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Nice. Up 100% looking strong mmmmmm weeee
News: $EGO Eldorado Gold Announces Renewal of Normal Course Issuer Bid
VANCOUVER, British Columbia, July 09, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, “the Company” or “We”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted for filing the Company’s Notic...
Got this from Eldorado Gold Announces Renewal of Normal Course Issuer Bid
* * $EGO Video Chart 07-02-2019 * *
Link to Video - click here to watch the technical chart video
* * $EGO Video Chart 06-20-2019 * *
Link to Video - click here to watch the technical chart video
* * $EGO Video Chart 06-03-2019 * *
Link to Video - click here to watch the technical chart video
Wish I didn’t sell. Making stair steps now. ??
Sold today with a 6% profit. I’m not convinced that EGO will reverse trend until earnings in July. 3.80 resistance is going to be hard to break.
* * $EGO Video Chart 05-28-2019 * *
Link to Video - click here to watch the technical chart video
Now EGOs dead. 7% drop of refinancing debt at 9.5%
EGO hit the mid Bollinger Band 4 days ago and the pros sold. Down about 13% since then. Looks like they are trying to get the price down as much as possible but not much selling at these levels.
News: $EGO Eldorado Gold Announces Execution of Senior Secured Credit Facility
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado,” the “Company” or “We”) is pleased to announce that, further to the Company’s press release of earlier today entitled “Eldorado Gold An...
Read the whole news https://marketwirenews.com/news-releases/eldorado-gold-announces-execution-of-senior-secured-credit-facility-8173332.html
News: $EGO Eldorado Gold Announces Launch of US$300 Million Senior Secured Second Lien Notes Offering
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado,” the “Company” or “We”) is pleased to announce that the Company intends to offer up to US$300 million aggregate principal amount of senior secured se...
Find out more https://marketwirenews.com/news-releases/eldorado-gold-announces-launch-of-us-300-million-senior-secured-second-lien-notes-offering-8173002.html
News: $EGO Eldorado Gold Announces New Senior Secured Credit Facility
VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado,” the “Company” or “We”) is pleased to announce that the Company has received commitments from a syndicate of lenders for a US$450 million Senior Secu...
In case you are interested https://marketwirenews.com/news-releases/eldorado-gold-announces-new-senior-secured-credit-facility-8173004.html
Bought at 3.52 and increased my shares. Increased my shares by 40%. Now I’m happy.
Sold the day after the fed minutes. Basically only saved a small profit.
The MMs pulled the rug out from the market. Everyone was expecting exactly what they said and gold reacted poorly.
Sometimes it’s just better to take profits before the fed releases their minutes. I’ve been burned to many times. I’m not doing it again.
Eldorado Gold Announces Resumption of Crushing and Stacking at Kisladag
VANCOUVER, B.C., April 02, 2019 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation, (“Eldorado” or “the Company”) is pleased to
announce that as of April 1, 2019, mining, crushing and placing of ore
on the Kisladag heap leach pad has resumed.
This follows the Company’s announcement on January 30, 2019 that it
would resume full operations at Kisladag.
Further testwork is underway to determine the effects of a 250 day
leach cycles on deeper material, the results of which are expected to
be available in late 2019 or early 2020.
https://web.tmxmoney.com/article.php?newsid=6192615386718825&qm_symbol=ELD
Eldorado’s President and Chief Executive Officer, George Burns, stated: “My thanks to Matt Badylak, Kisladag General Manager, and the team at site, as resumption of operations has started on schedule. We are now prepared to deliver on our 2019 Kisladag guidance of 145,000-165,000 ounces at a cash cost of $570-620 per ounce, increasing in 2020 to 240,000-260,000 ounces.”
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, 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).
Contacts
Investor Relations
Peter Lekich, Manager Investor Relations
+1 604 687 4018 or 1 888 353 8166 peter.lekich@eldoradogold.com
Media
Louise Burgess, Director Communications & Government Relations
+1 604 687 4018 or 1 888 353 8166 louiseb@eldoradogold.com
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. 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 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: resumption of crushing and stacking at Kisladag, our guidance and outlook, including expected production at Kisladag; plans and goals, including our proposed testing plan at Kisladag and operating plans and priorities and related timelines.
