As released yesterday:
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 14, 2008 -- Paul N. Wright, President & Chief Executive Officer of Eldorado Gold Corporation ("Eldorado";, the "Company", or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to provide the following update on the Company's 2007 operating results and anticipated 2008 production.
Kisladag Mine
In 2007 the mine produced 135,306 ounces at a cash cost of $189/ounce. Production for the year ceased on August 18, 2007 following a Turkish court order necessitating the temporary cessation of production activities.
The Company continues to anticipate a favourable court decision on the case and presently plans its forecast for production in 2008 based on the resumption of operations early in the year. Production for 2008 is anticipated to be approximately 190,000 ounces at a cash cost of $222/ounce.
Tanjianshan Mine
The Tanjianshan mine performed exceptionally well in 2007 with production of 138,162 ounces and unit cash costs of $291/ounce. The year was characterized by a quarter by quarter reduction in unit costs as the strip ratio reduced in accordance with plan. Fourth quarter production totaled 32,000 ounces at a cash cost of $229/ounce.
Production for 2008 is planned to be 109,000 ounces with a cash cost of $289/ounce.
Sao Bento Mine
Sao Bento ceased production in the second quarter of 2007, having provided 7,667 ounces at a cash operating cost of $208. The Sao Bento mine in 2008 will continue to complete its reclamation and closure requirements.
Efemcukuru Project
With the completion of the feasibility study in 2007, work continues to complete land acquisition as a precursor to the planned commencement of construction activities, early in the second quarter.
Vila Nova Iron Ore Project
At the Vila Nova Iron Ore project in Brazil negotiations are underway with potential iron ore purchasers and detailed engineering is in its final stages. Construction activities are underway and commercial production is expected in Q4 2008.
Reserves and Resources
In 2007 the Company successfully completed in excess of 57,000 meters in drilling, designed to both increase and upgrade resources and reserves at the Kisladag and Tanjianshan mines and Efemcukuru project. The results from those programmes are being quantified in reserves and resources statement and will be released in February.
"Despite the disappointment associated with the temporary cessation of production activities at Kisladag, we are very pleased and proud of the operating teams at the mines. Both Kisladag and Tanjianshan have established their ability to produce at rates consistent with expectations. We look forward to a timely and positive resolution of the Kisladag court case and a resumption of Eldorado's growth," commented Paul N. Wright, President and Chief Executive Officer.
