Eldorado Reports 2015 Year-End and Fourth Quarter Financial and Operational Results

2015: Another Solid Year of Production

TSX: ELD   NYSE: EGO

VANCOUVER, March 23, 2016 /CNW/ - Eldorado Gold Corp., ("Eldorado" or "the Company") is pleased to announce the Company's financial and operational results for the year ended December 31, 2015.  Eldorado reported strong gold production of 723,532 ounces (2014: 789,224 oz) at an average cash operating cost of $552 per ounce (2014: $500/oz).  Adjusted net earnings for 2015 were $13.2 million ($0.02 per share) compared to $138.7 million ($0.19 per share) in 2014.

"In a year marked by permitting challenges in Greece, coupled with continued metal price volatility, I am pleased to report that the Company exceeded production and cost guidance for the third year in a row," said Paul Wright, President and Chief Executive Officer of Eldorado Gold. "All of our mines delivered solid operational results, and our teams had their best safety year on record with a decrease in the Lost-Time Incident Frequency Rate by 25% to 1.03."

"While gold prices have strengthened since the beginning of the year, the Company continues to be financially prudent and has conducted impairment testing at lower gold prices.  This has resulted in an impairment of $1.5 billion after taxes, including goodwill. With approximately $668 million in total liquidity at year-end, our balance sheet remains one of the strongest in the industry, allowing us to internally fund our robust growth pipeline. Our consistent production, organic exploration potential, financial stability, low debt, enviable project pipeline and the long lives of our assets place us in a strong position for sustainable growth. Looking ahead, we have set ambitious targets in 2016 that encompass financial and operational performance, health, safety, environmental and community aspects."

2015 Financial and Operational Highlights

• Gold production of 723,532 ounces (including production from tailings retreatment at Olympias), exceeding original 2015 guidance of 640,000-700,000 ounces of gold.
• Gold revenues were $823.8 million on sales of 705,310 ounces of gold at an average realized gold price of $1,168 per ounce.
• Liquidity of $667.6 million, including $292.6 million in cash, cash equivalents and term deposits, and $375.0 million in unused lines of credit.
• All-in sustaining cash costs averaged $842 per ounce; cash operating costs averaged $552 per ounce.
• Completed and released two positive Feasibility Studies: Tocantinzinho and Certej.
• Eastern Dragon Project Permit Approval: received from the National Development and Reform Commission.

Reserves and Resources

The Company ended 2015 with proven and probable gold reserves of 624 million tonnes at 1.24 grams per tonne gold containing 24.9 million ounces.  The 4.1% decrease in gold reserves was mainly driven by depletion from mining during the year. A gold price of $1,200 per ounce was used in the reserve estimates, compared with $1,250 per ounce in the prior year.

The complete mineral reserve and mineral resource data can be found at the end of this news release and includes the data for tonnes, grades and ounces.

2015 Financial Results

Impairment Charges

During 2015 the Company recorded non-cash impairment charges totaling $1,049.2 million in property, plant and equipment (net of deferred income tax recovery), and $476.0 million in goodwill mainly related to Greece. The impairment of property, plant and equipment included $739.9 million related to Skouries, $214.1 million related to Certej, $31.2 million related to Stratoni, $35.8 million related to Tanjianshan, and $28.2 million related to Vila Nova.

In addition to ongoing permitting issues at Skouries, higher estimated capital and operating costs affected projected cash flows from Skouries and Certej, leading to fair value estimates below these projects' carrying values. Stratoni (lead and zinc) and Vila Nova (iron ore) were both affected by the continuing world-wide slump in metals prices.

Review of Annual Financial Results

Gold sales volumes decreased 9% year over year, reflecting decreases in gold production at Kisladag and the Company's Chinese mines. Total cash costs per ounce increased 9% year over year, mainly due to increases in operating costs at Ki?lada? and Tanjianshan. Gross profit from gold mining operations of $230.0 million fell 40% year over year on decreasing gross margins as a result of lower sales volumes, higher unit operating costs and lower realized gold prices. 

