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Olympias is a gold-silver-lead-zinc mine located in the Halkidiki Peninsula in northern Greece.

Key Facts

Location Halkidiki Peninsula, Greece
Mine type Underground
Metals mined Gold, Silver, Lead, Zinc
Expected mine life 15 years*
Deposit type Polymetallic carbonate replacement
Ownership 100%
2023 Production Data (January 2024)
Resources & Reserves (September 2023)
2024 Production & Cost Guidance (February 2024)

* Based on current proven and probable reserves.

Operating Data

Gold Operations
2024 Outlook
Ounces Produced 67,133 75,000 - 85,000
Ounces Sold  66,949
Tonnes Milled  454,122  490,000 - 510,000
Grade (grams / tonne)  8.238.0 - 9.0
Total Cash Costs ($/oz sold)1  1,133 980 - 1,080
All-in Sustaining Costs ($/oz sold)1  1,688 1,280 - 1,380
Growth Capital Expenditures ($M)1 7.4 14 - 18
Sustaining Capital Expenditures ($M)1 19.0 45 - 51
By-product Credits ($M)2



Note: All amounts are in US$ unless otherwise indicated.

1These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's December 31, 2023 MD&A.

2Revenue from silver, lead and zinc sales.


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Geology and Mineralization

Olympias is a gold-rich polymetallic carbonate replacement deposit hosted in an interlayered sequence of feldspar-biotite gneiss and marble within the Paleozoic Kerdylia Formation of the Serbo-Macedonian Massif, NE Greece. It contains multiple lenses which together extend in a NNE direction for over 1.5 km, plunge 30 to 35° SW, and have an average thickness of 12 m. Two main end-member ore types are recognised; a base metal-rich ore type and a high arsenic-silica, high gold ore type. The latter typically occurs in the core of the ore lenses and is dominated by grey arsenian pyrite and arsenopyrite and subordinate galena and sphalerite with quartz-rich gangue. Gold grades are typically >10 to 30 g/t. The base metal-rich ore is characterized by variable pyrite, galena and sphalerite with lesser arsenian pyrite and arsenopyrite, and calcite-rich gangue. Gold grades are commonly in the range of 2 to 10 g/t. Both ore types locally contain spectacular bladed to dendritic arsenian pyrite and arsenopyrite with massive base metal sulphides. The Olympias deposit likely formed during the Late Oligocene to Early Miocene coincident with magmatism in the region.


Little systematic exploration has been conducted at Olympias outside of the confines of the known ore body, and consequently nearby areas have outstanding exploration potential. The deposit is open downplunge, and numerous brownfields targets exist that have had little or no drill testing. Ongoing rehabilitation of existing workings and underground development into new areas will provide access to test these exploration targets.


2023April: Modified EIA Received for Kassandra Mines Complex
2017 Installation Permit for the paste plant, Technical Study for the Old Olympias Mine Closure, and Mine Operating Permit received in September. Phase II commercial production achieved at the end of December.
2016 Installation permit to begin Phase II granted in March
2013 7% increase in Olympias gold resources year on year from 4.3 Moz to 4.6 Moz
2012 Eldorado acquires Olympias via the acquisition of European Goldfields; Tailings retreatment commenced
2011 EIA received for the Kassandra Mines (includes Olympias, Skouries and Stratoni)
2004 Hellas Gold, a subsidiary of European Goldfields, acquired Olympias from the Greek state
1999 Feasibility study completed by TVX
1995 Ownership transferred to TVX Gold Incorporated from Greek state