TSX: ELD NYSE: EGO
VANCOUVER, April 4, 2018 /PRNewswire/ - Eldorado Gold
Corporation ("Eldorado" or the "Company") confirms that the
Arbitration Panel (the "Panel") in Greece has issued its ruling with respect to
the arbitration initiated by the Greek State (the "Greek State"),
(see the Company's press release dated September 14, 2017).
The Panel's ruling rejects the Greek State's motion that the
technical study for the Madem Lakkos metallurgy plant for treating
Olympias and Skouries concentrates, as submitted by the Company's
Greek subsidiary Hellas Gold S.A.
("Hellas Gold") in December 2014, was
in breach of the provisions of the Transfer Contract.
The Transfer Contract is the document dated December 12, 2003 whereby Hellas Gold originally acquired the Kassandra
assets, comprised of Olympias, Skouries and Stratoni, in the
Halkidiki region of Greece, and
was ratified by Greek National Law No 3220/2004.
The Company and Hellas Gold
intend to continue to evaluate the decision and consider next steps
with respect to its Kassandra investments.
George Burns, Eldorado Gold's
President and CEO stated,
"We respect and acknowledge the Panel's ruling. We have
always acted in good faith and in a manner we understood to be in
accordance with our obligations under the Transfer Contract,
including our commitment to developing the Kassandra assets in
accordance with the Greek State's approval of the Investment Plan
in 2006, and the Environmental Impact Study in 2011. We have
repeatedly communicated this commitment, including during the
course of the arbitration.
We believe this decision provides a foundation to allow us to
advance dialogue with the Greek government in order to define a
mutually-agreeable and clear path forward for our Kassandra
investments. We look to the Greek State to fulfil its
obligations under the Transfer Contract including issuing the
outstanding permits for the Skouries project. The full,
efficient and responsible development of the Kassandra assets will
benefit the Greek State and its citizens, the local communities,
our shareholders and our teams of Greek employees.
Eldorado has continued to
demonstrate its commitment to improving the environmental impact of
our investments by recently submitting the updated Technical Study
for the Skouries Project which reduces our project footprint by
forty percent."
About Eldorado Gold
Eldorado is a gold and base
metals producer with mining, development and exploration operations
in Brazil, Canada, Greece, Romania, Serbia and Turkey. 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).
Cautionary Note about Forward-looking Statements and
Information
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, these 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", "intends", "anticipates", or
"believes" or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements or information contained in this
release include, but are not limited to, statements or information
with respect to: our evaluation of the ruling, our
consideration of next steps in respect of our Kassandra assets and
expectations of the actions of the Greek State.
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
commodity price volatility; recoveries of gold and other metals;
results of test work; revised guidance; risks regarding potential
and pending litigation and arbitration proceedings relating
to the Company's business, properties and operations;
expected impact on reserves and the carrying value; the updating of
the reserve and resource models and life of mine plans; mining
operational and development risk; foreign country operational
risks; risks of sovereign investment; regulatory risks and
liabilities including, regulatory environment and restrictions, and
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production, mineral reserves and
resources and metallurgical testing and recoveries; risks related
to the impact of the sale of our Chinese assets and the acquisition
and integration of Integra on the Company's operations;; additional
funding requirements; currency fluctuations; 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 properties,
as well as those risk factors discussed in the sections titled
"Forward-Looking Statements" and "Risk factors in our business" in
the Company's most recent Annual Information Form & 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, which discussion is incorporated by
reference in this release, for a fuller understanding of the risks
and uncertainties that affect the Company's business and
operations.
Forward-looking statements and information is designed to
help you understand management's current views of our near and
longer term prospects, and it may not be appropriate for other
purposes.
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.
SOURCE Eldorado Gold Corporation