Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement
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NEWS RELEASE
TSX: ELD NYSE: EGO December 15, 2021
Eldorado Gold Releases Updated Mineral Reserve and Mineral
Resource Statement
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its
updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2021.
Highlights
• Increase to Inferred Resources as a result of the maiden Inferred Resource at Ormaque
announced in February 2021.
• Increase to Mineral Reserves and Measured and Indicated (“M+I”) Resource at Efemcukuru
is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and
Kestanebeleni NW.
Mineral Reserves Update
The Company’s Proven and Probable gold Reserves (“2P Reserves”) totalled 17.0 million ounces
as of September 30, 20211, a 4% decrease from the previous MRMR statement on September 30,
2020. Including the divestiture of Tocantinzinho, (“TZ”) , which was divested from the portfolio
October 27, 2021 the Company’s 2P gold Reserves totalled 15.3 million ounces, a 14% decrease
compared to September 30, 2020 (see Eldorado press release dated December 2, 2020) . The
complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.
Total 2P Reserves
(Gold Ounces x 1,000)
Proven and Probable in-situ gold ounces as of September 30, 2020 17,737
TZ Divestment -1,781
Depletion 2 -687
Additions from converted resources (M+I) during 2021 315
Changes due to cut-off evaluations -319
Proven and probable in-situ gold ounces as of September 30, 2021 15,264
Net of divest itures, the net change in Reserves is attributable to increases at Lamaque and
Efemcukuru, and decreases at Kisladag, Skouries and Olympias.
• Lamaque: Both Mineral Reserve gold ounces and grade increased relative to Sep tember
2020 primarily due to conversion drilling in the C5 zone.
• Efemcukuru: Mineral Reserves increased mostly due to conversion of Resources to
Reserves at Kestanebeleni NW and Kokarpinar.
• Kisladag: Mineral Reserves decreased due to depletion.
1 See “Mineral Reserve Notes” below.
2 Depletion declared here are processed ounces. Depletion includes Q4 2020 and Q1-Q3 2021.
2
• Skouries: The decrease in Mineral Reserves, at the development project, is due to changes
in cut-off values, mostly offset by reserve price increase.
• Olympias: The decrease in Mineral Reserves is due to mining method optimization and
exclusion of remnant mining zones that will require further engineering studies to be
included in the mine plan.
The following table summarizes the year over year changes to the Company’s gold Reserves:
Total Proven and Probable Reserves
2020 2021 Change Contained Au Oz (x1,000)
Certej 2,402 2,402 0%
Efemcukuru 613 620 1%
Kisladag 4,580 4,282 -7%
Lamaque 1,086 1,091 0.5%
Olympias 2,252 1,990 -12%
Perama 1,250 1,250 0%
Skouries 3,773 3,630 -4%
Tocantinzinho 1,781 1,781 0%
Total 17,737 17,045 -4%
Less divestitures: TZ 1,781 0 -100%
Gross Total 17,737 15,264 -14%
Mineral Resources Update
Exploration within our existing portfolio continues to deliver resource growth for the Company.
Eldorado reports Resources in accordance with CIM definition standards . The Resource cut-off
grades or values (e.g. gold equivalent) are determined using a single long-term gold price
($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by
comparison to similar projects for our resource -only properties). These values are then used to
create constraining volumes that provide limits to the reported Resources . Open pit Resources
used pit shells created with the long -term gold price to constrain reportable model
blocks. Underground Resources were constrained by volumes whose design was guided by a
combination of the reporting cut -off grade or value, contiguous areas of mineralization and
mineability.
Eldorado’s M+I Resources totalled 25.5 million ounces as of September 30, 2021, a 1% decrease
from the previous MRMR statement on September 30, 2020 attributable to decreases at Kisladag,
Skouries and Olympias, partially offset by increases at Lamaque and Efemcukuru. Including the TZ
divestment, the M+I Resources totalled 23.5 million ounces, a decrease of 9% compared to
September 30, 2020. Eldorado’s Inferred Resources totaled 14.0 million ounces as of September
30, 2021, a 3% increase from the previous MRMR statement on September 30, 2020.
• Efemcukuru: The increase to M+I Resource is attributable to Resource upgrade associated
with drilling , mostly at Kokarpinar and Kestaneb eleni NW. The decrease in Inferred
Resource at Efemcukuru is attributable to th e combination of additional drilling and the
corresponding upgrade to M&I Resources.
• Lamaque: All changes to the Resources are attributable to the results of additional drilling
and upgrades of Inferred to M+I Resources. Ormaque was announced as a maiden Inferred
Resource on February 22, 2021 (see Eldorado press release dated February 22, 2021).
