Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2021.

Highlights

  • Increase to Inferred Resources as a result of the maiden Inferred Resource at Ormaque announced in February 2021.
  • 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, 202017,737
TZ Divestment-1,781
Depletion 2-687
Additions from converted resources (M+I) during 2021315
Changes due to cut-off evaluations-319
Proven and probable in-situ gold ounces as of September 30, 202115,264

1 See “Mineral Reserve Notes” below.
2 Depletion declared here are processed ounces. Depletion includes Q4 2020 and Q1-Q3 2021.

Net of divestitures, the net change in Reserves is attributable to increases at Lamaque and Efemcukuru, and decreases at Kisladag, Skouries and Olympias.

  • Lamaque: Both Mineral Reserve gold ounces and grade increased relative to September 2020 primarily due to conversion drilling in the C5 zone.
  • Efemcukuru: Mineral Reserves increased mostly due to conversion of Resources to Reserves at Kestanebeleni NW and Kokarpinar.
  • Kisladag: Mineral Reserves decreased due to depletion.
  • Skouries: The decrease in Mineral Reserves, at the development project, is due to changes in cut-off values, mostly offset by reserve price increase.
  • 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.

The following table summarizes the year over year changes to the Company’s gold Reserves:

Total Proven and Probable Reserves
 20202021Change

 Contained Au Oz (x1,000)
Certej2,4022,4020% 
Efemcukuru6136201% 
Kisladag4,5804,282-7% 
Lamaque1,0861,0910.5% 
Olympias2,2521,990-12% 
Perama1,2501,2500% 
Skouries3,7733,630-4% 
Tocantinzinho1,7811,7810% 
Total17,73717,045-4% 
Less divestitures: TZ1,7810-100% 
Gross Total17,73715,264-14% 

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.

  • 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.
  • 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).

The following table summarizes the year over year changes to Eldorado’s gold Resources:

Total Measured and Indicated Resources 

 

 

Inferred Resources
 

 

 

20202021Change
20202021Change
Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Bolcana000%6,4926,4920%
Certej3,8293,8290%23230%
Efemcukuru9411,06613%941629-33%
Kisladag7,1976,822-5%1071070%
Lamaque1,8211,9376%2,0741,962-5%
Ormaque000%0803100%
Olympias3,4933,409-2%5625661%
Perama1,3741,3740%6259-5%
Perama South000%7287280%
Piavitsa000%1,0251,0250%
Sapes000%8208200%
Skouries5,0305,0300%8148140%
Tocantinzinho2,0292,0290%17170%
Total25,71425,496-1%13,66514,0453%
Less divestitures: TZ2,0290-100% 170-100%
Gross Total25,71423,467-9% 13,66514,0283%

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


 

Eldorado Gold Mineral Reserves as of September 30, 2021    
ProjectProven Mineral ReservesProbable Mineral ReservesTotal Proven and Probable
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,7881.931,41421,5001.4398844,2881.692,402
Efemcukuru1,7326.033361,6455.372843,3775.71620
Kisladag183,0920.694,06112,8190.54221195,9110.684,282
Lamaque5028.021294,1547.209624,6567.291,091
Olympias1,20510.874218,1326.001,5699,3376.631,990
Perama Hill3,0884.034009,4102.8185012,4983.111,250
Skouries73,1010.872,05374,0150.661,576147,1160.773,630
TOTAL GOLD285,5080.968,814131,6741.526,450417,1821.1415,264
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,788107,00421,500128,55144,2881115,555
Olympias1,2051556,0068,13211630,4229,33712136,428
Perama Hill3,08844039,41082,27712,49872,680
Stratoni000000000
TOTAL SILVER27,0811513,41339,0423341,25066,1232654,663
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Skouries73,1010.5238174,0150.48359147,1160.50740
TOTAL COPPER73,1010.5238174,0150.48359147,1160.50740
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,2054.9598,1324.03239,3374.1382
Stratoni00.0000.0000.00
TOTAL LEAD1,2054.9598,1324.03239,3374.1382
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,2055.6688,1325.04109,3375.1477
Stratoni00.0000.0000.00
TOTAL ZINC1,2055.6688,1325.04109,3375.1477
          


