Eldorado Gold Achieves 2020 Production Guidance; Appoints New Chair of the Board

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Algemeen advies 08/01/2021 06:00
VANCOUVER, British Columbia, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today announced the Company’s fourth quarter and full year 2020 preliminary production results.

Preliminary 2020 gold production increased 34% over 2019 to 528,874 ounces, meeting the Company’s annual consolidated production guidance of between 520,000 and 550,000 ounces. Preliminary gold production for the fourth quarter of 2020 increased 16% to 138,220 ounces compared to the fourth quarter of 2019.

Preliminary 2020 gold production at Lamaque exceeded guidance despite a three-week shutdown in early Spring related to government-mandated COVID-19 operating restrictions. The strong performance at Lamaque was partially offset by lower labour availability impacting leach pad flow rates at Kisladag during the second quarter. Kisladag finished the year with strong fourth-quarter gold production, driven by improving heap leach performance.

“Delivering on our production guidance amid a year of unprecedented external challenges is a testament to the dedication and resilience of our people,” said George Burns, Eldorado President and Chief Executive Officer. “Our unique portfolio of high-quality, long-lived mines and projects will continue to position Eldorado for sustained success in the years ahead.”

Table 1: 2020 Preliminary Production

Production (oz) Q4 2020 Q4 2019 2020 2019
Kisladag 56,816 51,010 226,475 140,214
Efemcukuru 25,828 26,243 99,835 103,767
Olympias 11,408 12,617 58,423 46,750
Lamaque 44,168 29,085 144,141 113,9401
Total 138,220 118,955 528,874 395,331
1 Includes pre-commercial production.

The Company will report its full year 2020 Year End-Results at the end of February.


The Company also announced today that Steve Reid has been appointed Chair of the Board, replacing George Albino, who will remain on the Eldorado Board as a Director. Steve Reid has served as a Director on the Eldorado Board since May 2013. He has over 40 years of experience in the mineral resource industry. He served as the Executive Vice President and Chief Operating Officer for Goldcorp Inc. from 2007 to September 2012. Before joining Goldcorp, Mr. Reid spent 13 years at Placer Dome in numerous corporate, mine management and operating roles.

“I am pleased to announce the appointment of Steve to Chair of the Eldorado Board,” said Burns. “His work as a Director over the last seven years has contributed significantly to Eldorado’s success and we look forward to benefiting from his leadership. I would like to thank George Albino for his counsel and dedication as Chair and for his continued strong presence on the Board as a Director.”

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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