VANCOUVER, British Columbia, July 13, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces second quarter 2022 preliminary gold production of 113,462 ounces and maintains full-year consolidated production guidance of 460,000 to 490,000 ounces. Detailed production, by asset, is outlined in the table below.

Q2 2022 Preliminary Gold Production

Production (oz)
Mine Q2 2022 Q2 2021 Q1 Kisladag 27,973 44,016 29,779
Lamaque 46,917 35,643 33,377
Efemcukuru 22,793 23,473 21,057
Olympias 15,779 12,934 8,996
Total Gold Production (oz) 113,462 116,066 93,209

Production (oz)
Mine YTD 2022 YTD 2021 2022 Production
Guidance (1)
Kisladag 57,753 90,188 145,000 – 155,000
Lamaque 80,294 64,478 165,000 – 175,000
Efemcukuru 43,849 46,771 85,000 – 90,000
Olympias 24,775 26,371 65,000 – 75,000
Total Gold Production (oz) 206,671 227,808 460,000 – 490,000
(1) As announced on January 18, 2022; Figures may not add due to rounding.

Canada

During the second quarter, mine and mill optimization efforts drove positive results. Underground development of high-grade stopes progressed well, and gold production was higher than planned, as a result of higher throughput and higher grades. Additionally, during the quarter resource conversion drilling commenced on the Ormaque deposit.

Turkiye

In December 2021, Turkey began the move to change its internationally recognized official name in English from Turkey to Turkiye. In June 2022, the United Nations announced it would recognize the new name. Eldorado is proud of its long history of strong relations with Turkiye and is pleased to adopt the new name.

Gold production during the second quarter at Kisladag was below plan due to the effects of lower tonnes placed on the leach pad in the first quarter. Optimization of the high-pressure grinding roll (“HPGR”) and debottlenecking of the belt agglomeration circuit continued in the second quarter. The HPGR is performing according to plan, with recovery rates as expected. During the second quarter, there was a notable increase in tonnes placed on the leach pad with a higher average grade, which is expected to positively impact gold production in the third quarter. We continue to anticipate production at Kisladag to be weighted to the second half of the year.

At Efemcukuru, gold production, throughput, and average gold grade were in line with expectations.

The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the second quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further increased up to $4 million. The expected increase is primarily related to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains, partly offset by reductions related to Lira deposits and the investment tax credit relating to Kisladag heap leach improvements.

Greece

Olympias saw meaningful productivity improvements and good control on gold grades in the second quarter. Additionally, production increased as a result of processing ore stockpiles. Transformation initiatives continue to show positive results as the mine continues to ramp up productivity.

Q2 2022 Financial and Operational Results Call Details

Eldorado will release its 2022 Second Quarter Financial and Operational Results after the market closes on Thursday, July 28, 2022, and will host a conference call on Friday, July 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:
https://services.choruscall.ca/links/eldoradogold2022q2.html

Conference Call Details Replay (available until Sept. 2, 2022)
Date: July 29, 2022 Vancouver: +1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 9051
Toll free: 1 800 319 4610
About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. 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).