Eldorado Gold Announces Second Quarter 2021 Preliminary Production Results and Conference Call Details
Q2 2021 and Year-to-Date 2021 Preliminary Gold Production
| Production (oz) | |||
| Mine | Q2 2021 | Q2 2020 | Q1 2021 |
| Kısladag | 44,016 | 59,890 | 46,172 |
| Lamaque | 35,643 | 33,095 | 28,835 |
| Efemcukuru | 23,473 | 26,876 | 23,298 |
| Olympias | 12,934 | 17,921 | 13,437 |
| Total Gold Production (oz) | 116,066 | 137,782 | 111,742 |
| Production (oz) | |||
| Mine | YTD 2021 | YTD 2020 | Full Year 2021 Guidance |
| Kısladag | 90,188 | 110,066 | 140,000 – 150,000 |
| Lamaque | 64,478 | 60,448 | 140,000 – 150,000 |
| Efemcukuru | 46,771 | 50,115 | 90,000 – 95,000 |
| Olympias | 26,371 | 33,103 | 55,000 – 65,000 |
| Total Gold Production (oz) | 227,808 | 253,732 | 430,000 – 460,000 |
Second quarter gold production at Lamaque continued on track with both throughput and grade in-line with the plan to deliver annual guidance of 140,000 to 150,000 ounces. The decline connecting the Sigma mill with the Triangle underground mine is progressing ahead of schedule and is expected to be completed in the fourth quarter. Infill and expansion drilling continued during the quarter at the recently announced Ormaque gold resource.
Kisladag performed well in the second quarter with gold production consistent with the plan to deliver 2021 guidance of 140,000 to 150,000 ounces. The two additional CIC trains that were commissioned in the first quarter have performed as planned and are now fully operational. The installation of a new carbon regeneration kiln was completed in the second quarter and is expected to support improved gold recoveries in the circuit. The commissioning of the high-pressure grinding roll (HPGR) circuit remains on track.
At Efemcukuru, gold production, throughput, and average gold grade were in-line with guidance.
In addition to the current income tax expense relating to profits from mining operations in
In the second quarter, operations at Olympias were affected by work slowdowns as progress was made on transformation efforts in
Eldorado has been engaged in transparent, constructive discussions with key stakeholders, including employees, unions and the government, and is confident that with their cooperation the Company will make meaningful progress in building a culture of growth, best practice, and continuous improvement in
Eldorado remains committed to responsibly developing the Kassandra mines to create value for all stakeholders including job creation, investment into local communities and opportunities for local suppliers, while maintaining high environmental standards.
Depreciation
Eldorado is forecasting full year 2021 depreciation expense to be
Q2 2021 Financial and Operational Results Call Details
Eldorado will release its second quarter 2021 Financial and Operational Results after the market closes on
http://services.choruscall.ca/links/eldoradogold20210730.html
| Conference Call Details Date: July 30, 2021 Time: Dial in: +1 604 638 5340 Toll free: 1 800 319 4610 |
Replay (available until Vancouver: +1 604 638 9010 Toll Free: 1 800 319 6413 Access code: 7013 |
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in
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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 "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" 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: our preliminary first quarter 2021 gold production, the Company’s 2021 annual guidance, including at our individual mine production; construction of the decline connecting Sigma mill with the Triangle underground mine, including the timing of completion and anticipated benefits; continued drilling at the Ormaque gold resource, completion of the HPGR circuit, including the timing of completion, and the benefits of the carbon column regeneration kiln at Kisladag; 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, timing of construction of the decline between Sigma mill and the Triangle underground mine; results from drilling at Ormaque; benefits of the improvements at Kisladag; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
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 complete construction of the decline between Triangle mill and the Triangle underground mine on time or to meet expected timing thereof, poor results from drilling at Ormaque; inability to complete improvements at Kisladag or to meeting expected timing thereof, or to achieve the benefits thereof; inability to assess taxes 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.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by
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