINC1,2055.6688,1325.04109,3375.1477

Eldorado Gold Mineral Resources, as of September 30, 2022

ProjectMeasured ResourcesIndicated ResourcesTotal Measured and IndicatedInferred Resources
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Efemcukuru1,8577.374402,8426.886294,6997.071,0692,6775.01431
Kisladag300,0700.615,89544,4080.50708344,4780.606,6037,5290.44107
Lamaque1,1259.143315,9787.681,4757,1037.911,80610,0037.322,354
Ormaque00.000.000.000.000.000.000.000.002,22311.74839
Olympias2,61810.4988310,3197.372,44612,9378.003,3292,1867.97560
Perama Hill3,0934.1541210,9732.7396214,0663.041,3741,1361.6359
Perama South00.00000.00000.00014,8701.52728
Piavitsa00.00000.00000.0006,6134.821,025
Sapes00.00000.00000.0003,4347.43820
Skouries90,7140.852,479149,2600.532,551239,9740.655,03067,6570.37814
TOTAL GOLD399,4770.8110,439223,7791.228,771623,2560.9619,210118,3282.037,738
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Olympias2,61814812,44010,31914849,21212,93714861,6512,18619013,368
Perama Hill3,093441510,97372,57914,06672,9941,136283
Piavitsa0000000006,6135411,389
Stratoni0001,3511536,6471,3511536,6471,7001628,866
TOTAL SILVER5,7117012,85522,6438058,43828,3547871,29211,6359033,706
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Skouries90,7140.51466149,2600.44652239,9740.471,11867,6570.40267
TOTAL COPPER90,7140.51466149,2600.44652239,9740.471,11867,6570.40267
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias2,6184.812510,3195.052012,9375.06452,1866.5142
Stratoni00.001,3516.1821,3516.1821,7006.2106
TOTAL LEAD2,6184.8012511,6705.260214,2885.17273,8866.4248
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias2,6185.715010,3196.668212,9376.48312,1867.3158
Stratoni00.001,3518.71171,3518.71171,7009.3158
TOTAL ZINC2,6185.715011,6706.879914,2886.69483,8868.1316

Eldorado Gold Mineral Resources, as of September 30, 2021

ProjectMeasured ResourcesIndicated ResourcesTotal Measured and IndicatedInferred Resources
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Bolcana00.00000.00000.000381,0000.536,492
Certej29,3001.731,62658,6531.172,20387,9531.353,8298420.8623
Efemcukuru2,4377.385782,1786.964884,6157.181,0663,3005.93629
Kisladag311,2550.616,11144,5810.50712355,8360.606,8227,5290.44107
Lamaque8769.492676,2468.321,6707,1228.461,9378,8806.871,962
Ormaque00.000.000.000.000.000.000.000.002,6209.53803
Olympias2,34310.6680310,9057.432,60613,2488.003,4092,0928.41566
Perama Hill3,0934.1541210,9732.7396214,0663.041,3741,1361.6359
Perama South00.00000.00000.00014,8701.52728
Piavitsa00.00000.00000.0006,6134.821,025
Sapes00.00000.00000.0003,4347.43820
Skouries90,7140.852,479149,2600.532,551239,9740.655,03067,6570.37814
TOTAL GOLD440,0170.8712,276282,7961.2311,191722,8141.0123,467499,9730.8714,028
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej29,30098,11158,6531018,10387,953926,2148424110
Olympias2,34314911,20310,90514249,84113,24814361,0432,09217912,070
Perama Hill3,093441510,97372,57914,06672,9941,136283
Piavitsa0000000006,6135411,389
Stratoni0001,3511536,6471,3511536,6471,7001628,866
TOTAL SILVER34,7361819,72981,8822977,170116,6182696,89812,3838232,518
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Bolcana00.00000.00000.000381,0000.18686
Skouries90,7140.51466149,2600.44652239,9740.471,11867,6570.40267
TOTAL COPPER90,7140.51466149,2600.44652239,9740.471,118448,6570.21953
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias2,3434.811310,9054.852713,2484.86402,0925.9124
Stratoni00.001,3516.1821,3516.1821,7006.2106
TOTAL LEAD2,3434.8111312,2565.060914,5994.97223,7926.1230
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias2,3435.713410,9056.470113,2486.38352,0927.1149
Stratoni00.001,3518.71171,3518.71171,7009.3158
TOTAL ZINC2,3435.713412,2566.781814,5996.59523,7928.1307

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:

AssetMining Type(s)Qualified PersonCompany
EfemcukuruUndergroundTerry Cadrin, P.Eng., Director, Business Planning and LOM EvaluationsEldorado Gold
KisladagOpen PitTerry Cadrin, P.Eng., Director, Business Planning and LOM EvaluationsEldorado Gold
LamaqueUndergroundJessy Thelland, géo (OGQ No. 758)., Technical Services Director LamaqueEldorado Gold
OlympiasUndergroundVictor Vdovin, P.Eng., Head of Mining GreeceEldorado Gold
SkouriesOpen PitTerry Cadrin, P.Eng., Director, Business Planning and LOM EvaluationsEldorado Gold
SkouriesUndergroundGary Methven, P.Eng., Underground Manager / Principal Mining EngineerAMC Mining Consultants
Perama HillOpen PitTerry Cadrin, P.Eng., Director, Business Planning and LOM EvaluationsEldorado Gold
CertejOpen PitTerry Cadrin, P.Eng., Director, Business Planning and LOM EvaluationsEldorado 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:

AssetMining Type(s)Qualified PersonCompany
EfemcukuruUndergroundErtan Uludag, P.Geo., Manager, Resource GeologyEldorado Gold
KisladagOpen PitErtan Uludag, P.Geo., Manager, Resource GeologyEldorado Gold
LamaqueUndergroundJessy Thelland, géo (OGQ No. 758)., Technical Services Director LamaqueEldorado Gold
OrmaqueUndergroundJessy Thelland, géo (OGQ No. 758)., Technical Services Director LamaqueEldorado Gold
OlympiasUndergroundErtan Uludag, P.Geo., Manager, Resource GeologyEldorado Gold
SkouriesOpen PitSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
SkouriesUndergroundSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
Perama HillOpen PitSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
Perama SouthOpen PitSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
PiavitsaUndergroundSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
SapesUnderground and Open PitSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado Gold
StratoniUndergroundErtan Uludag, P.Geo., Manager, Resource GeologyEldorado Gold
CertejOpen PitSean McKinley, P.Geo., Manager, Mine Geology & ReconciliationEldorado 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.

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