DESCRIPTIONEastern Dragon is a high-grade, epithermal, gold-silver vein deposit located in Heilongjiang Province, China.
Construction at Eastern Dragon Project, China
Construction activity at Eastern Dragon continued throughout Q3 2011. The majority of civil work on site was completed and we continued to install structural steel around the crushing and ore storage facilities. At quarter end, ancillary facilities at site neared and we aim to finish any outside work before the winter season sets in. Piping and electrical installations in the process area will be completed during the winter months. Further civil works to prepare the tailings storage site and the open pit and rock dumps will be carried over into 2012 pending the receipt of the Project Permit Approval.
Capital expenditures to complete construction will be $45 million. We expect to commission the mine and start production in 2014. The initial production will come from a small, high-grade open pit while we develop the underground access.
Eldorado has a 95% equity interest in the Lode 5 Exploration Licence, with the remainder held by a local joint-venture partner. Eldorado also holds a 90% contractual interest and a pre-emptive right over a further 5% in the entity which will hold 100% of the 53 square kilometre exploration licence surrounding Lode 5 (known as EL53). In Q1 2010 we paid $11 million as part of our agreement to consolidate the EL53 exploration joint venture with the Lode 5 joint venture.
SGX Scheme Booklet 2009 (PDF)
Last update: December 17, 2012.