Eldorado Gold Provides an Update on Kisladag Operations
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NEWS RELEASE
TSX: ELD NYSE: EGO June 27, 2017
Eldorado Gold Provides an Update on Kisladag Operations
VANCOUVER - BC – Eldorado Gold (“Eldorado” or the “Company”) today provides an update on its 100%
owned Kisladag gold mine in Turkey. Kisladag is a low -grade, bulk-tonnage, open pit operation that uses
heap leach for gold recovery. Kisladag has been in operation since 2006 and is Turkey’s largest gold mine.
Placement of estimated recoverable gold on the leach pad is proceeding as planned, however, gold solution
grade and consequently gold recovery from the leach pad has recently lagged internal expectations. Recent
laboratory and in situ tests where solution chemistry has been adjusted have indicated normal recovery
rates are still expected. However, more time is now required to adjust the overall pad solution chemistry
and allow solution to flow through the current stack height of the leach pad, wh ich is at approximately 80
metres at the highest point.
Kisladag is now expected to produce approximately 38,400 ounces of gold in the second quarter of 2017 and
approximately 90,000 ounces of gold for the first half of 2017. As such, Kisladag will not meet the Company’s
original 2017 guidance of 230,000 to 245,000 ounces.
The Company now expects 2017 gold production of 180,000 to 210,000 ounces from Kisladag with cash costs
in the new guidance range of $450 to 500 per ounce. The ounces that are not produced in 2017 are expected
to be produced in the first half of 2018.
The Company expects 2018 full year gold production of approximately 320,000 to 335,000 ounces at cash
costs of $425 to 475 per ounce, compared to previous guidance of 285,000 ounces.
Eldorado’s President and CEO, George Burns, commented, “While Kisladag’s decrease in production for the
year is disappointing, our team has implemented a strategy to return our cornerstone asset to normalized
production levels. We felt it prudent to inform the market of this information regarding Kisladag in view of
our current agreement with Integra Gold Corporation . Under the agreement, the Company shall issue
common shares as part consideration of the acquisition of all of the issued shares of Integra, that Eldorado
does not already own, pursuant to a plan of arrangement, which is subject to Integra shareholder approval.”
About Eldorado Gold
Eldorado is a leading intermediate gold producer with mining, development and exploration operations in
Turkey, Greece, Romania, Serbia and Brazil. The Company’s success to date is based on a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio of high -quality assets, and long -term
partnerships with the communit ies where it operates. Eldorado’s common shares trade on the Toronto
Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
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, but not al ways, forward-looking
statements and forward-looking information can be identified by the use of wo rds such as "plans", "expects", "is expected", "budget", "continue"",
"projected", "scheduled", "estimates", "forecasts", "projected", "intends", "anticipates", or "believes" or the negatives the reof or variations of such
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words and phrases or statements t hat certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Such forward-looking statements or information include, but are not limited to, statements or information with respect to the Update on Kisladag
Operations.
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 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;
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.
Even though our management believes that the assumptions made and the expectations represented by such statements or informa tion 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, uncertaintie s 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: geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other metal
price volatility; mining operational and development risk; foreign country operational risks; risks of sovereign investment ; regulatory environment
and restrictions, including environmental regulatory restrictions and liability; discrepancies between actual and estimated p roduction, mineral
reserves and resources and metallurgical recoveries; risks related to impact of the sale of our Chinese assets on the Company’s operations; the ability
to acquire the shares that it does not already own in Integra Gold Corporation; additional funding requirements; currency fluctuations; litigation risks;
community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; competition; loss of
key employees; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled “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 name, for a fuller understanding
of the risks and uncertainties that affect the Company’s business and operations.
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 fi led with the securities
regulatory authorities in Canada and the U.S.
Contacts
Investor Relations
Krista Muhr, Vice President Investor Relations & Corporate Communications
604.601.6701 or 1.888.363.8166 [email protected]
Media
Louise Burgess, Director Communications & Government Relations
604.601.6679 or 1.888.363.8166 [email protected]