Business
Eldorado Gold Announces 15 Year Mine Life at Kisladag; Provides 2020 Guidance and Long-term Outlook
VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to announce a 15-year mine li
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to announce a 15-year mine life at Kisladag based on the completed long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll (“HPGR”) circuit. A National Instrument 43-101 compliant technical report detailing the updates to the Kisladag project will be filed on SEDAR prior to the end of Q1 2020. The Company is also providing detailed production guidance for 2020, along with a five-year outlook for the Company’s business. “Kisladag has been the cornerstone asset of Eldorado for over a decade, producing over three million ounces of gold and generating significant value for all stakeholders during that period. Following the resumption of full operations last spring, and the significant work and testing undertaken by the Eldorado team over the past 18 months, we are pleased to announce a mine life extension at Kisladag that puts this asset back in the core of our portfolio”, said George Burns, President and CEO. “Based on these positive developments, we are providing a five-year outlook for the business, which demonstrates a steady production profile that we expect will allow us to continue to de-lever the balance sheet and provide a solid foundation for future growth.” Kisladag Update Results of the testwork indicate that increased leach time at Kisladag, in conjunction with HPGR, increases heap leach life of mine recovery to approximately 56% and extends mine life through 2034. A new mineral reserve has been developed for Kisladag; highlights include: Updated Proven and Probable Mineral Reserves of 173.2 million tonnes of ore at 0.72 grams per tonne, containing 4.0 million ounces of gold (table shown at the end of the release). 15 year mine life, with operations continuing through 2034. Average annual production of approximately 160,000 ounces per year at an average cash cost of $675 – 725 per ounce of gold sold and an average all-in sustaining costs (“AISC”) of $800 – 850 per ounce of gold sold. The project self-funds all development capital for waste stripping and the HPGR circuit. The cost for the HPGR circuit (approximately $35 million) is spread over 2020 and 2021, while the cost of capitalized waste stripping (a...