Eldorado Gold Announces Stronger Second Quarter 2020 Preliminary Production Results and Conference Call Details
1
NEWS RELEASE
TSX: ELD NYSE: EGO July 9, 2020
Eldorado Gold Announces Stronger Second 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 Q2 2020 preliminary production of 137,782 ounces of gold , a 50% increase over Q2 2019 .
Further detail on asset level production is shown in Table 1 below.
Gold production at Kisladag increased by 130% over Q2 2019, and 19% over Q1 2020. Increased production
in Q2 2020 was due to higher grade and tonnes of stacked ore and increased solution grades due to drier
weather in June. Gold bearing solution levels remain high and are expected to decrease over the summer
months, which will allow for processing of the gold currently in solution.
Production at Olympias increased by 159% over Q2 2019 and 18% over Q1 2020. This reflect s the work
completed at Olympias over the past year to increase underground development and backfilling , which has
resulted in increased tonnes processed.
Production at Efemcukuru for Q2 2020 was slightly higher than Q1 2020 due to higher grades processed
during the quarter.
Operations at Lamaque resumed on April 15, 2020 following a three-week mandated shutdown by the
government of Quebec to address the COVID-19 pandemic. Production was higher in Q2 2020 compared to
Q1 2020 due to higher grades and an increase in tonnes mined per day enabled by the recently received
Certificate of Authorization from the Quebec Ministry of Environment.
Table 1: Q2 and Year to Date 2020 Preliminary Production
Production (oz) Q1 2020 Q2 2020 Q2 2019 Q2 %Change
Kisladag 50,176 59,890 26,072 130%
Efemcukuru 23,239 26,876 25,667 5%
Olympias 15,182 17,921 6,924 159%
Lamaque 27,353 33,095 33,140 0%
Total 115,950 137,782 91,803 50%
Production (oz) YTD 2020 YTD 2019 YTD %Change
Kisladag 110,066 53,319 106%
Efemcukuru 50,115 51,791 -3%
Olympias 33,103 16,852 96%
Lamaque 60,448 52,818 14%
Total 253,732 174,780 45%
Q2 2020 Financial and Operational Results Call Details
Eldorado Gold will release its Q 2 2020 Financial and Operational Results after market closes on Thursday,
July 30, 2020 and will host a conference call on Friday, July 31, 2020 at 11:30am ET (8:30am PT). The call
will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20200731.html
2
Conference Call Details Replay (available until September 4, 2020)
Date: July 31, 2020 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: 4874
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).
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 Liti gation 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 negatives thereof or variations of such words and ph rases 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 expectati on 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 fa ctors which may cause the actual results, performance or achievements of the Company to be materially different from any futu re 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 believ es 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 pred ict 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 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; recove ries of gold and
other metals; results of test work; revised guidance; mining operational and development risk; discrepancies betwe en actual and 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 t itle 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 filed on SEDAR under our Company n ame, 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.
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 Paul Skayman, FAusIMM,
Special Advisor to the Chief Operating Officer for the Company, and a "qualified person" under NI 43-101.
Contact
Investor Relations
3
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