Name of the Project
Skouries gold/copper project.

Location
Halkidiki Peninsula, Greece.

Client
Eldorado Gold.

Project Description
Skouries is a high-grade gold/copper porphyry deposit.

Eldorado plans to develop the project in two phases.

Phase 1 involves a combination of openpit and underground mining over nine years, producing 1.4-million ounces of gold and 620-million pounds of copper.

Phase 2 involves underground mining for a 15-year period once Phase 1 is complete. Total production during this phase is expected to be 1.7-million ounces of gold and 850-million pounds of copper.

The project has a mine life of 25 years.

Potential Job Creation
The project has 235 employees/contractors.

Net Present Value/Internal Rate of Return
Not stated.

Value
Development capital over the Phase 1 is budgeted at $710-million and includes all mine development and process facilities.

Development capital during Phase 2 is budgeted at an estimated $460-million.

Duration
Production is targeted for 2019.

Latest Developments
Eldorado Gold has suspended development of its Skouries project and has launched legal action against the Greek government for not issuing the required permits.

The company has reported that despite dialogue continuing with government to resolve long-standing issues regarding its suite of Kassandra mine assets, in Halkidiki, the Ministry of Energy and Environment (MoE) has failed to issue the amended electromechanical installation permit for the Skouries flotation plant, as well as other matters, including the relocation of antiquities at the Skouries site.

Eldorado has, through its subsidiary Hellas Gold, filed three lawsuits with the Council of State (CoS), requesting judicial protection against the MoE’s failure to issue routine installation permits, resulting in unjustifiable delays to the development of the Skouries facilities. Eldorado has also filed CoS a petition for noncompliance with the MoE, with a previous decision granted by the CoS.

Eldorado has said it will reassess its $710-million investment in the Skouries project after receiving approval of the required permits, “coupled with a supportive government open to discussions regarding the use and implementation of best available technologies”.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Eldorado Gold VP: investor relations and  corporate communications Krista Muhr, tel +1 604 687 4018 or email kristam@eldoradogold.com.