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Eldorado's proven and probable reserves at December 31, 2016 totalled 19.3 million ounces of gold. Measured and indicated resources at the end of 2016 totalled 28.5 million ounces of gold.

Complete mineral reserve and resource data including tonnes, grades and ounces as well as major assumptions and qualified persons responsible for these numbers are shown in the tables below.

Eldorado Gold Mineral Reserves as of December 31, 2016

Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Gold
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,687 8.08 438 2,137 7.18 493 3,824 7.57 931
Kisladag 205,442 0.76/td> 5,046 11,884 0.58 221 217,326 0.75 5,267
Olympias 4,851 8.65 1,349 11,236 7.54 2,724 16,087 7.87 4,073
Perama 2,477 4.44 354 7,220 2.68 621 9,697 3.13 975
Skouries 73,474 0.91 2,148 79,262 0.64 1,643 152,736 0.77 3,791
Tocantinzinho 16,699 1.53 821 22,914 1.36 1,003 39,613 1.43 1,824
TOTAL GOLD 327,418 1.10 11,570 156,153 1.53 7,693 483,571 1.24 19,263
Silver
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 4,851 124 19,339 11,236 130 46,962 16,087 128 66,301
Perama 2,477 3 254 7,220 4 897 9,697 4 1,151
Stratoni 118 169 641 69 144 319 187 160 960
TOTAL SILVER 30,234 28 27,238 40,025 44 56,729 70,259 37 83,967
Copper
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Skouries 73,474 0.54 394 79,262 0.48 382 152,736 0.51 776
TOTAL COPPER 73,474 0.54 394 79,262 0.48 382 152,736 0.51 776
Lead
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Olympias 4,851 4.1 199 11,236 4.4 494 16,087 4.3 693
Stratoni 118 6.3 7 69 5.5 4 187 6.0 11
TOTAL LEAD 4,969 4.1 206 11,305 4.4 498 16,274 4.3 704
Zinc
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Olympias 4,851 5.1 247 11,236 6.0 674 16,087 5.7 921
Stratoni 118 9.2 11 69 8.2 6 187 8.8 17
TOTAL ZINC 4,969 5.2 258 11,305 6.0 680 16,274 5.8 938

Eldorado Gold Mineral Resources as of December 31, 2016

Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
Gold
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Tonnes
(x1000)
Au
g/t
In-situ Au
ounces (x1000)
Certej 27,518 1.80 1,592 62,463 1.23 2,472 89,981 1.40 4,064 12,228 0.96 376
Efemcukuru 2,277 8.58 628 2,224 8.02 574 4,501 8.30 1,202 5,095 4.94 809
Kisladag 383,886 0.65 8,047 93,312 0.47 1,419 477,198 0.62 9,466 290,466 0.45 4,165
Olympias 4,464 9.97 1,431 10,644 8.55 2,926 15,108 8.97 4,357 3,955 8.34 1,060
Perama 3,064 4.30 424 9,375 3.18 958 12,439 3.46 1,382 8,766 1.96 554
Piavitsa 0 0.00 0 0 0.00 0 10,542 5.70 1,932
Sapes 2,423 6.08 474 2,423 6.08 474 1,011 10.65 347
Skouries 100,018 0.79 2,534 189,263 0.47 2,867 289,281 0.58 5,401 170,136 0.31 1,680
Tocantinzinho 17,530 1.51 851 31,202 1.26 1,264 48,732 1.35 2,115 2,395 0.90 69
TOTAL GOLD 538,757 0.90 15,507 400,906 1.01 12,954 939,663 0.94 28,461 504,594 0.68 10,992
Silver
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Tonnes
(x1000)
Ag
g/t
In-situ Ag
ounces (x1000)
Certej 27,518 9 7,768 62,463 9 17,833 89,981 9 25,601 12,228 3 1,364
Olympias 4,464 142 20,380 10,644 147 50,305 15,108 146 70,685 3,955 118 15,050
Perama 3,064 3 335 9,375 9 2,833 12,439 8 3,168 8,766 7 1,860
Piavitsa 0 0 0 0 0 0 10,542 57 19,156
Stratoni 480 218 3,364 70 169 380 550 212 3,744 0 0 0
TOTAL SILVER 35,526 28 31,847 82,552 27 71,351 118,078 27 103,198 35,491 33 37,430
Copper
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Tonnes
(x1000)
Cu
%
In-situ Cu
tonnes (x1000)
Skouries 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 170,136 0.34 578
TOTAL COPPER 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 170,136 0.34 578
Lead
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Tonnes
(x1000)
Pb
%
In-situ Pb
tonnes (x1000)
Olympias 4,464 4.7 210 10,644 5.0 532 15,108 4.9 742 3,955 3.9 153
Stratoni 480 8.3 40 70 7.0 5 550 8.1 45 0 0.0 0
TOTAL LEAD 4,944 5.1 250 10,714 5.0 537 15,658 5.0 787 3,955 3.9 153
Zinc
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Tonnes
(x1000)
Zn
%
In-situ Zn
tonnes (x1000)
Olympias 4,464 5.8 259 10,644 6.8 724 15,108 6.5 983 3,955 4.3 171
Stratoni 480 11.1 53 70 10.6 7 550 11.0 60 0 0.0 0
TOTAL ZINC 4,944 6.3 312 10,714 6.8 731 15,658 6.7 1,043 3,955 4.3 171
Iron
Tonnes
(x1000)
Fe
%

