Name and Location
Certej gold project, Romania.

Client
Deva Gold, a 80.5% subsidiary of Eldorado Gold.

Project Description
A new feasibility study completed on the Certej project has found the shovel-ready project to be a boon to Eldorado’s low-cost asset base.

The project has a measured and indicated resource of 89.98-million tonnes grading 1.4 g/t of gold and 8.9 g/t of silver.

Inferred resources are estimated at 12.23-million tonnes grading 0.96 g/t of gold and 3.5 g/t of silver.
The feasibility study envisions an openpit operation with a strip ratio of 2.96:1, mining 44-million tonnes of ore over the life-of-mine.

During the mining phase, higher-grade ore will be prioritised for direct mill feed, with lower-grade ore stockpiled for treatment later in the mine life. Through direct feed from mining, and stockpile reclaiming, a constant mill feed of three-million tonnes a year will be maintained for nearly 15 years, of which 13 years of mill feed is obtained from openpit production and the last two years from stockpiled low-grade ore.

The reserve pit also contains about 131-million tonnes of waste and an overall strip ratio of 2.96:1 (waste tonnes to ore tonnes). Waste rock from openpit mining will be used in preproduction construction and, where practical, in embankments for the tailings management facility. All surplus waste rock will be placed into two waste dumps, to the north and south of the openpit. It is planned that Certej will be mined owner-operated equipment for conventional openpit mining methods.

Certej ore will be treated at a rate of three-million tonnes a year and comminuted by crushing, followed by a combination of semiautogenous and ball milling. The ground ore will be subjected to simple rougher flotation to separate the gold-bearing sulphide fraction (pyrite) of the ore from the host andesite (silicate).

Flotation concentrate will then be subjected to pressure oxidation. The oxidised solids will be treated with limestone and lime at elevated temperatures to facilitate silver recovery, prior to conventional precious metal recovery by carbon-in-leach cyanidation (CIL), carbon stripping and electrowinning. CIL tails will be subjected to further treatment to ensure residual cyanide is destroyed before the tails are impounded.

The project is expected to produce an average of 140 000 oz/y of gold and 830 000 oz/y of silver, as a gold/silver doré, assaying roughly 15% of gold and 85% of silver over the life of the mine.

Overall recovery of the precious metals from the Certej ore are expected to be 87.4% and 80% for gold and silver respectively.

Net Present Value/Internal Rate of Return
The project has a post-tax net present value, at a 5% discount rate, of $229-million and an internal rate of return of 13%.

Value
The initial capital cost of the project is estimated at $449-million.

Duration
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Eldorado Gold, VP investor relations Krista Muhr, tel +1 604 687 4018 or fax +1 604 687 4026.