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 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; the global concentrate market; 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 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 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: 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; 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; financing risks, foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; 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 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 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.
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.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman, FAusIMM, Chief Operating Officer for Eldorado Gold Corporation, and a "qualified person" under NI 43-101.
Primary Logo
Bought back in at 4.56 today. Close enough to the bottom trend line I drew back on 3/26. Lamaque is now in production. I hope I can make a couple of bucks now.
Sold at $5 today. Finally came close to breaking even on this nightmare. I bought around a dollar last time and it’s a dollar now. So I lost about 5 cents a share. I might buy back in when it retreats off the upper bollinger band. But at this point I’m happy not to deal with this company for now.
Eldorado Gold is a midtier gold producer with mines in Turkey, Greece, and
Brazil that produced 292,971 ounces of gold at total cash cost of
$534 per ounce in 2017.
The company has development and construction projects in Greece, Brazil,
Romania, and Canada.
Eldorado has roughly 17 million ounces of proven and probable reserves and
is based in Vancouver, British Columbia.
https://web.tmxmoney.com/company.php?qm_symbol=ELD
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147149395
Its a Technical 'Buy"
More technicals and short data.
https://stockinvest.us/technical-analysis/EGO
Shorters are causing this movement to go up and down
just trying to get their 15 cent profits.
What we really need soon is good news from Lamaque -
and of course...good news from Greece .
God Bless
Would have made a nice trade, but who holds after a split?
With Gold crashing again?
Do you want to own this?
Higher after split?
Eldorado to hike gold production to over 500,000 ounces in 2020
Cecilia Jamasmie |
Kisladag is the largest gold mine in Turkey. (Image courtesy of Eldorado Gold.)
Shares in Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) climbed on Friday
after the miner said it is ready to grow its yearly output to more than
500,000 ounces next year, supported by the restart of its Kisladag gold
mine in Turkey, and the soon-to-be coming online Lamaque project in
Canada.
The Vancouver-based miner cancelled plans last month to build a
$500-million processing mill at Kisladag, deciding to resume mining and
heap leaching instead.
The resumption of mining and heap leaching at the Kisladag gold mine in
Turkey should provide the opportunity to consider initial debt
retirement later this year.
The decision may not have been entirely voluntary, since Eldorado has
almost $600 million in debt due in 2020. The company is building its
first mine in Canada — the Lamaque project in Val d’Or, Quebec — and it
had only about $287 million in cash on its balance sheet at the end
December.
When it comes to output, however, Eldorado had a good year, generating 349,147 ounces of gold in 2018, which include 35,350 ounces of pre-commercial production from Lamaque. The figure is significantly higher than the previous year’s output of 292,971 ounces and its original 2018 guidance of 290,000 to 330,000 ounces.
For 2019, the gold company expects to produce between 390,000 and 420,000 ounces, it said while delivering its financial year-end results.
While Eldorado generated $459 million in revenue from its operations in 2018, it also registered impairments adjustments of almost $448 million related to Olympias, in Greece, and its Turkish mine, resulting in a net loss of $362 million, or $2.28 per share.
The adjusted net loss came to $26.3 million, compared with adjusted net earnings of $15.2 million in the previous year.
Looking ahead, chief executive officer George Burns said the restart of Kisladag and the kick off of commercial production at Lamaque, later this quarter, should allow Eldorado to generate significant free cash flow and provide it with the opportunity to consider debt retirement later this year.
http://www.mining.com/eldorado-hike-gold-production-500000-ounces-2020/
In GOD We Trust -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Eldorado Announces Decision to Resume Mining and Heap Leaching at Kisladag; Provides Consolidated 2019-2021 Outlook -
Jan 30, 2019
Download this Press Release (PDF 670 KB)
VANCOUVER, British Columbia, Jan. 30, 2019 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation, (“Eldorado” or “the Company”) announces
that the Company will resume mining, crushing, stacking and
heap leaching at its Kisladag gold mine in Turkey.
Advancement of the previously announced mill project has been suspended.
