VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the first quarter of 2020.

First Quarter 2020 and Subsequent Period Highlights
? Proactive steps taken to manage the impact of the novel coronavirus ("COVID-19") pandemic; operations maintained in Turkey and Greece: The Company's mines in Turkey and Greece remained operational throughout Q1. Measures to prevent the spread of COVID-19 and ensure safe working environments were implemented across Eldorado's global sites.

? Lamaque placed back into operations after temporary suspension, permit for increased underground production received: On March 25, 2020 in accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province, the Company temporarily ceased mining and processing operations at Lamaque. Operations were restarted on April 15, 2020, however, exploration drilling activities continue to be curtailed in accordance with the mandated restrictions. The Company also received a Certificate of Authorization from the Quebec Ministry of Environment to allow for the expansion of Triangle underground mine production at Lamaque from 1,800 tonnes per day ("tpd") to 2,650 tpd.

? Supporting our communities in response to COVID-19 pandemic: The Company has allocated an initial $500,000 of financial and in-kind support to local communities in Turkey, Canada, Greece, Romania and Brazil so that they may better respond to impacts of the pandemic. Donations include: personal protective equipment and sanitizing products, medical equipment for local hospitals, and food and other supplies for vulnerable populations.

? Partial draw-down of credit facility as proactive measure: On March 30, 2020, the Company drew $150 million under its revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. The Company has no immediate need for the funds, however proceeds will be used for general corporate purposes, as required.

? Steady production and 2020 annual guidance maintained: Gold production totalled 115,950 ounces in Q1 2020, an increase of 40% from Q1 2019 production of 82,977 ounces. Eldorado is maintaining its 2020 annual guidance of 520,000 - 550,000 ounces of gold at an all-in sustaining cost of $850 - 950 per ounce sold.

? All-in sustaining costs lower quarter-on-quarter: Q1 2020 all-in-sustaining costs of $952 per ounce sold were lower than Q1 2019 ($1,132 per ounce sold).

? Strong financial liquidity: The Company currently has $363.6 million of cash, cash equivalents and term deposits and approximately $36 million available under the remaining $100 million of the revolving credit facility, with $64 million of capacity on the facility allocated to secure certain reclamation obligations in connection with its operations.

? Net loss and adjusted net earnings attributable to shareholders: Q1 2020 net loss attributable to shareholders of the Company was $4.9 million or $0.03 loss per share (Q1 2019: net loss attributable to shareholders of the Company of $27.0 million, or $0.17 loss per share). Adjusted net earnings attributable to shareholders of the Company in Q1 2020 was $12.5 million, or $0.08 per share (Q1 2019: adjusted net loss attributable to shareholders of the Company of $21.1 million, or $0.13 loss per share).

? Increased EBITDA: Q1 2020 EBITDA was $84.7 million ($4.9 million in Q1 2019) and Q1 2020 adjusted EBITDA was $90.0 million ($12.5 million in Q1 2019). Adjustments in both periods included, among other things, share based compensation and losses on asset disposals.

“Operational performance in the first quarter of 2020 was exceptional under extraordinary conditions as we effectively responded to the global COVID-19 pandemic. I would like to recognize the efforts of all of our employees who have worked tirelessly and implemented the necessary controls to minimize risks to our people, families, neighbouring communities and our business”, said George Burns, President and CEO.

“The Company has been agile in its decision making, including implementing proactive measures to protect its balance sheet. With approximately $400 million in total liquidity at quarter end, Eldorado is well capitalized and positioned to maintain its strategic goals as we begin paying down our term loan in June of this year. "

“At this time, we are maintaining our guidance for 2020 and we will continue to evaluate capital allocation, operational profitability and monitor the potential impacts of COVID-19, including staffing levels. The sites are operating at approximately 75% of normal levels as staff considered to be high-risk have been asked to stay at home. We do not expect this to affect production in the near term but we are reviewing the potential longer term impact as certain discretionary activities such as waste stripping, underground development and drilling are temporarily reduced. We continue to track this situation closely and are actively working with sites to transition back to normal staffing levels.”

