Eldorado Gold Announces First Quarter 2020 Preliminary Production Results and Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO April 9, 2020
Eldorado Gold Announces First Quarter 2020 Preliminary Production Results
and Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce the
Company’s first quarter 2020 preliminary production results.
Preliminary production for Q1 2020 was 115,949 ounces of gold. Further detail on asset level production is
shown in Table 1 below.
Gold leached into solution at Kisladag during the quarter was consistent with expectations and gold
production was higher than the comparative period in 2019 as a result of the recommencement of operations
(mining, crushing and stacking of ore) on April 1, 2019. Gold production for Q1 2020 was lower than planned
as elevated rainfall in the quarter led to increased solution volumes. The gold contained in excess solution
will be recovered over the spring and summer months.
Production at Olympias continued to show improvement quarter-over-quarter with gold produced in Q1 2020
the highest in six quart ers. The Company continues to see positive results from increased underground
development, improvements in the paste backfill system and increased equipment availability.
Production at Efemcukuru for Q1 2020 was consistent with expectations , but lower than Q1 2019 due to
lower grades mined during the quarter.
Operations at Lamaque were temporarily moved to care and maintenance on March 23 rd, 2020 to comply
with the Quebec provincial government-mandated restrictions with respect to COVID-19. This had a modest
impact on production during Q1 2020.
Table 1: Q1 2020 Preliminary Production
Production (oz) Q1 2020 Q1 2019 %Change
Kisladag 50,176 27,247 84%
Efemcukuru 23,239 26,124 -11%
Olympias 15,181 9,928 53%
Lamaque 27,353 19,678a 39%
Total 115,949 82,977 40%
a Includes pre-commercial production.
Q1 2020 Financial and Operational Results Call Details
Eldorado Gold will release its Q1 2020 Financial and Operational Results after market closes on Thursday,
April 30, 2020 and will host a conference call on Friday, May 1, 2020 at 11:30am ET (8:30am PT). The call
will be webcast and can be accessed at Eldor ado Gold’s website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20200501.html
Conference Call Details Replay (available until June 5, 2020)
Date: May 1, 2020 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: 4286
Toll free: 1 800 319 4610
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About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey,
Canada, Greece, Romania, 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).
Cautionary Note about Forward-looking Statements and Information
Certain of the state ments 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 neg atives 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 recoveries of gold; our expectation as to our future financial and operating performance,; and our strategy,
plans and goals.
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 how the world-wide economic and
social impact of COVID-19 is managed and the duration and extent of the COVID 19 pandemic, the tonnage of ore to be mined and processed; ore grades
and recoveries; mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in;
the future price of gold and other commodities; exchange rates; anticipated costs and expenses; and actual production. 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 info rmation 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, uncert ainties 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: the duration and effects of COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and
society; geopolitical and economic climate (global and local), mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and
other metals; results of test work; revised guidance; mining operational and development risk; discrepancies between actual a nd estimated production,
mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; speculative nature of gold
exploration; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk f actors 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 Fo rm 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 affec t 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 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.
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.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Pa ul Skayman, FAusIMM,
Special Advisor to the Chief Operating Officer for the Company, and a "qualified person" under NI 43-101.
Contact
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166
Media
Louise Burgess, Director Communications and Government Relations
604.601.6679 or 1.888.363.8166