Eldorado Gold Announces Strong 50% Growth in Gold Output in Q2 2020

Gold production at Kisladag, the Europe’s second largest gold mine, jumped by 130% y-o-y

Eldorado Gold Corporation (“Eldorado” or “the Company”) announced the Company’s Q2 2020 preliminary production of 137,782 ounces of gold, a 50% increase over Q2 2019.  Further detail on asset level production is shown in Table 1 below.

Gold production at Kisladag increased by 130% over Q2 2019, and 19% over Q1 2020. Increased production in Q2 2020 was due to higher grade and tonnes of stacked ore and increased solution grades due to drier weather in June. Gold bearing solution levels remain high and are expected to decrease over the summer months, which will allow for processing of the gold currently in solution.

Production at Olympias increased by 159% over Q2 2019 and 18% over Q1 2020. This reflects the work completed at Olympias over the past year to increase underground development and backfilling, which has resulted in increased tonnes processed.  

Production at Efemcukuru for Q2 2020 was slightly higher than Q1 2020 due to higher grades processed during the quarter.  

Operations at Lamaque resumed on April 15, 2020 following a three-week mandated shutdown by the government of Quebec to address the COVID-19 pandemic. Production was higher in Q2 2020 compared to Q1 2020 due to higher grades and an increase in tonnes mined per day enabled by the recently received Certificate of Authorization from the Quebec Ministry of Environment.

Table 1: Q2 and Year to Date 2020 Preliminary Production

Production (oz)Q1 2020Q2 2020Q2 2019Q2 %Change
Kisladag50,17659,89026,072130%
Efemcukuru23,23926,87625,6675%
Olympias15,18217,9216,924159%
Lamaque27,35333,09533,1400%
Total115,950137,78291,80350%
 
Production (oz)YTD 2020YTD 2019YTD %Change
Kisladag110,06653,319106%
Efemcukuru50,11551,791-3%
Olympias33,10316,85296%
Lamaque60,44852,81814%
Total253,732174,78045%

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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