Eldorado Gold Provides Lamaque Exploration and Development Update
1
NEWS RELEASE
TSX: ELD NYSE: EGO June 20, 2018
Eldorado Gold Provides Lamaque Exploration and Development Update
VANCOUVER, BC - Eldorado Gold Corporation ("Eldorado" or the "Company") is pleased to provide an update
on its exploration programs and construction progress at the Lamaque project in Quebec. Mill refurbishment
and underground mine development are ahead of schedule and production from the refurbished mill
remains on track for 2019 . Exploration results include over 12,000 metres of resource expansion drilling
received since the 2017 year-end resource update.
Exploration Highlights
Drilling subsequent to year-end focused on the lower part of the Triangle deposit as well as targets along
strike and down dip from the Parallel deposit. Highlights include:
Delineation of new mineralized zones C8, C9, and C10 at Triangle, with intercepts as high as 2.8
metres at 125.45 g/t Au (C6 secondary splay) and 1.8 metres at 873.96 g/t Au (C8 secondary splay).
These new zones are not included in the 2017 resource estimate.
Intercepts of 3.4 metres at 7.47 g/t Au and 4.3 metres at 7.68 g/t Au at C7 at Triangle, representing
stepouts of 100 metres and 150 metres, respectively, from nearest previous intercepts.
A stepout intercept of 3.5 metres at 27.62 g/t Au at the Parallel deposit, 125 metres downdip from
nearest previous intercepts. Stepout drilling has linked the mineralized shear zones with historically
mined zones at nearby Lamaque and Plug 5 deposits.
“Results from this year’s exploration drilling continue to demonstrate the outstanding resource upside
potential of the Lamaque project,” said Peter Lewis, Eldorado’s Vice President, Exploration.
“Our new drilling at Triangle confirms that the shear -hosted vein systems and steeply plunging intrusions
that control mineralization in the upper deposit persist to at least 1 ,800 metres depth, with high grades
reported in several newly-identified shear zones and in related secondary shear zones and extension vein
systems. At the Parallel deposit, step-out drilling has linked the mineralized shear zones with historically
mined zones at the nearby Lamaque and Plug 5 deposits.
"We have approximately 10,000 additional metres of drilling planned for this year focused on resource
expansion in the lower Triangle deposit, and further testing and definition of new targets. An additional
10,000-12,000 metres of underground resource conversion drilling will target the 686,000 inferred ounces
defined in the C4 and C5 zones. Drilling access will also be available from the newly constructed and
dedicated drilling platforms on the 166 and 184 levels of the Triangle underground.” (See Figure 1).
Development Highlights
The Lamaque project remains on schedule to enter commercial production in early 2019. There are currently
over 250 workers on site with headcount expected to grow by 20% over the next six months. Progress to-
date underground includes:
Approximately 8,500 metres of total development, which is ahead of plan
Development rates averaging over 20 metres per day
Main ramp now at a depth of ~240 metres below surface
2
Ore processed through a nearby toll mill, with recovery and reconciliation consistent with our
internal life of mine model
Refurbishment work on the Sigma Mill continues to ramp up, including:
Replacement and refurbishment of the CIP tanks
Refurbishment of the main mill motors
Procurement of new electrical switchgear
Installation of the process control system has commenced in anticipation of a staged start up
The projected 2,200 tonnes per day capacity of the refurbished Sigma process plant provides excess milling
capacity over what is required for the initial production from the Triangle deposit. The focus is to increase
mill production from other sources within and nearby the project area. Mill capacity can be further increased
(up to 5,000 tonnes per day) through the installation of an additional grinding mill.
Figure 1: Lamaque Underground Development to date (June 20, 2018).
3
Recent Exploration Results
Lower Triangle Deposit
The 2017 resource for the Triangle deposit included 1.06 million ounces of gold in the Measured and
Indicated categories in the C1, C2, and upper part of the C4 mineralized zones, and 1.11 million ounces of
gold in the Inferred category mainly in the lower C4, C5, and C7 mineralized zones , based on a 2.5 g/t Au
cutoff grade. Drilling completed since the 2017 resource estimate has targeted the lower Triangle Deposit
below the C4 zone.