Loss attributable to shareholders of the Company was $1,540.9 million, or $2.15 per share, compared to a net profit attributable to shareholders of the Company of $102.6 million, or $0.14 per share in 2014. The loss in 2015 was mainly due to impairment losses, net of tax, in the amount of $1,525.2 million ($1,423.0 million attributable to shareholders of the Company), a deferred income tax charge of $63.5 million related to a change in income tax rates in Greece, and lower gross profits from gold mining operations.

Adjusted net earnings for the year were $13.2 million ($0.02 per share) as compared with $138.7 million ($0.19 per share) for 2014. The main factor in the decrease in adjusted net earnings was the decrease in gross profit from gold mining operations described above. Please see the accompanying Management's Discussion and Analysis for a reconciliation between loss attributable to shareholders of the Company and adjusted net earnings.

Review of Quarterly Financial Results

Loss attributable to shareholders of the Company for the quarter was $1,238.0 million ($1.73 per share) as compared to net profit for the quarter ended December 31, 2014 of $13.9 million ($0.02 per share). Adjusted loss was $19.3 million as compared to 2014 adjusted net earnings of $29.4 million. The main factors that impacted earnings for the fourth quarter year over year was the impairment charge attributable to shareholders of the company, net of taxes, of $1,249.6 million recorded in the fourth quarter of 2015, and lower gold sales volumes and prices.

2015 Review and 2016 Outlook

TURKEY

Kisladag

Gold production at Kisladag was 10% lower year over year mainly as a result of lower ore grades, which were planned for this phase of the open pit. Lower ore grades were partly offset by an increase in ore tonnage and an inventory drawdown resulting from increased solution application to the leach pad. Ki?lada? placed 24% more total tonnes on the leach pad at a 31% lower head grade than in 2014. Cash operating costs per ounce were higher year over year as a result of the lower grade of ore, partly offset by a decline in diesel fuel prices, and a weakening of the Turkish lira. Capital expenditures at Kisladag in 2015 included capitalized waste stripping, equipment overhauls and sustaining construction projects.

For 2016, Kisladag is expected to produce between 225,000-240,000 ounces of gold at a cash cost in the $550-600 range. The sustaining capital expenditure for the year is budgeted at $50.0 million.

Efemcukuru

Gold production at Efemcukuru increased 2% year over year due to favorable smelter settlement adjustments as well as an increase in mill throughput. Gold ounces sold were lower due to concentrate inventory movements. Lower cash operating costs were the result of both the impact of the weakening Turkish lira, cost reduction initiatives, and slightly higher gold production. Capital spending in 2015 included costs related to capitalized underground development, mobile equipment, tailings dam construction, and process improvements.

For 2016, Efemcukuru is expected to produce 90,000-100,000 ounces of gold at cash costs between $550-600 per ounce. Sustaining capital is estimated to be $20.0 million.

CHINA

In 2014 the Company announced that it was evaluating the merits of a potential listing of its China assets on the Hong Kong Stock Exchange.  Subsequent to that announcement the Company has been approached by a number of China-based mining companies with an interest in acquiring some or all of the assets.  The Company continues to advance its assessment of these options.

Tanjianshan

Gold production at Tanjianshan was 9% lower year over year mainly due to lower average treated head grade, and gold-in-circuit inventory movements. Cash operating costs per ounce were higher than 2014 mainly due to lower average treated head grade and higher ore and waste tonnes mined. Capital expenditures for the year included construction of a tailings dam lift and driving the Qinlongtan (QLT) Deep decline in order to evaluate the QLT resource.

For 2016, Tanjianshan is expected to produce between 70,000-80,000 ounces of gold at a cash cost between $675-725 per ounce.  Sustaining capital for the year is budgeted at $5.0 million.

