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Message: Perama Hill Project Update
| April 16, 2009 |
| Eldorado Gold Corporation: Perama Hill Project Update |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE Alternext US:EGO)(NYSE Amex:EGO.A) is pleased to provide an update on the permitting and general development of the Perama Hill Project ("Perama Hill" the "Project") in Northern Greece. Eldorado operates in Greece through its 100% owned subsidiary, Thracean Gold Mining ("TGM"). Perama Hill is a shallow, low sulfidation oxide deposit well suited for open pit mining. It currently hosts an indicated resource of 1,360,000 ounces of gold with an additional 552,000 ounces in the inferred category. Permitting TGM is currently in the process of compiling a Pre-Environmental Impact Assessment ("PEIA") which we expect to submit to the Greek authorities by mid June 2009. This document contains the basic project description, such as production rates, location of major infrastructures, and the processing flow sheet, and sets up the input parameters for the full Environmental Impact Assessment ("EIA"). TGM expects approval of the PEIA prior to the end of 2009, followed by the submission of the full EIA in the first quarter of 2010. The approval process for the EIA involves a review by the associated Ministries (Ministries of Environment, Development, Culture, Agriculture and Health), who then forward it to the local Prefecture for review and public hearings, which we expect will occur in the first quarter of 2011. After public comment the EIA document is returned to the Ministries who will issue the Environmental Terms of Reference ("ETR") under which the Project will operate. Given this time frame we would expect approval of the EIA to be received in the second quarter, 2011 with construction commencing shortly thereafter. General Development Activities TGM and Eldorado are drawing on the experiences that our personnel gained in permitting mines in other jurisdictions and applying this expertise to the Perama Hill Project. A new Board of Directors for TGM has been appointed that has relevant mining expertise and the ability to advise TGM management on the strategic direction of the Project. The public consultation process has been restarted, and in the recent months meetings have been held with various groups including governmental agencies, media and local stakeholders. The results of these meetings have been both constructive and positive. Two full time community relations specialists have been hired in our Alexandroupoulos office, and they have been focused on presenting and explaining the Project to the local communities. As a part of our commitment to these communities a new agriculture water well will be drilled starting in mid-May to provide water for crops in the area surrounding the Perama Village. Technical TGM along with its consultants is working to complete a NI 43-101 Technical Report on the Project (the "Report"). The Report will detail the results of an updated feasibility study which will include a proven and probable reserve, production rates and estimates for capital and operating costs. It is anticipated that the Report will be filed and released in the third quarter of 2009. Paul N. Wright commented, "Perama Hill is a high quality, technically straightforward Project that will bring benefits and opportunities to the communities in this region. Eldorado and TGM are committed to developing the Project in an environmentally responsible manner, in full consultation with local stakeholders and Greek government authorities. We look forward to advancing the Project through permitting and development to production." The Qualified Person for the Indicated Resources for Perama Hill was Luke Evans, M.Sc., P.Eng., Scott Wilson Roscoe Postle Associates Inc. Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We are one of the lowest cost pure gold producers reporting. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities. ON BEHALF OF ELDORADO GOLD CORPORATION Paul N. Wright, President and Chief Executive Officer |
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