Eldorado Gold Corporation: Exploration Update.Business Editors VANCOUVER, British Columbia---(BUSINESS WIRE)--May 29, 2003 Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Eldorado Gold Corporation TSX: ELD is a Vancouver, British Columbia based company involved in the mining, exploration and development of gold properties in Brazil and Turkey. See also
Eldorado has increased the level of exploration activity in Turkey in 2003 through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Tuprag Metal Madencilik ("Tuprag"). This decision is attributable to the continued improvements in the gold price and the Company's consistent progress in advancing its Kisladag project towards a production decision. Exploration activity in Turkey by domestic and international companies has recently intensified in response to the improved environment for investment and established potential for significant mineral deposits. Joint Exploration The Company continues to carry out reconnaissance work within a defined area of interest in western Turkey through a joint venture agreement signed in May 2001. In addition an option agreement was signed in April 2003 to carry out exploration work on the KS project located in central Turkey. Eldorado can earn a 50% interest in the project by spending US $160,000 on exploration by July 2004. In addition to rock and stream sediment sampling, previous work on the KS project has included limited diamond core drilling to test a gold bearing hydrothermal hydrothermal, hydrothermic relating to the temperature effects of water, as in hot baths. structure. Tuprag is conducting a follow up program on a potential porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. related target hosted in altered limestone within the license boundary. To date, rock sampling and stream sediment and soil surveys have returned encouraging anomalous gold and base metal values. A strongly altered zone containing felsic fel·sic adj. Containing a group of light-colored silicate minerals that occur in igneous rocks. [fel(dspar) + s(ilica) + -ic. intrusive and carbonates has been identified on surface along an EW direction in two zones having widths up to 100 meters and strike lengths of 400 and 500 meters respectively. Tuprag will conduct a magnetic survey at KS in June as the next step in target identification. Initial reverse circulation drilling has also been planned to drill test a previously identified hydrothermal structure as well as the recently identified alteration zone, and will be completed in the third quarter 2003. Tuprag Exploration In addition, the Company plans to carry out work on three wholly owned prospects located in western Turkey which were the subject of earlier exploration activity by Tuprag in the mid 1990's. The geological setting in western Turkey is host to the Company's Efemcukuru and Kucukdere projects as well as the Ovacik Mine (Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. ) located at Bergama. Subeylidere The prospect consists of 37 square kilometers located within a Neogene aged volcano-sedimentary sequence. Mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. in the area consists of quartz adularia ad·u·lar·i·a n. A variety of transparent or translucent orthoclase. [Italian, from French adulaire, after Adula, a mountain group of southeast Switzerland.] veins hosted in andesitic volcanics. Significant gold values have been found in banded chalcedonic chal·ced·o·ny also cal·ced·o·ny n. pl. chal·ced·o·nies A translucent to transparent milky or grayish quartz with distinctive microscopic crystals arranged in slender fibers in parallel bands. and quartz veins with no presence of base metals. Existing work on the prospect includes soil sampling and mapping and has successfully identified drill targets in a series of NNW NNW abbr. north-northwest Noun 1. NNW - the compass point that is midway between north and northwest nor'-nor'-west, north northwest trending veins. Rock sampling in this zone returned average gold grades of approximately 7 g/t. A second target has been identified in an adjacent elliptical el·lip·tic or el·lip·ti·cal adj. 1. Of, relating to, or having the shape of an ellipse. 2. Containing or characterized by ellipsis. 3. a. zone of opaline o·pal n. 1. A mineral of hydrated silica. 2. A gemstone made of this mineral, noted for its rich iridescence. [Middle English opalus, from Latin, alteration of Greek silica flooding measuring approximately 300 meters by 100 meters in volcanoclastics. Gold values detected in rock and soil sampling indicate the presence of an upper level epithermal system with potential for buried stockwork or a more restricted high grade vein system underlying altered andesites. A follow up program of 600 meters of reverse circulation ("RC") drilling will be carried out at Subeylidere in the third quarter 2003 to test both the exposed vein structures as well as deeper stockwork potential. Yatiktas Yatiktas is located within 12 kilometers from the Subeylidere prospect in a similar Neogene setting. Previous exploration work carried out by Tuprag on the Yatiktas prospect included detailed mapping, rock sampling and stream sediment sampling. Two vein structures have been identified including the main Yatiktas structure which lies along a NNE NNE abbr. north-northeast Noun 1. NNE - the compass point that is midway between north and northeast nor'-nor'-east, north northeast trending contact between the basement schist schist (shĭst), metamorphic rock having a foliated, or plated, structure called schistosity in which the component flaky minerals are visible to the naked eye. and a granitic dike Dike, in Greek religion and mythology Dike: see Horae. dike, in technology dike, in technology: see levee. dike Bank, usually of earth, constructed to control or confine water. . Mapping along the 1300 meter structure revealed average widths of 14 meters. Profile samples across the structure returned low average gold values of less than 1 g/t Au, however spot sampling along the hanging wall contact returned values greater than 11 g/t Au. In 2003 the Company has plans to carry out an initial RC drill program on the Yatiktas vein to test the contact zone along the structure. In addition limited drilling will be carried out on the Kocakiran vein located NW of the Yatikas vein where anomalous gold values have been located in rock chip samples. Keditasi The Keditasi prospect comprises a 16 square kilometer license area also located in northwestern Turkey. The prospect is hosted in Miocene age andesitic volcanics with potential for bulk tonnage, high-sulphidation or porphyry style mineralization. Tuprag has carried out detailed mapping as well as rock, stream sediment and soil sampling along a 190 meter ENE trending silcified ridge. High-grade values greater than 14 g/t Au have been obtained at the western end of the trend decreasing to less than 1 g/t Au to the east. A strong soil anomaly has also been identified to the west of the main structure covering an area of 600 meters by 150 meters. Maximum values in this zone have approached 400 ppb Au. Both of the above targets will be drill tested in 2003 to further define the mineralization with a planned 600 meters of RC drill program. Commenting on Eldorado's exploration plans in Turkey for 2003, Paul N. Wright, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are very pleased to be active both in projects with our Joint Venture partner and in projects wholly owned by the Company with identified drill targets. Our in-country exploration team has encountered tremendous success to date in defining significant resources and it is very exciting to be drill testing properties for the first time." Eldorado is a gold producing and exploration company with gold assets in Brazil and Turkey, two countries that we believe have substantial geological potential. 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 experience continued growth and value as we create and pursue new opportunities. ON BEHALF OF ELDORADO GOLD CORPORATION Paul N. Wright, President and Chief Executive Officer Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, 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 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. 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 "Narrative Description of the Business - Risk Factors" in the Company's Annual Information Form. Forward-looking statements in this release include statements regarding the expectations and beliefs of management, the assumed long-term price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the potential of Eldorado's properties and expectations of growth. We do not expect to update forward-looking statements 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. Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : ELD) and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX AMEX See: American Stock Exchange : EGO). Request for information packages: info@eldoradogold.com The TSX has neither approved nor disapproved the form or content of this release. |
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