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Eldorado Gold Corp.
Summary
| Project: | Vila Nova | |
|---|---|---|
| Deposit: | Vila Nova | |
| Location: | Brazil | |
| Commodities: | Iron | |
| Date: | 2/23/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 23-2-2017: Eldorado Gold Corp. announces a Resource Estimation report for its Vila Nova deposit at the Vila Nova project. Updated Mineral resource estimate for project. VANCOUVER, BC – Eldorado Gold Corporation, (“Eldorado” or “the Company”) today reporte | |
| Resources: | (Resource): 13.194mt @ 58.7% Fe (M + I) & 9.519Mt @ 59.7% Fe (Inf.) | |
| CP/QP: | [Resources]: Stephen Juras (Internal) | |
| ABSTRACT: | VANCOUVER, BC – Eldorado Gold Corporation, (“Eldorado” or “the Company”) today reported the Company’s financial and operational results for the fourth quarter and year-ended December 31, 2016. “2016 was a transitional year for Eldorado with Olympias and Skouries in Greece firmly on track, and the Chinese assets successfully sold. As we move into 2017, I strongly believe that Eldorado is now set for the next phase of the Company’s growth. We are well positioned to focus on and build our internal pipeline of quality assets. We have the cash balance to internally fund our capital growth plans. We have the right team in place to execute with George Burns poised to become the next President and CEO.” said Paul Wright, President and Chief Executive Officer. The Company ended 2016 with proven and probable gold reserves of 484 million tonnes at 1.24 grams per tonne gold containing 19.3 million ounces. A gold price of $1,200 per ounce was used in the reserve estimates, the same as last year. The 22.6% overall reduction in reserve ounces was primarily attributable to the sale of the Chinese assets followed by a reduction in reserve ounces at Kisladag. The adjustment in ounces at Kisladag was the result of maximizing near-term profitability while designing a 13 million tonne per annum pit. There were also additional downward adjustments based on recovery factors for certain ore types. | |
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