China
Update: White Mountain Exploration Results (20.5M @8.7 g/t) Eastern Dragon
Project Resumes Construction
VANCOUVER,
BC - Paul N. Wright, President & Chief Executive Officer of Eldorado Gold
Corporation ("Eldorado" the "Company" or "we"),
is pleased to provide an update on Exploration results from the White Mountain
District and confirm the resumption of construction activities at the Eastern
Dragon project.
White Mountain
Exploration
- Hole 337 intersected 24.7 metres (20.5m true thickness) of 8.7 g/t gold
approximately 300 metres down-dip from the
current resource at White Mountain. This new discovery remains open along
strike and down-dip.
- At the newly acquired Xiaoshiren Central property, hole
HDDS011 intersected 6.5 metres of 7.8 g/t gold
and discovered one possible source of the highly mineralized boulders.
Additional intercepts in hole HDDS011 and HDDS010
confirm multiple mineralized zones at Xiaoshiren.
At White Mountain, exploration efforts have focused on testing the host F100
structure down-dip from the current resource. Twelve diamond drillholes have tested the structure at wide spacing, up to
650 metres down-dip from known mineralization (Figure
1). Of these, six holes were successful in intersecting breccias similar to
those which host gold mineralization at White Mountain and two contain
significant gold values. Hole 327 intersected the F100
structure approximately 500 metres down-dip from
known mineralization in the central portion of the White Mountain ore body and
returned 8 metres (6.8m true width) at 1.1 g/t gold.
Hole 337 was collared at the far northeast section of the known ore body and
intersected F100 approximately 200 metres down-dip
from previous mineralized intercepts (hole 321; 14m @ 3.7 g/t gold). Hole 337 returned 24.7 metres
(20.5m true width) at 8.7 g/t gold including 8.6 metres
(7.1m true width) at 16.8 g/t gold. This significant intercept remains open
along strike and down dip.
At the newly acquired Xiaoshiren Central exploration
license, located 20 kilometres southeast of the White
Mountain mine, exploration crews have exposed two mineralized northeast
striking fault zones which are interpreted as possible bedrock sources for the
highly mineralized boulder field which first attracted Eldorado's attention.
Trenching on the western zone over a strike length of 110 metres
has returned high grade gold values of up to 52.7 g/t gold over a 1.2 metre sample length (table 2). Two diamond drill holes
(HDDS006 and HDDS007) intersected the fault zone below the trenches. HDDS006
did not encounter significant mineralization; results from HDDS007 are pending.
Further trenching and diamond drilling are required to better understand the
distribution of the mineralization encountered to date.
At the eastern zone, diamond drill holes HDDS010 and HDDS011 were successful in
coring hematitic silicified breccia
similar to the mineralized boulders found downslope
from this area. Hole HDDS010 intersected 0.6 metres
at 10.8 g/t gold and hole HDDS011 intersected 6.5 metres at 7.8 g/t gold and 7.7 metres
at 3.3 g/t gold (table 3). These holes demonstrate that multiple mineralized
zones are present at Xiaoshiren Central; further
drilling will be required to delineate the geometry and distribution of these
high-grade mineralized zones.
Dr. Peter Lewis P.Geo., V.P. Exploration for Eldorado
is the qualified person for the technical disclosure in this press release. All
assay results reported in this release were rock chip or diamond drill core
samples prepared at Eldorado's sample preparation facility at White Mountain
and assayed at the ALS laboratory in Guangzhou, China. Gold analysis was done
using fire assay and AAS finish. Certified standard reference materials, field
duplicate, and blank samples were inserted prior to shipment from the
preparation site at White Mountain and control the quality of the assay data.
