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Eldorado's proven and probable reserves at September 30, 2019 totalled 16.4 million ounces of gold. Measured and indicated resources at September 30, 2019 totalled 28.5 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 September 30, 2019

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

1,690

6.62

360

1,931

5.18

322

3,621

5.86

682

Kisladag

107,694

0.80

2,770

5,357

0.59

102

113,051

0.79

2,872

Lamaque

484

7.32

114

3,607

7.40

858

4,091

7.39

972

Olympias

2,601

9.19

769

10,324

6.47

2,148

12,925

7.02

2,917

Perama

3,120

4.02

403

6,590

2.63

557

9,710

3.08

960

Skouries

75,804

0.87

2,132

81,862

0.62

1,641

157,666

0.74

3,773

Tocantinzinho

17,007

1.52

831

21,898

1.35

950

38,905

1.42

1,781

TOTAL GOLD

231,188

1.18

8,793

153,069

1.54

7,566

384,257

1.32

16,359

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

2,601

133

11,122

10,324

115

38,171

12,925

119

49,293

Perama

3,120

4

401

6,590

5

1,059

9,710

5

1,460

Stratoni

0

0

0

768

154

3,803

768

154

3,803

TOTAL SILVER

28,509

20

18,527

39,182

41

51,584

67,691

32

70,111

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

2,601

4.3

112

10,324

4.0

413

12,925

4.1

525

Stratoni

0

0.0

0

768

6.0

46

768

6.0

46

TOTAL LEAD

2,601

4.3

112

11,092

4.1

459

13,693

4.2

571

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

2,601

5.1

133

10,324

5.3

547

12,925

5.3

680

Stratoni

0

0.0

0

768

8.4

65

768

8.4

65

TOTAL ZINC

2,601

5.1

133

11,092

5.5

612

13,693

5.4

745

Eldorado Gold Mineral Resources as of September 30, 2019

 

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)

Bolcana

0

0.00

0

0

0.00

0

0

0.00

0

381,000

0.53

6,492

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

2,390

8.06

619

2,016

6.64

430

4,406

7.41

1,049

3,647

6.31

740

Kisladag

357,106

0.63

7,233

92,740

0.47

1,401

449,846

0.60

8,634

290,460

0.45

4,202

Lamaque

469

9.46

143

5,294

8.24

1,402

5,763

8.34

1,545

8,998

7.01

2,028

Olympias

2,702

10.93

950

11,779

7.52

2,848

14,481

8.16

3,798

3,720

7.98

954

Perama

3,126

4.10

412

10,164

3.00

980

13,290

3.26

1,392

3,374

2.20

239

Perama South

0

0.00

0

0

0.00

0

0

0.00

0

25,324

5.70

1,073

Piavitsa

0
0.00
 0

0

0.00

0

0

0.00

0

10,542

5.70

1,932

Sapes

0
 0.00 0

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

510,859

0.87

14,334

407,344

1.08

14,138

918,203

0.96

28,472

912,835

0.69

20,131

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

2,702

156

13,552

11,779

134

50,746

14,481

138

64,298

3,720

137

16,385

Perama

3,126

4

402

10,164

8

2,516

13,290

7

2,918

3,374

4

477

Piavitsa

0
0
 0

0

0

0

0

0

0

10,542

57

19,156

Stratoni

0

0

0

807

185

4,800

807

185

4,800

1,563

169

8,493

TOTAL SILVER

33,346

20

21,722

85,213

28

75,895

118,559

26

97,617

31,427

45

45,875

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)

Bolcana

0

0.00

0

0

0.00

0

0

0.00

0

381,000

0.18

686

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

551,136

0.23

1,264

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

2,702

5.0

135

11,779

4.6

542

14,481

4.7

677

3,720

3.9

145

Stratoni

0

0.0

0

807

7.2

58

807

7.2

58

1,563

6.6

103

TOTAL LEAD

2,702

5.0

135

12,586

4.8

600

15,288

4.8

735

5,283

4.7

248

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

2,702

6.0

162

11,779

6.2

730

14,481

6.2

892

3,720

4.0

149

Stratoni

0

0.0

0

807

10.1

82

807

10.1

82

1,563

9.6

150

TOTAL ZINC

2,702

6.0

162

12,586

6.5

812

15,288

6.4

974

5,283

5.7

299

Notes on Mineral Reserves and Resources

  1. Mineral reserves and mineral resources are as of September 30, 2019.
  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: $1,250/oz
    • Silver price: $16.00/oz (for Stratoni it was $11.42/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.)
    • Copper price: $2.75/lb
    • Lead price: $2,000/t
    • Zinc price: $2,400/t
  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 $2.75/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 11 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: 3.00 g/t Au; Lamaque: 3.50 g/t Au; Perama: 0.80 g/t Au; Tocantinzinho: 0.365 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $133 NSR (drift and fill), $116 NSR (long hole stoping); Stratoni: 13.5% Zn Equivalent grade (=Zn%+Pb%*1.06+Ag%*113.5); Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).
  4. Qualified Persons
    • Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for the Skouries (open pit),  Kisladag and Perama mineral reserves;
    • John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej and Tocantinzinho mineral reserves;  
    • Colm Keogh, P.Eng., Operations Manager, Olympias for the Company, is responsible for the Efemcukuru, Olympias, Stratoni, 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 Au; Perama and Perama South: 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); Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni: resources are geologically constrained to massive sulfide material based on the sharpness of the mineralized contacts and the high grade nature of the mineralization
  2. Qualified Persons
    • Ertan Uludag, P.Geo, Resource Geologist for the Company, is responsible for the Efemcukuru, Olympias and Stratoni mineral resources;
    • Stephen Juras, Ph.D., P.Geo.,  Director, Technical Services for the Company, is responsible for the Lamaque, Kisladag, Certej, Skouries, Perama, Piavitsa and Bolcana mineral resources; 
    • Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company,  is responsible for the Sapes mineral resources;
    • Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the Company, is responsible for the Tocantinzinho mineral resources;
    • Sean McKinley, P.Geo., Senior Geologist for the Company, is responsible for the Perama South 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