EX-99.1 2 newsrelease.htm ELDORADO NEWS RELEASE DC Filing Services Canada Inc. 403-717-3898

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NEWS RELEASE

No. 07- 18

TSX: ELD  AMEX: EGO

             November 1, 2007

 

 

 

Q3 2007 Financial and Operational Results

(all figures in United States dollars, unless otherwise noted)



VANCOUVER, BC – Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, today is pleased to report on the Company's financial and operational results for the third quarter ended September 30, 2007.  "While we have experienced a setback this quarter with the temporary shutdown of our Kisladag mine, we continued to make progress on many fronts. At Tanjianshan we produced 37,775 ounces of gold at an average cash operating cost of $251 per ounce; completed a positive feasibility study of our Efemçukuru project and announced our decision to develop the Vila Nova Iron Ore project in Brazil,” he stated.


Q3 2007 Events


·

Generated earnings of $5.2 million or $0.02 per share

·

Produced 61,385 ounces of gold from our operations at an average cash operating cost of $228 per ounce with Tanjianshan producing gold at an average cash operating cost of $251 per ounce, a 43% improvement from Q2.

·

Suspended production temporarily at the Kisladag mine August 18, 2007 to comply with a Court ordered injunction.


Financial Results


Our consolidated net income for Q3 2007 was $5.2 million or $0.02 per share compared with net income of $5.2 million or $0.02 per share in Q3 2006. The consolidated net income for the quarter is attributable to stronger gold sales driven by increased production, lower unit-of-production costs and higher gold prices.   This was partially offset by increased tax expenses as well as $2.0 million in Mine Standby Costs related to the temporary shutdown of our Kisladag mine on August 18, 2007.  Net income for the nine-month period ended September 30, 2007 was $44.5 million or $0.13 per share   (2006 net loss – $2.0 million; $0.01 loss per share).


In Q3 2007, we sold 57,231 ounces of gold at an average price of $667 per ounce, compared to 46,238 ounces at an average price of $620 per ounce in Q3 2006.


Operating Performance


Kisladag


Prior to the shutdown of the Kisladag mine on August 18, 2007 following a Turkish court order, we placed 825,839 tonnes of ore at an average grade of 1.52 grams of gold per tonne ("g/t Au") on the leach pad and produced 23,610 ounces of gold at a cash operating cost of $191 per ounce in the third quarter. During the quarter, we sold 26,746 ounces of gold for revenues of $17.8 million.


We placed 4.5 million tonnes of ore (at an average grade of 1.33 g/t Au) on the leach pad during the first nine months of 2007. Over the nine-month period ending September 30, 2007, we poured 135,306 ounces of gold and sold 142,725 ounces of gold for revenues of $94.2 million.


During the fourth quarter, we expect to receive a decision from the Appellate Court on the merits of a plaintiff’s appeal. The plaintiff is seeking to cancel Kisladag’s Environmental Positive Certificate on the basis of alleged threats to the environment and deficiencies in the Environmental Impact Assessment study. We are optimistic that a decision in our favour will be rendered on the case and that our operations will be able to resume production prior to year end. If this is the case, we forecast production for the year of approximately 160,000 ounces at a cash cost of $195 per ounce. If the mine is unable to start up before year-end, 2007 production will stand at 135,306 ounces.


In the third quarter, we completed construction and commissioning of the mine expansion project, bringing the total designed throughput to 10 million tonnes per year.


Tanjianshan


During the third quarter, we produced 37,775 ounces of gold and sold 30,484 ounces for revenues of $20.4 million. Cash costs of $251 per ounce for the quarter reflected a strip ratio of 14:1. We are forecasting 2007 production of approximately 135,000 ounces of gold at an average cash cost of $290 per ounce.


In the nine months ended September 30, 2007, Tanjianshan has produced 106,162 ounces of gold, of which 12,492 ounces were treated as pre-production. Total 2007 production from February until September was 93,670 ounces of gold at a cash operating cost of $312 per ounce. Gold sales from commercial production in 2007 were 80,744 ounces of gold for a revenue stream of $53.5 million.