Jinfeng

Gold production at Jinfeng was 11% lower year over year mainly as a result of less ore milled partially offset by higher average treated head grade. Ore production fell year over year with the completion of the open pit in April 2015. Cash operating costs per ounce were 2% higher year over year mainly due to lower gold production. Capital expenditures for the year included underground development, mining equipment and the construction of dry stacking facilities at the flotation and Carbon-in-Leach tailings dams.

Jinfeng is expected to produce between 95,000-105,000 ounces of gold at cash costs between $700-750 per ounce in 2016.  Sustaining capital for the year is expected to be $15.0 million.

White Mountain

Gold production at White Mountain was 8% lower year over year due to lower average treated head grade and gold-in-circuit inventory movements. Cash operating costs per ounce were 6% higher than in 2014 as a result of the lower average treated head grade. Capital expenditures for the year included underground electrical infrastructure, upgrades to the mill and backfill plant, and ongoing expansion of the tailings storage facility.

For 2016, White Mountain is expected to produce between 75,000-85,000 ounces of gold at a cash cost between $625-675 per ounce.  The sustaining capital for the year is expected to be $15.0 million.

Eastern Dragon

A key milestone was achieved in June 2015 with the receipt of the Project Permit Approval (PPA). The PPA, which was approved by the National Development and Reform Commission (NDRC), provides verification of previous permitting steps including the Environmental Protection Assessment approval. The conversion of the exploration license to a mining license is progressing, evidenced by formal acceptance of the application by the Ministry of Land and Resources on March 1, 2016. Mine personnel continue to be engaged with local, state and central government authorities to actively pursue all avenues to advance permitting while maintaining all existing agreements in good standing.

Commissioning is included in the Company's 2016 forecast of between 10,000-20,000 ounces of gold at cash costs between $125-175 per ounce.

GREECE

In order to complete the construction and development of its Kassandra mining projects in Halkidiki, northern Greece, Hellas Gold, a subsidiary of Eldorado, requires the approval of various routine permits and licenses from a number of government agencies, predominantly under the direction of the Ministry of Environment and Energy (the "Ministry").

Hellas Gold received approval for its Environmental Impact Study in 2011. Since 2012, the Ministry and other agencies have not entirely fulfilled their permitting and licensing obligations primarily as a result of the lobbying efforts by anti-development interest groups. While Hellas Gold is presently unable to complete its full development plans in Halkidiki as a result of the actions and/or inactions of the Ministry and other agencies regarding the timely issuance of routine permits and licenses, the Company remains committed over the long-term to the projects and its numerous stakeholders within the country.

Olympias

The Olympias plant treated 589,675 tonnes of tailings at a grade of 1.99 grams per tonne during 2015. A total of 16,396 ounces of gold were produced during the year. The Olympias plant ceased treating tailings during the first quarter of 2016.

On March 22, 2016, the Company was granted the required installation permit to begin the next phase ("Phase II") of Olympias.  During 2015 basic engineering for Phase II was completed, and full implementation began with detailed engineering and procurement of long lead items was well advanced by year end. Underground mine development and refurbishment continued at Olympias during 2015, with underground ore production for Phase II projected to begin before the end of 2016. During 2015, 659 meters of underground access were rehabilitated and 1,901 meters of new development were completed. In addition, approximately 330 meters were advanced on the main Stratoni-Olympias decline, bringing total decline advance project-to-date to 1,950 meters. Capital costs incurred in 2015 were $97 million, consisting of $72 million in construction capital and $25 million in capitalized cost for tailings retreatment.

Skouries

Engineering design work for the processing plant and surface facilities progressed during 2015, with engineering at over 93% complete by year end. During the year a substantial amount of the equipment and various steel structures required to complete construction of the plant and facilities were delivered to the Skouries site, with over 80% of the procurement scope completed by the end of the year. Work continued on construction of the process plant and road access was completed to the base of the tailings dam.

