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Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement

VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated…

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VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2021.

Highlights

  • Increase to Inferred Resources as a result of the maiden Inferred Resource at Ormaque announced in February 2021.
  • Increase to Mineral Reserves and Measured and Indicated (“M+I”) Resource at Efemcukuru is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW.

Mineral Reserves Update

The Company’s Proven and Probable gold Reserves (“2P Reserves”) totalled 17.0 million ounces as of September 30, 20211, a 4% decrease from the previous MRMR statement on September 30, 2020. Including the divestiture of Tocantinzinho, (“TZ”), which was divested from the portfolio October 27, 2021 the Company’s 2P gold Reserves totalled 15.3 million ounces, a 14% decrease compared to September 30, 2020 (see Eldorado press release dated December 2, 2020). The complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.

  Total 2P Reserves
(Gold Ounces x 1,000)
Proven and Probable in-situ gold ounces as of September 30, 2020 17,737
TZ Divestment -1,781
Depletion 2 -687
Additions from converted resources (M+I) during 2021 315
Changes due to cut-off evaluations -319
Proven and probable in-situ gold ounces as of September 30, 2021 15,264

1 See “Mineral Reserve Notes” below.
2 Depletion declared here are processed ounces. Depletion includes Q4 2020 and Q1-Q3 2021.

Net of divestitures, the net change in Reserves is attributable to increases at Lamaque and Efemcukuru, and decreases at Kisladag, Skouries and Olympias.

  • Lamaque: Both Mineral Reserve gold ounces and grade increased relative to September 2020 primarily due to conversion drilling in the C5 zone.
  • Efemcukuru: Mineral Reserves increased mostly due to conversion of Resources to Reserves at Kestanebeleni NW and Kokarpinar.
  • Kisladag: Mineral Reserves decreased due to depletion.
  • Skouries: The decrease in Mineral Reserves, at the development project, is due to changes in cut-off values, mostly offset by reserve price increase.
  • Olympias: The decrease in Mineral Reserves is due to mining method optimization and exclusion of remnant mining zones that will require further engineering studies to be included in the mine plan.

The following table summarizes the year over year changes to the Company’s gold Reserves:

Total Proven and Probable Reserves
  2020 2021 Change

  Contained Au Oz (x1,000)
Certej 2,402 2,402 0%  
Efemcukuru 613 620 1%  
Kisladag 4,580 4,282 -7%  
Lamaque 1,086 1,091 0.5%  
Olympias 2,252 1,990 -12%  
Perama 1,250 1,250 0%  
Skouries 3,773 3,630 -4%  
Tocantinzinho 1,781 1,781 0%  
Total 17,737 17,045 -4%  
Less divestitures: TZ 1,781 0 -100%  
Gross Total 17,737 15,264 -14%  

Mineral Resources Update

Exploration within our existing portfolio continues to deliver resource growth for the Company.

Eldorado reports Resources in accordance with CIM definition standards. The Resource cut-off grades or values (e.g. gold equivalent) are determined using a single long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Open pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. 

Eldorado’s M+I Resources totalled 25.5 million ounces as of September 30, 2021, a 1% decrease from the previous MRMR statement on September 30, 2020 attributable to decreases at Kisladag, Skouries and Olympias, partially offset by increases at Lamaque and Efemcukuru. Including the TZ divestment, the M+I Resources totalled 23.5 million ounces, a decrease of 9% compared to September 30, 2020. Eldorado’s Inferred Resources totaled 14.0 million ounces as of September 30, 2021, a 3% increase from the previous MRMR statement on September 30, 2020.

  • Efemcukuru: The increase to M+I Resource is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW. The decrease in Inferred Resource at Efemcukuru is attributable to the combination of additional drilling and the corresponding upgrade to M&I Resources.
  • Lamaque: All changes to the Resources are attributable to the results of additional drilling and upgrades of Inferred to M+I Resources. Ormaque was announced as a maiden Inferred Resource on February 22, 2021 (see Eldorado press release dated February 22, 2021).

The following table summarizes the year over year changes to Eldorado’s gold Resources:

Total Measured and Indicated Resources  

 

 

Inferred Resources
 

 

 

2020 2021 Change 2020 2021 Change
Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Bolcana 0 0 0 % 6,492 6,492 0 %
Certej 3,829 3,829 0 % 23 23 0 %
Efemcukuru 941 1,066 13 % 941 629 -33 %
Kisladag 7,197 6,822 -5 % 107 107 0 %
Lamaque 1,821 1,937 6 % 2,074 1,962 -5 %
Ormaque 0 0 0 % 0 803 100 %
Olympias 3,493 3,409 -2 % 562 566 1 %
Perama 1,374 1,374 0 % 62 59 -5 %
Perama South 0 0 0 % 728 728 0 %
Piavitsa 0 0 0 % 1,025 1,025 0 %
Sapes 0 0 0 % 820 820 0 %
Skouries 5,030 5,030 0 % 814 814 0 %
Tocantinzinho 2,029 2,029 0 % 17 17 0 %
Total 25,714 25,496 -1 % 13,665 14,045 3 %
Less divestitures: TZ 2,029 0 -100 %   17 0 -100 %
Gross Total 25,714 23,467 -9 %   13,665 14,028 3 %

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, 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).

