Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement
NEWS RELEASE TSX: ELD NYSE: EGO December 15, 2021
Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2021.
Highlights
- Increase to Inferred Resources as a result of the maiden Inferred Resource at Ormaque announced in February 2021.
- Increase to Mineral Reserves and Measured and Indicated (“M+I”) Resource at Efemcukuru is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW.
Mineral Reserves Update
The Company’s Proven and Probable gold Reserves (“2P Reserves”) totalled 17.0 million ounces as of September 30, 20211, a 4% decrease from the previous MRMR statement on September 30, 2020. Including the divestiture of Tocantinzinho, (“TZ”), which was divested from the portfolio October 27, 2021 the Company’s 2P gold Reserves totalled 15.3 million ounces, a 14% decrease compared to September 30, 2020 (see Eldorado press release dated December 2, 2020). The complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.
| Total 2P Reserves | ||
|---|---|---|
| (Gold Ounces x 1,000) | ||
| Proven and Probable in-situ gold ounces as of September 30, 2020 | 17,737 | |
| TZ Divestment | -1,781 | |
| Depletion 2 | -687 | |
| Additions from converted resources (M+I) during 2021 | 315 | |
| Changes due to cut-off evaluations | -319 | |
| Proven and probable in-situ gold ounces as of September 30, 2021 | 15,264 |
Net of divestitures, the net change in Reserves is attributable to increases at Lamaque and Efemcukuru, and decreases at Kisladag, Skouries and Olympias.
- Lamaque: Both Mineral Reserve gold ounces and grade increased relative to September 2020 primarily due to conversion drilling in the C5 zone.
- Efemcukuru: Mineral Reserves increased mostly due to conversion of Resources to Reserves at Kestanebeleni NW and Kokarpinar.
- Kisladag: Mineral Reserves decreased due to depletion.
1 See “Mineral Reserve Notes” below.
2 Depletion declared here are processed ounces. Depletion includes Q4 2020 and Q1-Q3 2021.
- Skouries: The decrease in Mineral Reserves, at the development project, is due to changes in cut-off values, mostly offset by reserve price increase.
- Olympias: The decrease in Mineral Reserves is due to mining method optimization and exclusion of remnant mining zones that will require further engineering studies to be included in the mine plan.
The following table summarizes the year over year changes to the Company’s gold Reserves:
| Total Proven and Probable Reserves | ||||||
|---|---|---|---|---|---|---|
| 2020 | 2021 | Change | ||||
| Contained Au Oz (x1,000) | ||||||
| Certej | 2,402 | 2,402 | 0% | |||
| Efemcukuru | 613 | 620 | 1% | |||
| Kisladag | 4,580 | 4,282 | -7% | |||
| Lamaque | 1,086 | 1,091 | 0.5% | |||
| Olympias | 2,252 | 1,990 | -12% | |||
| Perama | 1,250 | 1,250 | 0% | |||
| Skouries | 3,773 | 3,630 | -4% | |||
| Tocantinzinho | 1,781 | 1,781 | 0% | |||
| Total | 17,737 | 17,045 | -4% | |||
| Less divestitures: TZ | 1,781 | 0 | -100% | |||
| Gross Total | 17,737 | 15,264 | -14% |
Mineral Resources Update
Exploration within our existing portfolio continues to deliver resource growth for the Company.
Eldorado reports Resources in accordance with CIM definition standards. The Resource cut-off grades or values (e.g. gold equivalent) are determined using a single long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Open pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability.
Eldorado’s M+I Resources totalled 25.5 million ounces as of September 30, 2021, a 1% decrease from the previous MRMR statement on September 30, 2020 attributable to decreases at Kisladag, Skouries and Olympias, partially offset by increases at Lamaque and Efemcukuru. Including the TZ divestment, the M+I Resources totalled 23.5 million ounces, a decrease of 9% compared to September 30, 2020. Eldorado’s Inferred Resources totaled 14.0 million ounces as of September 30, 2021, a 3% increase from the previous MRMR statement on September 30, 2020.
