Eldorado Gold Corporation: Kisladag Feasibility Study.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 1, 2003 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
See: American Stock Exchange : EGO)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : ELD) (the "Company" or "Eldorado" or "we") is pleased to announce the results of the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for its 100% owned Kisladag gold project ("Kisladag", the "Kisladag Project" or the "Project") located in western Turkey (the "Feasibility Study"). The Feasibility Study, prepared by Hatch Hatch may refer to: Actions and objects
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101 ("NI 43-101"). -0-
Highlights
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Geological Resource Measured and Indicated 166,400,000 tonnes
1.13 g/t Au
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Mineable Reserves Proven and Probable 115,139,000 tonnes
1.23 g/t Au
4,532,000 ounces
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Metallurgical Recovery Oxide Ore 81%
Primary Ore 60%
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Mine Throughput Phase I 5.0 Mtpa
Mine Throughput Phase II 10.0 Mtpa
Overall Waste Stripping Ratio 0.92
Mine Life 15 years
Average Annual Gold Production Phase I 143,000 ounces
Average Annual Gold Production Phase II 230,000 ounces
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Initial Capital Cost Phase I US$54.4 M
Working Capital US$ 2.3 M
Expansion Capital Phase II US$39.4 M
Sustaining Capital US$37.2 M
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Unit Operating Cost US$3.82/tonne ore
Cash Operating Cost US$152/oz. Au
Total Production Cost US$203/oz. Au
Internal Rate of Return (after tax and royalties) 32.6%
Net Present Value @ 5% US$146 M
Payback Period 2.6 years
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Note: Phase I Years one through 4
Phase II Year five through 15
Scope of Project The Kisladag Project has been planned as a conventional open pit, heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. gold mine, constructed and operated in two successive Phases. A mine production rate of 5 million tonnes per annum Per annum Yearly. ("Mtpa") of ore has been set for the first four years of the mine's life. Annual ore production will increase to 7.5 Mtpa in year 5, and to 10 Mtpa the following year, remaining at that level until the end of mine life. Flexibility exists within the construction design to accelerate the increase to 10 Mtpa if desired. Contract mining has been planned for Phase I. Eldorado will take over mining operations prior to a production increase planned for Phase II. Total quantities of ore and waste mined will be 115 Mt and 106 Mt respectively, resulting in a life of mine strip ratio of 0.92. Geology/Mineralization The Kisladag deposit consists of porphyry-style gold 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. centred on a series of sub-volcanic latite intrusives exposed by erosion near the center of a Pliocene age stratovolcano strat·o·vol·ca·no n. pl. strat·o·vol·ca·nos A volcano composed of alternating layers of lava and ash. [strat(um) + volcano. . Mineralization forms a horseshoe horseshoe, narrow plate, commonly of iron or steel, shaped to fit a horse's hoof and attached to the hoof by nailing it to the inner edge of the horny wall of the hoof. shaped body wrapping around the northern, eastern and southern sides of a late weakly weak·ly adj. weak·li·er, weak·li·est Delicate in constitution; frail or sickly. adv. 1. With little physical strength or force. 2. With little strength of character. mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. stock. The maximum north-south and east-west dimensions of the mineralized area are approximately 800 meters and 500 meters respectively. Gold is associated with at least three phases of partially overlapping stockwork veining vein·ing n. Distribution or arrangement of veins or veinlike markings. and brecciation brec·ci·ate tr.v. brec·ci·at·ed, brec·ci·at·ing, brec·ci·ates To form (rock) into breccia. brec . These include intense quartz-tourmaline stockwork veining, quartz flooding of host rock, multiple phases of quartz-pyrite veining and lesser amounts of late sulphide-rich quartz veining. Higher-grade mineralization (above 2 g/t Au) has been traced from surface to depths greater than 300 meters below surface. Lower-grade mineralization, grading between 0.4 and 1.0 g/t Au, has been traced to the deepest levels drilled on the property (approximately 400 meters below surface). Oxidation oxidation /ox·i·da·tion/ (ok?si-da´shun) the act of oxidizing or state of being oxidized.ox·idative ox·i·da·tion n. 1. The combination of a substance with oxygen. 