Work on the development of the Skouries underground mine design was advanced during 2015 from scoping level through prefeasibility level. The underground mine design is expected to be completed in 2016. The mine is projected to produce 4.5 million tonnes per year using shaft and ramp access with sub level open stoping along vertical development intervals of 60 meters. The open pit is expected to be used for disposal of mill tailings during the life of the underground operation. The open pit is projected to operate for a period of 8 years to be followed by 22 years of underground mining. During 2015 a total of $112.9 million was spent at Skouries, excluding capitalized exploration and capitalized interest.

On January 11, 2016, the Company announced that construction and development activities at the Skouries project were being suspended due to delays in the issuance of routine permits and licenses by the Greek permitting authorities. Environmental protection works and care and maintenance activities continued to be performed in order to safeguard the environment and the assets of the Company at site at a cost of approximately $1.0 million per month.

Stratoni

Stratoni produced 31% less concentrate than in 2014 mainly due to lower mine output. Mine output was impacted by fewer available underground production faces as well as an extended mine shutdown related to Kassandra mines' permitting issues. Stratoni reported a loss from mining operations of $12.5 million (2014: gross profit $0.6 million). The loss included a write down of inventory to net realizable value of $3.3 million. In addition to the shortfall in production, the profitability of mining operations was impacted by weak lead and zinc prices. Capital expenditures for the year included upgrades to health, safety and environmental equipment, and upgrades to the water treatment plant.

In 2016, the Company expects to process 220,000 tonnes of ore at grades of 6.2% lead, 10.0% zinc and 163 grams per tonne silver.  Sustaining capital for the year is expected to be $10.0 million.

The Mavres Petres Mine currently has a mine life of approximately three years based on the known proven and probable reserves.  Geological potential exists to expand resources at Mavres Petres and extend mine life, however, in order to delineate additional resources, a mining development and drilling campaign would be required at an estimated cost of $25 million over the next three years, assuming timely issuance of any permits that may be required. 

Perama Hill

Project engineering was completed during the year on Perama Hill and the project was placed on care and maintenance pending receipt of the Environmental Impact Assessment approval. In 2015, a total of $1.0 million was spent on the Perama Hill project.

BRAZIL

Vila Nova

A nominal amount of iron ore was processed and shipped in the first quarter of 2015 while preparing the plant for shutdown. No production was realized during the rest of the 2015 year, and sales and operational activities remained suspended during the year due to low iron ore market prices.

Tocantinzinho

The Company completed a Feasibility Study for the Tocantinzinho project during 2015. The project is expected to generate positive cash flows with a return rate of 13.5% after tax at a forecast gold price of $1,250 per ounce. Capital costs incurred at Tocantinzinho in 2015 totalled $4.1 million and were spent on engineering and site works to advance the installation of the access road to the site.

Additional optimization studies are planned for 2016 at the Tocantinzinho project.  The Company is expected to spend $10.0 million in capital during 2016, primarily on completing construction of the access road to site, permitting, basic engineering and general site costs.

ROMANIA

Certej

In May 2015 the Company released the results of the Feasibility Study for the Certej project. The study included improvements in the mine design and further optimization of the flotation and oxidation processes for gold recovery. This study resulted in a decrease in projected capital investment and reduced life of mine operating costs as compared with the previous Feasibility Study.

Engineering work continued during 2015 on trade off studies with a focus on further opportunities to improve the project and increase the level of engineering confidence. Work began on amending the existing environmental permits to reflect the proposed changes and such work will continue to be the focus of efforts in 2016. During 2015 a total of $15.8 million was spent on Certej, mainly on geotechnical and metallurgical testing, site preparation and engineering studies.

During 2016, the Company expects to spend approximately $20.0 million at Certej, with a focus on continuing infrastructure projects, advancing permitting and support engineering as defined in the 2015 Feasibility Study.

