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Eldorado Gold Provides 2022 Production and Cost Guidance and Outlines Improved Five-Year Outlook
VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) today provided detailed 2022 production
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) today provided detailed 2022 production and cost guidance and an improved five-year production outlook. Highlights 2022 gold production is expected to be between 460,000 to 490,000 ounces. Mid-point of 2022 gold production is 30,000 ounces or 7% higher compared to the previous 2022 guidance provided in January 2021, due primarily to increased mining rates at Lamaque, increased recovery rates at Kisladag, and increased throughput and higher grades at Olympias. Mid-point of annual gold production has increased on average by approximately 4% or 21,250 ounces per year for 2022 to 2025, compared to guidance provided in January 2021 for the same period. The Company’s 2022 gold production is forecast to be between 460,000 to 490,000 ounces at an average cash operating cost(1) of $640 to $690 per ounce and an average all-in sustaining costs(1) (“AISC”) of $1,075 to $1,175 per ounce. Quarter-to-quarter gold production in 2022 is expected to fluctuate during the year, with lower production expected in the first quarter at Kisladag from construction and ramp-up of the new high-pressure grinding rolls (“HPGR”) circuit and lower grades expected at Lamaque during the second and third quarters. (1) Cash operating costs per ounce sold and AISC per ounce sold are non-IFRS measures. Certain additional disclosures for non-IFRS measures have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS Measures' of Eldorado’s December 31, 2020 MD&A. “Eldorado’s strong five-year production profile provides a solid foundation for future growth and flexibility to reinvest in our portfolio of mines and projects,” said George Burns, Eldorado Gold’s President and Chief Executive Officer. “In 2021 we were pleased to deliver on numerous key catalysts, particularly in Quebec and at Kisladag, that positioned the Company to increase five-year production guidance year-over-year. In Greece, the robust results of the recently completed Feasibility Study at Skouries, coupled with the amended Investment Agreement with the Greek state, put Eldorado in an excellent position to potentially exceed the five-year plan.” Five-Year Gold Production Outlook Production (oz) 2022E 2023E 2...