Consolidated Financial and Operational Highlights
3 months ended March 31,
2020 2019
Revenue (1) $ 204.7 $ 80.0
Gold revenue (1) $ 183.7 $ 54.5
Gold produced (oz) (2) 115,950 82,977
Gold sold (oz) (1) 116,219 43,074
Average realized gold price ($/oz sold) (6) $ 1,580 $ 1,265
Cash operating costs ($/oz sold) (3,6) 627 625
Total cash costs ($/oz sold) (3,6) 678 652
All-in sustaining costs ($/oz sold) (3,6) 952 1,132
Net loss for the period (4) (4.9 ) (27.0 )
Net loss per share – basic ($/share) (4) (0.03 ) (0.17 )
Adjusted net earnings (loss) (4,5,6,7) 12.5 (21.1 )
Adjusted net earnings (loss) per share ($/share) (4,5,6,7) 0.08 (0.13 )
Cash flow from operating activities before changes in working capital (6,8) 69.4 8.2
Free cash flow (6) 7.2 (64.0 )
Cash, cash equivalents and term deposits $ 363.6 $ 227.5
Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q1 2019).
Includes pre-commercial production at Lamaque (Q1 2019).
By-product revenues are off-set against cash operating costs.
Attributable to shareholders of the Company.
See reconciliation of net earnings (loss) to adjusted net earnings (loss) in the MD&A section 'Non-IFRS Measures'.
These measures are non-IFRS measures. See the MD&A section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.
Q1 2019 has been adjusted to conform with 2020 presentation. See the MD&A section 'Non-IFRS Measures' for detail.
Q1 2019 amount has been adjusted to reflect reclassifications in cash flow from operating activities in the current period.

Gold production of 115,950 ounces increased from 82,977 ounces in the first quarter of 2019. Gold sales in Q1 2020 totalled 116,219 ounces, compared with 43,074 ounces sold in Q1 2019. The higher sales volume compared with the prior year reflected increases at all mines, primarily 26,728 ounces sold from Lamaque following its commencement of commercial operations in April 2019, an additional 24,345 ounces sold from Kisladag following the resumption of mining activities in April 2019 and an additional 17,403 ounces sold from Efemcukuru due to delays in sales in Q1 2019.

Total revenue was $204.7 million in Q1 2020, an increase of 156% from total revenue of $80.0 million in Q1 2019. The increase was due to increased sales volumes combined with higher gold prices and included $42.8 million of revenue contributed by Lamaque following the commencement of commercial operations in April 2019.

Cash operating costs in Q1 2020 averaged $627 per ounce sold, a slight increase from $625 per ounce sold in Q1 2019. The increase was primarily due to cash operating costs per ounce sold at Efemcukuru and Lamaque being negatively impacted by mining and processing lower-grade ore in the quarter, resulting in fewer ounces produced. Cash operating costs per ounce sold at Olympias were also negatively impacted by lower silver and base metal prices, which reduce cash operating costs as by-product credits. These increases were almost fully offset by a decrease in cash operating costs per ounce sold at Kisladag in Q1 2020 as a result of the partial reallocation of processing costs to ounces in leach pad inventory following the resumption of mining in April 2019.

We reported a net loss attributable to shareholders of $4.9 million ($0.03 loss per share) in Q1 2020, compared to a net loss of $27.0 million ($0.17 loss per share) in Q1 2019. Net loss in Q1 2020 is primarily attributable to increased finance costs and increased tax expense in line with higher sales volumes and the weakening of local currencies in which income tax is determined.

Adjusted net earnings were $12.5 million ($0.08 per share) in Q1 2020, compared to adjusted net loss of $21.1 million ($0.13 loss per share) in Q1 2019. Adjusted net earnings in Q1 2020 removes, among other things, a $12.2 million loss on foreign exchange due to translation of deferred tax balances and the $4.4 million loss on the non-cash revaluation of the derivative related to redemption options in our debt.

Response to the COVID-19 Pandemic

On March 11, 2020, COVID-19 was declared a global pandemic by the World Health Organization. In response, governments in numerous jurisdictions, including those where we operate, implemented emergency measures including travel restrictions, suspension of non-essential operations and changes to behaviour intended to reduce the spread of the virus.

