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Eldorado's proven and probable reserves at December 31, 2017 totalled 17.3 million ounces of gold. Measured and indicated resources at the end of 2017 totalled 29.1 million ounces of gold.

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

Eldorado Gold Mineral Reserves as of December 31, 2017

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

2,032

7.12

465

2,020

6.34

412

4,052

6.73

877

Kisladag

113,253

0.83

3,032

5,306

0.60

102

118,560

0.82

3,134

Lamaque

111

8.78

31

3,698

7.25

862

3,809

7.30

893

Olympias

3,610

7.49

870

11,122

7.21

2,577

14,732

7.28

3,447

Perama

2,477

4.44

354

7,220

2.68

621

9,697

3.13

975

Skouries

75,804

0.87

2,132

81,862

0.62

1,641

157,666

0.74

3,773

Tocantinzinho

16,699

1.53

821

22,914

1.36

1,003

39,613

1.43

1,824

TOTAL GOLD

236,774

1.20

9,119

155,642

1.64

8,206

392,417

1.37

17,325

Silver

Tonnes

Ag

In-situ Ag

Tonnes

Ag

In-situ Ag

Tonnes

Ag

In-situ Ag

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

Certej  

22,788

10

7,004

21,500

12

8,551

44,288

11

15,555

Olympias

3,610

105

12,165

11,122

120

42,756

14,732

116

54,921

Perama

2,477

3

254

7,220

4

897

9,697

4

1,151

Stratoni

0

0

0

497

178

2,844

497

178

2,844

TOTAL SILVER

28,875

21

19,423

40,339

42

55,048

69,214

33

74,471

Copper

Tonnes

Cu

In-situ Cu

Tonnes

Cu

In-situ Cu

Tonnes

Cu

In-situ Cu

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Skouries

75,804

0.52

393

81,862

0.47

386

157,666

0.49

779

TOTAL COPPER

75,804

0.52

393

81,862

0.47

386

157,666

0.49

779

Lead

Tonnes

Pb

In-situ Pb

Tonnes

Pb

In-situ Pb

Tonnes

Pb

In-situ Pb

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

3,610

3.5

126

11,122

4.0

442

14,732

3.9

568

Stratoni

0

0.0

0

497

7.0

35

497

7.0

35

TOTAL LEAD

3,610

3.5

126

11,619

4.1

477

15,229

4.0

603

Zinc

Tonnes

Zn

In-situ Zn

Tonnes

Zn

In-situ Zn

Tonnes

Zn

In-situ Zn

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

3,610

4.8

173

11,122

5.5

610

14,732

5.3

783

Stratoni

0

0.0

0

497

8.4

42

497

8.4

42

TOTAL ZINC

3,610

4.8

173

11,619

5.6

652

15,229

5.4

825

Eldorado Gold Mineral Resources as of December 31, 2017

 

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

2,668

8.04

689

2,628

7.10

599

5,296

7.57

1,288

3,580

6.20

714

Kisladag

367,425

0.64

7,596

92,954

0.47

1,411

460,379

0.61

9,007

290,466

0.45

4,165

Lamaque

132

10.40

44

4,565

8.39

1,231

4,697

8.45

1,275

5,368

7.29

1,258

Olympias

3,627

9.39

1,096

10,804

8.57

2,978

14,431

8.78

4,074

3,675

8.12

960

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

346

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

521,982

0.88

14,826

405,677

1.09

14,254

927,659

0.98

29,080

508,167

0.74

12,054

Silver

Tonnes

Ag

In-situ Ag

Tonnes

Ag

In-situ Ag

Tonnes

Ag

In-situ Ag

Tonnes

Ag

In-situ Ag

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

Certej

27,518

9

7,768

62,463

9

17,833

89,981

9

25,601

12,228

3

1,364

Olympias

3,627

131

15,314

10,804

141

48,855

14,431

138

64,169

3,675

112

13,142

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

0

0

0

633

205

4,172

633

205

4,172

246

145

1,147

TOTAL SILVER

34,209

21

23,417

83,275

28

73,693

117,484

26

97,110

35,457

32

36,669

Copper

Tonnes

Cu

In-situ Cu

Tonnes

Cu

In-situ Cu

Tonnes

Cu

In-situ Cu

Tonnes

Cu

In-situ Cu

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

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

Pb

In-situ Pb

Tonnes

Pb

In-situ Pb

Tonnes

Pb

In-situ Pb

Tonnes

Pb

In-situ Pb

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

3,627

4.4

157

10,804

4.7

509

14,431

4.6

666

3,675

3.4

125

Stratoni

0

0.0

0

633

8.0

50

633

8.0

50

246

5.4

13

TOTAL LEAD

3,627

4.3

157

11,437

4.9

559

15,064

4.8

716

3,921

3.5

138

Zinc

Tonnes

Zn

In-situ Zn

Tonnes

Zn

In-situ Zn

Tonnes

Zn

In-situ Zn

Tonnes

Zn

In-situ Zn

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

3,627

5.9

213

10,804

6.7

725

14,431

6.5

938

3,675

3.9

142

Stratoni

0

0.0

0

633

9.3

59

633

9.3

59

246

8.4

21

TOTAL ZINC

3,627

5.9

213

11,437

6.9

784

15,064

6.6

997

3,921

4.2

163

Notes on Mineral Reserves and Resources

  1. Mineral reserves and mineral resources are as of December 31, 2017.
  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 $8.14/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.)
    • Copper price: $2.50/lb
    • Lead price: $1,800/t
    • Zinc price: $2,000/t
    • Due to a limited mine life for Stratoni (3 years), current Pb and ZN prices were used for its mineral reserves ($2,400/t Pb and $2,712/t Zn)
  2. Skouries
    • The open pit design is based on permit limits, not metal prices, therefore insensitive to a falling or rising metal price environment.  The underground designs were based on a Cu price of $3.00/lb. The change in the Cu price to $2.50/lb has no impact to the underground portion of the mineral reserves developed at that time given that the margin on the lowest value ore has been demonstrated to remain positive against the backdrop of updated operating costs. Nevertheless, it is recognized that at the lower Cu price approximately 17 Mt of the mineral reserves have marginal value, and a further decrease in metal prices would render these uneconomic. The impact would not be felt until the latter part of the project’s long minelife as the lower grade resources are located on the periphery of the orebody and at depth.  Furthermore, the loss of these resources would not change the design philosophy or placement of long-term underground infrastructure, the result would be simply a shorter minelife.
  3. Cut-off Grades
    • Kisladag: $12.25 NSR; Efemcukuru: 3.08 g/t Au; Lamaque: 3.50 g/t; Perama: 0.8 g/t Au; Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $130.00 NSR; Stratoni: 14.3% Zn Equivalent grade (=Zn%+Pb%*1.1+Ag%*114); 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 mineral reserves.
    • Colm Keogh, P.Eng, Underground Mining for the Company, is responsible for the Skouries (underground) and Lamaque mineral 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; Lamaque: 2.5 g/t; 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%); Olympias: $50 NSR; Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit). Resource cut-offs for 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 Efemcukuru and Sapes.
    • Ertan Uludag, P.Geo, Resource Geologist for the Company, is responsible for the Efemcukuru mineral resources.
    • 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