Eldorado Gold Achieves 2020 Production Guidance; Appoints New Chair of the Board

VANCOUVER, British Columbia, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today announced the Company’s fourth quarter and full year 2020 preliminary production results.

Preliminary 2020 gold production increased 34% over 2019 to 528,874 ounces, meeting the Company’s annual consolidated production guidance of between 520,000 and 550,000 ounces. Preliminary gold production for the fourth quarter of 2020 increased 16% to 138,220 ounces compared to the fourth quarter of 2019.

Preliminary 2020 gold production at Lamaque exceeded guidance despite a three-week shutdown in early Spring related to government-mandated COVID-19 operating restrictions. The strong performance at Lamaque was partially offset by lower labour availability impacting leach pad flow rates at Kisladag during the second quarter. Kisladag finished the year with strong fourth-quarter gold production, driven by improving heap leach performance.

“Delivering on our production guidance amid a year of unprecedented external challenges is a testament to the dedication and resilience of our people,” said George Burns, Eldorado President and Chief Executive Officer. “Our unique portfolio of high-quality, long-lived mines and projects will continue to position Eldorado for sustained success in the years ahead.”

Table 1: 2020 Preliminary Production

Production (oz)	Q4 2020	Q4 2019	2020	2019
Kisladag	56,816	51,010	226,475	140,214
Efemcukuru	25,828	26,243	99,835	103,767
Olympias	11,408	12,617	58,423	46,750
Lamaque	44,168	29,085	144,141	113,9401
Total	138,220	118,955	528,874	395,331
1 Includes pre-commercial production.

The Company will report its full year 2020 Year End-Results at the end of February.