Header Image

Header Image

Eldorado's proven and probable reserves at September 30, 2018 totalled 16.9 million ounces of gold. Measured and indicated resources at September 30, 2018 totalled 28.7 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, 2018

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

2,135

6.77

465

2,246

5.69

411

4,381

6.22

876

Kisladag

110,463

0.82

2,912

5,284

0.60

102

115,747

0.81

3,014

Lamaque

215

7.12

49

3,872

7.26

904

4,087

7.25

953

Olympias

2,732

8.55

751

10,631

6.93

2,369

13,363

7.26

3,120

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

233,313

1.18

8,898

155,529

1.61

8,039

388,842

1.35

16,937

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

2,732

122

10,716

10,631

123

42,041

13,363

123

52,757

Perama

2,477

3

254

7,220

4

897

9,697

4

1,151

Stratoni

0

0

0

581

161

3,007

581

161

3,007

TOTAL SILVER

27,997

20

17,974

39,932

42

54,496

67,929

33

72,470

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

2,732

4.0

109

10,631

4.3

457

13,363

4.2

566

Stratoni

0

0.0

0

581

6.2

36

581

6.2

36

TOTAL LEAD

2,732

4.0

109

11,212

4.4

493

13,944

4.3

602

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

2,732

4.9

134

10,631

5.6

595

13,363

5.5

729

Stratoni

0

0.0

0

581

8.3

48

581

8.3

48

TOTAL ZINC

2,732

4.9

134

11,212

5.7

643

13,944

5.6

777

Eldorado Gold Mineral Resources as of September 30, 2018

 

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

2,446

8.07

635

2,221

7.16

511

4,667

7.64

1,146

3,577

6.21

714

Kisladag

363,460

0.64

7,479

92,954

0.47

1,405

456,414

0.61

8,884

290,466

0.45

4,202

Lamaque

239

9.00

69

4,837

8.26

1,285

5,076

8.30

1,354

8,397

6.78

1,830

Olympias

2,551

10.49

860

12,176

7.60

2,975

14,727

8.10

3,835

3,437

8.04

888

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

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

516,826

0.87

14,444

406,914

1.09

14,211

923,740

0.96

28,655

891,955

0.67

19,083

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

2,551

152

12,467

12,176

134

52,457

14,727

137

64,924

3,437

132

14,586

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

0

0

0

10,542

57

19,156

Stratoni

0

0

0

770

178

4,407

770

178

4,407

1,120

153

5,509

TOTAL SILVER

33,133

19

20,570

84,784

28

77,530

117,917

26

98,100

36,093

37

42,475

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

2,551

4.9

125

12,176

4.6

560

14,727

4.7

685

3,437

3.8

131

Stratoni

0

0.0

0

770

6.9

53

770

6.9

53

1,120

6.1

68

TOTAL LEAD

2,551

4.9

125

12,946

4.7

613

15,497

4.8

738

4,557

4.4

199

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

2,551

6.1

156

12,176

6.2

755

14,727

6.2

911

3,437

3.8

131

Stratoni

0

0.0

0

770

9.3

72

770

9.3

72

1,120

8.2

92

TOTAL ZINC

2,551

6.1

156

12,946

6.4

827

15,497

6.3

983

4,557

4.9

223

Notes on Mineral Reserves and Resources

  1. Mineral reserves and mineral resources are as of September 30, 2018.
  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 ($2,500/t Pb and $2,500/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: 3.00 g/t Au; Lamaque: 3.50 g/t; Perama: 0.80 g/t Au; Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $133.00 NSR (drift and fill), $116 NSR (long hold 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 Kisladag and Perama mineral reserves;
    • John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Skouries (open pit), Certej and Tocantinzinho mineral reserves;
    • Colm Keogh, P.Eng, Manager, Underground Mining 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: 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, Kisladag and Stratoni mineral resources;
    • Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for the Lamaque, Certej, Skouries, Perama, Piavitsa, Tocantinzinho and Bolcana 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