The drilling has defined new mineralized shear zones referred to as C8, C9, and C10 , as well as secondary
shears related to these zones and to the structurally higher C6 and C7 zones. To date, C7 and C10 are the
most strongly developed zones in terms of deformation intensity and displacement magnitude, and display
the best continuity of mineralization. Zones C6, C8 and C9, as well as secondary shear zones associated with
them, also contain high gold grades , with best intercepts concentrated peripheral to intersections of the
shear zones with dyke contacts (Figure 2).
Figure 2: Schematic north-south cross section through the Triangle deposit, showing the positions of the newly-defined lower
zones (C8, C9, C10) and locations of longitudinal section through the C10 zone (shown in Figure 3). Many of the highest grade
times thickness values from recent drilling occur in the south branch target area.
4
C7 Zone
Current Inferred Resources for the C7 Zone total 116,000 ounces at an average grade of 6.7 g/t, based on
drillholes that tested an area measuring approximately 400 metres by 400 metres. Recent stepout drilling
included intercepts of:
TM-18-321A: 3.4 metres at 7.47 g/t Au at a distance of over 150 metres outside of the Inferred
Resource
TM-15-038W02: 4.3 metres at 7.68 g/t Au
The limited drilling completed to date on C7 suggests that best grades and thicknesses are aligned in two
nearly orthogonal shoot orientations, similar to the pattern of grade distribution in the upper zones of the
Triangle deposit. These shoots are open in multiple directions, defining priority targets to further expand
resources.
C10 Zone
The newly-defined C10 zone forms a shear zone system consisting of multiple anastomosing splays within a
broader deformation zone up to 30 metres wide. It dips approximately 65°- 75° to the south, slightly steeper
than the upper shear zones of the Triangle Deposit. High gold grades have been identified within the C10
zone over an area measuring approximately 400 metres along strike by 200 metres vertically, and define a
mineralized trend that remains open downdip and along strike to the east (Figure 3 and Appendix 1).
Significant gold intercepts within C10 include:
TM-15-032W04: 2.7 metres at 16.17 g/t Au
TM-18-321AW01M01: 5.5 metres at 8.16 g/t Au
TM-15-008W01M01: 8.1 metres at 7.70 g/t Au
TM-15-032W03: 6.1 metres at 3.60 g/t Au
TM-15-006: 4.8 metres at 8.05 g/t Au
Figure 3: Longitudinal section of the C10 zone showing recent drillhole intercepts and interpreted grade times true thickness
contours.
5
Other Lower Zones at Triangle
New high-grade drillhole intercepts from the C6, C8, and C9 zones and their associated secondary splays are
mainly localized within an area near where these shear zones cut a southern branch of the Triangle intrusive
system (Figure 2). Together, these define a steeply-dipping zone prospective for high-grade mineralization
that is similar to overall controls in the upper Triangle deposit. Examples of significant intercepts from this
zone include:
TM-15-032-W03: 9.30 metres at 8.99 g/t Au (C6)
TM-15-038-W02: 2.8 metres at 125.45 g/t Au (C6 secondary splay)
TM-15-032-W03: 18.2 metres at 8.05 g/t Au (C8)
TM-15-006-W01M01: 4.5 meters at 29.28 g/t Au (C8 secondary splay)
TM-15-032-W04: 1.8 metres at 873.96 g/t Au (C8 secondary splay)
Parallel - Plug 5 Corridor
The Parallel Deposit contains Indicated Resources of 70,000 ounces at a grade of 9.92 g/t Au and additional
Inferred Resources of 57,000 ounces at a grade of 8.7 g/t Au. Approximately 80% of these resources occur
within a series of four stacked south-dipping shear veins, which together define a tabular mineralized zone
with a strike length of at least 300 metres and a dip extent of 250 metres. These shear zones project
westward along strike and are correlated with historically mined veins at the Lamaque mine. The 400 metre
gap between these deposits has only been sparsely drill -tested. To the east, the same shear vein system
correlates with mineralized shear zones in the upper part of the Plug 5 deposit. Together, these systems
define a south-dipping mineralized corridor that extends over at least two kilometres strike length but
remains open and mostly untested to the east (Figure 4).