• Efemcukuru: The increase to M+I Resource is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW. The decrease in Inferred Resource at Efemcukuru is attributable to the combination of additional drilling and the corresponding upgrade to M&I Resources.
- Lamaque: All changes to the Resources are attributable to the results of additional drilling and upgrades of Inferred to M+I Resources. Ormaque was announced as a maiden Inferred Resource on February 22, 2021 (see Eldorado press release dated February 22, 2021).
The following table summarizes the year over year changes to Eldorado’s gold Resources:
| Total Measured and Indicated Resources | Inferred Resources | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | Change | 2020 | 2021 | Change | ||||||
| Contained Au | Contained Au | ||||||||||
| ounces (x1000) | ounces (x1000) | ||||||||||
| Bolcana | 0 | 0 | 0% | 6,492 | 6,492 | 0% | |||||
| Certej | 3,829 | 3,829 | 0% | 23 | 23 | 0% | |||||
| Efemcukuru | 941 | 1,066 | 13% | 941 | 629 | -33% | |||||
| Kisladag | 7,197 | 6,822 | -5% | 107 | 107 | 0% | |||||
| Lamaque | 1,821 | 1,937 | 6% | 2,074 | 1,962 | -5% | |||||
| Ormaque | 0 | 0 | 0% | 0 | 803 | 100% | |||||
| Olympias | 3,493 | 3,409 | -2% | 562 | 566 | 1% | |||||
| Perama | 1,374 | 1,374 | 0% | 62 | 59 | -5% | |||||
| Perama South | 0 | 0 | 0% | 728 | 728 | 0% | |||||
| Piavitsa | 0 | 0 | 0% | 1,025 | 1,025 | 0% | |||||
| Sapes | 0 | 0 | 0% | 820 | 820 | 0% | |||||
| Skouries | 5,030 | 5,030 | 0% | 814 | 814 | 0% | |||||
| Tocantinzinho | 2,029 | 2,029 | 0% | 17 | 17 | 0% | |||||
| Total | 25,714 | 25,496 | -1% | 13,665 | 14,045 | 3% | |||||
| Less divestitures: TZ | 2,029 | 0 | -100% | 17 | 0 | -100% | |||||
| Gross Total | 25,714 | 23,467 | -9% | 13,665 | 14,028 | 3% |
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, and Romania. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact Investor Relations
Lisa Wilkinson, VP, Investor Relations 604.757 2237 or 1.888.353.8166 [email protected]
Media
Louise McMahon, Director Communications & Public Affairs 604.757 5573 or 1.888.363.8166 [email protected]
Eldorado Gold Mineral Reserves, as of September 30, 2021
| Project Gold Certej Efemcukuru Kisladag Lamaque Olympias Perama Hill Skouries TOTAL GOLD Silver Certej Olympias | Proven Mineral Reserves Tonnes Au Contained Au (x1000) g/t ounces (x1000) 22,788 1.93 1,414 1,732 6.03 336 183,092 0.69 4,061 502 8.02 129 1,205 10.87 421 3,088 4.03 400 73,101 0.87 2,053 285,508 0.96 8,814 Tonnes Ag Contained Ag (x1000) g/t ounces (x1000) 22,788 10 7,004 1,205 155 6,006 | Probable Mineral Reserves Tonnes Au Contained Au (x1000) g/t ounces (x1000) 21,500 1.43 988 1,645 5.37 284 12,819 0.54 221 4,154 7.20 962 8,132 6.00 1,569 9,410 2.81 850 74,015 0.66 1,576 131,674 1.52 6,450 Tonnes Ag Contained Ag (x1000) g/t ounces (x1000) 21,500 12 8,551 8,132 116 30,422 | Total Proven and Probable Tonnes Au Contained Au (x1000) g/t ounces (x1000) 44,288 1.69 2,402 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 3,377 | 5.71 | 620 | |||||||
| 195,911 | 0.68 | 4,282 | |||||||
| 4,656 | 7.29 | 1,091 | |||||||
