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Re: 2009 - Tuesday, January 06, 2009
Efem�ukuru North Ore Shoot Drilling Continues to Grow Deposit
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VANCOUVER, BC - Paul N. Wright President and CEO of Eldorado Gold
Corporation ('Eldorado" the "Company" or "we") is pleased to announce
results from our first 5 holes testing the North Ore Shoot (NOS) at the
Efem�ukuru Project in Western Turkey. The program is designed to test
the lateral and down plunge extension of this poorly defined third ore
shoot in the Efem�ukuru system. Drilling is planned to continue
throughout the first quarter 2009.
Results are shown in Table 1 and illustrated in a Longitudinal Section.
Calculated intervals generally used a 3 g/t gold cut off.
Table 1: EFEM�UKURU NOS DRILL RESULTS
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Hole ID m From m To Interval Estimated True Gold Silver
m Width m Grade g/t Grade g/t
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KV - 294 140.3 144.2 3.9 2.9 9.7 24.9
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KV - 296 168.2 169.6 1.4 1.2 24.6 51.1
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KV - 298 98.4 104.6 6.2 5.0 6.7 82.5
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KV - 299 129.6 134.0 4.4 4.1 21.1 52.7
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KV - 301 155.1 157.4 2.3 2.1 23.1 77.1
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The positive results show strengthening of the grades and value of the
NOS system laterally and at depth. The gold mineralization is
consistently associated with high silver values and anomalous base
metal concentrations. At present the NOS mineralization is not
included in the Efem�ukuru Project mining plan.
"These excellent results demonstrate the potential for the North Ore
Shoot to contribute to additional reserve growth at Efem�ukuru beyond
the current 1.2 million ounces." commented Paul Wright, President and
CEO.
Stephen Juras, Ph.D., P.Geo., Manager, Geology is the qualified person
for the technical disclosure in this press release. Samples are
prepared at Eldorado's facility in Turkey and assayed at the ALS
facility at Vancouver, Canada. Analysis for gold is done on sawn half
core samples using fire assay (AA finish). Higher grade samples
(≥ 5 g/t) were re-assayed using fire assay with a gravimetric
finish. Standard reference materials, blank and field duplicate
samples are inserted prior to shipment from site to monitor the quality
control of the assay data. In addition, about 20% of the samples were
re-submitted for duplicate analysis at Assayers Canada laboratory in
Vancouver, Canada.
Eldorado is a gold producing, exploration and development company
actively growing businesses in Brazil, Turkey, China, Greece and the
surrounding regions. 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
Certain of the statements made herein may contain forward-looking
statements or information within the meaning of the United States
Private Securities Litigation Reform Act of 1995, and forward-looking
statements or information within the meaning of the Securities Act
(Ontario). Such forward-looking statements or information include, but
are not limited to statements or information with respect to monetizing
the AngloGold American Depositary Shares described above, internal
growth prospects and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
AngloGold or Eldorado, or industry results, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking statements
or information are subject to a variety of risks and uncertainties,
which could cause actual events, or results to differ from those
reflected in the forward-looking statements or information. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Specific reference is made to "Forward Looking Statements and Risk
Factors" in Eldorado's Annual Information Form and Form 40 F dated
March 31, 2008. Such factors include, amongst others, the following:
delays in respect of, or an inability to, monetize the AngloGold
American Depositary Shares described above; gold price volatility;
impact of any hedging activities, including margin limits and margin
calls; discrepancies between actual and estimated production, between
actual and estimated reserves, and between actual and estimated
metallurgical recoveries; mining operational risk; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment; speculative nature of gold
exploration; dilution; competition; loss of key employees; additional
funding requirements; and defective title to mineral claims or
property, as well as those factors discussed in the section entitled
"Risk Factors" in Eldorado's Annual Information Form and Form 40-F
dated March 31, 2008. Except as required by law, we do not expect to
update forward-looking statements continually as conditions change and
you are referred to the full discussion of Eldorado's business
contained in Eldorado's reports filed with the securities regulatory
authorities in Canada and the U.S.
Eldorado Gold Corporation common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the NYSE Alternext US (NYSE-A: EGO). 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
Web site: www.eldoradogold.com
Request for information packages: laurelw@eldoradogold.com
To view News Release PDF, please click link below:
http://www.eldoradogold.com/i/pdf/2009-01-06_NR.pdf
To view Efem�ukuru North Ore Shoot Figure, please click link below:
http://www.eldoradogold.com/i/pdf/09-01-NOS-Figure.pdf
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Copyright (c) 2009 ELDORADO GOLD CORP. (ELD) All rights reserved. For
more information visit our website at http://www.eldoradogold.com/ or
send mailto:info@eldoradogold.com
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Eldorado Gold Corporation
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PRODUCER |
CODE : ELD.TO |
ISIN : CA2849021035 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Eldorado Gold is a gold producing company based in Canada. Eldorado Gold produces gold, iron in Brazil, in China, in Mexico and in Turkey, develops gold and silver in China and in Greece, and holds various exploration projects in Brazil and in China. Its main assets in production are KISLADAG and EFEMÇUKURU in Turkey, LA TRINIDAD - ELDORADO in Mexico, TANJIANSHAN, JINFENG, JIANCHALING, WHITE MOUNTAIN and BEYINHAR in China and VILA NOVA in Brazil, its main assets in development are EASTERN DRAGON in China and PERAMA HILL in Greece and its main exploration properties are HEI-SHAN (SHANDONG) and ZHANGJIASHAN in China and TOCANTINZINHO in Brazil. Eldorado Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 14.1 billions as of today (US$ 10.3 billions, € 9.6 billions). Its stock quote reached its lowest recent point on August 03, 2001 at CA$ 0.21, and its highest recent level on April 24, 2024 at CA$ 19.65. Eldorado Gold has 716 820 032 shares outstanding. |