Eldorado Gold Mineral Reserves as of September 30, 2020    
ProjectProven Mineral ReservesProbable Mineral ReservesTotal Proven and Probable
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained Au
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,7881.931,41421,5001.4398844,2881.692,402
Efemcukuru2,0126.304071,1555.542063,1676.02613
Kisladag194,3140.704,35213,2360.54228207,5500.694,580
Lamaque4255.23714,5696.911,0154,9946.761,086
Olympias1,51510.144948,7346.261,75810,2496.832,252
Perama Hill3,0884.034009,4102.8185012,4983.111,250
Skouries75,8040.872,13281,8620.621,641157,6660.743,773
Tocantinzinho17,0071.5283121,8981.3595038,9051.421,781
TOTAL GOLD316,9530.9910,101162,3641.467,636479,3171.1517,737
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)
Certej22,788107,00421,500128,55144,2881115,555
Olympias1,5151597,7458,73411933,41610,24912541,161
Perama Hill3,08844039,41082,27712,49872,680
Stratoni0005601482,6655601482,665
TOTAL SILVER27,3911715,15240,2043646,90967,5952962,061
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Skouries75,8040.5239381,8620.47386157,6660.49779
TOTAL COPPER75,8040.5239381,8620.47386157,6660.49779
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,5155.1778,7344.034910,2494.2426
Stratoni00.005606.1345606.134
TOTAL LEAD1,5155.1779,2944.138310,8094.3460
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)
Olympias1,5155.8888,7345.144510,2495.2533
Stratoni00.005609.2525609.252
TOTAL ZINC1,5155.8889,2945.349710,8095.4585
          


Eldorado Gold Mineral Resources as of September 30, 2021       
ProjectMeasured ResourcesIndicated ResourcesTotal Measured and IndicatedInferred Resources 
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained AuTonnesAuContained Au 
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000) 
Bolcana00.00000.00000.000381,0000.536,492 
Certej29,3001.731,62658,6531.172,20387,9531.353,8298420.8623 
Efemcukuru2,4377.385782,1786.964884,6157.181,0663,3005.93629 
Kisladag311,2550.616,11144,5810.50712355,8360.606,8227,5290.44107 
Lamaque8769.492676,2468.321,6707,1228.461,9378,8806.871,962 
Ormaque00.000.000.000.000.000.000.000.002,6209.53803 
Olympias2,34310.6680310,9057.432,60613,2488.003,4092,0928.41566 
Perama Hill3,0934.1541210,9732.7396214,0663.041,3741,1361.6359 
Perama South00.00000.00000.00014,8701.52728 
Piavitsa00.00000.00000.0006,6134.821,025 
Sapes00.00000.00000.0003,4347.43820 
Skouries90,7140.852,479149,2600.532,551239,9740.655,03067,6570.37814 
TOTAL GOLD440,0170.8712,276282,7961.2311,191722,8141.0123,467499,9730.8714,028 
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag 
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000) 
Certej29,30098,11158,6531018,10387,953926,2148424110 
Olympias2,34314911,20310,90514249,84113,24814361,0432,09217912,070 
Perama Hill3,093441510,97372,57914,06672,9941,136283 
Piavitsa0000000006,6135411,389 
Stratoni0001,3511536,6471,3511536,6471,7001628,866 
TOTAL SILVER34,7361819,72981,8822977,170116,6182696,89812,3838232,518 
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Bolcana00.00000.00000.000381,0000.18686 
Skouries90,7140.51466149,2600.44652239,9740.471,11867,6570.40267 
TOTAL COPPER90,7140.51466149,2600.44652239,9740.471,118448,6570.21953 
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Olympias2,3434.811310,9054.852713,2484.86402,0925.9124 
Stratoni00.001,3516.1821,3516.1821,7006.2106 
TOTAL LEAD2,3434.8111312,2565.060914,5994.97223,7926.1230 
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Olympias2,3435.713410,9056.470113,2486.38352,0927.1149 
Stratoni00.001,3518.71171,3518.71171,7009.3158 
TOTAL ZINC2,3435.713412,2566.781814,5996.59523,7928.1307 
              