Contact

Investor Relations

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
[email protected]

Media

Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166
[email protected]

 

Eldorado Gold Mineral Reserves as of September 30, 2021        
Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,732 6.03 336 1,645 5.37 284 3,377 5.71 620
Kisladag 183,092 0.69 4,061 12,819 0.54 221 195,911 0.68 4,282
Lamaque 502 8.02 129 4,154 7.20 962 4,656 7.29 1,091
Olympias 1,205 10.87 421 8,132 6.00 1,569 9,337 6.63 1,990
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 285,508 0.96 8,814 131,674 1.52 6,450 417,182 1.14 15,264
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,205 155 6,006 8,132 116 30,422 9,337 121 36,428
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 0 0 0 0 0 0
TOTAL SILVER 27,081 15 13,413 39,042 33 41,250 66,123 26 54,663
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
TOTAL COPPER 73,101 0.52 381 74,015 0.48 359 147,116 0.50 740
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL LEAD 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL ZINC 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
                   

Eldorado Gold Mineral Reserves as of September 30, 2020        
Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 2,012 6.30 407 1,155 5.54 206 3,167 6.02 613
Kisladag 194,314 0.70 4,352 13,236 0.54 228 207,550 0.69 4,580
Lamaque 425 5.23 71 4,569 6.91 1,015 4,994 6.76 1,086
Olympias 1,515 10.14 494 8,734 6.26 1,758 10,249 6.83 2,252
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 75,804 0.87 2,132 81,862 0.62 1,641 157,666 0.74 3,773
Tocantinzinho 17,007 1.52 831 21,898 1.35 950 38,905 1.42 1,781
TOTAL GOLD 316,953 0.99 10,101 162,364 1.46 7,636 479,317 1.15 17,737
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,515 159 7,745 8,734 119 33,416 10,249 125 41,161
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 560 148 2,665 560 148 2,665
TOTAL SILVER 27,391 17 15,152 40,204 36 46,909 67,595 29 62,061
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
TOTAL COPPER 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,515 5.1 77 8,734 4.0 349 10,249 4.2 426
Stratoni 0 0.0 0 560 6.1 34 560 6.1 34
TOTAL LEAD 1,515 5.1 77 9,294 4.1 383 10,809 4.3 460
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,515 5.8 88 8,734 5.1 445 10,249 5.2 533
Stratoni 0 0.0 0 560 9.2 52 560 9.2 52
TOTAL ZINC 1,515 5.8 88 9,294 5.3 497 10,809 5.4 585
                   

Eldorado Gold Mineral Resources as of September 30, 2021              
Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources  
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au  
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)  
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492  
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23  
Efemcukuru 2,437 7.38 578 2,178 6.96 488 4,615 7.18 1,066 3,300 5.93 629  
Kisladag 311,255 0.61 6,111 44,581 0.50 712 355,836 0.60 6,822 7,529 0.44 107  
Lamaque 876 9.49 267 6,246 8.32 1,670 7,122 8.46 1,937 8,880 6.87 1,962  
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,620 9.53 803  
Olympias 2,343 10.66 803 10,905 7.43 2,606 13,248 8.00 3,409 2,092 8.41 566  
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,136 1.63 59  
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728  
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025  
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820  
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814  
TOTAL GOLD 440,017 0.87 12,276 282,796 1.23 11,191 722,814 1.01 23,467 499,973 0.87 14,028  
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag  
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)  
Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110  
Olympias 2,343 149 11,203 10,905 142 49,841 13,248 143 61,043 2,092 179 12,070  
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,136 2 83  
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389  
Stratoni 0 0 0 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866  
TOTAL SILVER 34,736 18 19,729 81,882 29 77,170 116,618 26 96,898 12,383 82 32,518  
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686  
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267  
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953  
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Olympias 2,343 4.8 113 10,905 4.8 527 13,248 4.8 640 2,092 5.9 124  
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106  
TOTAL LEAD 2,343 4.81 113 12,256 5.0 609 14,599 4.9 722 3,792 6.1 230  
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Olympias 2,343 5.7 134 10,905 6.4 701 13,248 6.3 835 2,092 7.1 149  
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158  
TOTAL ZINC 2,343 5.7 134 12,256 6.7 818 14,599 6.5 952 3,792 8.1 307  
                           

