Eldorado Gold Announces First Quarter 2021 Preliminary Production Results and Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO April 12, 2021
Eldorado Gold Announces First Quarter 2021 Preliminary Production
Results and Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to
announce first quarter 2021 preliminary gold production of 111,742 ounces, in -line with the
Company’s 2021 annual guidance of between 430,000 and 460,000 ounces of gold. Individual
mine gold production is shown in the table below.
Q1 2021 Preliminary Gold Production
Gold Production (oz) Q1 2021 Full Year 2021 Guidance
Kisladag 46,172 140,000 - 150,000
Lamaque 28,835 140,000 - 150,000
Efemcukuru 23,298 90,000 - 95,000
Olympias 13,437 55,000 - 65,000
Total 111,742 430,000 - 460,000
Canada
First quarter 2021 gold production at Lamaque is on track, with both throughput and grade in-line
with the plan to deliver annual guidance. The decline connecting the Sigma mill with the Triangle
underground mine is progressing on schedule for yea r-end completion. In -fill and expansion
drilling continued at the recently announced Ormaque maiden gold resource. On April 7, 2021,
Eldorado announced the closing of the acquisition of QMX, which has increased the Company’s
overall land position around Lamaque by 550%.
Turkey
Strong first quarter production at Kisladag was consistent with 2021 guidance . The mine is
expected to benefit from higher solution processing rates resulting from the successful installation
of two additional CIC trains in the first quarter. At Efemcukuru, gold production, throughput and
average gold grade were also in-line with guidance.
Greece
First quarter gold production at Olympias was consistent with the plan to deliver 2021 guidance.
The Company continues to target efficienc y and productivity improvements at Olympias to
enhance the mine’s long -term production and cost profile. On March 23, 2021 the amended
Investment Agreement (the “Agreement”) was published in the Greek Government Gazette,
officially becoming law of the Hell enic Republic. The Agreement underscores Eldorado’s
commitment to long -term responsible investment in Greece for the mutual benefit of all
stakeholders.
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Q1 2021 Financial and Operational Results Call Details
Eldorado will release its first quarter 2021 Financial and Operational Results after the market
closes on Thursday, April 29, 2021 and will host a conference call on Friday, April 30, 2021 at
11:30am ET (8:30am PT). The call will be webcast and can be acce ssed at Eldorado Gold’s
website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20210430.html
Conference Call Details Replay (available until June 4, 2021)
Date: April 30, 2021 Vancouver: +1 604 638 9010
Time: 11:30 am ET (8:30 am PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 6634
Toll free: 1 800 319 4610
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).
Contact
Investor Relations
Jeff Wilhoit, Interim Head of Investor Relations
604.376 1548 or 1.888.353.8166
Media
Louise Burgess, Director Communications & Government Relations
604.616 2296 or 1.888.363.8166
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. Of ten,
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 "believ es" 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: our preliminary first quarter 2021 gold production, the Company’s 2021 annual guidance, including at our individual mine
production; construction of the decline connecting Sigma mill with the Triangle underground mine, including the timing of completion;
any benefits from higher solution processing rates at Kisladag; any expected improvements at Olympias, including any expected
benefits to long -term production and cost profile; our expectation as to our future financial and operating performance, including
expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from
financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global
concentrate market; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration,
development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation
and arbitration proceedings. 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 impl ied
by such forward-looking statements or information.
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We have made certain assumptions about the forward -looking statements an d information, including assumptions about: our
preliminary gold production and our guidance, timing of construction of the decline between Sigma mill and the Triangle underground
mine; the benefits of high solution processing rates at Kisladag; benefits of improvements at Olympias; how the world-wide economic
and social impact of COVID-19 is managed and the duration and extent of the COVID -19 pandemic; timing and cost of construction
and exploration; the geopolitical, economic, permitting and legal climat e that we operate in; the future price of gold and other
commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements;
production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or
delays on our business; and the ability to achieve our goals. 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
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 pr ove
incorrect, actual res ults may vary materially from those described in forward -looking statements or information. These risks,
uncertainties and other factors include, among others: inability to meet production guidance, inability to complete construction of the
decline between Triangle mill and the Triangle underground mine on time, inability to achieve the expected benefits from high solution
processing rates at Kisladag or improvements at Olympias, global outbreaks of infectious diseases, including COVID-19; timing and
cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and
local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology system s risks;
continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration procee dings
relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve
and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operati onal
risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restri ctions and liability;
discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoverie s;
additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of
gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective
title to mineral claims or properties, 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 fil ed 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
the Company’s 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 pr ove 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 require d by law, we do not expect to update forward -looking
statements and information continually as conditions change.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon
Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under NI 43-101.