Eldorado Announces Preliminary 2016 Operational Results and 2017 Guidance

VANCOUVER, Jan. 6, 2017

VANCOUVER, Jan. 6, 2017 /PRNewswire/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") today announces the Company's 2016 operating results and preliminary cash costs, and provides production and cash cost guidance for 2017.

2016 Highlights

• Gold production of 485,994 ounces (including production from discontinued Chinese operations and tailings retreatment); slightly lower than the revised third quarter guidance of 495,000 ounces.
• 2016 cash operating costs averaged $578 per ounce; considerably lower than original 2016 guidance of $585-620 per ounce.
• All in sustaining costs expected to be approximately $915 per ounce; also considerably lower than original 2016 guidance of all in sustaining costs of $940-980 per ounce.
• Closed the year with total liquidity of approximately $1.1 billion, including $880 million in cash, cash equivalents and term deposits, and $250 million in undrawn lines of credit.
• Completed sale of Chinese assets, which included: White Mountain and Tanjianshan Mines and Eastern Dragon Development Project to an affiliate of Yintai Resources Co. Ltd, and the Jinfeng Mine to a wholly-owned subsidiary of China National Gold Group Corporation.
• Olympias Phase II is set for commissioning in the first quarter 2017.
• Construction at Skouries continues on track for 2019 start-up .
• Continued improvement to the overall safety record with a reduction in the lost time injury rate for the fifth consecutive year.
• Announced the planned retirement of President and Chief Executive Officer Paul Wright and named George Burns as his successor, in addition to changes to the Board of Directors.

"I am very pleased to report the close of a successful 2016, a transitional year for Eldorado. With the sale of the Chinese assets now complete, our development projects in Greece progressing on schedule, and a capital plan that now reflects the lower gold price environment, I am confident that the next three years will be transformational for the Company." said Paul Wright, President and Chief Executive Officer.  "Our teams continue to operate to the highest international safety standards, and I would like to take this opportunity to thank them for their hard work and diligence in this core area."

"In response to our current gold price outlook and our priority development projects in Greece, we have  decided to reconfigure the mine plan at Kışladağ, eliminating the remaining capital expenditure associated with the expansion and greatly reducing sustaining capital requirements over the next five years. The revised operating plan greatly enhances free cash flow from the operation in the near and medium-term while maintaining long-term operating integrity."