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Eldorado announces preliminary 2017 operational Results and partial 2018 Guidance

2017 Overview


  • Gold production of 285,919 ounces (including pre commercial production from Olympias); vs revised guidance of 280,000-310,000 ounces (including a Q4 revision at Kisladag). In addition, the Company produced 7,061 ounces of gold in the fourth quarter from a bulk sample at its newly acquired Lamaque project in Quebec.
  • Cash operating costs averaged $509 per ounce, in-line with revised third quarter guidance of $500 per ounce.
  • All in sustaining costs expected to be approximately $900 per ounce, in-line with revised third quarter guidance of $900 per ounce.
  • Closed the year with total liquidity of approximately $730 million, including $480 million in cash, cash equivalents and term deposits, and $250 million in undrawn lines of credit.
  • Completed acquisition of Integra Gold Corp. ("Integra"), commenced pre-feasibility work (including test mining), and advanced construction of the Lamaque mine and refurbishment of the associated Sigma mill.
  • Olympias Phase II completed commissioning and achieved commercial production on December 31.
  • Announced in November intention to move the Skouries project into care and maintenance due to continued permitting delays. Skouries is expected to bgrae fully ramped down in Q1 2018.
  • Hellas Gold S.A., Eldorado's Greek subsidiary, entered into arbitration proceedings with the Greek Government and the proceedings are expected to conclude on April 6, 2018.
  • Continued exploration success at Lamaque (Canada), Bolcana (Romania), Efemcukuru (Turkey), and Stratoni (Greece).
  • Continued improvement to the overall safety record with a reduction in the total recordable injury frequency rate for the third consecutive year.
  • George Burns appointed President and CEO in April.
  • Reconfigured the Board of Directors with retirements of Paul Wright and Jonathan Rubenstein and the appointment of Dr. George Albino as the new Chair.

"2017 was a year that was overshadowed by political headwinds in Greece and technical challenges at Kisladag," said George Burns, President and Chief Executive Officer. "With that said, I am very proud of how our team handled the opportunities and challenges of 2017. We completed the Integra acquisition, succeeded in declaring commercial production at Olympias Phase II at year-end and commenced the immense amount of technical work at our key Kisladag, Skouries and Lamaque assets. "

"2018 is already proving to be a busy year, full of catalysts, with development underway at Lamaque and new or updated technical studies for Lamaque, Skouries and Kisladag. All three studies are expected to be completed by the end of the first quarter, which will then drive the plan for the remainder of the year.  Our overarching goal for 2018 and beyond is to move Eldorado back into a growth phase and create value for all our stakeholders."

Source: Eldorado Gold

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