Eldorado Gold Mineral Resources as of September 30, 2020       
ProjectMeasured ResourcesIndicated ResourcesTotal Measured and IndicatedInferred Resources 
Gold TonnesAuContained AuTonnesAuContained AuTonnesAuContained AuTonnesAuContained Au 
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000) 
Bolcana00.00000.00000.000381,0000.536,492 
Certej29,3001.731,62658,6531.172,20387,9531.353,8298420.8623 
Efemcukuru2,6757.026041,6606.313374,3356.759414,9195.95941 
Kisladag328,5000.616,47645,2740.50721373,7740.607,1977,5430.44107 
Lamaque4647.151076,6548.011,7147,1187.961,8219,2806.952,074 
Olympias2,61010.4887910,8537.492,61413,4638.073,4932,0328.60562 
Perama Hill3,0934.1541210,9732.7396214,0663.041,3741,1821.6462 
Perama South00.00000.00000.00014,8701.52728 
Piavitsa00.00000.00000.0006,6134.821,025 
Sapes00.00000.00000.0003,4347.43820 
Skouries90,7140.852,479149,2600.532,551239,9740.655,03067,6570.37814 
Tocantinzinho17,5291.5184928,4861.291,18046,0151.372,0296000.9017 
TOTAL GOLD474,8850.8813,432311,8131.2312,282786,6981.0225,714499,9720.8513,665 
SilverTonnesAgContained AgTonnesAgContained AgTonnesAgContained AgTonnesAgContained Ag 
 (x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000)(x1000) g/tounces (x1000) 
Certej29,30098,11158,6531018,10387,953926,2148424110 
Olympias2,61014812,41910,85314450,24613,46314562,6652,03218812,282 
Perama Hill3,093441510,97372,57914,06672,9941,182293 
Piavitsa0000000006,6135411,389 
Stratoni0009371594,7909371594,7901,1471886,933 
TOTAL SILVER35,0031920,94581,4162975,718116,4192696,66311,8168130,807 
CopperTonnesCuContained CuTonnesCuContained CuTonnesCuContained CuTonnesCuContained Cu 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Bolcana00.00000.00000.000381,0000.18686 
Skouries90,7140.51466149,2600.44652239,9740.471,11867,6570.40267 
TOTAL COPPER90,7140.51466149,2600.44652239,9740.471,118448,6570.21953 
LeadTonnesPbContained PbTonnesPbContained PbTonnesPbContained PbTonnesPbContained Pb 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Olympias2,6104.812510,8534.852113,4634.86462,0326.2126 
Stratoni00.009376.5619376.5611,1476.676 
TOTAL LEAD2,6104.812511,7904.958214,4004.97073,1796.3202 
ZincTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained ZnTonnesZnContained Zn 
 (x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000)(x1000)%tonnes (x1000) 
Olympias2,6105.714910,8536.570513,4636.38542,0327.3148 
Stratoni00.009379.5899379.5891,1479.3107 
TOTAL ZINC2,6105.714911,7906.779414,4006.69433,1798.0255 
              

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

  • Gold price: $1,300/oz
  • Silver price: $17.00/oz
  • Copper price: $2.75/lb
  • Lead price: $2,000/t
  • Zinc price: $2,300/t

     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:

  • John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) Mineral Reserves;
  • Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for the Kisladag and Perama Hill Mineral Reserves;
  • Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for Efemcukuru, Olympias and Skouries (underground) Mineral Reserves;
  • John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej Mineral Reserves;
  • 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:

  • 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).;
  • 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.;
  • Jessy Thelland, géo (OGQ No. 758), Superintendent, Technical Services for the Company, is responsible for Lamaque Mineral Resources;
  • Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the Bolcana, Efemcukuru, Kisladag, Olympias and Stratoni Mineral Resources.

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:

  • Technical report entitled "Technical Report, Kisladag Gold Mine, Turkey” with an effective date of January 17, 2020.
  • Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkey” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2019.
  • Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.
  • 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.