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Eldorado production is steady, operates at 75% normal levels

Kitco News

Eldorado Gold said today it produced 115,950 in Q1 2020 compared to 118,955 in Q4 2019.

Eldorado is maintaining its 2020 annual guidance of 520,000 - 550,000 ounces of gold at an all-in sustaining cost of $850 - 950 per ounce sold.

The company had net loss attributable for the quarter at $4.9 million or a three cent loss per share.

CEO George Burns said the company is operating below normal levels.

"At this time, we are maintaining our guidance for 2020 and we will continue to evaluate capital allocation, operational profitability and monitor the potential impacts of COVID-19, including staffing levels," said Burns. "The sites are operating at approximately 75% of normal levels as staff considered to be high-risk have been asked to stay at home. We do not expect this to affect production in the near term but we are reviewing the potential longer term impact as certain discretionary activities such as waste stripping, underground development and drilling are temporarily reduced. We continue to track this situation closely and are actively working with sites to transition back to normal staffing levels.”

Burns said the company shorted up its balance sheet and has $400 million in total liquidity at quarter end.

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