| 9,337 | 6.63 | 1,990 | |||||||
| 12,498 | 3.11 | 1,250 | |||||||
| 147,116 417,182 Tonnes (x1000) 44,288 | 0.77 1.14 Ag g/t 11 | 3,630 15,264 Contained Ag ounces (x1000) 15,555 | |||||||
| 9,337 | 121 | 36,428 | |||||||
| Perama Hill | 3,088 | 4 | 403 | 9,410 | 8 | 2,277 | 12,498 | 7 | 2,680 |
| Stratoni | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TOTAL SILVER Copper | 27,081 Tonnes | 15 Cu | 13,413 Contained Cu | 39,042 Tonnes | 33 Cu | 41,250 Contained Cu | 66,123 Tonnes | 26 Cu | 54,663 Contained Cu |
| Skouries TOTAL COPPER | (x1000) 73,101 73,101 | % 0.52 0.52 | tonnes (x1000) 381 381 | (x1000) 74,015 74,015 | % 0.48 0.48 | tonnes (x1000) 359 359 | (x1000) 147,116 147,116 | % 0.50 0.50 | tonnes (x1000) 740 740 |
| Lead | Tonnes (x1000) | Pb % | Contained Pb tonnes (x1000) | Tonnes (x1000) | Pb % | Contained Pb tonnes (x1000) | Tonnes (x1000) | Pb % | Contained Pb tonnes (x1000) |
| Olympias | 1,205 | 4.9 | 59 | 8,132 | 4.0 | 323 | 9,337 | 4.1 | 382 |
| Stratoni | 0 | 0.0 | 0 | 0 | 0.0 | 0 | 0 | 0.0 | 0 |
| TOTAL LEAD | 1,205 | 4.9 | 59 | 8,132 | 4.0 | 323 | 9,337 | 4.1 | 382 |
| Zinc | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn |
| (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
| Olympias | 1,205 | 5.6 | 68 | 8,132 | 5.0 | 410 | 9,337 | 5.1 | 477 |
| Stratoni TOTAL ZINC | 0 1,205 | 0.0 5.6 | 0 68 | 0 8,132 | 0.0 5.0 | 0 410 | 0 9,337 | 0.0 5.1 | 0 477 |
Eldorado Gold Mineral Reserves, as of September 30, 2020
| Project Gold Certej Efemcukuru Kisladag Lamaque Olympias Perama Hill Skouries Tocantinzinho TOTAL GOLD Silver Certej | Proven Mineral Reserves Tonnes Au Contained Au (x1000) g/t ounces (x1000) 22,788 1.93 1,414 2,012 6.30 407 194,314 0.70 4,352 425 5.23 71 1,515 10.14 494 3,088 4.03 400 75,804 0.87 2,132 17,007 1.52 831 316,953 0.99 10,101 Tonnes Ag Contained Ag (x1000) g/t ounces (x1000) 22,788 10 7,004 | Probable Mineral Reserves Tonnes Au Contained Au (x1000) g/t ounces (x1000) 21,500 1.43 988 1,155 5.54 206 13,236 0.54 228 4,569 6.91 1,015 8,734 6.26 1,758 9,410 2.81 850 81,862 0.62 1,641 21,898 1.35 950 162,364 1.46 7,636 Tonnes Ag Contained Ag (x1000) g/t ounces (x1000) 21,500 12 8,551 | Total Proven and Probable Tonnes Au Contained Au (x1000) g/t ounces (x1000) 44,288 1.69 2,402 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 3,167 | 6.02 | 613 | |||||||
| 207,550 | 0.69 | 4,580 | |||||||
| 4,994 | 6.76 | 1,086 | |||||||
| 10,249 | 6.83 | 2,252 | |||||||
| 12,498 | 3.11 | 1,250 | |||||||
| 157,666 | 0.74 | 3,773 | |||||||
| 38,905 479,317 Tonnes (x1000) 44,288 10,249 | 1.42 1.15 Ag g/t 11 125 | 1,781 17,737 Contained Ag ounces (x1000) 15,555 41,161 | |||||||
| Olympias | 1,515 | 159 | 7,745 | 8,734 | 119 | 33,416 | |||
| Perama Hill | 3,088 | 4 | 403 | 9,410 | 8 | 2,277 | 12,498 560 | 7 148 | 2,680 2,665 |
| Stratoni | 0 | 0 | 0 | 560 | 148 | 2,665 | |||