São Bento


Mining and production ceased at São Bento in the second quarter. Since then, we have been involved in reclamation and closing activities. In Q3, we spent $0.9 million against the projected reclamation liability of $9.6 million. We have moved substantially all of the equipment from the underground mine to the surface.


Development


Efemçukuru


In the third quarter, Wardrop Engineering completed their feasibility study (the “Study”) of the Efemçukuru gold deposit. Based on updated drilling results from the 2006-2007 drilling program, the Study defines an operation based on underground mining and milling of the ore on site with post-treatment of a gold concentrate at our Kisladag mine. Highlights of the Study are: a mine life of 9.4 years; mine throughput of 3.785 million tonnes at 86.5% metallurgical recovery; with an average annual gold production of 112,400 ounces at a total cash cost of $227 per ounce.  Initial capital cost is estimated to be $104.2 million.


We prepared and submitted a technical report according to NI 43-101 requirements. We are also investigating suppliers for various long lead items for the Efemçukuru project such as SAG and ball mills.


Ongoing infill and exploration drilling at Efemçukuru in the third quarter included an additional 48 holes totaling 6,500 meters. Results of this drilling program will be incorporated into a revised resource estimate to be completed in the fourth quarter.


Vila Nova Iron Ore


On July 31, 2007, we announced the results of an updated pre-feasibility study showing that the initial capital required to construct the project on a 100% basis is $32.7 million, including working capital. Following Board approval of the project, we retained the services of an engineering company and will begin construction in the fourth quarter of 2007. We expect to begin commercial production for start-up in Q4 2008. In the third quarter, we also received a property clearing license (the final permit required before beginning construction) from SEMA, the environmental agency of Amapa State, and retained a marketing agent to represent us in negotiations with potential iron ore purchasers.


Exploration


Exploration expense for Q3 2007 was $2.8 million (Q3 2006 – $3.6 million), and year-to-date exploration expense was $8.5 million (2006 – $9.0 million). The decrease in the third quarter is attributable to the timing of our exploration drilling activities in Brazil, Turkey and China.


Exploration – Turkey


In the third quarter, most of our work in Turkey focused on properties in the Pontides district: Kapikaya, Aydogon Tepe and Gumashane. The results of a 12 hole reverse circulation/core program (1,850 meters) at the Kapikaya project have not identified any significant gold mineralized areas. Soil sampling and mapping at Aydogon Tepe did not define any anomalous zones, and work will shift next quarter to the only remaining target, Derebas Hill (a porphyry target).


Work on our easternmost Pontides region property, Gumashane, focused on first pass mapping and rock chip sampling, which yielded numerous 0.5 to 2.0 g/t Au samples, with ubiquitous higher grade samples (+5 g/t, up to 33 g/t Au). A small reverse circulation program is planned for next quarter to assist in obtaining sub-crop information and mineralization potential.  


Soil sampling and mapping at our Dogancilar property in the Biga Peninsula uncovered a 5 to 12 meter thick, east-west trending quartz vein and breccia zone at Tombek Tepe. Mapping and sampling will continue next quarter.


Exploration – Brazil


Exploration activities continued throughout the quarter on our exploration licenses in Amapa State. Work in the Vila Nova region continued to focus on mapping and geochemical sampling in license areas covering regional geophysical based targets. We completed work on license areas north of the former Vila Nova Gold joint venture property; follow-up soil sampling failed to extend anomalies uncovered during the initial wide-spaced reconnaissance sampling. Work has begun on license areas in the southern regions, and will continue well into next quarter.  


We completed our exploration activities at Tartarugalzinho and did not uncover any significant gold mineralized zones. Final data compilation and organization are nearly complete.


Exploration – China


Diamond drilling on our TJS property finished at the end of this quarter. We drilled 19,800 meters in 146 holes on near deposit and regional area targets. Twenty-two holes were drilled with generally negative results.