Tonnes
(x1000)
Fe
%

Tonnes
(x1000)
Fe
%

Tonnes
(x1000)
Fe
%

Vila Nova 2,212 59.3 10,982 58.5 13,194 58.7   9,519 59.7
TOTAL IRON 2,212 59.3   10,982 58.5   13,194 58.7   9,519 59.7  

Notes on Mineral Reserves and Resources

  1. Mineral reserves and mineral resources are as of December 31, 2016.
  2. Mineral reserves are included in the mineral resources.
  3. The mineral reserves and mineral resources are disclosed on a total project basis.

Mineral Reserve Notes

  1. Long Term Metal Price Assumptions
    • Gold price: $1,200/oz
    • Silver price: $16.00/oz (for Stratoni it was $7.74/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.)
    • Copper price: $2.75/lb
    • Lead price: $1,800/t
    • Zinc price: $2,000/t
  2. Skouries
    • The current open pit and underground designs used a Cu price of $3.00/lb. Because the open pit is governed by permit limits its reserves remain unchanged at the lower reserve price of $2.75/lb. In the underground portion, the change in metal price has no impact on mine design and extraction philosophy, and placement of long-term underground infrastructure. Furthermore, the lower price does not affect the first half of the planned underground minelife due to starting in higher grade Au and Cu sections of the orebody. The latter part of the project's long minelife does contain stopes with mineral reserve tonnes and metal at risk at the lower Cu price. These are in the lowermost parts of the planned mine and along its peripheries, and comprise 7% tonnes, 4% gold metal and 6% copper metal of the stated mineral reserves.
  3. Cut-off Grades
    • Kisladag: $7.65 NSR; Efemcukuru: 3.24 g/t Au; Perama: 0.8 g/t Au; Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $62.00 NSR; Stratoni: 15.54% Zn Equivalent grade (=Zn%+Pb%*1.20+Ag%*165); Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).
  4. Qualified Persons
    • John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Kisladag, Skouries open pit, Certej and Tocantinzinho reserves.
    • Doug Jones (Registered Member - SME), consultant for the Company, is responsible for the Efemcukuru, Olympias, Stratoni and Perama Hill reserves.
    • Colm Keogh, P.Eng, Principal Mining Engineer, AMC Mining Consultants (Canada) Ltd., is responsible for the Skouries underground reserves.

Mineral Resource Notes

  1. Cut-off grades
    • Kisladag: 0.30 g/t Au for M+I, 0.35 g/t for Inferred; Efemcukuru: 2.5 g/t Au; Perama: 0.5 g/t Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au; Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%); Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit). Resource cut-offs for Olympias and Stratoni are geological based due to the sharpness of the mineralized contacts and the high-grade nature of the mineralization.
  2. Qualified Persons
    • Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for all of the Company's mineral resources except for those associated with Sapes.
    • Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, is responsible for the Sapes mineral resources.

About Mineral Reserves and Resources

Mineral reserves and resources are reported on a 100% basis for each property.

Estimates are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (you can find the definitions at www.cim.org), and in accordance to the disclosures requirements with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), developed by the Canadian Securities Administrators.

Estimates of mineral resources include mineral reserves. A mineral reserve is the part of a measured or indicated mineral resource that can be economically mined, demonstrated by at least a preliminary feasibility study that includes adequate information about mining, processing, metallurgical, economic and other relevant factors that demonstrate (at the time of reporting) that economic extraction can be justified.

Mineral resources are minerals that have reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Resources are classified into measured, indicated and inferred.

Mineral resources that have not already been classified as mineral reserves do not have demonstrated economic viability, and there can be no assurance that they will ultimately be converted into mineral reserves.

Understanding Estimates

Estimating mineral reserves and resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments made when interpreting it, which may prove to be unreliable.

The cut-off grades for the deposits are based on our assumptions for plant recovery, gold value, mining dilution and recovery, and our estimates for operating and capital costs. We may have to recalculate our estimated mineral reserves and resources based on actual production or the results of exploration.

Fluctuations in the price of gold, production costs or recovery rates can make it unprofitable for us to operate or develop a particular property for a period of time.

Important Information for US Investors

You will not be able to compare the mineral reserve and resources information with similar information from US companies.

The United States Securities & Exchange Commission (SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted or produced. It does not recognize the terms measured, indicated and inferred mineral resources (mining terms under NI 43-101), and does not accept them in reports and registration statements.

You should not assume that:

  • the mineral reserves defined in these tables qualify as reserves under SEC standards
  • the measured and indicated mineral resources in these tables will ever be converted to reserves
  • the inferred mineral resources in these tables are economically mineable, or will ever be upgraded to a higher category