| TOTAL SILVER Copper Skouries TOTAL COPPER Lead Olympias Stratoni TOTAL LEAD Zinc Olympias Stratoni | 27,391 Tonnes (x1000) 75,804 75,804 Tonnes (x1000) 1,515 0 1,515 Tonnes (x1000) 1,515 0 | 17 Cu % 0.52 0.52 Pb % 5.1 0.0 5.1 Zn % 5.8 0.0 | 15,152 Contained Cu tonnes (x1000) 393 393 Contained Pb tonnes (x1000) 77 0 77 Contained Zn tonnes (x1000) 88 0 | 40,204 Tonnes (x1000) 81,862 81,862 Tonnes (x1000) 8,734 560 9,294 Tonnes (x1000) 8,734 560 | 36 Cu % 0.47 0.47 Pb % 4.0 6.1 4.1 Zn % 5.1 9.2 | 46,909 Contained Cu tonnes (x1000) 386 386 Contained Pb tonnes (x1000) 349 34 383 Contained Zn tonnes (x1000) 445 52 | 67,595 Tonnes (x1000) 157,666 157,666 Tonnes (x1000) 10,249 | 29 Cu % 0.49 0.49 Pb % 4.2 | 62,061 Contained Cu tonnes (x1000) 779 779 Contained Pb tonnes (x1000) 426 |
| 560 10,809 Tonnes (x1000) 10,249 | 6.1 4.3 Zn % 5.2 | 34 460 Contained Zn tonnes (x1000) 533 | |||||||
| 560 | 9.2 | 52 | |||||||
| TOTAL ZINC | 1,515 | 5.8 | 88 | 9,294 | 5.3 | 497 | 10,809 | 5.4 | 585 |
Eldorado Gold Mineral Resources, as of September 30, 2021
| Project Gold Bolcana | Measured Resources Tonnes Au Contained Au (x1000) g/t ounces (x1000) 0 0.00 0 | Indicated Resources Tonnes Au Contained Au ounces (x1000) g/t (x1000) 0 0.00 0 | Total Measured and Indicated Tonnes Au Contained Au (x1000) g/t ounces (x1000) 0 0.00 0 87,953 1.35 3,829 4,615 7.18 1,066 355,836 0.60 6,822 7,122 8.46 1,937 0.00 0.00 0.00 13,248 8.00 3,409 14,066 3.04 1,374 0 0.00 0 0 0.00 0 | Inferred Resources Tonnes Au Contained Au (x1000) g/t ounces (x1000) 381,000 0.53 6,492 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Certej | 29,300 | 1.73 | 1,626 | 58,653 | 1.17 | 2,203 | 842 | 0.86 | 23 | |||
| Efemcukuru | 2,437 | 7.38 | 578 | 2,178 | 6.96 | 488 | 3,300 | 5.93 | 629 | |||
| Kisladag | 311,255 | 0.61 | 6,111 | 44,581 | 0.50 | 712 | 7,529 | 0.44 | 107 | |||
| Lamaque | 876 | 9.49 | 267 | 6,246 | 8.32 | 1,670 | 8,880 | 6.87 | 1,962 | |||
| Ormaque | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,620 | 9.53 | 803 | |||
| Olympias | 2,343 | 10.66 | 803 | 10,905 | 7.43 | 2,606 | 2,092 | 8.41 | 566 | |||
| Perama Hill | 3,093 | 4.15 | 412 | 10,973 | 2.73 | 962 | 1,136 | 1.63 | 59 | |||
| Perama South | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 14,870 | 1.52 | 728 | |||
| Piavitsa Sapes Skouries TOTAL GOLD Silver Certej Olympias | 0 0 90,714 440,017 Tonnes (x1000) 29,300 2,343 | 0.00 0.00 0.85 0.87 Ag g/t 9 149 | 0 0 2,479 12,276 Contained Ag ounces (x1000) 8,111 11,203 | 0 0 149,260 282,796 Tonnes (x1000) 58,653 10,905 | 0.00 0.00 0.53 1.23 Ag g/t 10 142 | 0 0 2,551 11,191 Contained Ag ounces (x1000) 18,103 49,841 | 6,613 3,434 67,657 499,973 Tonnes (x1000) 842 2,092 | 4.82 7.43 0.37 0.87 Ag g/t 4 179 | 1,025 820 814 14,028 Contained Ag ounces (x1000) 110 12,070 | |||
| 0 | 0.00 | 0 | ||||||||||
| 239,974 722,814 Tonnes (x1000) 87,953 | 0.65 1.01 Ag g/t 9 | 5,030 23,467 Contained Ag ounces (x1000) 26,214 | ||||||||||
| 13,248 | 143 | 61,043 | ||||||||||
| Perama Hill | 3,093 | 4 | 415 | 10,973 | 7 | 2,579 | 14,066 | 7 | 2,994 | 1,136 | 2 | 83 |
| Piavitsa | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6,613 | 54 | 11,389 |
| Stratoni | 0 | 0 | 0 | 1,351 | 153 | 6,647 | 1,351 | 153 | 6,647 | 1,700 | 162 | 8,866 |