2. varies from 20 meters to over 100 meters in depth and tends to be deeper around the flanks of the deposit, decreasing towards the late weakly mineralized stock intruding in·trude v. in·trud·ed, in·trud·ing, in·trudes v.tr. 1. To put or force in inappropriately, especially without invitation, fitness, or permission: the center of the deposit. Resources A total of 29,900 meters of drilling and trenching have been completed at the Kisladag Project by Eldorado's 100% owned subsidiary Tuprag Metal Madencilik since detailed exploration began in 1997. Following a 10,700 meter reverse circulation and diamond core drilling Diamond core drill bits are used to bore large holes in brick, concrete and stone. They are not generally used in other materials. The bit consists of a metal cylinder, usually relatively soft steel mounted on an arbor. program completed in 2002, a revised resource estimate for the Kisladag project was prepared by Micon International (Press Release ELD 02-19 November 26 2002). Mr. Gary Giroux, Associate Micon International, is the Qualified Person (independent of the Company) responsible for preparation of the resource estimate in accordance to NI 43-101. Measured, indicated and inferred resources were calculated using a geological block model with 20x20x10 meter blocks and ordinary kriging. A resource summary is presented below at a cut off grade of 0.4 g/t.
Mineral Resource Estimate Summary, November 2002
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Average Total Gold
Grade Content
Resource Category Tonnes Au (g/t) ( oz Au)
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Measured 47,500,000 1.28 1,960,000
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Indicated 118,900,000 1.07 4,090,000
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Measured & Indicated 166,400,000 1.13 6,050,000
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Inferred 69,100,000 0.81 1,810,000
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Reserves Smoothed pit designs incorporating appropriate pit access ramps, wall slope angles, catchment catch·ment n. 1. A catching or collecting of water, especially rainwater. 2. a. A structure, such as a basin or reservoir, used for collecting or draining water. b. berms and minimum mining widths for selected equipment were generated for initial, intermediate and final pit designs using $325 gold price and cut off grades of 0.35 g/t Au for oxide ore and 0.50 g/t Au for primary ore.
Mineral Reserve Estimate including Allowance for
Dilution and Mining Losses, December 31, 2002
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Reserve Tonnage Average Metal Content
Ore Type Category (tonnes) Grade ----------------------
(g/t Au) (kg Au) (oz Au)
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Oxide Proven 13,332,000 0.78 10,372 333,000
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Probable 13,907,000 1.07 14,853 478,000
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Total 27,239,000 0.93 25,225 811,000
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Primary Proven 29,388,000 1.39 40,908 1,315,000
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Probable 58,512,000 1.28 74,837 2,406,000
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Total 87,900,000 1.32 115,745 3,721,000
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Total Proven 42,720,000 1.20 51,280 1,648,000
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Probable 72,419,000 1.24 89,690 2,884,000
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Total 115,139,000 1.23 140,970 4,532,000
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The mineral reserve for Kisladag consists of the inventory of measured and indicated blocks within the final pit design. The inventory of inferred blocks within the pit design was not included in the reserve estimate and was added to the inventory of waste blocks. The reserves have been prepared and reported by Hatch in accordance with NI 43-101. Mr. Callum Grant P. Eng P. ENG Professional Engineer P. ENG process engineer ., Manager of Geology & Mining, Hatch Associates is the Qualified Person (independent of the Company) responsible for preparation of the stated reserves. Metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. Response A comprehensive program of column leach tests was carried out by Kappes Cassiday Associates on samples of oxide and primary ore types recovered from drill core throughout the deposit. A total of 45 column leach tests were completed on the Kisladag ore, with results showing that a fine crush crush A combination commodity trade in which soybean futures are purchased and soybean meal or oil futures are sold. Compare reverse crush. size and leach period of ninety days are required to maximize gold recovery. Both oxide and primary ore are planned to be crushed to 80% passing 6 mm. A gold recovery of 81% is projected for the oxide ore, whilst the primary ore has a projected recovery of 60%. Percolation tests A percolation test (from percolation, colloquially called a perc test) is a test to determine the absorption rate of soil for a septic drain field or "leach field". The results of a percolation test are required to properly design a septic system. indicate that the Kisladag ore does not require cement agglomeration ag·glom·er·a·tion n. 1. The act or process of gathering into a mass. 2. A confused or jumbled mass: and heap heights of up to 60 meters are practicable practicable adj. when something can be done or performed. . Mining Ore will be extracted conventionally from the open pit using drilling and