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Eldorado Gold Announces 15 Year Mine Life at Kisladag

Mining News - Published on Mon, 24 Feb 2020

Image Source: seekingalpha.com
Eldorado Gold Corporation announced a 15-year mine life at Kisladag based on the completed long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll circuit. President and CEO George Burns said “Kisladag has been the cornerstone asset of Eldorado for over a decade, producing over three million ounces of gold and generating significant value for all stakeholders during that period. Following the resumption of full operations last spring, and the significant work and testing undertaken by the Eldorado team over the past 18 months, we are pleased to announce a mine life extension at Kisladag that puts this asset back in the core of our portfolio. Based on these positive developments, we are providing a five-year outlook for the business, which demonstrates a steady production profile that we expect will allow us to continue to de-lever the balance sheet and provide a solid foundation for future growth.”

Kisladag Update

Results of the testwork indicate that increased leach time at Kisladag, in conjunction with HPGR, increases heap leach life of mine recovery to approximately 56% and extends mine life through 2034. A new mineral reserve has been developed for Kisladag; highlights include

Updated Proven and Probable Mineral Reserves of 173.2 million tonnes of ore at 0.72 grams per tonne, containing 4.0 million ounces of gold (table shown at the end of the release).

15 year mine life, with operations continuing through 2034

Average annual production of approximately 160,000 ounces per year at an average cash cost of $675 – 725 per ounce of gold sold and an average all-in sustaining costs of $800 – 850 per ounce of gold sold.

The Company believes there is potential for further increases in recovery with optimization of the HPGR circuit, which could lead to higher gold production

An average strip ratio over the remaining life of the mine of 1.1 to 1

Source :

Posted By : Rabi Wangkhem on Mon, 24 Feb 2020
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