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Eldorado Gold Announces First Quarter 2022 Preliminary Production; Maintains Full Year Production Guidance; Provides Conference Call Details
VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces first quarter 2022 preliminary
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces first quarter 2022 preliminary gold production of 93,209 ounces and maintains full year production guidance of 460,000 to 490,000 ounces. Production during January and February was impacted by higher-than-anticipated absenteeism related to the surge of the COVID-19 Omicron variant. Detailed production, by asset, is outlined in the table below. Q1 2022 Preliminary Gold Production Mine Production (oz) 2022 ProductionGuidance (1) Q1 2022 Q1 2021 Q4 2021 Kisladag 29,779 46,172 33,136 145,000 – 155,000 Lamaque 33,377 28,835 51,354 165,000 – 175,000 Efemcukuru 21,057 23,298 22,631 85,000 – 90,000 Olympias 8,996 13,437 15,461 65,000 – 75,000 Total GoldProduction (oz) 93,209 111,742 122,582 460,000 – 490,000 (1) As announced on January 18, 2022. Canada Early in the quarter, reduced workforce hours due to COVID-related absenteeism delayed the underground development of high-grade stopes, which led to lower than planned gold grades and tonnage. Mine development progressed and the planned gold grade and tonnage were achieved in March. Full-year gold production at Lamaque is expected to be in line with guidance. The Ormaque exploration drift is progressing on plan and resource conversion drilling is expected to commence by mid-year. Turkey Gold production during the first quarter at Kisladag was lower than planned as a result of COVID-related absenteeism, severe weather, and a government-mandated power outage. The severe weather and freezing temperatures worsened the normal winter impact on the ore conveyance and stacking system productivity on the leach pads. We anticipate production at Kisladag to be weighted to the second half of the year and maintain full year production guidance. Optimization of the high-pressure grinding roll (“HPGR”) and agglomeration circuit continues. The HPGR is performing to plan, and recovery rates are as expected. At Efemcukuru, gold production, throughput, and average gold grade were in line with expectations, despite experiencing COVID-related absenteeism. The Company’s profits from mining operations in Turkey are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the first quarter, the Com...