The Company is also providing three year consolidated production guidance,
along with detailed cost guidance for 2019.
https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2019/Eldorado-Announces-Decision-to-Resume-Mining-and-Heap-Leaching-at-KisladagProvides-Consolidated-2019-2021-Outlook/default.aspx
https://www.eldoradogold.com/assets/operations-and-projects/europe/operations/kisladag-turkey/default.aspx
In GOD We Trust -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
* * $EGO Video Chart 01-31-2019 * *
Link to Video - click here to watch the technical chart video
Eldorado Announces Decision to Resume Mining and Heap Leaching at Kisladag; Provides Consolidated 2019-2021 Outlook
VANCOUVER, British Columbia, Jan. 30, 2019 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation, (“Eldorado” or “the Company”) announces that
the Company will resume mining, crushing, stacking and heap leaching at
its Kisladag gold mine in Turkey.
Advancement of the previously announced mill project has been
suspended.
The Company is also providing three year consolidated production
guidance, along with detailed cost guidance for 2019.
https://web.tmxmoney.com/article.php?newsid=7047565809974161&qm_symbol=ELD
Eldorado’s President and CEO, George Burns, stated: “The Company remains focused on shareholder value in its capital allocation decisions taking into account the interests and expectations of all stakeholders. The decision to restart mining and heap leaching at Kisladag is supported by improved heap leach recoveries and confirmed by a revised heap leaching plan developed in early 2019. The revised heap leaching plan results in favourable economics when compared to milling, without the risks associated with the construction and financing of a $500 million project.”
“At Lamaque, we are very pleased with the performance of our project team who delivered the first gold pour from the Sigma Mill in less than 18 months since acquisition. The Company continues to anticipate commercial gold production during the first quarter of 2019 and expects total output, including pre-commercial production, in excess of 100,000 ounces for 2019.”
“Beyond completing remaining construction at Lamaque, Eldorado has no major capital projects underway and will remain focused on existing operations in order to realize the full potential from these assets. With annual gold production growing to over 500,000 ounces in 2020, the Company expects to generate significant free cash flow over the next three years and will consider debt retirement starting later this year.”
Kisladag Update
On October 23, 2017, the Company provided an update on Kisladag operations based on laboratory test work undertaken during the third quarter, which indicated that lower recoveries were expected from the zone of mineralization located around the base of the open pit where mining was underway. Based on available information, in the first quarter 2018, the Company elected to suspend mining in order to evaluate processing options. Following a year of engineering and testwork, in October 2018 the Company announced that the Board of Directors had approved the advancement of a mill project. Subsequent to that announcement, gold recovery from the leach pad increasingly exceeded expectations. The Company then focused testwork and analysis on the viability of resuming mining and heap leaching at Kisladag.
In parallel to mill engineering and analysis, testwork to extract maximum value from material already placed on the heap leach pad and the remaining reserves was ongoing throughout 2018. Approximately 900,000 tonnes of ore were placed on an inter-lift lined test pad in the first quarter of 2018. Late in the year, results from this pad were showing recoveries of approximately 58% from an extended leach cycle approaching 250 days (compared to approximately 40% recoveries from the original 90 day column tests). In early 2019, the Company analyzed the new data and developed revised heap leaching plans, showing improved economics for the heap leaching scenario. As a result, the Company decided to resume mining and heap leaching.
The benefits of resuming mining and heap leaching are expected to include:
Improved economics of heap leaching when compared to the mill project, demonstrates an increase in production and free cash flow over the next three years and a significant reduction in capital development costs;
The flexibility to consider debt retirement and address balance sheet leverage in 2019;
Lower construction risks;
Lower financing risks, as mining and heap leaching will not require external funding;
The potential for higher heap leach recoveries and the ability to extend heap leach mine life by conducting further metallurgical tests on deeper material in the pit under a longer leach cycle for both the three year guidance and beyond.
Mining is expected to recommence by the end of the first quarter. The three year guidance is based on mining and stacking an initial 22 million tonnes of ore grading over 1.1 grams per tonne gold during the next three years, as well as continuing to leach the material currently on the pad.
While the mill project has been suspended, the project remains viable in the short-term. The viability of the mill project will continue to be assessed in light of the results from ongoing heap leach metallurgical testwork on deeper material and in view of other investment opportunities within the portfolio.
