VANCOUVER, British Columbia,
November 9, 2017 /PRNewswire/ --
Eldorado Gold Corporation
("Eldorado" or the "Company")
(TSX: ELD NYSE: EGO) announces it will move the
Skouries development project into care and maintenance. Dialogue
has continued with Greece's
Ministry of Energy and Environment ("MoE") with respect to the
development of the Company's subsidiary Hellas Gold S.A.'s, Kassandra Mine assets in
Halkidiki, Northern Greece.
However, the MoE has failed to issue the amended Electromechanical
Installation permit for the Skouries flotation plant as well as
other matters including, but not limited to, the relocation of
antiquities at the Skouries site.
The Company has also initiated legal action within the statutory
deadline in order to enforce and protect its legal rights.
This legal action consists of three lawsuits which have been filed
with the Council of State ("CoS"), requesting judicial protection
against the Ministry's failure to issue routine installation
permits, resulting in unjustifiable delays to the development of
the Skouries facilities. Furthermore, the Company has filed
with the CoS a petition for non-compliance of the Ministry with a
previous decision granted by the CoS.
The Company will re-assess its investment in the Skouries
project upon approval and receipt of the required permits, coupled
with a supportive government open to discussions regarding the use
and implementation of best available technologies.
Olympias Phase I progress on historical tailings cleanup
continues and the ramp-up to commercial production at Olympias
Phase II during the quarter demonstrate our commitment to high
environmental standards and long term partnership with communities
as well as our ability to construct and operate mines in
Greece. Early indications from
exploration drilling at Stratoni to extend the mine life are
positive.
George Burns, Eldorado's President and CEO stated, "Although
we have made good progress on the Olympias mine, we require the
necessary permits and government support prior to investing further
in Skouries. As a consequence we are now taking the necessary legal
action to enforce the Company's rights while continuing efforts to
resolve outstanding matters through ongoing dialogue."
About Eldorado Gold
Eldorado is a leading intermediate
gold producer with mining, development and exploration operations
in Turkey, Greece, Canada, Romania, Serbia and Brazil. The
Company's success to date is based on a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, and long-term partnerships with the
communities where it operates. Eldorado's common shares trade on the Toronto
Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Forward Looking Statement
Certain of the statements made and information provided in this
press release are forward-looking statements or information
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
laws. Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"continue"", "projected", "scheduled", "estimates", "forecasts",
"projected", "intends", "anticipates", or "believes" or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "to be", "may",
"could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements or
information include, but are not limited to, statements or
information with respect to first production at Skouries,
exploration drilling at Stratoni and commercial production at
Olympias.
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and
unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or
information.
We have made certain assumptions about the forward-looking
statements and information, including assumptions about the
geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities;
exchange rates; anticipated costs and expenses; production, mineral
reserves and resources and metallurgical recoveries, the impact of
acquisitions, dispositions, suspensions or delays on our business
and the ability to achieve our goals.
Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and
are beyond our control.
Furthermore, should one or more of the risks, uncertainties
or other factors materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward-looking statements or
information. These risks, uncertainties and other
factors include, among others, the following:
geopolitical and economic climate (global and local), risks
related to mineral tenure and permits; gold and other metal price
volatility; mining operational and development risk; foreign
country operational risks; risks of sovereign investment;
regulatory environment and restrictions, including environmental
regulatory restrictions and liability; discrepancies between actual
and estimated production, mineral reserves and resources and
metallurgical testing and recoveries; risks related to impact of
the sale of our Chinese assets on the Company's operations; risks
related to the acquisition of Integra Gold
Corporation; additional funding requirements;
currency fluctuations; litigation and arbitration risks; community
and non-governmental organization actions; speculative nature of
gold exploration; dilution; share price volatility; competition;
loss of key employees; and defective title to mineral claims
or property, as well as those factors discussed in the sections
entitled "Forward-Looking Statements" and "Risk factors in our
business" in the Company's most recent Annual
Information Form and Form 40-F. The reader is directed to
carefully review the detailed risk discussion in our most
recent Annual Information Form filed on SEDAR under our Company
name, for a fuller understanding of the risks and uncertainties
that affect the Company's business and operations.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you
should not place undue reliance on the forward-looking
statements or information contained herein.
Except as required by law, we do not expect to update
forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports
filed with the securities regulatory authorities in Canada and the U.S.
Investor Relations: Krista Muhr,
Vice President, Investor Relations & Corporate Communications,
Telephone: +1-604-687-4018 or
1-888-363-8166 or kristam@eldoradogold.com