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martedì 20 gennaio 2015

Eldorado Gold: Record Annual Production with All-In-Sustaining-Costs of $780/oz

Eldorado Achieves Record Annual Production with All-In-Sustaining-Costs of $780/oz

January 20, 2015

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VANCOUVER, Jan. 20, 2015 /CNW/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") is pleased to report the Company's 2014 operating results and preliminary cash costs, and to provide production and cash cost guidance for 2015.


  • Record gold production of 789,224 ounces (including Olympias production from tailings retreatment), in-line with original 2014 guidance of 730,000-800,000 ounces of gold.
  • 2014 all-in sustaining cash costs averaged $780 per ounce; cash operating costs averaged $500 per ounce.
  • Significant advancement of construction at Skouries: completion of the mill foundations; installation of the SAG and ball mills; and construction of the tailings dam began during the fourth quarter.
  • Closed the year with total liquidity of approximately $875 million, including $500 million in cash, cash equivalents and term deposits, and $375 million in lines of credit.
  • 2015 forecast gold production estimated to be 640,000-700,000 ounces of gold at an average cash cost ranging between $570-615 per ounce, and an all-in sustaining cash cost between $960-995 per ounce.
  • An eligible dividend of CDN $0.01 per common share will be paid on February 16, 2015.

"The Company delivered another solid year with all of our mines either meeting or exceeding the original 2014 guidance.  Costs were kept within the lower quartile of the industry average, crucial when we are faced with a period when metal prices remain depressed across the board." said Paul Wright, Chief Executive Officer of Eldorado.

"We are driving our development projects forward and I would like to highlight the significant progress made during 2014 at Skouries.  The mill foundations and the installation of the SAG and regrind mills were completed and installation of the ball mill will be completed in the second quarter. We look forward to advancing Skouries throughout 2015, along with commencing construction on the Olympias Phase II Project.  These are two mines of exceptional quality, which will add significantly to Eldorado's growth profile in 2017.  Progress also continues to be made in resolving the outstanding permit approvals at our Eastern Dragon project where the Company plans on commencing operations prior to year-end 2015."

Eldorado's year-end financial statements are scheduled to be released on February 19, 2015.  The final calculation of capital and operating costs has not yet been completed, but all-in sustaining costs for the fourth quarter and 2014 are expected to be approximately $764 and $780 per ounce of gold, respectively.  Cash costs for the year averaged approximately $500 and $505 for the fourth quarter 2014.

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