VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to confirm receipt of electromechanical installation permits for its Skouries project and an installation permit for its Olympias mine from the Greek Ministry of Energy and Environment (the “Ministry”).
Skouries
The permits allow for the installation of mechanical and electrical equipment at the flotation plant to be completed and installation of additional surface facilities. Receipt of these permits will enable the Company to apply for the flotation plant building permit, which will be submitted this month.
Eldorado intends to carry out certain construction activities that were suspended in 2017, including building the mill enclosure once permitted, to protect the plant assets. Capital expenditure for asset protection works is estimated to be approximately US$5 million.
Olympias
The permit allows for installation of an upgraded electrical substation and construction of support facilities, which will be considered as part of Eldorado’s annual planning process.
Path Forward in Greece
Eldorado is working with the Greek government to achieve the necessary conditions required to restart full construction at the Skouries Project. These include a stable regulatory framework and assurances that provide appropriate foreign direct investor protection and dispute resolution as well as regulatory approval for subsequent permits and technical studies.
The Ministry and the Company are collaborating on a mutually acceptable path forward to build safe, modern, world-class operations in Greece, including approval to implement dry stack tailings at Skouries. This best-available technology would reduce the project’s environmental footprint by approximately 40% and decrease the site’s water consumption.
George Burns, President and CEO of Eldorado Gold said, “We are very pleased with the receipt of these long-awaited permits, which enable us to protect our existing investment. We are greatly encouraged with the engagement we’ve had to date with the Greek State and look forward to working constructively with the relevant Ministries. We believe the Skouries project offers significant value for our investors and benefits to the local communities and the Greek economy, while adhering to the highest environmental standards.”
About Skouries...
Skouries is a high-grade gold-copper porphyry project that is partially constructed and currently in care and maintenance. Skouries is expected to operate for approximately 23 years based on current reserves, initially as an open pit and underground mine, followed by underground mining only.
To take a virtual tour of the Skouries site, please visit: https://vrify.com/explore/projects/45/sites/3147
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, and Brazil. 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).
