Eldorado Gold Corporation achieved record production of 789,224 ounces in 2014 which was in line with the original 2014 guidance of 730,000-800,000 ounces of gold. Forecast gold production in 2015 is estimated to be 640,000-700,000 ounces.

The company has forecast an average cash cost ranging between $570-615 per ounce and an all-in sustaining cash cost between $960-995 per ounce for 2015. In 2014 all-in sustaining cash costs averaged $780 per ounce and cash operating costs averaged $500 per ounce.

Eldorado’s CEO Paul Wright said: “The company delivered another solid year with all of our mines either meeting or exceeding the original 2014 guidance. Costs were kept within the lower quartile of the industry average, crucial when we are faced with a period when metal prices remain depressed across the board.”

Regarding China he said that progress was continuing to be made in resolving the outstanding permit approvals at the Eastern Dragon project where the company plans to commence operations prior to year-end 2015.

At White Mountain, the company this year expects to process 830,000 tonnes of ore at a grade of 3.28 grams/tonne gold. Sustaining capital costs will be approximately $20 million in 2015. This includes underground mine development, tailings dam lift and some underground equipment rebuilds.

Jinfeng will process 1.3 million tonnes of ore at a grade of 3.95 grams/tonne. The ore will be primarily sourced from the underground operations with the open pit operations being completed early in 2015. Sustaining capital costs for 2015 are estimated at $30 million. Major capital items include underground development, underground equipment rebuilds and a new ventilation shaft.

At Tanjianshan, Eldorado expects to process 1.1 million tonnes of ore at 3.36 grams/tonne. Sustaining capital spending is budgeted at $20 million in 2015. This will be spent on capitalized waste stripping, underground development at Qinlongtan and tailings dam expansion.

At Eastern Dragon, the company plans to spend approximately $35 million in development capital over the summer months to complete the construction of the waste dump, tailings facility and pre-stripping works. The company expects to process 22,000 tonnes of ore at a grade of 14.75 grams/tonne. Initial 2015 production is scheduled for late in the year, and the company expects to produce between 5,000-10,000 ounces of gold.

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