| TOTAL SILVER Copper | 34,736 Tonnes | 18 Cu | 19,729 Contained Cu | 81,882 Tonnes | 29 Cu | 77,170 Contained Cu | 116,618 Tonnes | 26 Cu | 96,898 Contained Cu | 12,383 Tonnes | 82 Cu | 32,518 Contained Cu |
| (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
| Bolcana | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 381,000 | 0.18 | 686 |
| Skouries | 90,714 | 0.51 | 466 | 149,260 | 0.44 | 652 | 239,974 | 0.47 | 1,118 | 67,657 | 0.40 | 267 |
| TOTAL COPPER Lead Olympias | 90,714 Tonnes (x1000) 2,343 | 0.51 Pb % 4.8 | 466 Contained Pb tonnes (x1000) 113 | 149,260 Tonnes (x1000) 10,905 | 0.44 Pb % 4.8 | 652 Contained Pb tonnes (x1000) 527 | 239,974 Tonnes (x1000) 13,248 | 0.47 Pb % 4.8 | 1,118 Contained Pb tonnes (x1000) 640 | 448,657 Tonnes (x1000) 2,092 | 0.21 Pb % 5.9 | 953 Contained Pb tonnes (x1000) 124 |
| Stratoni | 0 | 0.0 | 0 | 1,351 | 6.1 | 82 | 1,351 | 6.1 | 82 | 1,700 | 6.2 | 106 |
| TOTAL LEAD Zinc Olympias | 2,343 Tonnes (x1000) 2,343 | 4.81 Zn % 5.7 | 113 Contained Zn tonnes (x1000) 134 | 12,256 Tonnes (x1000) 10,905 | 5.0 Zn % 6.4 | 609 Contained Zn tonnes (x1000) 701 | 14,599 Tonnes (x1000) 13,248 | 4.9 Zn % 6.3 | 722 Contained Zn tonnes (x1000) 835 | 3,792 Tonnes (x1000) 2,092 | 6.1 Zn % 7.1 | 230 Contained Zn tonnes (x1000) 149 |
| Stratoni TOTAL ZINC | 0 2,343 | 0.0 5.7 | 0 134 | 1,351 12,256 | 8.7 6.7 | 117 818 | 1,351 14,599 | 8.7 6.5 | 117 952 | 1,700 3,792 | 9.3 8.1 | 158 307 |
Eldorado Gold Mineral Resources, as of September 30, 2020
| Project Gold Bolcana | Measured Resources Tonnes Au Contained Au (x1000) g/t ounces (x1000) 0 0.00 0 | Indicated Resources Tonnes Au Contained Au ounces (x1000) g/t (x1000) 0 0.00 0 | Total Measured and Indicated Tonnes Au Contained Au (x1000) g/t ounces (x1000) 0 0.00 0 87,953 1.35 3,829 4,335 6.75 941 373,774 0.60 7,197 7,118 7.96 1,821 13,463 8.07 3,493 14,066 3.04 1,374 0 0.00 0 0 0.00 0 | Inferred Resources Tonnes Au Contained Au (x1000) g/t ounces (x1000) 381,000 0.53 6,492 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Certej | 29,300 | 1.73 | 1,626 | 58,653 | 1.17 | 2,203 | 842 | 0.86 | 23 | |||
| Efemcukuru | 2,675 | 7.02 | 604 | 1,660 | 6.31 | 337 | 4,919 | 5.95 | 941 | |||
| Kisladag | 328,500 | 0.61 | 6,476 | 45,274 | 0.50 | 721 | 7,543 | 0.44 | 107 | |||
| Lamaque | 464 | 7.15 | 107 | 6,654 | 8.01 | 1,714 | 9,280 | 6.95 | 2,074 | |||
| Olympias | 2,610 | 10.48 | 879 | 10,853 | 7.49 | 2,614 | 2,032 | 8.60 | 562 | |||
| Perama Hill | 3,093 | 4.15 | 412 | 10,973 | 2.73 | 962 | 1,182 | 1.64 | 62 | |||
| Perama South | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 14,870 | 1.52 | 728 | |||
| Piavitsa Sapes Skouries Tocantinzinho TOTAL GOLD Silver Certej Olympias | 0 0 90,714 17,529 474,885 Tonnes (x1000) 29,300 2,610 | 0.00 0.00 0.85 1.51 0.88 Ag g/t 9 148 | 0 0 2,479 849 13,432 Contained Ag ounces (x1000) 8,111 12,419 | 0 0 149,260 28,486 311,813 Tonnes (x1000) 58,653 10,853 | 0.00 0.00 0.53 1.29 1.23 Ag g/t 10 144 | 0 0 2,551 1,180 12,282 Contained Ag ounces (x1000) 18,103 50,246 | 6,613 3,434 67,657 600 499,972 Tonnes (x1000) 842 2,032 | 4.82 7.43 0.37 0.90 0.85 Ag g/t 4 188 | 1,025 820 814 17 13,665 Contained Ag ounces (x1000) 110 12,282 | |||
