Eldorado Gold reserves update
(Full text of press release from BCE Emergis E-News)
Eldorado Announces Increased Reserves And Resources Eldorado Gold Corp. (the "Company" or "Eldorado") (TSE: ELD) ispleased to announced updated reserves and resources for the Company's mining operations and development projects as of December 31, 1999. Total proven and probable gold reserves of 1.87 million ounces are contained within a total measured, indicated and inferred resource of 7.44 million ounces. This represents a 7% net increase in reserves in 1999, attributable to an ongoing underground drill program at Sao Bento. Total gold resources increased by 66% resulting from the inclusion of the resource estimate at the Kisladag gold project in Turkey. Eldorado has prepared the reserves and resources with the advice of the Company's consultants and according to the Australasian IMM Guidelines. Reserves at Sao Bento and Efemcukuru have been based on a gold price of $325 per ounce, to reflect the quality and long term nature of these assets. La Colorada reserves have been based on $300 per ounce. The Company believes this approach reflects current market conditions and future performance.
Reserves - Proven & Probable
1998 Proven and Probable
---------------------------------------
Tonnes Au g/t Ounces
Sao Bento 2,520,000 9.18 743,800
La Colorada 6,889,000 1.03 228,100
Efemcukuru 1,856,000 13.14 784,100
Total 1,756,000
1999 Proven and Probable
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Tonnes Au g/t Ounces
Sao Bento 3,238,900 8.95 932,000
La Colorada 4,115,200 1.18 155,900
Efemcukuru 1,856,000 13.14 784,100
Total 1,872,000
Eldorado reserves are drawn from and included in the total resource base detailed below. Resources - Measured, Indicated and Inferred
1998 ---------------------------------------
Tonnes Au g/t Ounces
Sao Bento 4,490,000 10.85 1,566,300
La Colorada27,673,000 0.96 854,100
Piaba (equity)10,595,000 1.27 434,000
Efemcukuru 2,525,000 13.71 1,113,000
Kisladag - - -
Kaymaz 1,086,000 6.25 218,200
Kucukdere 1,414,000 6.43 292,400
Total 4,478,000
Resources - Measured, Indicated and Inferred
1999 ---------------------------------------
Tonnes Au g/t Ounces
Sao Bento 4,041,000 10.61 1,378,400
La Colorada21,534,300 0.87 599,300
Piaba (equity)10,595,000 1.27 434,000
Efemcukuru 2,524,600 13.71 1,112,900
Kisladag73,910,000 1.43 3,405,000
Kaymaz 1,086,000 6.25 218,200
Kucukdere 1,414,000 6.43 292,400
Total 7,440,200
Sao Bento, Brazil Sao Bento engaged in a development program during 1999 directed at upgrading the resource base. The program has resulted in a 25% increase in estimated reserves at the mine, from 1998 to 932,000 ounces based on a $325 gold price. Reserves calculated at a $300 gold price, would result in less than a 1% decrease in contained ounces. Resources at Sao Bento have declined by 12% during the year due to mining. Gold production during 1999 totaled 126,581 ounces. The development-drilling program in progress continues to further define the existing inferred resource. This program is scheduled for completion in the first quarter of 2000. La Colorada, Mexico The reduction in reserves and resources at La Colorada mine is due to mining in 1999 which produced a total of 65,552 ounces principally from the Gran Central/La Colorada structures. The operation has continued to perform to expectations. Kisladag, Turkey Eldorado has previously reported on the large Kisladag porphyry gold project located in Usak Province in west central Turkey. The significant increase in 1999 resources (67%) results from a resource evaluation of Kisladag, carried out by Micon International and Eldorado. Data generated during additional drilling carried out in 1999 was incorporated with previous exploration work, including trenching, percussion and core drilling, to generate a measured, indicated and inferred resource estimate for Kisladag of 3.4 million ounces contained in 74 million tonnes. Eldorado Gold Corp. is an international gold company currently operating two mines in Brazil and Mexico. Total gold production in 2000 is planned to be 185,000 ounces at a cash cost of
US$200
per ounce.
ON BEHALF OF
ELDORADO GOLD CORPORATION
Robert G. Elton Chief Financial Officer
This and other news releases complete with graphic attachments are available at the Company's website or may be acquired by fax or mail upon request Eldorado Gold Corporation's shares (Symbol: ELD) trade on the Toronto Stock Exchange ("TSE"). The TSE has neither approved or disapproved the form or content of this release. Investor Relations Contacts: Tel: (604) 687-4018 and 1-888-ELD-8166 and e-mail info@eldoradogold.com Fax: (604) 687-4026 Website Address: www.eldoradogold.com Suite 920 - 1055 West Hastings Street, Vancouver, British Columbia, Canada V6E 2E9
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