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ELDORADO GOLD CORPORATION

ASX: EAU

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Eldorado Gold Corporation is a Canadian international gold producer with five operating mines, two mines under construction, development projects and an extensive 2011 exploration program. We operate in China, Turkey, Brazil, Greece and surrounding regions. Our goal is to produce approximately 1.5 million ounces of gold annually by 2015. As one of the lowest cost gold producers, with new mines, robust margins and a strong balance sheet, we are well positioned to grow in value as we create and pursue new opportunities in gold and other resources.

OPERATING MINES

The Ki?lada? gold mine was a greenfield discovery of Eldorado Gold. It is located in U?ak Province and is the largest gold mine in Turkey. Ki?lada? is an open pit, heap leach mine, which began commercial production in July 2006.

The Jinfeng gold mine is an open pit and underground mine located in Guizhou Province, China. It began commercial production in September 2007.

The Tanjianshan gold mine (TJS), located in Qinghai Province, China was acquired as an advanced development project in September 2005. Tanjianshan is an open pit, float-roast-CIL operation. When TJS began commercial production in February 2007, Eldorado Gold became the first North American gold producer to build and operate a gold mine in China.

The White Mountain gold mine located in Jilin Province, China, is an underground mine using a sub-level and cut-and-fill stoping mining method. It commenced commercial production in January 2009.

The Vila Nova iron ore mine, located in Amapa State, Brazil, is an open pit mine and ore processing facility producing lump ore and sinter fines. Trial mining production commenced in Q3 2010.Two shipments of ore totalling 90,000 tonnes were sold to the Chinese spot market in 2010.

In 2011, with the planned start up of both EfemÁukuru and Eastern Dragon mines, we are forecasting to produce 715,000 - 770,000 ounces of gold at a cash cost in the range of $375-$395/oz. Vila Nova iron ore production is forecast at 440,000 - 480,000 tonnes as a $35-40 cash cost per tonne.

DEVELOPMENT PROJECTS

The EfemÁukuru gold project in Izmir, Turkey is a planned underground mine. Construction and underground development are ongoing with commissioning and production planned for 2011. Underground development began Q3 2010.

The Eastern Dragon gold-silver project is located in Heilongjiang Province, China. It is a planned open pit and underground mine. Construction activities resumed at the Eastern Dragon project in November 2010. Production is planned to begin in Q4 2011.

The Perama Hill gold project in Greece is in permitting stages. During 2011 we expect to receive approval of the Pre-Environmental Impact Assessment and submit the full Environmental Impact Assessment. Construction is scheduled to begin in mid-2012.

The Tocantinzinho gold project is located in the prolific Tapajos district in northern Brazil. Pre-Feasibility Study (PFS) is scheduled for completion during Q1 2011. Feasibility Study can be completed by mid-2011 and a construction decision made prior to the end of 2011.

EXPLORATION PROJECTS

Our 2011 worldwide exploration budget is estimated at $54 million. Approximately $30 million of the total budget will be spent on near mine exploration where we plan to take advantage of both existing infrastructure and highly prospective targets. Of the $54 million budget, approximately $24 million will be spent in China with the remaining balance in Turkey, Brazil, and Nevada.

Our 2010 exploration budget of approximately $32.9 million included a blend of generative initiatives, early stage exploration projects, and advanced stage resource delineation programs. We had budgeted for 125,000 meters of drilling on over 20 programs. We conducted drilling at all our gold mines and development projects, with the exception of Perama Hill. Of our total 2010 exploration budget, approximately $10.4 million was spent in China, $12.0 million in Turkey, $7.5 million in Brazil, $0.8 million in Nevada projects, and $2.2 million in general exploration expenses.

Mine For

gold, iron ore, copper, silver

Location of operation(s)

Brazil, China, Greece, Turkey, USA

Address

1188 - 550 Burrard St
BENTALL, VANCOUVER, Canada

Phone

+18883538166

Email

Website


Last Updated

11/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.