| 0 | 0.00 | 0 | ||||||||||
| 239,974 | 0.65 | 5,030 | ||||||||||
| 46,015 786,698 Tonnes (x1000) 87,953 | 1.37 1.02 Ag g/t 9 | 2,029 25,714 Contained Ag ounces (x1000) 26,214 | ||||||||||
| 13,463 | 145 | 62,665 | ||||||||||
| Perama Hill Piavitsa Stratoni TOTAL SILVER | 3,093 0 0 35,003 | 4 0 0 19 | 415 0 0 20,945 | 10,973 0 937 81,416 | 7 0 159 29 | 2,579 0 4,790 75,718 | 14,066 | 7 | 2,994 | 1,182 | 2 | 93 |
| 0 | 0 | 0 | 6,613 | 54 | 11,389 | |||||||
| 937 116,419 | 159 26 | 4,790 96,663 | 1,147 11,816 | 188 81 | 6,933 30,807 | |||||||
| Copper Bolcana | Tonnes (x1000) 0 | Cu % 0.00 | Contained Cu tonnes (x1000) 0 | Tonnes (x1000) 0 | Cu % 0.00 | Contained Cu tonnes (x1000) 0 | Tonnes (x1000) 0 | Cu % 0.00 | Contained Cu tonnes (x1000) 0 | Tonnes (x1000) 381,000 | Cu % 0.18 | Contained Cu tonnes (x1000) 686 |
| Skouries TOTAL COPPER Lead | 90,714 90,714 Tonnes | 0.51 0.51 Pb | 466 466 Contained Pb | 149,260 149,260 Tonnes | 0.44 0.44 Pb | 652 652 Contained Pb | 239,974 239,974 Tonnes | 0.47 0.47 Pb | 1,118 1,118 Contained Pb | 67,657 448,657 Tonnes | 0.40 0.21 Pb | 267 953 Contained Pb |
| (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
| Olympias | 2,610 | 4.8 | 125 | 10,853 | 4.8 | 521 | 13,463 | 4.8 | 646 | 2,032 | 6.2 | 126 |
| Stratoni TOTAL LEAD Zinc Olympias | 0 2,610 Tonnes (x1000) 2,610 | 0.0 4.8 Zn % 5.7 | 0 125 Contained Zn tonnes (x1000) 149 | 937 11,790 Tonnes (x1000) 10,853 | 6.5 4.9 Zn % 6.5 | 61 582 Contained Zn tonnes (x1000) 705 | 937 14,400 Tonnes (x1000) 13,463 | 6.5 4.9 Zn % 6.3 | 61 707 Contained Zn tonnes (x1000) 854 | 1,147 3,179 Tonnes (x1000) 2,032 | 6.6 6.3 Zn % 7.3 | 76 202 Contained Zn tonnes (x1000) 148 |
| Stratoni | 0 | 0.0 | 0 | 937 | 9.5 | 89 | 937 | 9.5 | 89 | 1,147 | 9.3 | 107 |
| TOTAL ZINC | 2,610 | 5.7 | 149 | 11,790 | 6.7 | 794 | 14,400 | 6.6 | 943 | 3,179 | 8.0 | 255 |
Notes on Mineral Resources and Reserves
1. Mineral Resources and Mineral Reserves are as of September 30, 2021
2. The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).
3. Mineral Reserves are included in the Mineral Resources.
4. The Mineral Resources and Mineral Reserves are disclosed on a total project basis.
Mineral Reserve Notes
1. Long Term Metal Price Assumptions
- Gold price: $1,300/oz
- Silver price: $17.00/oz
- Copper price: $2.75/lb
- Lead price: $2,000/t
- Zinc price: $2,300/t
2. Cut-off Grades
Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $95.90/t NSR (long hole stoping), $99.48/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.38 g/t Au; Olympias: $168.30/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).
3. Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:
- John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) Mineral Reserves;
- Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for the Kisladag and Perama Hill Mineral Reserves;
- Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for Efemcukuru, Olympias and Skouries (underground) Mineral Reserves;
- John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej Mineral Reserves;
- Jessy Thelland, géo (OGQ No. 758)., Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Reserves.
