Eldorado Gold Reports 2016 Gold Production Of 485,994 Ounce

(RTTNews) - Eldorado Gold Corp. (ELD.TO, EGO) reported that its Gold production for 2016 was 485,994 ounces, which included production from discontinued Chinese operations and tailings retreatment; slightly lower than the revised third quarter guidance of 495,000 ounces.

It said that 2016 cash operating costs averaged $578 per ounce; considerably lower than original 2016 guidance of $585-620 per ounce.

All in sustaining costs for 2016 are expected to be approximately $915 per ounce; also considerably lower than original 2016 guidance of all in sustaining costs of $940-980 per ounce.

For 2017, the company expects gold production of 365,000-400,000 ounces, in addition to substantial by-product credits from Olympias Phase II production. All-in sustaining cash costs are expected to remain low at$845-875 per ounce; and cash operating costs expected to decline significantly, averaging $485-535 per ounce. It is expects capital expenditures of $425 million; considerably lower than the September 2016 guidance.

The Company's balance sheet remains one of the strongest in its peer group, with approximately $880 million in cash, cash equivalents and term deposits and $250 million in undrawn credit lines. Sustaining capital for gold mining operations in 2017 is estimated to be approximately $100 million. Planned expenditures for mining development total $315 million. Exploration expenditures in 2017 are budgeted at $35 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.

The 2016 Fourth Quarter and Year End Financials will be released after the market closes on February 23, 2017.