Eldorado Gold Announces 2019 Production In-line with Guidance and Senior Management Changes

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Overig advies 15/01/2020 11:37
VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce the Company’s fourth quarter and full year 2019 preliminary production results. The Company will provide its full year 2020 guidance in conjunction with its 2019 Year End Results at the end of February.

Eldorado also announces that Executive Vice President (EVP) and Chief Operating Officer (COO) Paul Skayman is retiring and is pleased to confirm that Joe Dick has been hired as the Company’s new EVP and COO.

2019 Production Meets Guidance

Preliminary production of 395,331 ounces of gold met the Company’s annual consolidated production guidance. Preliminary production for the fourth quarter 2019 was 118,955 ounces of gold. Further detail on asset level production is shown in Table 1 below.

Gold recovery at Kisladag met the Company’s expectations in 2019. However, production at Kisladag was slightly less than guidance as crushing and stacking were slower to ramp up and solution flows through the leach pad took longer than expected. Solution flows picked up significantly in the month of December.

The Company will complete an updated NI 43-101 technical report on Kisladag prior to the end of the first quarter 2020. This report will be based on heap leaching with a longer leach cycle supported by 2019 metallurgical test work.

Table 1: 2019 Preliminary Production

Production (oz) Q4 2019 Q4 2018 2019 2018
Kisladag 51,010 28,196 140,214 172,009
Efemcukuru 26,243 23,544 103,767 95,038
Olympias 12,617 8,101 37,410 46,750
Lamaque 29,085 16,046a 113,940a 35,350a
Total 118,955 75,887 395,331 349,147

a Includes pre-commercial production.

Senior Management Changes

After almost 15 years with the Company, Paul Skayman, EVP and COO has announced his retirement. Mr. Skayman will stay on with Eldorado as Special Advisor to the COO to assist with the transition. Eldorado would like to thank Mr. Skayman for his contributions to the Company.

Joe Dick joined the Company as EVP and COO at the end of 2019. Mr. Dick has over 30 years of operational and leadership experience in companies such as Rio Tinto, Barrick and Goldcorp. Prior to joining Eldorado, Mr. Dick was the SVP, Latin America for Goldcorp. He also held the roles of General Manager of Pueblo Viejo and General Manager of Cortez with Barrick Gold Corporation.

Q4 and Year End 2019 Financial and Operational Results Call Details

Eldorado Gold will release its Q4 and Year End 2019 Financial and Operational Results after market closes on Thursday, February 20, 2020 and will host a conference call on Friday, February 21, 2020 at 11:30am ET (8:30am 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/eldoradogold20200221.html

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