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Eldorado Gold Corporation: Kisladag Reserves Increase to 5.1 Million Ounces.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 15, 2003

Eldorado Gold Corporation ("Eldorado" or the "Company"), is pleased to announce an 11% increase in minable reserves at its 100% owned Kisladag Gold Project (the "Project") located in western Turkey, increasing the reserves to 5.1 million ounces. The increase of 521,000 ounces of gold is derived from additional drilling subsequent to the completion of the Kisladag Feasibility Study resource estimate.

A total of 7,057 meters of reverse circulation drilling has been completed on the Project in 2003, increasing the total drilling to 37,190 meters. This program succeeded in upgrading inferred resources within and peripheral to the Feasibility pit design.

The mineral resource estimate has been prepared by Mr. Gary Giroux, Associate, Micon International in accordance with National Instrument 43-101, based on an updated block model prepared by Eldorado. The results of the revised resource estimate are compared with the Feasibility Study resource estimate in Table 1.

Table 1: Resource Estimate

 Feasibility Resource Estimate Revised Resource Estimate
 g/t g/t
 Tonnes Au Ounces Tonnes Au Ounces
Measured 47,500,000 1.28 1,960,000 59,081,300 1.23 2,336,300
Indicated 118,900,000 1.07 4,090,000 155,722,500 0.97 4,856,300
M&I 166,400,000 1.13 6,050,000 214,803,800 1.04 7,192,600
Inferred 69,100,000 0.81 1,810,000 45,500,000 0.75 1,197,900
Cut-off grade of 0.4 g/t Au

Minable reserves have been estimated in consultation with Mr. Callum Grant, Manger Mining, Hatch Associates, Vancouver, using the operating parameters defined in the Feasibility Study and are based on a US$325 gold price. Pit optimization runs have been applied to the updated resource estimate to generate a new pit design from which the minable reserves have been derived. A comparison of the reserves from the Feasibility Study and the revised reserve estimate are presented below in Table 2.

Table 2: Reserve Estimate

 Feasibility Resource Estimate Revised Resource Estimate
 g/t g/t
Ore Type Tonnes Au Ounces Tonnes Au Ounces
Oxide 27,239,000 0.93 811,000 30,478,000 0.88 862,400
Primary 87,900,000 1.32 3,721,000 104,546,000 1.25 4,190,600
 Ore 115,139,000 1.23 4,532,000 135,024,000 1.16 5,053,000
 Waste 105,800,000 108,259,000
 Mined 220,939,000 243,283,000
 Ratio 0.92 0.80
Cut off grade 0.35 g/t Oxide
 0.50 g/t Primary

Revisions to the Kisladag pit design have resulted in an increase in overall tonnage of 17%. The larger pit extends 20 meters deeper and further to the east-northeast. Inferred ore within the pit has been significantly reduced to less than 1.0 million tonnes, contributing to a reduced waste/ore strip ratio.

Following receipt of the Environmental Positive Certificate in June 2003, the Company continues to complete the remaining permitting, engineering and land acquisition steps enabling the planned construction decision by year-end.

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.


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 set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources 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 the United States Securities & 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 Instruction 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.

For a detailed discussion of resource and reserve estimates and related matters see the Company's technical reports, including the Annual Information Form and other reports filed under the Company's name at A qualified person has verified the data contained in this release.

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 news 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 can not 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 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 shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO).

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The TSX has neither approved nor disapproved the form or content of this release.
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Geographic Code:1CANA
Date:Sep 15, 2003
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