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Eldorado raised its gold reserves by 1.3% while Inferred resources nosedived by 18%

December 02, 2020 12:13


Eldorado Gold (TSX:ELD) (NYSE:EGO) today released its updated Reserve and Resource estimates as of September 30, 2020.The company’s Proven and Probable gold Reserves totalled 17.7 million ounces as of September 30, 2020, compared to 17.5 million ounces as of December 31, 2019, an increase of 1.3%.The slight increase in overall Proven and Probable Reserves was attributable to increases at Kisladag, Lamaque and Perama Hill, offset by decreases at Olympias and Efemcukuru. Eldorado revisited its Mineral Resource portfolio, in particular the “reasonable prospects for eventual economic extraction” provision in the definition of a Mineral Resource.The company has implemented a more analytical approach to resource reporting this year. The previous approach evaluated mineral resources at cut-off values calculated from a multiple range of metal prices and modifying factors to gauge sensitivity to being mined.


The current method now determines resource cut-off grades or values using a single long term gold metal price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by analogy for our resource-only properties).Results of this change in reporting is a onetime adjustment of the company’s mineral resource inventory (-7% for Measured + Indicated contained ounces; -18% for Inferred contained ounces).Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil.