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Eldorado Gold reports 2022 gold reserves of 12.3 Moz, down 4% from 2021 estimate

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(Kitco News) - Yesterday, Eldorado Gold (TSX: ELD) released its updated mineral reserve and mineral resource ("MRMR") estimates as of September 30, 2022.

The company said that net of divestitures, its proven and probable gold reserves totalled 12.3 million ounces as of September 30, 2022, a decrease of approximately 4% from the previous MRMR statement as of September 30, 2021.

"Excluding depletion, proven and probable gold reserves year over year remained relatively flat," Eldorado noted in its press release. "Net of divestitures, and excluding depletion, the small change in proven and probable reserves is attributable to conversion of resources to reserves in the Kokarpinar zone at Efemcukuru and infill drilling in the Upper Triangle zone at Lamaque."

However, the company noted that these gains were mostly offset by adjustments for cut-off value, metal prices and mine plan optimization at Olympias.

Eldorado's measured and indicated resources totalled 19.2 million ounces, net of divestitures, as of September 30, 2022.

This is a 2% decrease from the previous MRMR statement on September 30, 2021, attributable to decreases at Kisladag, Lamaque and Olympias, it added.

The company's inferred resources totalled 7.7 million ounces as of September 30, 2022, a 3% increase from the previous MRMR statement on September 30, 2021, net of divestitures.

Eldorado also pointed out that its total MRMR is adjusted for the planned divestment of its non-core Romanian asset (Certej), which is consistent with the company's strategy of focusing on core jurisdictions in its portfolio.

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece.

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