Mineral Resource Notes
1. Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction:
The Mineral Resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground resources have the open pit Resources constrained by either the permit (Skouries) or by an OP/UG economic crossover surface (Bolcana), and underground Resources constrained by a reporting shape.
2. Cut-off Grades
Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.
3. Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:
- Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation for the Company, is responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries
Mineral Resources; and is jointly responsible for Ormaque Mineral Resources with Jacques Simoneau, géo (OGQ No. 737).;
- Jacques Simoneau, géo (OGQ No. 737), Exploration Manager Eastern Canada for the Company, is jointly responsible for Ormaque Mineral Resources with Sean McKinley, P.Geo.;
- Jessy Thelland, géo (OGQ No. 758), Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Resources;
- Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the Bolcana, Efemcukuru, Kisladag, Olympias and Stratoni Mineral Resources.
Note Regarding Mineral Reserve and Mineral Resources:
All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and NI 43-101. Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31, 2020 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedar.com and www.sec.gov:
- Technical report entitled "Technical Report, Kisladag Gold Mine, Turkey” with an effective date of January 17, 2020.
- Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkey” with an effective date of December 31, 2019.
- Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2019.
- Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.
- Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” an effective date of March 21, 2018.
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are 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, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules.
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, including assumptions about mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
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. Many assumptions may be difficult to predict and are beyond our control.
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: results of exploration, geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; mining operational and development risk; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.
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.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “inferred mineral resources”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources Technical disclosure regarding the Company’s properties included herein (the “Technical Disclosure”) has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to domestic United States reporting companies. Accordingly, information contained herein contain descriptions of our mineral deposits that may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.