VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces first quarter 2022 preliminary gold production of 93,209 ounces and maintains full year production guidance of 460,000 to 490,000 ounces. Production during January and February was impacted by higher-than-anticipated absenteeism related to the surge of the COVID-19 Omicron variant. Detailed production, by asset, is outlined in the table below.

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 January 18, 2022.

Canada

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.

Turkey

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 Turkey are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the first quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further decreased up to $3 million. The expected decrease is primarily related to the investment tax credit relating to Kisladag heap leach improvements, partially offset by taxable unrealized foreign exchange gains related to further weakening of the Lira in the quarter.

Greece

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 Thursday, April 28, 2022, and will host a conference call on Friday, April 29, 2022 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20220429.html

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