blasting Before the advent of tunnel boring machines, drilling and blasting was the only economical way of excavating long tunnels through hard rock, where digging is not possible. Even today, the method is still used in the construction of particularly long tunnels, where a TBM is with truck haulage to a primary gyratory gy·ra·to·ry adj. Having a circular or spiral motion. crusher crusher, machine used to reduce materials such as ore, coal, stone, and slag to particle sizes that are convenient for their intended uses. Crushers operate by slowly applying a large force to the material to be reduced. located adjacent to the pit. Waste rock will be hauled to a dump area 1.5 km south west of the pit. A contractor will be used for mining during Phase I allowing deferred purchase of the mining equipment to correspond with increasing production in Phase II. An owner operated fleet, consisting of 18m3 Cat 994 wheel loaders and 150 tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. Cat 985 haul trucks, will be introduced in year 4 to take over production beginning in year 5. Maximum annual material movement of 24.5 Mt will occur in year 7. Processing The Kisladag ore will be processed in a standard heap leach facility comprised of a three stage crushing crushing deaths of newborn animals, especially those in litters, caused by the mother lying on them accidentally. Contributed to by weakness of the neonate or awkward accommodation. A problem in piglets and puppies. Called also overlying. and screening circuit, an overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. conveyor Conveyor A horizontal, inclined, declined, or vertical machine for moving or transporting bulk materials, packages, or objects in a path predetermined by the design of the device and having points of loading and discharge fixed or selective. to the heap leach pad, mobile conveyors and a stacker for placing the ore. A carbon adsorption adsorption, adhesion of the molecules of liquids, gases, and dissolved substances to the surfaces of solids, as opposed to absorption, in which the molecules actually enter the absorbing medium (see adhesion and cohesion). facility will be installed for recovering the gold. The carbon will be treated on site in a refinery and the final product will be a gold dore bar Major gold mines process ore at the site of the mine, creating a low-purity gold metal. This metal is poured into dore bars, which are then transported to refineries for further purification. . The initial design throughput will be 5 Mtpa for the first four years of operation when predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. oxide material will be processed. The facilities will be expanded to process 10 Mtpa after year five treating a mix of oxide and primary material with the primary ore becoming increasingly predominant pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. . The leach pad will be constructed 1.5 km north of the open pit using a clay and 2mm LLDPE LLDPE Linear Low Density Polyethylene and HDPE HDPE abbr. high-density polyethylene lining system. The pad will be expanded in 4 successive phases as mining progresses, with ultimate stack height planned to be 50 meters. Infrastructure Situated on the western edge of the Anatolian plateau plateau, elevated, level or nearly level portion of the earth's surface, larger in summit area than a mountain and bounded on at least one side by steep slopes, occurring on land or in oceans. 200 kilometers inland from the western port city of Izmir, the Kisladag Project is well serviced by national road and rail services. The Project site is located at approximately 1,000 m elevation elevation, vertical distance from a datum plane, usually mean sea level to a point above the earth. Often used synonymously with altitude, elevation is the height on the earth's surface and altitude, the height in space above the surface. in gently rolling topography topography (təpŏg`rəfē), description or representation of the features and configuration of land surfaces. Topographic maps use symbols and coloring, with particular attention given to the shape and elevations of terrain. with a temperate temperate /tem·per·ate/ (tem´per-at) restrained; characterized by moderation; as a temperate bacteriophage, which infects but does not lyse its host. tem·per·ate adj. climate. Annual rainfall averages approximately 450 mm with the majority of the precipitation precipitation, in chemistry precipitation, in chemistry, a process in which a solid is separated from a suspension, sol, or solution. In a suspension such as sand in water the solid spontaneously precipitates (settles out) on standing. occurring as rainfall November through March. A 30 km dedicated 10 MVA MVA abbr. motor vehicle accident MVA Motor vehicular/vehicle accident, see there power supply will be installed from the city of Usak to a sub station adjacent to the site. Process water for the Project will be supplied from a well field located in the neogene sediments 13 km south east of the mine. Supplies and services are available in the city of Usak 35 km to the north. The mine will employ approximately 360 persons, the majority of