Eldorado Gold Mineral Resources as of September 30, 2020              
Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources  
Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au  
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)  
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492  
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23  
Efemcukuru 2,675 7.02 604 1,660 6.31 337 4,335 6.75 941 4,919 5.95 941  
Kisladag 328,500 0.61 6,476 45,274 0.50 721 373,774 0.60 7,197 7,543 0.44 107  
Lamaque 464 7.15 107 6,654 8.01 1,714 7,118 7.96 1,821 9,280 6.95 2,074  
Olympias 2,610 10.48 879 10,853 7.49 2,614 13,463 8.07 3,493 2,032 8.60 562  
Perama Hill 3,093 4.15 412 10,973 2.73 962 14,066 3.04 1,374 1,182 1.64 62  
Perama South 0 0.00 0 0 0.00 0 0 0.00 0 14,870 1.52 728  
Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 6,613 4.82 1,025  
Sapes 0 0.00 0 0 0.00 0 0 0.00 0 3,434 7.43 820  
Skouries 90,714 0.85 2,479 149,260 0.53 2,551 239,974 0.65 5,030 67,657 0.37 814  
Tocantinzinho 17,529 1.51 849 28,486 1.29 1,180 46,015 1.37 2,029 600 0.90 17  
TOTAL GOLD 474,885 0.88 13,432 311,813 1.23 12,282 786,698 1.02 25,714 499,972 0.85 13,665  
Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag  
  (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000) (x1000)  g/t ounces (x1000)  
Certej 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110  
Olympias 2,610 148 12,419 10,853 144 50,246 13,463 145 62,665 2,032 188 12,282  
Perama Hill 3,093 4 415 10,973 7 2,579 14,066 7 2,994 1,182 2 93  
Piavitsa 0 0 0 0 0 0 0 0 0 6,613 54 11,389  
Stratoni 0 0 0 937 159 4,790 937 159 4,790 1,147 188 6,933  
TOTAL SILVER 35,003 19 20,945 81,416 29 75,718 116,419 26 96,663 11,816 81 30,807  
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686  
Skouries 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 67,657 0.40 267  
TOTAL COPPER 90,714 0.51 466 149,260 0.44 652 239,974 0.47 1,118 448,657 0.21 953  
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Olympias 2,610 4.8 125 10,853 4.8 521 13,463 4.8 646 2,032 6.2 126  
Stratoni 0 0.0 0 937 6.5 61 937 6.5 61 1,147 6.6 76  
TOTAL LEAD 2,610 4.8 125 11,790 4.9 582 14,400 4.9 707 3,179 6.3 202  
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn  
  (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)  
Olympias 2,610 5.7 149 10,853 6.5 705 13,463 6.3 854 2,032 7.3 148  
Stratoni 0 0.0 0 937 9.5 89 937 9.5 89 1,147 9.3 107  
TOTAL ZINC 2,610 5.7 149 11,790 6.7 794 14,400 6.6 943 3,179 8.0 255  
                           

Notes on Mineral Resources and Reserves

  1. Mineral Resources and Mineral Reserves are as of September 30, 2021
  2. The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).
  3. Mineral Reserves are included in the Mineral Resources.
  4. The Mineral Resources and Mineral Reserves are disclosed on a total project basis.

Mineral Reserve Notes

     1.   Long Term Metal Price Assumptions

  • Gold price: $1,300/oz
  • Silver price: $17.00/oz
  • Copper price: $2.75/lb
  • Lead price: $2,000/t
  • Zinc price: $2,300/t

     2.   Cut-off Grades

Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $95.90/t NSR (long hole stoping), $99.48/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.38 g/t Au; Olympias: $168.30/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).

     3.   Qualified Persons

The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:

  • John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) Mineral Reserves;
  • Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for the Kisladag and Perama Hill Mineral Reserves;
  • Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for Efemcukuru, Olympias and Skouries (underground) Mineral Reserves;
  • John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej Mineral Reserves;
  • Jessy Thelland, géo (OGQ No. 758)., Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Reserves.

Mineral Resource Notes

      1.   Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction:

The Mineral Resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground resources have the open pit Resources constrained by either the permit (Skouries) or by an OP/UG economic crossover surface (Bolcana), and underground Resources constrained by a reporting shape.

      2.   Cut-off Grades

Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.

      3.   Qualified Persons

The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:

  • Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation for the Company, is responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries Mineral Resources; and is jointly responsible for Ormaque Mineral Resources with Jacques Simoneau, géo (OGQ No. 737).;
  • Jacques Simoneau, géo (OGQ No. 737), Exploration Manager Eastern Canada for the Company, is jointly responsible for Ormaque Mineral Resources with Sean McKinley, P.Geo.;
  • Jessy Thelland, géo (OGQ No. 758), Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Resources;
  • Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the Bolcana, Efemcukuru, Kisladag, Olympias and Stratoni Mineral Resources.

Note Regarding Mineral Reserve and Mineral Resources:
All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and NI 43-101. Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31, 2020 and the following technical reports for each of those properties, all of which are available under the Company’s profile at www.sedar.com and www.sec.gov:

  • Technical report entitled “Technical Report, Kisladag Gold Mine, Turkey” with an effective date of January 17, 2020.
  • Technical report entitled “Technical Report, Efemcukuru Gold Mine, Turkey” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.
  • Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” an effective date of March 21, 2018.

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 mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules.

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 mineral reserves and resources and metallurgical recoveries, 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, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

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: results of exploration, geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models and life of mine plans; 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; 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; 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.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “inferred mineral resources”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
Technical disclosure regarding the Company’s properties included herein (the “Technical Disclosure”) has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to domestic United States reporting companies. Accordingly, information contained herein contain descriptions of our mineral deposits that may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.


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