Eldorado Gold Corporation releases its updated Mineral Reserve and Mineral Resource (MRMR) estimates as of September 30, 2024. “Our updated Mineral Reserves estimate provides a solid foundation and underpins our production profile over the next decade and beyond,” George Burns, President and CEO said
George Burns, said, “We were pleased to increase our Mineral Reserves by approximately 2% overall, driven by increases at the Lamaque Complex and Efemcukuru that extends Reserve mine life significantly and complements our already long mine life assets at Skouries, Kisladag and Olympias.
The Lamaque Complex Mineral Reserve increased by 45%, driven primarily by the declaration of an Inaugural Mineral Reserve at Ormaque of 619 thousand ounces. This follows a solid track record of successfully replacing Mineral Reserves since acquiring the asset in 2017 and sets up the Lamaque Complex for the long-term with two underground mines with significant Inferred Mineral Resource conversion potential and exploration upside.”
“In addition, at Efemcukuru, we increased Mineral Reserves by 23% resulting in an extension to the mine life by an additional two years to an updated life of mine of eight years. Efemcukuru has been a reliable producer since 2011, and our team remains committed to exploring opportunities to extend mine life further.
During 2025, our focus will continue to be on extending the mine life at our existing operations and testing near-mine exploration targets, while seeking a discovery from our highly prospective portfolio of early stage exploration targets in Canada and Turkiye.”
The Company’s Proven and Probable gold Mineral Reserves totalled 11.9 million ounces as of September 30, 2024, an increase of approximately 2% from the previous MRMR statement from September 30, 2023. The complete MRMR table and notes can be found at the end of this release.
Excluding depletion, the increase in Mineral Reserves is primarily attributable to additions at Kokarpinar South at Efemcukuru as well as an inaugural Mineral Reserve estimate for the Ormaque deposit within the Lamaque Complex.
Lamaque complex mineral reserves increased 45% with the addition of Ormaque, partially offset by depletion at Triangle, resulting in an increase in life of mine to eight years. Ormaque: Inaugural Mineral Reserve of 619 thousand ounces at Ormaque.
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