Around our QLT deposit, we tested for continuation of the existing mineralization below the planned pit bottom. Drilling intersected mostly lower grade material, although the key down plunge extrapolation of the high grade north shoot remains untested as we were unable to drill in the area due to active mining. We also tested a potential satellite deposit, QLT South, by drilling 12 short holes. One of the southernmost holes successfully intersected a thick zone of moderate gold grade (9.7 meters at 5.1 g/t Au). As it lies in a locally folded area, mapping is ongoing to better understand the orientation. Once complete, we will test for continuity of this zone through reverse circulation drilling.  


We also drilled two near mine targets at JLG: JLG North and XJG. At XJG, 15 drill holes tested mineralized structures in diorite and phyllite units. Results from the first six holes drilled at XJG returned numerous gold mineralized zones, confirming and extending earlier results from the first quarter. This area will be a key target for next year’s TJS program.  


“Despite the temporary shutdown of our Kisladag Mine, the year to date operating and financial performance has been strong.  On a year-to-date basis production is up 178% and cash costs per ounce are down 33%.  Even with the temporary shutdown of Kisladag on August 18, 2007, quarter over quarter production increased 49% while unit cash costs fell 26%.  We remain confident that Kisladag will re-open with a positive decision from the Court and anticipate strong year-end results with production of 300,000 ounces at a cash cost of approximately $235 per ounce,” commented Paul N. Wright, President and CEO.



ON BEHALF OF

ELDORADO GOLD CORPORATION


“Paul N. Wright”


Paul N. Wright

President and Chief Executive Officer


Eldorado will host a conference call today to discuss the Q3 2007 Financial and Operational Results at 11:30 a.m. EDT (8:30 a.m. PDT).  You may participate in the conference call by dialing 416-641-6117 in Toronto or 1-866-223-7781 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold.  The call will be available on Eldorado’s website. www.eldoradogold.com.  A replay of the call will be available until November 8, 2007 by dialing 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code: 3228830#.


Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward looking statements or information within the meaning of the Securities Act (Ontario).  Such forward looking statements or information include, but are not limited to statements or information with respect to  unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking statements.  Specific reference is made to “Forward Looking Statements and Risk Factors” in the Company’s Annual Information Form and Form 40-F dated March 29, 2007.  Forward-looking statements herein include statements regarding the expectations and beliefs of management.  Such factors included, amongst others the following:  gold price volatility; impact  of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; risks from litigation; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form and Form 40-F dated March 29, 2007.  We do not expect to update forward-looking statements continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.



Eldorado Gold Corporation’s shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has neither approved nor disapproved the form or content of this release.


Contact:

Nancy E. Woo, Manager Investor Relations

Eldorado Gold Corporation

Phone: 604.601.6650 or 1.888.353.8166

1188, 550 Burrard Street

Fax: 604.687.4026

Vancouver, BC V6C 2B5

Email: nancyw@eldoradogold.com

Web site: www.eldoradogold.com

Request for information packages: info@eldoradogold.com



PRODUCTION HIGHLIGHTS1


 

First

Quarter

2007

Second

Quarter

2007

Third

Quarter

2007

Third

Quarter

2006

First

Nine Months

2007

First

Nine Months

2006


Gold Production

 

 

 

 

 

 

  Total Ounces Produced

88,780

98,970

61,385

41,082

249,135

85,228

  Commercial Production

76,288

98,970

61,385

41,082

236,643

85,228

  Cash Operating Cost ($/oz)4

220

259

228

309

239

354

  Total Cash Cost ($/oz)2,4

233

287

264

315

263

361

  Total Production Cost ($/oz)3,4

270

332

335

364

313

392

  Realized Price ($/oz - sold)

647

664

667

620

660

605


Kişladağ Mine, Turkey5

 

 

 

 

 

 

  Commercial Production

43,601

68,095

23,610

27,477

135,306

34,349

  Tonnes to Pad

1,849,330

1,872,691

825,839

1,802,368

4,547,860

3,295,524

  Grade (grams / tonne)