Production and Financial Guidance
Full year gold production of 390,000-420,000 ounces in 2019 (versus 349,147 ounces in 2018) is expected from Kisladag, Lamaque, Efemcukuru, and Olympias, with higher consolidated production expected in the second half of the year. The Company expects average cash operating costs to decline from $621 per ounce of gold sold in 2018, to $550-600 per ounce of gold sold in 2019. The Company will focus on maximizing free cash flow, including optimizing and improving unit costs and production at all assets and decreasing global G&A expenses.
As mining and heap leaching at Kisladag ramps up in 2019, consolidated gold production is expected to increase to 520,000-550,000 ounces of gold in 2020. Production is expected to decrease to 350,000-380,000 ounces of gold in 2021. Guidance at Kisladag will be updated later in 2019 based on results of testwork being completed on deeper material and prevailing economics around both heap leaching and the mill project.
2019 – 2021 Gold Production and Consolidated Cost Guidance
Production (oz) 2018A 2019E 2020E 2021E
Kisladag 172,009 145,000 - 165,000 240,000 - 260,000 75,000 - 95,000
Lamaque 35,3501 100,000 - 110,0002 125,000 - 135,000 125,000 - 135,000
Efemcukuru 95,038 90,000 - 100,000 90,000 - 100,000 90,000 - 100,000
Olympias 46,750 50,000 - 55,000 55,000 - 65,000 55,000 - 65,000
Total 349,147 390,000 - 420,000 520,000 - 550,000 350,000 - 380,000
Consolidated Costs ($/oz sold) 2018A 2019E 2020E 2021E
Cash Operating Cost – C1 ($/oz sold) 621 550 - 600 500 - 600 600 - 700
Total Operating Cost – C2 ($/oz sold) 646 600 - 650 550 - 650 650 - 750
AISC ($/oz sold) 990 900 - 1,000 800 - 900 900 - 1,000
1 Pre-commercial production.
2 Includes ~10,000 ounces of pre-commercial production.
2019 Cost and Capital Expenditure Guidance
2018A 2019E 2018A 2019E
Kisladag Corporate ($ millions)
Cash Operating Cost – C1 ($/oz sold) 662 570 - 620 General and Administrative 47 302
Total Operating Cost – C2 ($/oz sold) 683 610 - 660 Exploration3 28 25 - 30
Non-cash Inventory Costs ($/oz sold) 308 n/a
Sustaining Capex ($ millions) 18 10 - 15 Growth Capital ($ millions)
Kisladag 20 0
Lamaque Olympias 24 10 - 15
Cash Operating Cost – C1 ($/oz sold) n/a 550 - 6001 Lamaque4 142 30 - 35
Total Operating Cost – C2 ($/oz sold) n/a 580 – 6301 Other Project Spending ($ millions)
Sustaining Capex ($ millions) n/a 35 - 45 Skouries 24 5 - 10
Stratoni 5 5 - 10
Efemcukuru Tocantinzinho 6 3 - 5
Cash Operating Cost – C1 ($/oz sold) 511 550 – 600 Certej 6 3 - 5
Total Operating Cost – C2 ($/oz sold) 540 600 - 650
Sustaining Capex ($ millions) 24 15 – 20
Olympias
Cash Operating Cost – C1 ($/oz sold) 730 550 - 650
Total Operating Cost – C2 ($/oz sold) 759 600 - 700
Sustaining Capital ($ millions) 12 20 - 25
1 Excludes 10,000 ounces of pre-commercial production.
2 Re-allocation of the Company’s general and administrative costs to better align with industry peer group practices, with the portion directly supporting operations to be reported, going forward, as cash operating costs.
3 33% expensed and 67% capitalized.
4 Includes development costs and capitalized operating costs less proceeds from pre-commercial sales.
2019 Commodity and Currency Price Assumptions
Gold ($/oz) $1,275
Silver ($/oz) $ 17
Lead ($/mt) $ 2,250
Zinc ($/mt) $ 2,500
C$/US$ 1.35:1
EURO$/US$ 1:1.20
US$/TRY 1:5.75
2019 Operational Outlook
TURKEY
Kisladag
For 2019, the Company is forecasting production of 145,000-165,000 ounces of gold including approximately 70,000 ounces derived from ore previously placed on the leach pad. Approximately 9 million tonnes of new ore at an average grade of 1.1 grams per tonne is planned to be placed on the pad in 2019. Cash costs are estimated to be $570-620 per ounce of gold sold. Ore placed on the pad in 2019 is expected to contribute to production commencing in the second half of 2019 and into 2020.
