Gold Receives Approval for Preliminary Environmental Impact Study at Perama
VANCOUVER - BC - Paul N. Wright, President and Chief Executive Officer of Eldorado
Gold Corporation ("Eldorado", the "Company"
or "We"), is pleased to announce that the Ministry of Environment, Energy and Climate Change of the Hellenic Republic of Greece ("Ministry") has approved the Preliminary Environmental Impact Assessment ("PEIA") Study
for the Perama Hill Gold Deposit
("Perama Hill" or "Project") located in Thrace, Northern Greece. The Project, with presently defined proven and probable reserves of
975,000 ounces of gold, will
be developed as an open pit mine producing approximately 110,000 ounces annually at cash costs projected to be less than
US$300 per ounce. Total invested
capital will be approximately US$190 million. The Perama
Hill Project is expected to
provide employment for
about 370 persons during
construction and direct employment for 200 persons during operation, in addition to supporting
significant levels of
indirect employment in the area, characteristic
of mining operations.
"We are pleased that the Greek Government endorses the Perama Hill project, which will provide
positive signals for exploration and further development of the significant mineral resources in Northern Greece," said Paul Wright, President and CEO of Eldorado Gold. "Eldorado has prepared the final Environmental
Impact Assessment (EIA) Study,
which will be submitted to the Ministry this quarter."
Eldorado is a gold producing,
exploration and development company
actively growing businesses
in Turkey, China, Brazil
and Greece. With our international expertise in mining,
finance and project development,
together with highly skilled and dedicated staff, we believe that our
company is well positioned to grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
Paul N. Wright
President and Chief Executive Officer
The information in this news release that relates to Perama reserves is based
on information compiled by Richard Miller, P.Eng, who is
a Member of the Association of Professional Engineers and Geoscientists of
BC. Richard Miller is a full time employee
of Eldorado Gold Corporation.
Richard Miller has sufficient experience
which is relevant to the
style of mineralization and type of deposit under consideration
and to the activity which is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves.
Richard Miller is the Qualified
Person as defined in the Canadian National Instrument
43-101 (Standards of Disclosure for Mineral Projects) and consents to the inclusion in the report of the matters based on the information
in the form and context in which it appears.
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 applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans",
expected", "budget", "scheduled", "estimates",
"anticipates", or "believes"
or the negatives thereof or
variations of such words
and phrases or statements that
certain actions, events or results
or "will" be taken, occur or be achieved. Forward-looking
statements or information herein
include, but are not limited,
to statements or information with
respect to the Perama Hill project.
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, including assumptions
about the legal restrictions regarding
the payment of dividends by
the Company; assumptions
about the price of gold; anticipated
costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; the impact of the integration
of acquired businesses on our
position, reserves and resources
and gold production; and the ability to achieve our goals. Although 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 statements 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: gold price volatility; risks of not meeting
production and cost targets;
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 and operating in foreign
countries; currency fluctuations; speculative
nature of gold exploration; global economic climate; dilution; share price volatility; the risk that the integration
of acquired businesses taking
longer than expected, the anticipated benefits of the integration may be less than
estimated and the costs of
acquisition higher than anticipated; ability to complete acquisitions; 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, 2011, and in the Company's Management Information
Circular dated January 23, 2012, including the risk factors incorporated
by reference in such circular.
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 Common Shares are listed on the Toronto
Stock Exchange (TSX: ELD); New York Stock Exchange (NYSE: EGO). Eldorado CDIs trade on the Australian Securities Exchange (ASX: EAU)
Eldorado Gold Corporation
Nancy E. Woo, VP, Investor
Phone: 604.601.6650 or 1.888.353.8166
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
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Copyright � 2012 ELDORADO GOLD CORP.
(ELD) All rights reserved.
For more information visit our
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Eldorado Gold Corporation
CODE : ELD.TO
ISIN : CA2849021035
Projects & res.Press
Asset profileContact Cpy
Eldorado Gold is a producing gold 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$ 4.3 billions as of today (US$ 3.5 billions, € 3.3 billions).
Its stock quote reached its lowest recent point on February 15, 2013 at CA$ 10.00, and its highest recent level on March 22, 2013 at CA$ 9.98.
Eldorado Gold has 716 590 016 shares outstanding.