Exploration Review

A total of $30.0 million was spent in 2015 on exploration, which included 58,000 meters of drilling. Exploration activities were conducted at 17 projects including early-stage, brownfields and in-mine programs in Turkey, China, Brazil, Greece and Romania.

Turkey

At the Efemcukuru mine 5,500 meters of drilling focused on establishing the grade and continuity of mineralized trends within the Kokarpinar vein system.   Reconnaissance teams drill-tested porphyry-epithermal targets at the Dolek project in Northeast Turkey (1,900 meters), and conducted project generation work mainly in northern and western Turkey. Aeromagnetic data were acquired covering roughly 6,000 square kilometers in an area west of Kisladag, which will form the basis of regional reconnaissance work in 2016, directed towards identifying new porphyry and epithermal targets.

China

In China, brownfields and in-mine exploration programs were completed at Tanjianshan and White Mountain. At Tanjianshan, 4,700 meters of drilling, collared from the new underground development, defined along-strike and down-dip extensions to the high-grade QLT North deposit.  Drilling was also completed at the nearby Xijingou deposit (2,200 meters), and the Dushugou and Qingshan prospects (800 meters total). At White Mountain, 14,200 meters of underground drilling were completed, focused mainly on expanding resources in the South, North, and Far North zones.  Finally, a 600 meter drill program tested new exploration targets on the Anbao license, north of Jinfeng.

Brazil

In Brazil, the KRB prospect in the Tocantinzinho project area was tested with 3,000 meters of drilling completed.  Other exploration activities in Brazil were limited project generation, mainly in the Central Brazil gold belt and in the northeastern part of the country.

Greece

Exploration drilling in Greece totaled 900 meters of underground drilling that targeted extensions of the Mavres Petres deposit. Other exploration activities focused on mapping and sampling programs on our Halkidiki and Sapes license areas, and project generation work in northern Greece. Several new high-grade vein occurrences were identified peripheral to the Skouries deposit, and drilling targets were defined at the Tsikara and Fisoka prospects.

Romania

In Romania, five exploration projects were drilled in the Certej area. A total of 5,100 meters of drilling were completed at the Muncel VMS deposit aimed at identifying gold-rich areas within the base metal system. At Magura, 8,900 meters of drilling targeted down-dip and along-strike extensions of high-grade veins that were historically explored in underground workings. At the newly acquired Certej North exploration license, 4,700 meters of drilling were completed intersecting broad zones of peripheral porphyry and epithermal-style alteration/mineralization. Drilling programs also tested the P. Avram prospect (1,700 meters) and porphyry targets on the Deva exploration license (650 meters).

2016 Financial Outlook

The Company's balance sheet remains one of the strongest amongst its peers, with approximately $290 million in cash, cash equivalents and term deposits and $375 million in undrawn credit lines.  Sustaining capital for gold mining operations in 2016 is estimated to be approximately $105 million.  Planned expenditures for new mining development is approximately $190 million at the Olympias Phase II and Eastern Dragon. Exploration expenditures in 2016 are expected to be $25 million (65% expensed and 35% capitalized), with a balanced focus on resource delineation and brownfield drilling at existing operations, testing known structures, and project generation.

Financing Activities

The Company paid dividends of $10.9 million to non-controlling interests and $11.3 million to shareholders during 2015.

The Company is suspending the cash payment of its semi-annual dividend payment effective the first quarter of 2016. The decision of the Board of Directors has been made in view of the low gold price, the terms and conditions of the Dividend Policy and the requirements of the Canada Business Corporations Act (CBCA). We continue to believe that a portion of funds from operations should be shared with our investors and look forward to resuming dividend payments in a stronger gold price environment.

