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Eldorado Gold Announces Results of Skouries Project Feasibility Study; After-Tax NPV of US$1.3 Billion and IRR of 19%
VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) announces the completion of a Feasi
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) announces the completion of a Feasibility Study (“FS”) on the wholly-owned Skouries project, located in northern Greece. As previously announced, the Company will host a conference call, later today, on Wednesday, December 15, 2021, at 6:00 PM ET (3:00 PM PT). The call details are at the end of this news release. All financial figures are in U.S. dollars unless otherwise stated. Feasibility Study Highlights1 Robust Economics: 19% after-tax Internal Rate of Return (“IRR”) and $1.3 billion after-tax Net Present Value (“NPV”) (5%), based on long-term prices of $1,500 per ounce (“oz”) gold and $3.85 per pound copper. IRR of 24% and NPV (5%) of $1.8 billion using approximate spot prices of $1,800 per oz gold and $4.25 per pound copper. 2.9 million ounce Life of Mine (“LOM”) gold production Average annual production of 140,000 oz of gold and 67 million pounds of copper (approximately 312,000 oz gold equivalent) over a 20-year mine life. Average annual gold production of 182,000 oz in the first 5 years of production. Negative cash operating cost of $(368) per oz sold over the LOM. Negative All-In Sustaining Costs (“AISC”) of $(17) per oz sold over the LOM. Initial capital costs to complete the Skouries project of $845 million, an increase of 23% over the March 2018 Pre-Feasibility Study1 (“PFS”), primarily related to increased input prices, scope change related to water management and an enhanced execution plan. (1) PFS filed as a technical report in March 2018 titled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.“The completion of the Skouries FS is an important milestone for the Company. The results of the study reflect the robust economics of this world-class asset that will support our growth strategy,” said George Burns, Eldorado’s President and CEO. “Eldorado is looking forward to expanding our production profile at the Kassandra Mines and developing this region as a cornerstone for the Company.” “The project has been significantly de-risked through the infrastructure built to date, the Amended Investment Agreement ratified by the Greek government in March 2021, and today, the Feasibility Study which reflects a more resilient project. Skouries remai...