workers being drawn from the local region. Environment Encon Environmental Engineers of Ankara ("Encon") have prepared and submitted an Environmental Impact Assessment ("EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ") of the Kisladag Project to the Turkish Ministry of Environment ("MOE Moe continually exasperated at Larry and Curly for their mischievous pranks. [TV: “The Three Stooges” in Terrace, II, 366] See : Exasperation "). Encon has identified potential impacts the Project will have on the local environment and social structure and defined the mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy measures required to minimize impacts while maximizing the benefits of the Project locally and nationally. The MOE is presently reviewing the Kisladag EIA. The Company anticipates being in receipt of the Environmental Positive Certificate issued by the MOE by mid 2003. An Environmental Management Plan ("EMP EMP abbr. electromagnetic pulse ") has been developed which details procedures to be followed at Kisladag to insure protection of the environment and maintain health and safety of all workers. The EMP will be implemented when site construction begins. Capital Costs The estimated capital costs for construction and sustaining the operations at Kisladag over the life of the mine are presented below. Expansion capital will be expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. in years 4 and 5 to provide for increasing production in Phase II. Estimates are based on the use of new equipment and expressed as fourth quarter 2002 US dollars with no provision for inflation.
Capital Cost Summary
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Initial Expansion Sustaining
Capital Capital Capital
Cost Cost Cost
Description (k$US) (k$US) (k$US)
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Infrastructure 9,352 812
Crushing 10,875 8,134
Leach Pad Conveying 3,572 1,147
Heap Leach Pad and Ponds 4,746 429 15,031
ADR Facilities 3,260 26
Rock Dump 327
Mining 381 25,829 14,778
Closure Capital 7,400
Sub-Total Direct Costs 32,514 36,377 37,209
Total Indirect Costs 9,546 2,145
Total Owners Costs 7,537
Contingency 4,777 885
Total Project 54,374 39,407 37,209
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Operating Costs operating costs npl → gastos mpl operacionales Cash operating costs in the first four years of production are estimated at $3.97 per tonne ore, equivalent to US$138 per ounce gold. Life of mine cash operating costs are estimated to be $3.82 per tonne of ore and US$152 per ounce of gold produced. Costs for rinsing and detoxification Detoxification Definition Detoxification is one of the more widely used treatments and concepts in alternative medicine. It is based on the principle that illnesses can be caused by the accumulation of toxic substances (toxins) in the body. of the heap leach facilities will commence in year ten of operations and have been included as an operating cost. Final Project closure costs are included in the capital cost estimate, no allowance has been made for recovery of funds through the disposition of assets at time of closure. A breakdown of the estimated annual operating costs is presented below in accordance with the Gold Institute Production Cost Standard.
Production Cost Estimate
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Life-of mine US$ per US$ per
US$ millions tonne ounce
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Mining 196 1.70 68
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Process 174 1.51 60
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General and Administrative 54 0.47 19
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Heap Rinse and Detox 9 0.08 3
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Transport & Refining 7 0.06 2
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Cash Operating Cost 440 3.82 152
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Royalties 13 0.11 5
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Total Cash Cost 453 3.93 157
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Depreciation 114 0.99 39
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Amortization 13 0.12 4
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Closure Cost 7 0.06 3
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Total Production Cost 587 5.10 203
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Financial Analysis Hatch completed a financial analysis of the Kisladag Project using a discounted cash flow model incorporating the most recent Turkish tax and royalty schedules. Project construction capital cost estimates including pre-production costs, ongoing capital costs and mine closure costs have been included in the Project cashflow projection. Operating costs presented as fourth quarter 2002 US dollars remain constant over the mine life. No allowance for inflation has been included.
Kisladag Project Financial Analysis Summary
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Project Data Estimated Value
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Life of Mine 15 years
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Total Gold Produced 2.9 Moz.
