Eldorado Gold Announces 35% Growth in Gold Output in Q3 2020

Eldorado Gold Corporation (“Eldorado” or “the Company”) announced Q3 2020 preliminary production of 136,672 ounces of
gold, a 35% increase over Q3 2019. Further detail on asset level production is shown in the table below.


Gold production at Kisladag increased 66% over Q3 2019 and was consistent with Q2 2020. Gold recoveries continue to be as expected and solution grades increased over the summer due to drier weather. Production for 2020 remains slightly below expectations as solution inventories remain higher than normal. We expect to see continued benefit from drawing the solution inventory down through the balance of 2020 and into 2021. Budgeted improvements are being made in the solution processing plant to further increase capacity and are expected to start coming online in Q1 2021.

Lamaque had record gold production in Q3 2020. Production was higher compared to Q3 2019 and Q2 2020 due to an increase in tonnes mined per day that was enabled by the revised Certificate of Authorization from the Quebec Ministry of Environment. Additionally, for the month of September, underground
development moved into higher grade ore at the top of the C4 zone which had a positive impact on ounces produced.

Gold production at Efemcukuru for Q3 2020 was slightly lower than Q3 2019 and Q2 2020 due to lower grades processed during the quarter compared to comparative quarters.

Gold production at Olympias increased 75% over Q3 2019 as a result of investments in mine development, equipment, resources, and backfilling capacity that have improved productivity over the last year. Gold production in Q3 2020 was lower than Q2 2020 due to lower than average head grades. Throughput was lower in September 2020 due to COVID-19 protocols that were activated at site, including testing and contact tracing. The operation resumed normal levels of throughput by the end of September.

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).

To keep up to date with Mines and Metals, subscribe to our free email newsletters, covering rich mining intelligence and news, that will be delivered straight to your inbox.

Loading
(Visited 24 times, 1 visits today)
error: Content is protected !!
Copy link