Market Overview

Eldorado Announces Start-up of the Efemcukuru Gold Mine in Turkey

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (NYSE: EGO) announces the start-up of the Efemcukuru gold mine in Izmir, Turkey. The necessary permits are in place to allow full mining and processing operations, and low grade ore is currently being fed to the mill. Mining activities continue in the South Ore Shoot, and approximately 16,000 tonnes at 10.5 g/t Au have been stockpiled at the plant site. At full production, Efemcukuru will produce 120,000 ounces of gold per year and Eldorado is currently studying the potential to bring the operation up to 150,000 ounces per year.

In addition, we are very pleased to announce that the Kisladag Mine achieved a significant milestone in May of this year, having produced over one million ounces of gold since the project started in 2006.

"We are extremely proud of these two achievements, and I would like to take this opportunity to thank our employees in Turkey and Canada for their hard work and perseverance," said Paul Wright, President and Chief Executive Officer of Eldorado Gold. "Kisladag has been the cornerstone of the Company, and the fact that it has now produced over 1,000,000 ounces of gold at cash costs of approximately $285 per ounce is a testament to the quality of this operation.

The successful start-up of Efemcukuru is the result of years of hard work. This high grade operation will contribute low cost ounces and help ensure that Eldorado remains in the industry's lowest quartile of production cash costs."

Posted-In: News Global

 

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