1.27

1.32

1.52

1.29

1.33

1.15

  Cash Operating Cost ($/oz)4

192

187

191

218

189

223

  Total Cash Cost ($/oz)2,4

194

190

194

220

192

225

  Total Production Cost ($/oz)3,4

225

221

234

285

225

276


Tanjianshan Mine, China6

 

 

 

 

 

 

  Total Ounces Produced

39,252

29,135

37,775

n/a

106,162

n/a

  Commercial Production

26,760

29,135

37,775

n/a

93,670

n/a

  Tonnes Milled

142,859

237,909

202,641

n/a

583,409

n/a

  Grade (grams / tonne)

7.17

4.41

6.87

n/a

5.94

n/a

  Cash Operating Cost ($/oz)4

260

440

251

n/a

312

n/a

  Total Cash Cost ($/oz)2,4

291

522

307

n/a

369

n/a

  Total Production Cost ($/oz)3,4

356

616

397

n/a

453

n/a


São Bento Mine, Brazil

 

 

 

 

 

 

  Commercial Production

5,927

1,740

-

13,605

7,667

50,879

  Tonnes Milled

20,069

-

-

81,869

20,069

265,519

  Grade (grams / tonne)

8.88

-

-

6.38

11.71

6.88

  Cash Operating Cost ($/oz)4

245

80

-

493

208

443

  Total Cash Cost ($/oz)2,4

252

132

-

506

224

454

  Total Production Cost ($/oz)3,4

211

(50)

-

525

152

470


1

Cost figures calculated in accordance with the Gold Institute Standard.

2

Cash Operating Costs, plus royalties and the cost of off-site administration.

3

Total Cash Costs, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses.

4

Cash operating, total cash and total production costs are non-GAAP measures.  See the section "Non-GAAP Measures" of this MD&A.

5

The Kisladag gold mine commenced commercial production on July 1, 2006.

6

The Tanjianshan gold mine commenced commercial production on February 1, 2007.


Eldorado Gold Corporation

Unaudited Consolidated Balance Sheets


(Expressed in thousands of U.S. dollars)


 

 

September 30,

 

December 31,

 

 

2007

 

2006

 

$

 

$

Assets

Current assets

Cash and cash equivalents

 56,895 

 

 59,967 

Restricted cash (note 3)

 21,853 

 

 21,250 

Accounts receivable, marketable securities and prepaids

 28,885 

 

 28,306 

Inventories

 45,479 

 

 35,697 

Future income taxes

 683 

 

 10,182 

 

 

 153,795 

 

 155,402 

Restricted cash (note 3)

 58,300 

 

 58,300 

Mining interests

 372,001 

 

 311,080 

Goodwill

 2,238 

 

 2,238 

 

 

 586,334 

 

 527,020 

 

 

 

 

 

Liabilities

Current liabilities

Bank indebtedness

 10,651 

 

 15,367 

Accounts payable and accrued liabilities

 34,915 

 

 29,267 

Current portion of long-term debt

 383 

 

 333 

Current portion of asset retirement obligations

 3,912 

 

 8,271 

 

 

 49,861 

 

 53,238 

Long-term debt (note 7)

 50,499 

 

 50,499 

Contractual severance obligations

 1,763 

 

 3,216 

Asset retirement obligations

 5,381 

 

 5,420 

Future income taxes

 23,069 

 

 18,742 

 

 

 130,573 

 

 131,115 

 

 

 

 

 

Shareholders* Equity

Share capital (note 4(a))

 752,785 

 

 740,061 

Contributed surplus (note 4(d))

 11,981 

 

 9,314 

Accumulated other comprehensive (loss) (note 4(e))

 (61)

 

 - 

Deficit

 (308,944)

 

 (353,470)

 

 

 455,761 

 

 395,905 

 

 

 586,334 

 

 527,020 

 

 

 

 

 

Contingencies (note 7)

 



Approved By The Board Of Directors

 

(Signed) Robert Gilmore       Director                                                                                     (Signed) Paul N. Wright         Director