Sustaining capital expenditures for 2019 are forecast to be approximately $10-15 million, spent primarily on capitalized waste stripping, equipment overhauls, some refurbishment work on the primary crusher and various small capital projects.
Efemcukuru
Efemcukuru remains a steady performer for the seventh consecutive year. In 2019, Efemcukuru is expected to mine and process over 510,000 tonnes of ore at an average grade of 7.0 grams per tonne gold, producing 90,000-100,000 ounces of gold at operating costs of $550-600 per ounce of gold sold.
Sustaining capital expenditures for 2019 are forecast to be approximately $15-20 million, spent primarily on capitalized underground mine development, equipment purchase and rebuilds, and various small capital projects including in-stream analysis, water management upgrades and a dry-stack tailings dam expansion.
CANADA
Lamaque
Eldorado acquired the Lamaque project in July 2017. In the 18 months following the acquisition, Eldorado filed a prefeasibility study (PFS) (see March 21, 2018 release), drilled over 150,000 meters, completed 14,000 meters of underground development and largely completed refurbishment of the existing Sigma Mill, which began commissioning in November 2018. A total of 42,411 ounces were produced from a series of toll milling campaigns in 2017/2018, and in December 2018 the first gold was poured from ore processed in the Sigma Mill.
In 2019, Lamaque is expected to declare commercial production during the first quarter and is planning to mine and process over 500,000 tonnes of ore at an average grade of 7.0 grams per tonne gold. Production is expected to be 100,000-110,000 ounces of gold (including pre-commercial production), at cash operating costs of $550-600 per ounce of gold sold.
Excluding proceeds from gold sales, total 2018/2019 capital spending is forecast to come in roughly 10 - 15% over the PFS estimate. The increase relates primarily to the purchase of certain pieces of mobile equipment as opposed to leasing, additional costs associated with underground development, further work on the existing tailings dam to increase storage capacity, offset by the deferral of construction of the Sigma paste plant.
Total capital expenditures for 2019 (excluding proceeds from pre-commercial gold sales) are forecast to be below the PFS estimate at approximately $80-90 million, including $35-45 million of sustaining capital.
37,000 metres of exploration drilling are planned to further expand resources in the lower part of the Triangle Deposit, focusing on the 500 metre vertical interval between the C5 and C9 zones, and to test additional targets in the project area. Resource conversion drilling planned from underground platforms (31,200 metres) will target Inferred Resources in the lower part of the C4 Zone and the C5 Zone. The Company expects to further evaluate and optimize the mine plan as we progress resource conversion, particularly in the C5 ore body.
The recent exploration success at Lamaque has provided the opportunity to review options for increasing throughput at the Sigma Mill. The mill has a refurbished nameplate capacity of 2,200 tonnes per day and the potential to expand to its former capacity of 5,000 tonnes per day with a purchase and installation of a SAG mill. Based on planned drilling and the potential conversion of Inferred Resources in C4, C5 and C6, the Company expects to explore options to increase mill feed.
GREECE
Olympias
In 2019, Olympias is expected to mine and process 430,000 tonnes of ore at an average grade of 7.8 grams per tonne of gold, 92 grams per tonne of silver, 3% lead and 4% zinc. Production is expected to be 50,000-55,000 ounces of gold, 850,000-900,000 ounces of silver, 8,750-9,250 tonnes of lead and 12,000-12,500 tonnes of zinc. Cash operating costs net of by-products are expected to be $550-650 per ounce of gold sold. Global market conditions for gold pyrite concentrate softened in late 2018, resulting in the Company budgeting lower payabilities for material sold in 2019.
Sustaining capital expenditures are expected to be $20-25 million on underground capitalized development, an infill diamond drill program, raise bore installations, mobile machinery, equipment rebuilds and process plant upgrades.