Figure 4: Geological map of Lamaque-Parallel-Plug 5 area showing surface traces of drillholes completed in current program. For
clarity, historical drillholes are excluded. Mineralized corridor dips moderately to the south, such that both the Parallel Deposit
and intercept shown in drillhole PV-18-27 lie within it.
6
New drilling along this mineralized trend includes 11 drillholes targeting potential down -dip extensions to
the Parallel Deposit, and untested areas to the south of the Plug 5 deposit. Notable results include:
Intersections of 0.7 metres at 38.39 g/t Au and 0.8 metres at 86.5 g/t Au in drillhole PV-18-27, from
the down-dip continuation of the uppermost shear vein at the Parallel deposit. This intersection is
a 125 metre stepout from the nearest drillhole, and highlights the potential for additional high grade
resources at the Parallel deposit.
An intersection of 4.3 metres at 5.25 g/t Au in drillhole PV-18-029, located to the south of P lug 5
and 200 metres along strike to the east of the Parallel deposit. This intersection is hosted by a shear
zone that was mined historically updip in the Plug 5 deposit, and also correlates with a lower shear
zone defined at the Parallel deposit.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in
Turkey, Greece, Romania, Serbia, Canada 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).
Qualified Persons
Dr. Peter Lewis P.Geo., Eldorado’s Vice President, Exploration, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") responsible for, and has approved the scientific and technical disclosure in this press release. Eldorado operates its
exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results presented
are based on half -core samples of diamond drill core analyzed at accredited laboratories. Drillcore from the Lamaque project was prepared and
analyzed at Bourlamaque Laboratories in Val d’Or, Quebec. All Au assays are based on fire assay analysis of a 30 gm charge f ollowed by an atomic
adsorption finish. Samples with Au grades above 5.0 g/t were re-assayed and completed with a gravimetric finish.
Dr. Stephen Juras P.Geo, Eldorado’s Director of Technical Services, is the qualified person as defined by NI 43-101 responsible for, and has approved
the disclosure of Mineral Resources in this news release. Mineral resources reported in this press release were previously disclosed i n the Lamaque
Technical Report with an effective date of March 21, 2018, which was prepared by the following Qualified Persons as defined by NI 43-101: Stephen
Juras, P. Geo., Colm Keogh, P. Eng., Jacques Simoneau, P. Geo., Francois Chabot, P. Eng., and Marianne Utiger, P.Eng; for further details the reader
should refer to the Lamaque Technical Report which may be found on the Company ’s website (www.eldoradogold.com) or under the Company's
SEDAR profile (www.sedar.com).
Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated min eral resource” and
“inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertaint y 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 “inf erred mineral resource”
will ever be upgraded to a higher category.
Forward Looking Statement
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 "plans", "expects", "is expected", "budget", “continue”, “ projected”,
"scheduled", "estimates", "forecasts", "intends", "anticipates", or "b elieves" 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 i n this release include, but are not limited to, statements or information with respect to:
expected production, projected all -in sustaining costs and cash operating costs, planned capital and exploration expenditures for 2018; our
expectation as to our fu ture financial and operating performance, including future cash flow, estimated all -in sustaining costs and cash operating
costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed explo ration, development,
construction, permitting and operating plans and priorities, and 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 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. In particular, except where oth erwise stated, we have assumed a continuation of existing business operations
on substantially the same basis as exists at the time of this release.
7
Even though our management believes that the assumptions made and the expectations represented by such sta tements 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: geopolitical and economic climate (global and local), risks related to mineral tenure and permi ts; gold and other
commodity price volatility; recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation
and arbitration proceedings relating to the Company’s, 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; foreign country operational risks; risks
of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions
and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; risks
related to the impact of the sale of our Chinese assets and the acquisition and integration of Integra on the Company’s operations; additional funding
requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share
price volatility; competition; loss of key employees; and defective title to miner al 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
name 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, w e 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.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used her ein are Canadian
mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the
“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions
differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. In the United States, a mineral reserve is
defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination
is made.