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Total Ore Mined 115 M tonnes
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Total Material Mined 221 M tonnes
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Open Pit Strip Ratio 0.92
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Initial Project Capital Cost US$54.4 M
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Cash Operating Cost US$152/oz.
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Total Production Cost US$203/oz.
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Base Case Gold Price US$325/oz.
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Before Tax Net Present Value @0% US$356 M
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After Tax Net Present Value @0% US$255 M
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After Tax Net Present Value @5% US$146 M
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After Tax Net Present Value @10% US$ 85 M
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After Tax Internal Rate of Return 32.6 %
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Payback Period (from start-up) 2.6 years
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Sensitivity Analysis Summary
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NPV@5%
Variable Variable Value IRR % US$ millions
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Gold Price US$/oz
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+15% 375 44% 211
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+8% 350 38% 178
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Base Case Gold Price 325 33% 146
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-8% 300 27% 114
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-15% 275 21% 82
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Gold Recovery (Oxide Ore)
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+10% 89% 37% 159
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+5% 85% 35% 152
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Base Case Oxide Recovery 81% 33% 146
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-5% 77% 31% 140
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-10% 73% 29% 134
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Gold Recovery (Primary Ore)
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+10% 66% 36% 176
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+5% 63% 34% 161
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Base Case Primary Recovery 60% 33% 146
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-5% 57% 31% 131
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-10% 54% 29% 116
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Capital Cost US$ millions
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+20% 65.2 27% 139
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+10% 59.8 30% 142
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Base Case Capital Cost 54.4 33% 146
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-10% 48.9 36% 150
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-20% 43.5 41% 154
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Cash Operating Cost US$/oz
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+20% 182 26% 106
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+10% 167 29% 126
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Base Case Operating Cost 152 33% 146
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-10% 137 36% 166
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-20% 121 39% 187
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Implementation Construction of the Kisladag facilities will be completed in two phases. The first phase will comprise the infrastructure, equipment and earthworks earthworks: see land art. required to achieve a production rate of 5 Mtpa. This phase however, will incorporate primary crushing, conveying and stacking capacity of 10 Mtpa. The second phase, presently scheduled in year five of operations, will entail entail, in law, restriction of inheritance to a limited class of descendants for at least several generations. The object of entail is to preserve large estates in land from the disintegration that is caused by equal inheritance by all the heirs and by the ordinary an expansion to the secondary and tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. crushing circuit and purchase of mining equipment required to process the deeper ore at the planned production rate of 10 Mtpa. There will also be minor subsequent construction phases associated with expansion of the heap leach pad and closure of the Project. "We are very pleased with the results of the Feasibility Study and confident both in our ability to deliver the results described and the opportunities to further enhance the Project. In this regard, we have recently completed a 2,650 meter shallow drilling programme successfully identifying additional shallow mineralization external to the defined pit. In the coming months a 2,200 meter programme will be executed designed to upgrade the 7.4 Mt inferred resource presently treated as waste within the existing designed pit. In 2003, the Company will continue to complete the tasks necessary enabling construction to commence by year-end. These include permitting, land acquisition and arranging the optimum financing package for the Project. With the Feasibility Study completed on schedule our focus is to achieve the next major milestone, receipt of the Environmental Certificate, which we anticipate around mid year." commented Paul Wright Paul Wright may refer to:
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 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 terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. set out in the Canadian Institute of Mining, Metallurgy and Petroleum The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is a technical society of professionals in the Canadian minerals, metals, materials and energy industries. It was founded in 1898. In 2006, the organization had 12,000 national members. (the "CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. ") Standards on Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature and Mineral Reserves adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission ("SEC") Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. "Mineral Resources" which are not "Mineral Reserves" do not have demonstrated economic viability. Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this release concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" 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. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Certain of the statements made may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , 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 estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. of mineral reserves and resources, the realization of the potential of Eldorado's properties and expectation 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 Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Eldorado Gold Corporation's 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: 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: EGO). The TSX has neither approved nor disapproved the form or content of this release. Request for information packages: info@eldoradogold.com |
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