Fourth Quarter And 1999 Operating Results Record Annual Production At Mines.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Jan. 28, 2000 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ELD.) 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
Gold production during the fourth quarter was 43,931 ounces compared with 39,932 ounces in the fourth quarter of 1998. Gold production for the full year was 192,133 ounces, a 5% increase when compared with 1998 production of 183,301 ounces. The total cash cost in the fourth quarter was $208 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. , 20% or $51 per ounce lower than the total cash cost in the same quarter of 1998. Total cash costs for the full year of 1999 were $200 per ounce, 23% or $59 per ounce lower than the total cash cost during the full year of 1998. In Brazil, at the Sao Bento A data structure used to store embedded documents in an OpenDoc compound document. Bento, which stands for lunch box in Japanese, provides a "container" to hold the data and a format for defining its contents. Mine, cash operating costs operating costs npl → gastos mpl operacionales declined to $186 during the fourth quarter down from $236 in the fourth quarter of 1998 and $191 per ounce in the third quarter of 1999. For the full year of 1999, cash operating costs fell to $184 per ounce, a reduction of 26% when compared with 1998. Continued reductions through the year occurred principally as a result of the devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the Brazilian Real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. in the first quarter and continued operating improvements. Through 1999, a major underground exploration and development drilling programme budgeted at $1.5 M was undertaken. Results from this programme will be incorporated in the Annual Reserve Report in the first quarter of 2000. Results to date support the expectation of an expanded reserve/resource compared with year end 1998 when Sao Bento had gold resources of 4.5 million tonnes at 10.85 g/t or 1,556,000 ounces including reserves of 2.5 million tonnes at 9.2 g/t or 744,000 ounces. In 2000, Sao Bento is expected to produce 126,000 ounces at a cash cost of $185 per ounce. At the La Colorada La Colorada is a small town and municipality in the Mexican state of Sonora. In 2005, the population of the municipality was 1,754, with 288 living in the municipial seat.[1] Formerly known as Minas Prietas, La Colorada became a municipality on June 28, 1934. Mine in Mexico, cash operating costs were $249 per ounce during the fourth quarter down from $273 per ounce in the fourth quarter of 1998. For the full year of 1999, cash operating costs fell to $217 per ounce compared to $246 per ounce in 1998. The operation performed according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan with record gold production through a period in which the new Gran Gran: see Esztergom, Hungary. Central pit was established as a major contributor to production. The operation is expected to produce 58,000 ounces at a cash cost of $240 per ounce in the year 2000. Development Projects In Turkey, the Company continued to make substantial progress in advancing its two principal assets, Efemcukuru and Kisladag, which combined total of 4.5 million ounces defined as classified resources. At the Efemcukuru project a pre-feasibility study completed in the year defined a robust project based on a 1.1 million ounces resource. The project, as envisaged, will produce at an average rate of 87,000 ounces annually with cash costs of $176 per ounce. Capital costs are currently estimated at $45 million including preparation of a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. 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. . The application for the Site Selection Permit remains ongoing, receipt of which will result in initiation of the bankable feasibility study. Substantial work programmes were completed on the Kisladag project in the year culminating in the completion of the first resource estimate, which defined a 3.4 million-ounce resource. The company views Kisladag as a major gold 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. occurrence with substantial scope for resource expansion. The Company has experienced substantial and effective provincial and federal support for the development of the project, and in December received the Site Selection Permit and established an agreement with the Usak Province to develop a co-operative arrangement directed at facilitating and participating in the development of the Kisladag Project. Kisladag will be the focus of the Company's development efforts in Turkey in 2000, with $1.8 million budgeted for expenditures in 2000 intended to further advance the Project to pre-feasibility by year-end. On site work activities will include base line environmental work, trenching, infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. and extension drilling. Drilling is scheduled to resume in February with approximately 7,500 meters planned for the year. In addition, further 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. and site geotechnical programmes will be conducted in support of the planned pre-feasibility study. Paul Wright Paul Wright may refer to:
ON BEHALF OF ELDORADO GOLD CORPORATION (signed) Paul N. Wright President and Chief Executive Officer This and other news releases complete with graphic attachments are available at the Company's website or may be acquired by fax or mail upon request. Eldorado Gold Corporation's shares (Symbol: ELD) trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (&uot;TSE&uot;). The TSE has neither approved or disapproved the form or content of this release. Investor Relations Investor relations The process by which the corporation communicates with its investors. Contacts: Tel: (604) 687-4018 and 1-888-ELD-8166 and e-mail info@eldoradogold.com Fax: (604) 687-4026 Website Address: www.eldoradogold.com Suite 920 - 1055 West Hastings Street, Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada V6E 2E9
PRODUCTION HIGHLIGHTS
First Second Third Fourth Fourth
Quarter Quarter Quarter Quarter Quarter 1999 1998
1999 1999 1999 1999 1998
---------------------------------------------------------------
Gold
Production
-----------
Ounces 46,111 52,442 49,649 43,931 39,932 192,133 183,301
Cash
Operating
Cost
($/oz) 180 200 197 204 251 195 251
Total
Cash
Cost
($/oz)(1) 185 206 200 208 259 200 259
Total
Production
Cost
($/oz)(2) 264 272 268 276 334 270 326
Realized
Price
($/oz) 321 312 283 301 350 304 352
---------------------------------------------------------------
Sao Bento
Mine, Brazil
-------------
Ounces 29,748 32,801 32,939 31,093 23,881 126,581 108,572
Tonnes
to
Mill 120,109 144,524 139,459 135,922 96,172 540,014 467,215
Grade
(grams /
tonne) 8.20 8.34 7.79 8.40 7.83 8.18 7.60
Cash Operating
Cost
($/oz) 180 180 191 186 236 184 250
Total Cash
Cost
($/oz)(1) 185 186 196 191 244 190 258
Total
Production
Cost
($/oz)(2) 258 244 259 252 319 253 324
---------------------------------------------------------------
La Colorada
Mine, Mexico
-------------
Ounces 16,363 19,641 16,710 12,838 16,051 65,552 59,774
Tonnes to
Leach
Pad 488,775 722,531 714,094 563,167 607,9142,488,5672,688,261
Grade
(grams /
tonne) 1.54 0.88 0.93 1.00 1.03 1.05 0.96
Cash Operating
Cost
($/oz) 180 233 209 249 273 217 246
Total Cash
Cost
($/oz)(1) 187 241 207 247 282 220 255
Total Production
Cost
($/oz)(2) 273 320 287 334 356 303 326
---------------------------------------------------------------
La Trinidad
Mine, Mexico(3)
----------------
Ounces - - - - - - 14,955
Tonnes to
Leach Pad - - - - - - 454,155
Grade (grams
/ tonne) - - - - - - 1.46
Cash Operating
Cost ($/oz) - - - - - - 275
Total Cash
Cost
($/oz)(1) - - - - - - 281
Total
Production
Cost
($/oz)(2) - - - - - - 341
---------------------------------------------------------------
1 Cash Operating Costs plus royalties and the cost of off-site
administration.
2 Total Cash Cost plus depreciation, amortization and reclamation.
3 La Trinidad mine was placed in a care and maintenance mode in the
third quarter of 1998 the result of low gold prices and severe
weather conditions.
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