Development capital expenditures are expected to be $10-15 million, including a pump station installation underground along with various infrastructure upgrades associated with completing Phase II as well as ongoing engineering associated with Phase III.
Going forward, the Company expects the variability in ore blending to stabilize at Olympias. The paste backfill plant has been operating efficiently and is allowing for consistent backfilling of mined voids. Mining performance is expected to improve as a result of an enhanced ore deposit model based on infill drilling completed in 2018. Cost reduction initiatives in both the mining operations and the process plant are ongoing with high-cost consumables and operational inefficiencies being initially targeted.
As part of the Company’s 2018 financial year-end, the valuation assumptions for Olympias are under review and there is a likelihood that an impairment charge will be recorded.
Skouries
Ongoing care and maintenance costs are estimated to be $5-10 million per year for 2019, including $2-4 million of direct site costs and its portion of country overhead costs.
Stratoni
For 2019, Stratoni is expected to process 210,000 tonnes of ore at grades of 6% lead, 9% zinc and 165 grams per tonne silver. Sustaining capital expenditures at Stratoni are expected to be $5-10 million including mine mobile equipment purchases and overhauls, mine facility upgrades and upgrades to some of the process facilities.
Through additional investment in the exploration program at Stratoni for 2019, the Company expects to continue to extend mine life. An additional 10,000 metres of resource expansion drilling is planned for the year.
ROMANIA
The Company expects to spend approximately $3-5 million at Certej during 2019 with the focus on continuing to optimize engineering along with modest site enabling works for the main electric power and water lines to the site. An economic assessment for the nearby Bolcana project is underway, and will determine next steps for advancing the project.
In January 2019, the Company received notice that the Urban Zonal Permit (PUZ), originally issued in 2010 for the Certej project in Romania, was suspended. The Company will appeal after the reasoning behind the ruling has been received, which can take up to a month. This suspension is not expected to have a significant impact on development at Certej.
BRAZIL
Work is underway to update the 43-101 compliant PFS for the Tocantinzinho project. The PFS is expected to be completed in the first half of 2019. Development capital spending in 2019 is expected to be $3-5 million.
Conference Call to Discuss Path Forward
Senior management will host a conference call to review the information contained in this release on Thursday, January 31st, 2019 at 7:00 AM PT (10:00 AM ET). The call and associated slides will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via http://services.choruscall.ca/links/eldoradogold20190131.html
Conference Call Details Replay (available until February 21st, 2019)
Date: Thursday, January 31, 2019 Vancouver: 1-604-638-9010
Time: 7:00 am PT (10:00 am ET) Toll Free: 1-800-319-6413
Dial in: 1-604-638-5340 Pass code: 2931
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, Serbia, 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).
Contacts
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise Burgess, Director Communications & Government Relations
604.687.4018 or 1.888.353.8166 louiseb@eldoradogold.com
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. 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 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 guidance and outlook, including expected production, cost guidance and recoveries of gold, including higher heap leach recoveries at Kisladag, favourable economics for our heap leaching plan and the ability to extend heap leach mine life at Kisladag through further metallurgical tests on deeper material, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including expectations around generating significant free cash flow and debt retirement, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, 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 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 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: results of further testwork, 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; 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; financing risks, 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; 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 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 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.
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.
Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR under our Company name. The reader is directed to carefully review such documents for a full understanding of the financial information summarized herein.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman, FAusIMM, Chief Operating Officer for Eldorado Gold Corporation, and a "qualified person" under NI 43-101.
PDF available: http://resource.globenewswire.com/Resource/Download/04ca7290-c8c7-471d-b922-2b32f1c194c8
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https://web.tmxmoney.com/article.php?newsid=7047565809974161&qm_symbol=ELD
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Eldorado Gold Corp (EGO) Video Library -
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Eldorado Gold - Projet Lamaque -
Eldorado Gold Announces Q4 and Full Year 2018 Production and Cash Costs
Jan 21, 2019
VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation, (“Eldorado” or “the Company”) today announces
the Company’s fourth quarter and full year 2018 production results and
preliminary cash costs.
The Company will provide its full year 2019 guidance in conjunction
with its 2018 Year End Results.