Eldorado Gold Corporation

Unaudited Consolidated Statements of Earnings and Deficit

For the periods ended September 30,


(Expressed in thousands of U.S. dollars, except per share information)



 

 

Three months ended

 

Nine months ended

 

 

2007

 

2006

 

2007

 

2006

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

Revenue

Gold sales

 38,186 

 

 28,680 

 

 154,610 

 

 48,279 

Interest and other income

 1,852 

 

 2,043 

 

 5,577 

 

 5,137 

 

 

 

 

 

 

 

 

 

 

 

 40,038 

 

 30,723 

 

 160,187 

 

 53,416 

 

 

 

 

 

 

 

 

 

Expenses

Operating costs

 16,945 

 

 15,022 

 

 63,653 

 

 31,343 

Depletion, depreciation and amortization

 4,073 

 

 1,831 

 

 11,827 

 

 2,002 

General and administrative

 5,756 

 

 4,779 

 

 17,796 

 

 13,021 

Exploration

 2,823 

 

 3,608 

 

 8,484 

 

 9,011 

Mine standby cost

 1,954 

 

 - 

 

 1,954 

 

 - 

Accretion of asset retirement obligation

 80 

 

 162 

 

 240 

 

 485 

Foreign exchange (gain) loss

 (1,691)

 

 (651)

 

 (4,345)

 

 (1,565)

Loss (gain) on disposal of assets

 100 

 

 (41)

 

 (3,564)

 

 (945)

Interest and financing costs

 807 

 

 736 

 

 2,703 

 

 797 

 

 

 

 

 

 

 

 

 

 

 

 30,847 

 

 25,446 

 

 98,748 

 

 54,149 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 9,191 

 

 5,277 

 

 61,439 

 

 (733)

 

 

 

 

 

 

 

 

 

Income tax (expense) recovery

Current

 (2,025)

 

 (287)

 

 (3,089)

 

 (356)

Future

 (1,953)

 

 209 

 

 (13,824)

 

 (953)

 

 

 

 

 

 

 

 

 

 

 

 (3,978)

 

 (78)

 

 (16,913)

 

 (1,309)

 

 

 

 

 

 

 

 

 

Net earnings (loss) for the period

 5,213 

 

 5,199 

 

 44,526 

 

 (2,042)

 

 

 

 

 

 

 

 

 

Deficit, beginning of period

 (314,157)

 

 (364,011)

 

 (353,470)

 

 (356,770)

 

 

 

 

 

 

 

 

 

Deficit, end of period

 (308,944)

 

 (358,812)

 

 (308,944)

 

 (358,812)

 

 

 

 

 

 

 

 

 

Weighted average number of shares

   outstanding (thousands of shares)

Basic weighted average number of common

   shares outstanding

 343,867 

 

 340,885 

 

 342,850 

 

 335,516 

 

 

 

 

 

 

 

 

 

Diluted weighted average number of common

   shares outstanding

 344,979 

 

 342,520 

 

 344,295 

 

 341,474 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share

   Basic * US$

0.02 

 

 0.02 

 

 0.13 

 

 (0.01)

   Diluted * US$

0.02 

 

 0.02 

 

 0.13 

 

 (0.01)

   Basic - Cdn$

0.02 

 

 0.02 

 

 0.14 

 

 (0.01)

   Diluted * Cdn$

0.02 

 

 0.02 

 

 0.14 

 

 (0.01)



Eldorado Gold Corporation

Unaudited Consolidated Statements of Cash Flows

For the periods ended September 30,


(Expressed in thousands of U.S. dollars)


 

 

Three months ended

 

Nine months ended

 

 

2007

 

2006

 

2007

 

2006

 

$

 

$

 

$

 

$

Cash flows generated from (used in):

Operating activities

Net earnings (loss) for the period

 5,213 

 

 5,199 

 

 44,526 

 

 (2,042)

Items not affecting cash

Accretion of asset retirement obligation

 80 

 

 162 

 

 240 

 

