Name of the Project
Kışladağ mine mill project.

Location
Turkey.

Client
Eldorado Gold.

Project Description
Kışladağ has proven and probable reserves of three-million ounces grading at 0.81 g/t gold.

The 13-million-tonne-a-year mill project will result in Kışladağ’s transitioning away from heap leaching to produce 270 000 oz/y of gold over a nine-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 5% discount rate, of $392-million and an internal rate of return 20.4%, with a payback of 3.9 years.

Value
Not stated.

Duration
The project is expected to begin commissioning activities in late 2020, with production expected in the first half of 2021.

Latest Developments
Eldorado Gold has shelved the mine mill project and will resume mining and heap leaching at the Kışladağ mine.

The decision to resume mining and heap leaching follows improved heap-leach recoveries and a revised heap-leaching plan that was developed early this year.

“The revised . . . plan results in favourable economics when compared to milling without the risks associated with the construction and financing of a $500-million project,” president and CEO George Burns has said.

Mining is expected to resume by the end of the first quarter and is forecast to produce 145 000 oz to 165 000 oz this year, contributing nearly 40% to the group’s total forecast for the year of 390 000 oz to 420 000 oz.

Average cash-operating costs are forecast to decline from $621/oz to between $550/oz and $600/oz.

As mining and heap leaching at Kisladag ramps up in 2019, consolidated gold production is expected to increase to between 520 000 oz and 550 000 oz in 2020, before decreasing to 350 000 oz to 380 000 oz in 2021.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Eldorado Gold investor relations manager Peter Lekich, tel +1 604 687 4018 or email peter.lekich@eldoradogold.com.
Eldorado Gold communications and govern­ment relations director Louise Burgess, tel +1 604 687 4018 or email louiseb@eldoradogold.com.