While the terms “mineral resource”, “measured mineral resource,” “indicated mineral resource”, and “inferred mineral resource” are recognized and
required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in
reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources
under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings.
Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by US
companies subject to the reporting and disclosure requirements under US federal securities laws and the rules and regulations thereunder.
Contacts
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166 [email protected]
Media
Louise Burgess, Director Communications & Government Relations
604.687.4018 or 1.888.353.8166 [email protected]
8
Appendix 1: Tables of Drillhole Intercepts
Table 1 lists selected results from resource expansion drillholes at the Triangle deposit and within the Parallel
– Plug 5 corridor completed since November 13, 2017, for which full assay results have been reported and
verified. Intercepts reported are limited to those with 1) Au grade (g/t) times true thickness (metres) values
greater than 15.0, and 2) average Au grade greater than 2.5 g/t.
Lower Triangle Deposit Drilling Results
Hole ID From (m) To (m) Interval (m)
True
thickness
(m)
Au (g/t) Comment
TM-15-006 1517.40 153075 13.35 12.07 4.21 Strong shear just below C8 splay
and 1656.8 1662.7 5.9 5.34 6.80 Extension vein between C9 and C9 splay
and 1668.6 1671.6 3.0 2.71 6.20 Extension vein between C9 and C9 splay
and 1778.85 1779.4 0.55 0.49 63.38 Extension vein between C9 and C10
and 1794.60 1795.6 1.0 0.90 26.11 Narrow shear interval
and 1855.7 1860.5 4.8 2.61 8.05 C10
and 1897 1904.9 7.9 7.07 2.85 Several extension veins
TM-15-006 W01M01 1332.9 1337.4 4.5 3.88 29.28 Strong shear zone between C7 and C8
and 1447.4 1453.2 5.8 5.63 2.78 Extension vein zone above C8 splay
and 1542.8 1547.1 4.3 3.70 5.19 Extension vein zone
and 1650.7 1656.8 6.1 3.81 4.76 C9 splay
and 1696.6 1697.3 0.7 0.60 48.35 Extension vein zone
and 1734.7 1735.2 0.5 0.43 34.92 Extension veins/veinlets just above C10
TM-15-008 W01M01 1211.0 1214.1 3.1 2.83 5.99 C6 splay
and 1801.5 1809.6 8.1 4.30 7.70 C10
TM-15-008W02 1702.00 1705.1 3.10 2.07 10.83 C9 splay
TM-15-032W02 923.5 926.7 3.20 2.16 13.70 C5
and 1136.0 1145.3 9.30 6.88 8.99 C6
including 1142.4 1145.3 2.90 19.24
and 1953.6 1954.8 1.2 1.06 12.68 Weak shear zone just above C10
and 2181.5 2185.5 4 3.44 4.50 Extension vein zone
TM-15-032W03 1132.0 1134.7 2.70 2.10 9.17 C6
and 1137.5 1142.0 4.50 3.20 9.07 C6 splay
and 1262.5 1264.0 1.50 1.36 38.92 Alteration zone below C6 splay
and 1446.8 1465.0 18.20 14.65 8.05 C8
and 1525.9 1532.9 7.00 5.25 10.84 C8 splay
and 1888.4 1894.5 6.10 3.85 3.60 C10
TM-15-032W04 1434.2 1436.2 2.0 1.80 8.58 Extension vein zone just above C8
and 1446.8 1459.0 12.20 10.03 10.96 C8
including 1455.8 1457 1.2 24.23
and 1595.3 1597.1 1.8 1.50 873.96 Narrow shear zone
including 1595.85 1596.55 0.7 2246.4
and 1622.1 1625.9 3.8 2.89 10.24 C9
including 1622.1 1622.6 0.5 75.21
and 1681 1686.9 5.9 4.89 17.53 Extension vein zone
including 1681 1682.2 1.2 44.34
and 1690.1 1693 2.9 2.40 10.14 Sheared interval above C9 splay