We have taken steps and implemented global preventative measures to ensure a safe working environment for our employees and contractors and to prevent the spread of COVID-19. These include:
?Task observations to ensure that workplace controls in place are effective in maintaining physical distance. Procedures will be modified where necessary to create safe distance. Tasks that cannot be effectively modified are discontinued until an appropriate change can be implemented.
?Pre-emptive measures such as temperature screening before accessing sites, encouraging increased hand-washing and physical-distancing and limiting all non-essential travel.
?Advising employees to stay at home if they are at risk or have family members at home at risk.
?Following recommendations of the World Health Organization, local health authorities and advice of jurisdictional governments. We have taken precautionary steps to educate our employees about the symptoms and transmission of the virus with clear instructions on what to do if they feel unwell.
?Isolation procedures, should an employee or contractor test positive for COVID-19.
?Limiting access to our offices and sites to essential people only to reduce unnecessary exposure. We have also implemented controls during delivery of supplies and materials to our offices and sites.
?Working with local communities to distribute hygiene supplies and to educate them on preventative measures to reduce the spread of the virus.

We have been prudent in preparing for the uncertainty around COVID-19 and how it will affect our business. We implemented a crisis management plan in early March and are continuing to optimize and improve our approach to this situation through observations and learning, sharing information across our sites and across our industry. We continue to monitor our operating environments closely and are continuing to take proactive steps to protect the health and safety of our workforce, their families and our neighbouring communities.

Operations Update
Gold Operations
3 months ended March 31,
2020 2019
Total
Ounces produced (1) 115,950 82,977
Ounces sold (2, 4) 116,219 43,074
Cash operating costs ($/oz sold) (4,5) $ 627 $ 625
All-in sustaining costs ($/oz sold) (4,5) $ 952 $ 1,132
Sustaining capital expenditures (5) $ 19.4 $ 10.8
Kisladag
Ounces produced (3) 50,176 27,247
Ounces sold 51,600 27,255
Cash operating costs ($/oz sold) (5) $ 451 $ 558
All-in sustaining costs ($/oz sold) (5) $ 578 $ 703
Sustaining capital expenditures (5) $ 3.0 $ 3.1
Lamaque
Ounces produced (1) 27,353 19,678
Ounces sold (2) 26,728 n/a
Cash operating costs ($/oz sold) (5) $ 641 n/a
All-in sustaining costs ($/oz sold) (5) $ 1,042 n/a
Sustaining capital expenditures (5) $ 8.3 n/a
Efemcukuru
Ounces produced 23,239 26,124
Ounces sold (4) 23,221 5,818
Cash operating costs ($/oz sold) (4,5) $ 642 $ 636
All-in sustaining costs ($/oz sold) (4,5) $ 864 $ 1,394
Sustaining capital expenditures (5) $ 3.1 $ 3.6
Olympias
Ounces produced 15,182 9,928
Ounces sold 14,670 10,001
Cash operating costs ($/oz sold) (5) $ 1,196 $ 800
All-in sustaining costs ($/oz sold) (5) $ 1,646 $ 1,284
Sustaining capital expenditures (5) $ 5.0 $ 4.1
Includes pre-commercial production at Lamaque (Q1 2019).
Excludes sales of inventory produced at Lamaque during the pre-commercial production period (Q1 2019).
Kisladag resumed mining, crushing and placing ore on the heap leach pad on April 1, 2019. This activity had been suspended since April 2018.
Efemcukuru unit costs in Q1 2019 were impacted by lower ounces sold resulting from delayed shipments in Q1 2019 that were completed in Q2 2019.
These measures are non-IFRS measures. See the MD&A section 'Non-IFRS Measures' for explanations and discussion of these non-IFRS measures.

Conference Call

A conference call to discuss the details of the Company’s Q1 2020 results will be held by senior management on Friday, May 1, 2020 at 8:30 AM PT (11:30 AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via this link: http://services.choruscall.ca/links/eldoradogold20200501.html.

Conference Call Details Replay (available until June 5, 2020)
Date: May 1, 2020 Vancouver: +1 604 638 9010
Time: 8:30 am PT (11:30 am ET) Toll Free: +1 800 319 6413
Dial in: +1 604 638 5340 Access code: 4286
Toll free: +1 800 319 4610

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