EX-99.1 2 ego_ex991.htm PRESS RELEASE DATED DECEMBER 15, 2021
Exhibit 99.1
NEWS RELEASE

TSX: ELD NYSE: EGO | December 15, 2021

Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2021.
Highlights
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Increase to Inferred Resources as a result of the maiden Inferred Resource at Ormaque announced in February 2021.
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Increase to Mineral Reserves and Measured and Indicated (“M+I”) Resource at Efemcukuru is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW.
Mineral Reserves Update
The Company’s Proven and Probable gold Reserves (“2P Reserves”) totalled 17.0 million ounces as of September 30, 20211, a 4% decrease from the previous MRMR statement on September 30, 2020. Including the divestiture of Tocantinzinho, (“TZ”), which was divested from the portfolio October 27, 2021 the Company’s 2P gold Reserves totalled 15.3 million ounces, a 14% decrease compared to September 30, 2020 (see Eldorado press release dated December 2, 2020). The complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.

| Total 2P Reserves (Gold Ounces x 1,000)
Proven and Probable in-situ gold ounces as of September 30, 2020 | 17,737
TZ Divestment | -1,781
Depletion2 | -687
Additions from converted resources (M+I) during 2021 | 315
Changes due to cut-off evaluations | -319
Proven and probable in-situ gold ounces as of September 30, 2021 | 15,264

Net of divestitures, the net change in Reserves is attributable to increases at Lamaque and Efemcukuru, and decreases at Kisladag, Skouries and Olympias.
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Lamaque: Both Mineral Reserve gold ounces and grade increased relative to September 2020 primarily due to conversion drilling in the C5 zone.
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Efemcukuru: Mineral Reserves increased mostly due to conversion of Resources to Reserves at Kestanebeleni NW and Kokarpinar.
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Kisladag: Mineral Reserves decreased due to depletion.
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Skouries: The decrease in Mineral Reserves, at the development project, is due to changes in cut-off values, mostly offset by reserve price increase.
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Olympias: The decrease in Mineral Reserves is due to mining method optimization and exclusion of remnant mining zones that will require further engineering studies to be included in the mine plan.
1 See “Mineral Reserve Notes” below.
2 Depletion declared here are processed ounces. Depletion includes Q4 2020 and Q1-Q3 2021.
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The following table summarizes the year over year changes to the Company’s gold Reserves:

Total Proven and Probable Reserves
| 2020 | 2021 | Change
| Contained Au Oz (x1,000)
Certej | 2,402 | 2,402 | 0%
Efemcukuru | 613 | 620 | 1%
Kisladag | 4,580 | 4,282 | -7%
Lamaque | 1,086 | 1,091 | 0.5%
Olympias | 2,252 | 1,990 | -12%
Perama | 1,250 | 1,250 | 0%
Skouries | 3,773 | 3,630 | -4%
Tocantinzinho | 1,781 | 1,781 | 0%
Total | 17,737 | 17,045 | -4%
Less divestitures: TZ | 1,781 | 0 | -100%
Gross Total | 17,737 | 15,264 | -14%

Mineral Resources Update
Exploration within our existing portfolio continues to deliver resource growth for the Company.
Eldorado reports Resources in accordance with CIM definition standards. The Resource cut-off grades or values (e.g. gold equivalent) are determined using a single long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Open pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability.
Eldorado’s M+I Resources totalled 25.5 million ounces as of September 30, 2021, a 1% decrease from the previous MRMR statement on September 30, 2020 attributable to decreases at Kisladag, Skouries and Olympias, partially offset by increases at Lamaque and Efemcukuru. Including the TZ divestment, the M+I Resources totalled 23.5 million ounces, a decrease of 9% compared to September 30, 2020. Eldorado’s Inferred Resources totaled 14.0 million ounces as of September 30, 2021, a 3% increase from the previous MRMR statement on September 30, 2020.
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Efemcukuru: The increase to M+I Resource is attributable to Resource upgrade associated with drilling, mostly at Kokarpinar and Kestanebeleni NW. The decrease in Inferred Resource at Efemcukuru is attributable to the combination of additional drilling and the corresponding upgrade to M&I Resources.
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Lamaque: All changes to the Resources are attributable to the results of additional drilling and upgrades of Inferred to M+I Resources. Ormaque was announced as a maiden Inferred Resource on February 22, 2021 (see Eldorado press release dated February 22, 2021).
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The following table summarizes the year over year changes to Eldorado’s gold Resources:

