Eldorado Gold: Skouries Technical Study approved, construction to recommence

VANCOUVER, May 9, 2016 /CNW/ – Eldorado Gold Corporation (“Eldorado” or the “Company”) confirms that Hellas Gold S.A., a Greek subsidiary of Eldorado, has received from Greece’s Ministry of Energy and Environment (The “Ministry”) the approval of the updated Technical Study for the Skouries Project in Halkidiki, Northern Greece. The approval of the Technical Study enables Hellas Gold to recommence construction activities at the Skouries Project site, which were suspended in January of this year (see news release dated January 11, 2016). Paul Wright, President and Chief Executive Officer of Eldorado, commented: “We are all very pleased with the receipt of this approval and greatly encouraged by the ongoing interaction between Hellas Gold and the Ministry and its technical services. This constructive engagement has contributed to other recent approvals including the Skouries Building Permit (February 2016), and the Olympias Installation Permit (March 2016). I believe there now exists a greatly improved shared understanding, appreciation and alignment between the Company and the Ministry in regards to the substantial benefits to be gained by the Greek society and economy through the collaborative responsible development of mineral resources in Greece. We look forward to working together with the Ministry to advance the Skouries and Olympias Projects for the benefit of all stakeholders.”

source: eldoradogold.com, May 09, 2016

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Canadian miner Eldorado Gold Corporation says the financial crisis unfolding in Greece isn’t having an impact on its operations in the country.

The company has stakes in three mine sites in the country in Skouries, Olympias or Stratoni, employing roughly 2,000 people.

“Our Greek subsidiaries continue to pay our employees, contractors and suppliers of goods and services in Greece, and abroad, primarily through the issuance of wire transfers in accordance with existing regulations,” the TSX-listed company said in a release.

Eldorado’s Greek assets make up some 40 per cent of the company’s operating net asset value, according to Dan Rollins, an analyst with RBC Capital Markets.

The decision in March by the then newly-elected Greek government to revoke the final construction approval at Eldorado’s Skouries project has weighed on the company’s share price, which is down 20 per cent in the past three months.

CBC News Posted: Jun 30, 2015

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