Eldorado Gold Reports Preliminary Third Quarter 2019 Results T.ELD | VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD) (NYSE: EGO) today reports its preliminary third quarter 2019 results.
Preliminary Third Quarter Results
Total gold production was 101,596 ounces for the third quarter and 276,376 ounces year to date. Guidance for 2019 remains unchanged. Recent test results from Kisladag confirm that recoveries from leaching deeper material over 250 day cycles support an extension of mine life beyond the Company’s current three year guidance. Waste stripping to support a mine life extension will commence prior to the end of October 2019. Test work is still ongoing to determine the ultimate heap leach recovery of this material and thus the ultimate length of the mine life extension. Waste stripping over the remainder of 2019 is expected to minimize production interruptions in 2020 and beyond. Estimated expenditure for waste stripping in 2019 is $4 million. Production at Olympias was lower than plan. During the third quarter measures to increase production volumes were continued in key areas of the operation and will support the ramp up towards 2020 and beyond. These measures included increased capital development resources and other operational improvement initiatives.
Gold Production Q3 2019 Q3 2018 YTD 2019 Total Production (oz) 101,596 84,783 276,376 Kisladag Production (oz) 35,885 34,070 89,204 Efemcukuru Production (oz) 25,733 24,493 77,524 Olympias Production (oz) 7,941 12,790 24,793 Lamaque Production (oz) (a) 32,037 13,430 84,855 (a) Includes pre-commercial production
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 louise.burgess@eldoradogold.com
This news release contains forward looking statements and forward looking information within the meaning of applicable Canadian and U.S. securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "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 herein include, but are not limited to expectations regarding meeting annual guidance, extension of mine life at Kisladag, waste stripping at Kisladag, and improved production at Olympias.
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 and 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. 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: discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; 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 the Company's Annual Information Form & Form 40-F dated March 29, 2019.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.
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.
Eldorado takes 20% stake in QMX Gold Canadian Mining Journal Staff | December 19, 2019 | 10:33 am Canada Gold
Eldorado begins commercial production at its first Canadian mine Mill at Lamaque underground gold mine in Quebec.
QMX Gold announced a C$4 million share purchase agreement with Eldorado Gold which will give the producer a 19.99% stake in the company.
“QMX continues to return excellent results from its various projects across its extensive Val d’Or property, demonstrating significant upside potential. Eldorado’s investment will allow us to continue to progress our projects, creating shareholder value and validates QMX’s work completed to date,” Brad Humphrey, the company’s president and CEO said in the release.
The 68-million share non-brokered private placement will be done at C$0.06 per share, a 9% and 11% premium to the close and 20-day weighted average price of QMX shares respectively for proceeds of C$4 million.
Eldorado holds the Lamaque project in Quebec which started commercial production in April and is expected to produce 100,000 oz. to 110,000 oz. this year. It acquired the project in May 2017 for C$590 million from Integra Gold.
QMX holds 200 sq. km of holdings in Val d’Or with an indicated resource of 4.8 million tonnes at 1.69 g/t gold for a total of 258,700 oz. with an additional 2.4 million tonnes at 1.87 g/t gold inferred for a total of 145,100 oz. at the Bonnefond deposit. The company also holds the Aurbel mill in its portfolio.
(This article first appeared in the Canadian Mining Journal)
QMX hits high grades at River Canadian Mining Journal Staff | January 30, 2020 | 12:26 pm Exploration Canada Gold
Drill core. Image by QMX Gold.
QMX Gold has announced results of the first three holes completed on the River target on the western side of the company’s project in Val d’Or, Quebec.
Drill highlights include:
2 metres of 39.83 g/t gold; 4 metres of 17.71 g/t gold; and 2.9 metres of 7.76 g/t gold.
“We are delighted that we immediately achieved high-grade gold intersections in the first three drill holes on our new River target,” Andreas Rompel, the company’s vice president of exploration said in a release. “This gives us great optimism and encouragement to continue with our structural target delineation in general and for the River target in particular, where we anticipate establishing additional resources.”
Assays for four additional holes completed are pending. QMX plans to complete additional drilling at River once modelling is completed using the first batch of drill holes.
The River target is located approximately 1 km to the west of the historic Lac Herbin-Dumont-Ferderber gold system and was discovered in 2011.
In December, Eldorado Gold invested C$4 million in QMX, giving it a 19.99% stake in the company; QMX also holds a permitted mill and tailings facility at its Quebec project.
A maiden resource for the Bonnefond deposit in the eastern portion of the property was released in July: indicated resources currently stand at 4.8 million tonnes grading 1.69 g/t gold for a total of 258,700 oz. with additional inferred resources of 2.4 million tonnes at 1.87 g/t gold for 145,100 oz.
Additional targets have been identified for follow-up within the 200-sq.-km project. QMX started drilling at the site in 2017.
(This article first appeared in the Canadian Mining Journal)
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