Eldorado Gold Announces First Quarter 2022 Preliminary Production; Maintains Full Year Production Guidance; Provides Conference Call Details
Q1 2022 Preliminary Gold Production
| Mine |
Production (oz) | 2022 Production Guidance (1) |
||
| Q1 2022 | Q1 2021 | Q4 2021 | ||
| Kisladag | 29,779 | 46,172 | 33,136 | 145,000 – 155,000 |
| Lamaque | 33,377 | 28,835 | 51,354 | 165,000 – 175,000 |
| Efemcukuru | 21,057 | 23,298 | 22,631 | 85,000 – 90,000 |
| Olympias | 8,996 | 13,437 | 15,461 | 65,000 – 75,000 |
| Total Gold Production (oz) |
93,209 | 111,742 | 122,582 | 460,000 – 490,000 |
| (1) As announced on |
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Early in the quarter, reduced workforce hours due to COVID-related absenteeism delayed the underground development of high-grade stopes, which led to lower than planned gold grades and tonnage. Mine development progressed and the planned gold grade and tonnage were achieved in March. Full-year gold production at Lamaque is expected to be in line with guidance. The Ormaque exploration drift is progressing on plan and resource conversion drilling is expected to commence by mid-year.
Gold production during the first quarter at Kisladag was lower than planned as a result of COVID-related absenteeism, severe weather, and a government-mandated power outage. The severe weather and freezing temperatures worsened the normal winter impact on the ore conveyance and stacking system productivity on the leach pads. We anticipate production at Kisladag to be weighted to the second half of the year and maintain full year production guidance. Optimization of the high-pressure grinding roll (“HPGR”) and agglomeration circuit continues. The HPGR is performing to plan, and recovery rates are as expected.
At Efemcukuru, gold production, throughput, and average gold grade were in line with expectations, despite experiencing COVID-related absenteeism.
The Company’s profits from mining operations in
In the early part of the quarter, gold production at Olympias was impacted by COVID-related absenteeism, in addition to power outages related to severe weather patterns in the region. Operations resumed mining to plan and achieved planned tonnage and grades from the mine in March. Initiatives are in place to continue ramping up mine production tonnage, control the grades and maximize plant throughput for the remainder of the year.
Q1 2022 Financial and Operational Results Call Details
Eldorado will release its 2022 First Quarter Financial and Operational Results after the market closes on
http://services.choruscall.ca/links/eldoradogold20220429.html
| Conference Call Details |
Replay (available until |
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| Date: | April 29, 2022 | : |
+1 604 638 9010 |
| Time: | ( |
Toll Free: | 1 800 319 6413 |
| Dial in: | +1 604 638 5340 | Access code: | 8618 |
| Toll free: | 1 800 319 4610 | ||
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in
Contact
Investor Relations
604.757 2237 or 1.888.353.8166
[email protected]
Media
604.757 5573 or 1.888.353.8166
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Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the Company’s 2022 annual guidance, including our individual mine production; the Ormaque exploration drift; the timing of resource conversion drilling; the expected tax expense in
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; tax expenses in
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance; inability to achieve the expected benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; inability to assess income tax expenses in
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by
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