Table 1: White Mountain
drill results
Hole ID
|
From (m)
|
To (m)
|
Interval (m)
|
True Width (m)
|
Average Grade
(g/t Au)
|
Target
|
327
|
622.68
|
630.67
|
7.99
|
6.80
|
1.10
|
exploration
|
|
643.67
|
645.77
|
2.10
|
1.72
|
1.56
|
|
328-332, 334
|
no significant intercept
|
exploration
|
333
|
244.32
|
270.32
|
26.00
|
22.50
|
3.61
|
infill
|
335
|
262.20
|
268.20
|
6.00
|
3.50
|
18.23
|
infill
|
336
|
no significant intercept
|
exploration
|
337
|
646.10
|
670.80
|
24.70
|
20.50
|
8.72
|
exploration
|
|
648.20
|
656.80
|
8.60
|
7.10
|
16.79
|
exploration
|
338
|
405.70
|
410.61
|
4.91
|
1.80
|
2.21
|
infill
|
339, 340
|
no significant intercept
|
exploration
|
341, 342, 343
|
hole terminated before target
depth
|
exploration
|
Table 2: Xiaoshiren trench results
Trench ID
|
Target
|
Width (m)
|
Average Grade (g/t Au)
|
TC15_1
|
east
|
6.30
|
1.74
|
TC17_1
|
west
|
no significant results
|
TC17_2
|
east
|
2.00
|
2.14
|
TC19_1
|
west
|
1.00
|
0.75
|
TC21_1
|
west
|
1.20
|
52.70
|
TC23_1
|
east
|
no significant results
|
TC23_2
|
west
|
2.60
|
5.87
|
TC23A_1
|
east
|
no significant results
|
TC25_1
|
west
|
5.00
|
4.78
|
TC25_2
|
west
|
no significant results
|
TC25_3
|
east
|
7
|
1.52
|
Table 3: Xiaoshiren drill results
Hole ID
|
Target
|
From (m)
|
To (m)
|
Interval (m)
|
Average Grade (g/t Au)
|
HDDS005
|
southwest
|
no significant intercept
|
HDDS006
|
west
|
no significant intercept
|
HDDS007
|
west
|
results pending
|
HDDS008
|
east
|
no significant intercept
|
HDDS009
|
east
|
no significant intercept
|
HDDS010
|
east
|
75.55
|
76.15
|
0.60
|
10.80
|
HDDS011
|
east
|
2.55
|
9.00
|
6.45
|
7.75
|
and
|
|
30.50
|
38.20
|
7.70
|
3.29
|
*Note - True widths are not
available as more drilling is required to accurately determine the orientation
of the mineralized body.
Eastern Dragon Project (Figure 2)
Following a successful year in advancing permitting activities and positive
engagement with our joint venture partner, local communities and government
authorities, construction activities resumed at the Eastern Dragon project in
November. With engineering entirely complete and procurement 95% complete, the
Company will continue with construction through the 2010-11 winter
and expects production commencing late in 2011.
Eldorado is a gold producing, exploration and development company actively
growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We
remain one of the lowest cost pure gold producers. With our international
expertise in mining, finance and project development, together with highly
skilled and dedicated staff, we believe that Eldorado is well positioned to
grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
"Paul N.
Wright"
Paul N. Wright
President & Chief Executive Officer
CAUTIONARY
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Forward-looking statements
and forward-looking information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements or information. We have made certain
assumptions about the forward-looking statements and information and even
though our management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there can be no
assurance that the forward-looking statement or information will prove to be
accurate. Furthermore, should one or more of the risks, uncertainties or other
factors materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements
or information. These risks, uncertainties and other factors include, among
others, the following: the number of shares issued is subject to certain
adjustments; gold price volatility; discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries; mining
operational and development risk; litigation risks; regulatory restrictions,
including environmental regulatory restrictions and liability; risks of
sovereign investment; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price volatility;
competition; loss of key employees; additional funding requirements; and
defective title to mineral claims or property, as well as those factors
discussed in the sections entitled "Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Information Form & Form 40-F dated
March 31, 2010.
There can be no assurance
that forward-looking statements or information will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except as required
by law, we do not expect to update forward-looking statements and information
continually as conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed with the
securities regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange (TSX:
ELD) and the New York Stock Exchange (NYSE: EGO). Eldorado's CHESS Depositary
Interests (CDIs) trade on the Australian Securities Exchange (ASX: EAU). The
TSX has neither approved nor disapproved the form or content of this release.
Contact:
Nancy E. Woo, Vice President Investor Relations
Phone: 604.601.6650 or 1.888.353.8166
Fax: 604.687.4026
Email nancyw@eldoradogold.com
Eldorado Gold Corporation
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Website www.eldoradogold.com
Request for information packages: jenniferm@eldoradogold.com
Figure 1: Long Section of White
Mountain Gold Deposit
(Click to Enlarge)
Figure 2: Construction at Eastern Dragon Project
(Click to Enlarge)