Eldorado Gold Corporation: Council of State Revokes Suspension Order in Greece
Eldorado Gold Corporation (NYSE: EGO) today announced the Suspension Committee of the Council of State of Greece - the country's Supreme Administrative Court - revoked the "Provisional Order" issued on June 29, 2012, which temporarily suspended the surface clearing activities of Hellas Gold S.A. ("Hellas Gold") - a 95% owned subsidiary of Eldorado - in Halkidiki, Greece.
Hellas Gold, the Ministry of Environment, Energy, and Climate Change, the office of the Secretary General of the Decentralized Administration of Macedonia-Thrace (to which the regional forestry department reports) and the Labor Center of Halkidiki (an association representing local labor interests in favour of the development of the mineral sector) have submitted to the Council of State all the necessary documentation required to demonstrate that Hellas Gold was and remains legally entitled to proceed with surface clearing activities on the forest land it possesses in Halkidiki. After reviewing such documentation the Suspension Committee of the Council of State - a panel comprised of three judges - convened on Friday July 20, 2012 and announced today its decision # 398/2012 rejecting the petition for suspension filed on June 27, 2012 and revoking effective immediately the Suspension Order issued on June 29, 2012.
Paul N. Wright, Chief Executive Officer of Eldorado, commented: "We are very pleased with the decision of the Council of State and will re-initiate our surface clearing activities in Halkidiki as soon as practically possible. We have increased our labor force in Greece by over 250 persons - from approximately 410 to 680 individuals including contractors - since February 2012, when we completed the acquisition of our new Greek assets. With planned investments of approximately US$1.0 billion over the next five years we expect to more than double our current labor force in Greece, not to mention the numerous indirect jobs that will be created and other spin-off benefits. Our capital program is thus making an important contribution to the economic recovery of the country during these difficult times. Furthermore, we have full confidence in the integrity of our permits in Greece and in the judiciary, legislative, and executive institutions of the Hellenic Republic."
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