Eldorado Gold Corporation

Eldorado Gold Corporation

September 11, 2009 07:55 ET

Eldorado Gold Corporation: Kisladag Drilling Extends Ore Grade Gold Mineralization at Depth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2009) - Norm S. Pitcher, Chief Operating Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE Amex:EGO) is pleased to announce results from our exploration program at the Kisladag Mine in Turkey. The 13 diamond drill hole program focused on testing the extent of higher grade gold mineralization below the current pit design limits and evaluating potential for deep mineralization in the eastern portion of the deposit. Drilling of the final hole will finish later this month.

Results from the first 11 drill holes are shown in Table 1 and illustrated in plan view and an E-W cross section in Figures 1 and 2. Calculated intervals generally used a 0.5 g/t gold cut off (note that the assayed intervals represent approximately true widths).

Interval Grade
Hole ID From (m) To (m) (m) (g/t) Comment
GC - 351 330.0 380.0 50.0 0.65
615.0 1017.5 402.5 0.50 deepest interval
drilled on deposit
GC - 352 140.0 340.0 200.0 0.65 within pit design
340.0 482.5 142.5 0.77 outside pit design
GC - 353 187.5 447.5 260.0 1.09 within pit design
447.5 675.0 227.5 0.66 outside pit design
GC - 354 210.0 225.0 15.0 0.84 within pit design
225.0 255.0 30.0 0.76 outside pit design
383.5 432.5 49.0 0.65 outside pit design
GC - 355 507.5 617.5 110.0 1.36 outside pit design
GC - 357 520.0 667.5 147.5 0.66 outside pit design
712.5 745.0 32.5 0.60 outside pit design
GC - 358 437.5 465.0 27.5 0.72 outside pit design
520.0 607.5 87.5 0.63 outside pit design
665.0 722.0 57.0 0.69 outside pit design
GC - 359 no significant results
GC - 360 360.0 460.0 100.0 0.71 within pit design
460.0 545.0 85.0 2.02 outside pit design
GC - 361 400.0 500.0 100.0 0.64 outside pit design
500.0 745.0 245.0 0.92 outside pit design
760.0 817.5 57.5 0.64 outside pit design
GC - 362 500.0 547.5 47.5 0.90 outside pit design

The results demonstrate continuous gold mineralization to over 1000m below surface illustrating the strength of the overall Kisladag gold porphyry mineralized system. Of particular note is the extension of the + 1 g/t gold zone in the central to southern portions of the deposit. The new results will be incorporated into an updated mineral resource and mineral reserve estimate later in the year.

Norm S. Pitcher commented "These strong results continue to confirm Kisladag as a world class gold deposit and add support to our earlier stated intentions to take advantage of opportunities to effectively increase annual production."

Stephen Juras, Ph.D., P.Geo., Director, Technical Services is the qualified person for the technical disclosure in this press release. Samples are prepared at Eldorado's facility in Turkey and assayed at the ALS facility at Vancouver, Canada. Analysis for gold is done on sawn half core samples using fire assay methods. Standard reference materials, blank and field duplicate samples were inserted prior to shipment from site to monitor the quality control of the assay data.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We remain one of the lowest cost pure gold producers. 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.


Norm S. Pitcher, Chief Operating Officer

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. Such forward-looking statements or information include, but are not limited to statements or information with respect to the transaction.

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 and 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: the number of shares issued is subject to certain adjustments; gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory 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 31, 2009.

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.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX:ELD) and the NYSE-Amex US (NYSE Amex:EGO).

To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/eld911maps.pdf.

Request for information packages: info@eldoradogold.com.

Contact Information

  • Eldorado Gold Corporation
    Norm S. Pitcher
    Chief Operating Officer
    604.601-4018 or 1.888.353.8166
    604.687-4026 (FAX)