 485 

Contractual severance expense

 - 

 

 344 

 

 598 

 

 1,032 

Depletion, depreciation and amortization

 4,073 

 

 1,831 

 

 11,827 

 

 2,002 

Unrealized foreign exchange gain (loss)

 150 

 

 - 

 

 515 

 

 (65)

Future income taxes

 1,953 

 

 (209)

 

 13,824 

 

 953 

Gain (loss) on disposal of assets

 100 

 

 (41)

 

 (3,564)

 

 (945)

Imputed interest and financing costs

 16 

 

 720 

 

 50 

 

 709 

Stock-based compensation expense

 1,854 

 

 831 

 

 6,084 

 

 3,044 

 

 

 13,439 

 

 8,837 

 

 74,100 

 

 5,173 

Property reclamation payments

 (1,996)

 

 - 

 

 (4,638)

 

 - 

Contractual severance obligation

 (141)

 

 (201)

 

 (2,051)

 

 (201)

Changes in non-cash working capital (note 5)

 (6,857)

 

 (8,863)

 

 (9,314)

 

 (26,589)

 

 

 4,445 

 

 (227)

 

 58,097 

 

 (21,617)

Investing activities

Acquisition of property, plant and equipment

 

 

 

 

 

 

 

 

for cash

 

 (34,692)

 

 (29,487)

 

 (68,720)

 

 (78,421)

Proceeds on disposal of assets

 203 

 

 - 

 

 1,276 

 

 1,481 

Proceeds on disposal of property, plant

 

 

 

 

 

 

 

 

and equipment

 

 743 

 

 1,904 

 

 1,032 

 

 1,904 

Investment purchases

 - 

 

 365 

 

 (380)

 

 (1,815)

Recovery of mining interest costs from sale of

pre-production gold

 - 

 

 - 

 

 10,052 

 

 - 

Deferred development expenditures on

non-producing properties

 (5,361)

 

 (2,916)

 

 (11,778)

 

 (4,622)

Value added taxes recoverable on mining

 interest investments

 413 

 

 - 

 

 3,874 

 

 - 

Restricted cash

 3,450 

 

 (23,300)

 

 (603)

 

 (23,300)

 

 

 (35,244)

 

 (53,434)

 

 (65,247)

 

 (104,773)

Financing activities

Issuance of long term debt

 10,000 

 

 10,115 

 

 10,000 

 

 10,115 

Long-term debt repayment

 - 

 

 - 

 

 (10,000)

 

 - 

Bank indebtedness repayment

 - 

 

 - 

 

 (5,229)

 

 - 

Issuance of common shares for cash

 1,810 

 

 (7,084)

 

 9,307 

 

 163,500 

Share issuance costs

 - 

 

 7,089 

 

 - 

 

 - 

 

 

 11,810 

 

 10,120 

 

 4,078 

 

 173,615 

Net increase (decrease) in cash and

 

 

 

 

 

 

 

 

cash equivalents

 

 (18,989)

 

 (43,541)

 

 (3,072)

 

 47,225 

Cash and cash equivalents - beginning of period

 75,884 

 

 124,592 

 

 59,967 

 

 33,826 

Cash and cash equivalents - end of period

 56,895 

 

 81,051 

 

 56,895 

 

 81,051 

Supplementary cash flow information (note 5)

 




Eldorado Gold Corporation

Unaudited Consolidated Statements of Comprehensive Income

For the periods ended September 30,


(Expressed in thousands of U.S. dollars)



 

Three months ended

2007

$

 $

 

Nine months ended

2007

$

 $

 

 

 

 

 

Net earnings for the periods ended September 30, 2007

 

5,213

 

44,526

 

 


 


Other comprehensive income (loss)

Adjustment for cumulative unrealized gains on available-for-sale investment at January 1, 2007

 


 

275

Net Unrealized gains (loss) on available-for-sale investment (note 4(e))

 

(32)

 

(336)

 

 


 


Comprehensive income for the periods ended September 30, 2007

 

5,181

 

44,465