Eldorado beats guidance, on track for Q1 Lamaque commercial production
TSX- and NYSE-listed Eldorado Gold exceeded 2018 production guidance, producing 349 147 oz of gold.
The target was set at between 290 000 oz and 330 000 oz. Eldorado produced 292 971 oz in 2017.
Pre-commercial production from the company’s Lamaque operation, near Val-d'Or, Quebec, supported the last quarter of 2018’s production of 75 877 oz.
Commercial production from Lamaque is on track to be declared in the first quarter of the year.
“In 2018, Eldorado met its overall production goals, which included two upward revisions to production guidance. These positive results reflect solid execution by the team and better-than-expected leach pad production at Kisladag.
“Additionally, underground mine development and refurbishment of the Sigma Mill, at Lamaque, proceeded according to plan and we expect to start production soon,” noted Eldorado president and CEO George Burns.
He added the Olympias team made progress in addressing challenges relating to the blending of the ore feed to the mill and startup of the newly installed paste plant.
“Ore feed blending impacted metallurgical performance and contributed to lower second half production and higher costs. With better control of the blend anticipated, we expect 2019 to be a better year for both mining and processing at Olympias,” said Burns.
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia and Brazil.
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