Business
Eldorado Achieves Record Annual Production with All-In-Sustaining-Costs of $780/oz
TSX: ELD   NYSE: EGO VANCOUVER , Jan. 20, 2015 /CNW/ - Eldorado Gold Cor...
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\n\n\nTSX: ELD   NYSE: EGO\n\n\nVANCOUVER, Jan. 20, 2015 /CNW/ - Eldorado Gold Corporation, (\"Eldorado\"\n or \"the Company\") is pleased to report the Company's 2014 operating\n results and preliminary cash costs, and to provide production and cash\n cost guidance for 2015.\n\n\nHighlights\n\n\n\nRecord gold production of 789,224 ounces (including Olympias production from tailings retreatment), in-line with\n original 2014 guidance of 730,000-800,000 ounces of gold.\n\n\n\n\n2014 all-in sustaining cash costs averaged $780 per ounce; cash operating costs averaged $500 per ounce. \n\n\n\n\nSignificant advancement of construction at Skouries: completion of the mill foundations; installation of the SAG and ball\n mills; and construction of the tailings dam began during the fourth\n quarter.\n\n\n\n\nClosed the year with total liquidity of approximately $875 million, including $500 million in cash, cash equivalents and term deposits,\n and $375 million in lines of credit.\n\n\n\n\n2015 forecast gold production estimated to be 640,000-700,000 ounces of gold at an average cash cost ranging between $570-615 per ounce, and an all-in sustaining cash cost between $960-995 per ounce.\n\n\n\n\nAn eligible dividend of CDN $0.01 per common share will be paid on February 16, 2015.\n\n\n\n\"The Company delivered another solid year with all of our mines either\n meeting or exceeding the original 2014 guidance.  Costs were kept\n within the lower quartile of the industry average, crucial when we are\n faced with a period when metal prices remain depressed across the\n board.\" said Paul Wright, Chief Executive Officer of Eldorado.\n\n\n\"We are driving our development projects forward and I would like to\n highlight the significant progress made during 2014 at Skouries.  The\n mill foundations and the installation of the SAG and regrind mills were\n completed and installation of the ball mill will be completed in the\n second quarter. We look forward to advancing Skouries throughout 2015,\n along with commencing construction on the Olympias Phase II Project. \n These are two mines of exceptional quality, which will add\n significantly to Eldorado's growth profile in 2017.  Progress also\n continues to be made in resolving the outstanding permit approvals at\n our Eastern Dragon project where the Company plans on com...