Eldorado Reports Q2 Gold Production of 181,160 Ounces

Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) announced Q2 2015 production of 181,160 ounces of gold, down from 200,551 ounces in the year-ago quarter. Average cash costs were $569 per ounce, again down from Q2 2014, when they came in at $489.
Other operational highlights include:

• Significant developments at Skouries: multiple foundations completed, initial stripping from open pit complete, process equipment deliveries commenced and installation of flotation equipment began.
• Receipt of the Eastern Dragon Project Permit Approval; site works recommenced.
• Operational and implementation plans for Olympias Phase II finalized, with an estimated ~$618 million of pre-tax revenue generated during the first five years of the Phase II operations (excluding ramp-up in 2016).
• Positive Feasibility Study at the Certej Project completed.
• Positive Feasibility Study at Tocantinzinho completed.

Further financial highlights include:

• Gold production of 181,160 ounces (including production from tailings retreatment at Olympias).
• Adjusted net earnings of$17.0 million($0.02 per share). Net loss attributable to shareholders of the Company was $198.6 million($0.28 per share), primarily due to the recorded impairment loss at Certej of $214.1 million (net of deferred income tax recovery).
• Gold revenues were $204.2 million on sales of 170,056 ounces of gold at an average realized gold price of $1,201 per ounce.
• Liquidity of $824.8 million, including $449.8 million in cash, cash equivalents and term deposits, and $375.0 million in undrawn lines of credit.
• All-in sustaining cash costs averaged $900 per ounce; cash operating costs averaged $569 per ounce.
• On July 30, 2015, the Company declared that it will pay a dividend of CDN$0.01 per Common Share on August 26, 2015 to the holders of the Company’s outstanding Common Shares as the close of business on the record date of August 17, 2015.

Click here to read the full Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) press release.