Conference Call

A conference call to discuss the details of the Company's 2015 Year End and Fourth Quarter Results will be held by senior management on March 24, 2016 at 8:30 AM PT (11:30 AM ET).  The call will be webcast and can be accessed at Eldorado Gold's website: www.eldoradogold.com

About Eldorado Gold

Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil.  The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates.  Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited to the Company's 2015 Year End and Fourth Quarter Results.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.  We have made certain assumptions about the forward-looking statements and information, including assumptions about the political and economic environment that we operate in, the future price of commodities and anticipated costs and expenses.  Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate.  Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information.  These risks, uncertainties and other factors include, among others, the following:  political and economic environment, gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory environment and restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 27, 2015.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.  Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM.  These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7.  In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with National Instruction 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

For a detailed discussion of resource and reserve estimates and related matters see the Company's reports, including the Annual Information Form and Form 40-F dated March 27, 2015 and technical reports filed under the Company's name at www.sedar.com and www.sec.gov respectively.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors.  While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC.  As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings.  With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility.  It cannot be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category.  Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.  Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Notes on Mineral Resources and Reserves

1. Mineral reserves and mineral resources are as of December 31, 2015.
2. Mineral reserves are included in the mineral resources.
3. The mineral reserves and mineral resources are disclosed on a total project basis.
4. The Olympias mineral reserves and mineral resources now excludes any remaining old tailings material.
5. Vila Nova mineral reserves have been removed from the Reserve table due to not being economic at projected long term iron ore prices.

Mineral Reserve Notes

1)   Long Term Metal Price Assumptions

• Gold price: $1,200/oz
• Silver price: $16.00/oz (for Stratoni it was $7.74/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.)
• Copper price: $3.00/lb
• Lead price: $2,000/t
• Zinc price: $2,000/t

2)   Cut-off Grades

Kisladag: $7.30 NSR;  Efemcukuru: 3.48 g/t Au;  Perama:  0.8 g/t Au;  Tanjianshan: 1.30 g/t Au (JLG), 1.7 g/t Au (QLT South), 3.80 g/t Au (QLT);  Jinfeng: 0.65 g/t Au (open pit), 2.3g/t Au (underground);  White Mountain: 1.8 g/t Au;  Eastern Dragon: 1.0 g/t Au (open pit), 1.7g/t Au (underground);  Tocantinzinho: 0.42 g/t Au;  Skouries: $12.00 NSR  (open pit), $33.33 NSR (underground); Olympias:  $76.00 NSR;  Stratoni: 15.54% Zn Equivalent grade (=Zn%+Pb%*1.20+Ag%*165);  Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).

3)   Qualified Persons

• Richard Miller, P.Eng., General Manager, Kisladag Mine, is responsible for the Kisladag reserves.
• John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Skouries open pit, Certej and Tocantinzinho reserves.
• Doug Jones (Registered Member - SME), Senior Vice President, Operations for the Company, is responsible for the Tanjianshan, Jinfeng, White Mountain, Eastern Dragon, Efemcukuru, Olympias, Stratoni and Perama Hill reserves.
• Colm Keogh, P.Eng, Principal Mining Engineer, AMC Mining Consultants (Canada) Ltd., is responsible for the Skouries underground reserves.

Mineral Resource Notes

1)   Cut-off Grades

Kisladag: 0.25 g/t Au;  Efemcukuru: 2.5 g/t Au;  Perama: 0.5 g/t Au;  Jinfeng: 0.5 g/t Au (open pit), 2.0 g/t Au (underground);  Tanjianshan: 1.0 g/t Au (JLG), 1.0 g/t Au (QLT South), 2.5 g/t Au (QLT);  White Mountain: 1.0 g/t Au;  Eastern Dragon: 1.0 g/t Au;  Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au; Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%);  Piavitsa: 3.5 g/t Au;  Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit).  Resource cut-offs for Olympias and Stratoni are geological based due to the sharpness of the mineralized contacts and the high grade nature of the mineralization. 

2)   Qualified Persons

• Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for all of the Company's mineral resources except for those associated with Sapes.
• Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, is responsible for the Sapes mineral resources.

Click here for the Consolidated Financial Statements for the year ended Dec 31, 2015.

SOURCE Eldorado Gold Corp.