Highlights
https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2019/Eldorado-Gold-Announces-Q4-and-Full-Year-2018-Production-and-Cash-Costs/default.aspx
https://www.eldoradogold.com
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Eldorado Gold Corp (EGO) Latest Presentations -
December 19, 2018
ESG Snapshot - December 2018
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https://s2.q4cdn.com/536453762/files/doc_presentations/2018/Eldorado-Gold-ESG-Sustainability-FINAL.pdf
Website:
http://www.eldoradogold.com
God Bless America
Eldorado Gold on the countdown to opening first mine in Canada
Cecilia Jamasmie | about 6 hours ago |
http://www.mining.com/eldorado-gold-countdown-opening-first-mine-canada/
Eldorado Gold on the countdown to opening first mine in Canada
Commissioning of the Sigma Mill at Lamaque, an underground gold project
in Quebec, proceeded ahead of schedule with the first gold pour
achieved in December 2018. (Image courtesy of Eldorado Gold.)
Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) is getting close to opening
its first mine in Canada, the Lamaque project in Val d’Or, Quebec,
which it grabbed after acquiring Integra Gold in 2017 and is expected
to come online during the first quarter of the year.
Delivering full year and last quarter of 2018 results, the Vancouver-based company said pre-commercial production from the operation had already supported production results for the last three months of the year, which came at 75,877 ounces.
Total output for last year reached 349,147 ounces of gold, which exceeded the company’s target of 290,000 to 330,000 gold ounces and it also surpassed by 16% the total produced in 2017, which was 292,971 ounces.
Lamaque underground gold mine in Val d’Or, Quebec, is expected to produce 123,000 ounces of the precious metal annually over 10 years.
Eldorado president and CEO George Burns said the company’s team working at the company’s Olympias mine in Greece had made progress in addressing challenges relating to the blending of the ore feed to the mill and start-up of the newly installed paste plant.
“Ore feed blending impacted metallurgical performance and contributed to lower second half production and higher costs. With better control of the blend anticipated, we expect 2019 to be a better year for both mining and processing at Olympias,” Burns said.
The company didn’t refer to the status of its application to obtain a compensation of 750 million euros (about $851 million) from Greece for damages suffered due to delays in the issuance of permits for its Skouries project.
Differences between Eldorado and the Greek government over the miner’s plans to produce gold and other metals in the northern region of Halkidiki have dragged on for years, mainly over environmental regulations.
The company’s Lamaque will be an underground gold mine with an annual output of 123,000 ounces of the precious metal at all-in sustaining costs of $634 per ounce over 10 years. The operation, together with Eldorado’s Kisladag gold mine in Turkey, are helping the company strengthened its footprint outside Greece.
http://www.mining.com/eldorado-gold-countdown-opening-first-mine-canada/
https://investorshub.advfn.com/Eldorado-Gold-Corp-EGO-7026/
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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
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opinion appreciated
TIA
News: $EGO Eldorado Gold Announces Q4 and Full Year 2018 Production and Cash Costs
VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or “the Company”) today announces the Company’s fourth quarter and full year 2018 production results and preliminary cash costs. The Company will pr...
Got this from https://marketwirenews.com/news-releases/eldorado-gold-announces-q4-and-full-year-2018-production-and-cash-costs-7364170.html
Ego is straight garbage. Never would think it would go this cheap. I waited for ever to buy this stock as a long term investment. I thought $1 had support. But now it’s down 30%. Straight idiots run this company.
Nope, but disappointing news. Wait for better times seems to be the message. Definitely OTC bound.
Stay on this one $$$$$:) thank you!!!
• Eldorado Gold (EGO says it will seek €750M in compensation (~$877M) from Greece for damages suffered due to delays in the issuance of permits for its Skouries project.
• EGO filed a new technical report for the project earlier this year which it said significantly reduces the development's environmental footprint, and then was favored by an arbitration panel which ruled its technical plan to build a metallurgy plant to process concentrate mined from its Skouries and Olympias gold project was valid, but the company has still not received the necessary permits to start construction.
• EGO President and CEO George Burns says the company's application "represents a good-faith attempt to resolve the matter with the Greek state as it relates to costs incurred resulting from permit delays to our Skouries project... We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration."
Awesome
Thanks ClayTrader
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