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The following table summarizes the year over year changes to Eldorado’s gold Resources:
Total Measured and Indicated Resources
Inferred Resources
2020 2021 Change
2020 2021
Change Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Bolcana 0 0 0% 6,492 6,492 0%
Certej 3,829 3,829 0% 23 23 0%
Efemcukuru 941 1,066 13% 941 629 -33%
Kisladag 7,197 6,822 -5% 107 107 0%
Lamaque 1,821 1,937 6% 2,074 1,962 -5%
Ormaque 0 0 0% 0 803 100%
Olympias 3,493 3,409 -2% 562 566 1%
Perama 1,374 1,374 0% 62 59 -5%
Perama South 0 0 0% 728 728 0%
Piavitsa 0 0 0% 1,025 1,025 0%
Sapes 0 0 0% 820 820 0%
Skouries 5,030 5,030 0% 814 814 0%
Tocantinzinho 2,029 2,029 0% 17 17 0%
Total 25,714 25,496 -1% 13,665 14,045 3%
Less divestitures: TZ 2,029 0 -100% 17 0 -100%
Gross Total 25,714 23,467 -9% 13,665 14,028 3%
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations
in Turkey, Canada, Greece, and Romania. The Company has a highly skilled and dedicated
workforce, safe and responsible operations, a portfolio of high -quality a ssets, 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
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166
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Eldorado Gold Mineral Reserves, as of September 30, 2021
Project
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,732 6.03 336 1,645 5.37 284 3,377 5.71 620
Kisladag 183,092 0.69 4,061 12,819 0.54 221 195,911 0.68 4,282
Lamaque 502 8.02 129 4,154 7.20 962 4,656 7.29 1,091
Olympias 1,205 10.87 421 8,132 6.00 1,569 9,337 6.63 1,990
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 285,508 0.96 8,814 131,674 1.52 6,450 417,182 1.14 15,264
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,205 155 6,006 8,132 116 30,422 9,337 121 36,428
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 0 0 0 0 0 0
TOTAL SILVER 27,081 15 13,413 39,042 33 41,250 66,123 26 54,663
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
TOTAL COPPER 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL LEAD 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL ZINC 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
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Eldorado Gold Mineral Reserves, as of September 30, 2020
Project
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 2,012 6.30 407 1,155 5.54 206 3,167 6.02 613
Kisladag 194,314 0.70 4,352 13,236 0.54 228 207,550 0.69 4,580
Lamaque 425 5.23 71 4,569 6.91 1,015 4,994 6.76 1,086
Olympias 1,515 10.14 494 8,734 6.26 1,758 10,249 6.83 2,252
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 75,804 0.87 2,132 81,862 0.62 1,641 157,666 0.74 3,773
Tocantinzinho 17,007 1.52 831 21,898 1.35 950 38,905 1.42 1,781
TOTAL GOLD 316,953 0.99 10,101 162,364 1.46 7,636 479,317 1.15 17,737
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,515 159 7,745 8,734 119 33,416 10,249 125 41,161
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 560 148 2,665 560 148 2,665
TOTAL SILVER 27,391 17 15,152 40,204 36 46,909 67,595 29 62,061
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
TOTAL COPPER 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,515 5.1 77 8,734 4.0 349 10,249 4.2 426
Stratoni 0 0.0 0 560 6.1 34 560 6.1 34
TOTAL LEAD 1,515 5.1 77 9,294 4.1 383 10,809 4.3 460
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,515 5.8 88 8,734 5.1 445 10,249 5.2 533
Stratoni 0 0.0 0 560 9.2 52 560 9.2 52
TOTAL ZINC 1,515 5.8 88 9,294 5.3 497 10,809 5.4 585
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
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Eldorado Gold Mineral Resources, as of September 30, 2021
Project
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces
(x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23
Efemcukuru 2,437 7.38 578 2,178 6.96 488 4,615 7.18 1,066 3,300 5.93 629
Kisladag 311,255 0.61 6,111 44,581 0.50 712 355,836 0.60 6,822 7,529 0.44 107
Lamaque 876 9.49 267 6,246 8.32 1,670 7,122 8.46 1,937 8,880 6.87 1,962
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,620 9.53 803
Olympias 2,343 10.66 803 10,905 7.43 2,606 13,248 8.00 3,409 2,092 8.41 566
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,136 1.63 59
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814
TOTAL GOLD 440,017 0.87 12,276 282,796 1.23 11,191 722,814 1.01 23,467 499,973 0.87 14,028
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces
(x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110
Olympias 2,343 149 11,203 10,905 142 49,841 13,248 143 61,043 2,092 179 12,070
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,136 2 83
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389
Stratoni 0 0 0 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866
TOTAL SILVER 34,736 18 19,729 81,882 29 77,170 116,618 26 96,898 12,383 82 32,518
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,343 4.8 113 10,905 4.8 527 13,248 4.8 640 2,092 5.9 124
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106
TOTAL LEAD 2,343 4.81 113 12,256 5.0 609 14,599 4.9 722 3,792 6.1 230
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,343 5.7 134 10,905 6.4 701 13,248 6.3 835 2,092 7.1 149
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158
TOTAL ZINC 2,343 5.7 134 12,256 6.7 818 14,599 6.5 952 3,792 8.1 307
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
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Eldorado Gold Mineral Resources, as of September 30, 2020
Notes on Mineral Resources and Reserves
1. Mineral Resources and Mineral Reserves are as of September 30, 2021
2. The Mineral Resources and Mineral Reserves were classified using logic consistent with
the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014)
incorporated, by reference, into National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects (NI 43-101).