Total Measured and Indicated Resources |  | Inferred Resources
| 2020 | 2021 | Change | 2020 | 2021 | Change
Contained Au ounces (x1000) | Contained Au ounces (x1000)
Bolcana | 0 | 0 | 0% | 6,492 | 6,492 | 0%
Certej | 3,829 | 3,829 | 0% | 23 | 23 | 0%
Efemcukuru | 941 | 1,066 | 13% | 941 | 629 | -33%
Kisladag | 7,197 | 6,822 | -5% | 107 | 107 | 0%
Lamaque | 1,821 | 1,937 | 6% | 2,074 | 1,962 | -5%
Ormaque | 0 | 0 | 0% | 0 | 803 | 100%
Olympias | 3,493 | 3,409 | -2% | 562 | 566 | 1%
Perama | 1,374 | 1,374 | 0% | 62 | 59 | -5%
Perama South | 0 | 0 | 0% | 728 | 728 | 0%
Piavitsa | 0 | 0 | 0% | 1,025 | 1,025 | 0%
Sapes | 0 | 0 | 0% | 820 | 820 | 0%
Skouries | 5,030 | 5,030 | 0% | 814 | 814 | 0%
Tocantinzinho | 2,029 | 2,029 | 0% | 17 | 17 | 0%
Total | 25,714 | 25,496 | -1% | 13,665 | 14,045 | 3%
Less divestitures: TZ | 2,029 | 0 | -100% |  | 17 | 0 | -100%
Gross Total | 25,714 | 23,467 | -9% |  | 13,665 | 14,028 | 3%

About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, and Romania. 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).
Contact
Investor Relations
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
lisa.wilkinson@eldoradogold.com
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.363.8166
louise.mcmahon@eldoradogold.com
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Eldorado Gold Mineral Reserves, as of September 30, 2021
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Eldorado Gold Mineral Reserves, as of September 30, 2020
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Eldorado Gold Mineral Resources, as of September 30, 2021
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Eldorado Gold Mineral Resources, as of September 30, 2020
Notes on Mineral Resources and Reserves
1.
Mineral Resources and Mineral Reserves are as of September 30, 2021
2.
The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).
3.
Mineral Reserves are included in the Mineral Resources.
4.
The Mineral Resources and Mineral Reserves are disclosed on a total project basis.
Mineral Reserve Notes
1.
Long Term Metal Price Assumptions
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Gold price: $1,300/oz
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Silver price: $17.00/oz
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Copper price: $2.75/lb
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Lead price: $2,000/t
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Zinc price: $2,300/t
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2.
Cut-off Grades
Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $95.90/t NSR (long hole stoping), $99.48/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.38 g/t Au; Olympias: $168.30/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).
3.
Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:
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John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) Mineral Reserves;
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Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for the Kisladag and Perama Hill Mineral Reserves;
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Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for Efemcukuru, Olympias and Skouries (underground) Mineral Reserves;
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John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej Mineral Reserves;
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Jessy Thelland, géo (OGQ No. 758)., Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Reserves.
Mineral Resource Notes
1.
Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction:
The Mineral Resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground resources have the open pit Resources constrained by either the permit (Skouries) or by an OP/UG economic crossover surface (Bolcana), and underground Resources constrained by a reporting shape.
2.
Cut-off Grades
Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.
3.
Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within the following sections of this release:
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Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation for the Company, is responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries Mineral Resources; and is jointly responsible for Ormaque Mineral Resources with Jacques Simoneau, géo (OGQ No. 737).;
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Jacques Simoneau, géo (OGQ No. 737), Exploration Manager Eastern Canada for the Company, is jointly responsible for Ormaque Mineral Resources with Sean McKinley, P.Geo.;
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Jessy Thelland, géo (OGQ No. 758), Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Resources;
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Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the Bolcana, Efemcukuru, Kisladag, Olympias and Stratoni Mineral Resources.
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Note Regarding Mineral Reserve and Mineral Resources:
All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and NI 43-101. Additional information on the mineral properties mentioned in this news release that are considered to be material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31, 2020 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedar.com and www.sec.gov:
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Technical report entitled "Technical Report, Kisladag Gold Mine, Turkey” with an effective date of January 17, 2020.
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Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkey” with an effective date of December 31, 2019.
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Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2019.
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Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.
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Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” an effective date of March 21, 2018.
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: results of exploration, geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; mining operational and development risk; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information 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.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “inferred mineral resources”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
Technical disclosure regarding the Company’s properties included herein (the “Technical Disclosure”) has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to domestic United States reporting companies. Accordingly, information contained herein contain descriptions of our mineral deposits that may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.
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