3. Mineral Reserves are included in the Mineral Resources.
4. The Mineral Resources and Mineral Reserves are disclosed on a total project basis.
Mineral Reserve Notes
1. Long Term Metal Price Assumptions
▪ Gold price: $1,300/oz
▪ Silver price: $17.00/oz
▪ Copper price: $2.75/lb
▪ Lead price: $2,000/t
▪ Zinc price: $2,300/t
Project
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
(x1000) g/t ounces (x1000) (x1000) g/t ounces
(x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23
Efemcukuru 2,675 7.02 604 1,660 6.31 337 4,335 6.75 941 4,919 5.95 941
Kisladag 328,500 0.61 6,476 45,274 0.50 721 373,774 0.60 7,197 7,543 0.44 107
Lamaque 464 7.15 107 6,654 8.01 1,714 7,118 7.96 1,821 9,280 6.95 2,074
Olympias 2,610 10.48 879 10,853 7.49 2,614 13,463 8.07 3,493 2,032 8.60 562
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,182 1.64 62
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814
Tocantinzinho 17,529 1.51 849 28,486 1.29 1,180 46,015 1.37 2,029 600 0.90 17
TOTAL GOLD 474,885 0.88 13,432 311,813 1.23 12,282 786,698 1.02 25,714 499,972 0.85 13,665
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
(x1000) g/t ounces (x1000) (x1000) g/t ounces
(x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000)
Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110
Olympias 2,610 148 12,419 10,853 144 50,246 13,463 145 62,665 2,032 188 12,282
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,182 2 93
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389
Stratoni 0 0 0 937 159 4,790 937 159 4,790 1,147 188 6,933
TOTAL SILVER 35,003 19 20,945 81,416 29 75,718 116,419 26 96,663 11,816 81 30,807
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,610 4.8 125 10,853 4.8 521 13,463 4.8 646 2,032 6.2 126
Stratoni 0 0.0 0 937 6.5 61 937 6.5 61 1,147 6.6 76
TOTAL LEAD 2,610 4.8 125 11,790 4.9 582 14,400 4.9 707 3,179 6.3 202
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes
(x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 2,610 5.7 149 10,853 6.5 705 13,463 6.3 854 2,032 7.3 148
Stratoni 0 0.0 0 937 9.5 89 937 9.5 89 1,147 9.3 107
TOTAL ZINC 2,610 5.7 149 11,790 6.7 794 14,400 6.6 943 3,179 8.0 255
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
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2. Cut-off Grades
Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $95.90/t NSR
(long hole stoping), $99.48/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recov erable;
Lamaque: 4.38 g/t Au; Olympias: $168.30/t NSR; Perama Hill: 0.73 g/t Au; Skouries:
$10.60/t NSR (open pit), $33.33/t NSR (underground).
3. Qualified Persons
The following persons, all of whom are qualified persons under NI 43 -101, have approved
the disclosure contained within the following sections of this release:
▪ John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) Mineral
Reserves;
▪ Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the
Company, is responsible for the Kisladag and Perama Hill Mineral Reserves;
▪ Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for
Efemcukuru, Olympias and Skouries (underground) Mineral Reserves;
▪ John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej Mineral
Reserves;
▪ Jessy Thelland, géo (OGQ No. 758)., Superintendent, Technical Services for the
Company, is responsible for Lamaque Mineral Reserves.
Mineral Resource Notes
1. Mineral Resource Reporting and demonstration of Reasonable Prospects for
Eventual Economic Extraction:
The Mineral Resources used a long term look gold metal price of $1,800/oz for the
determination of resource cut-off grades or values. This guided execution of the next step
where constraining surfaces or volumes were created to control resource reporting. Open
pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created
with the long-term gold price to constrain reportable model blocks. Underground Resources
were constrained by 3D volumes whose design was guided by the reporting cut -off grade
or value, contiguous areas of mineralization and mineability. Only material internal to these
volumes were eligible for reporting. Projects with both open pit and underground resources
have the open pit Resources constrained by either the permit (S kouries) or by an OP/UG
economic crossover surface (Bolcana), and underground Resources constrained by a
reporting shape.
2. Cut-off Grades
Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade
(underground) (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag:
0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill
and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0
g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent
grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.
3. Qualified Persons
The following persons, all of whom are qualified persons under NI 43 -101, have approved
the disclosure contained within the following sections of this release:
▪ Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation for the Company, is
responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries