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Eldorado Gold Corporation: 2014 First Quarter Financial and Operating Results

Gold production of 196,523 ounces, All-In Sustaining Costs of $786 per ounce

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- Eldorado Gold Corporation (Eldorado or the Company) (TSX: ELD)(NYSE: EGO) is pleased to report the Company's financial and operational results for the first quarter ended March 31, 2014. Net profit attributable to shareholders of the Company for the quarter was $31.3 million or $0.04 per share.

"The first quarter of 2014 proved to be another strong quarter for the Company, with gold production of 196,523 ounces, representing a 20 percent increase over the first quarter 2013," said Paul Wright, Chief Executive Officer of Eldorado Gold. "Within the organization our employees are dedicated to continuously improving safety, operational performance and overall cost reductions, enabling Eldorado to remain one of the lowest cost gold producers, as demonstrated by our all-in sustaining cash costs for the quarter of $786 per ounce. Strong performance this quarter supports our guidance for 2014 of 730,000-800,000 ounces of gold at an average all-in sustaining cash cost of approximately $950 per ounce."

First Quarter Operational and Financial Highlights


--  Continued strong financial performance, with net profit attributable to
    shareholders of $31.3 million ($0.04 per share), compared to a loss of
    $45.5 million ($0.06 per share) in the first quarter of 2013.
--  Gold revenues were $247.6 million (2013: $307.2 million) on sales of
    190,628 ounces of gold at an average realized gold price of $1,299 per
    ounce (2013: 189,346 ounces at $1,622 per ounce).
--  Paid dividends were $6.5 million, compared to $50.2 million in 2013,
    which reflects the changes in our revised dividend policy to the current
    gold price environment.
--  Liquidity of $994.2 million, including $619.2 million in cash, cash
    equivalents and term deposits, and $375.0 million in lines of credit.
--  Strong operational performance resulting in gold production of 196,523
    ounces, including Olympias production from tailings retreatment (2013:
    163,768 ounces), a 20% increase over the first quarter of 2013.
--  Continuing to remain below the industry average, with all-in sustaining
    cash costs averaging $786(1) per ounce.
--  Cash generated from operating activities before changes in non-cash
    working capital of $94.7(1) million (2013: $139.9 million).
--  Completion of the Glory Resources Limited acquisition on March 14, 2014.
--  Entered into a strategic agreement with CDH Investments to advance the
    Eastern Dragon project.

(1) Throughout this press release we use cash operating cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non IFRS measures. Please see page 10 of the MD&A for an explanation and discussion of these non IFRS measures.

All figures in US dollars unless otherwise stated.


Financial Results
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Summarized financial results - quarter ended March 31,
(Millions, except where noted)                                2014      2013
----------------------------------------------------------------------------
Revenues                                                    $279.9    $338.1
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Gold revenues                                               $247.6    $307.2
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Gold sold (ounces)                                         190,628   189,346
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Average realized gold price (US$ per ounce)                 $1,299    $1,622
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Cash operating costs (US$ per ounce sold)                     $519      $505
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Total cash cost (US$ per ounce sold)                          $577      $567
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All-in sustaining cash cost (US$ per ounce sold)              $786       n/a
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Gross profit from gold mining operations                     $95.4    $163.8
----------------------------------------------------------------------------
Adjusted net earnings                                        $37.3     $83.3
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Net profit (loss) attributable to shareholders of the
 Company                                                     $31.3   ($45.5)
----------------------------------------------------------------------------
Earnings (loss) per share attributable to shareholders
 of the Company - Basic (US$/share)                          $0.04   ($0.06)
----------------------------------------------------------------------------
Earnings (loss) per share attributable to shareholders
 of the Company - Diluted (US$/share)                        $0.04   ($0.06)
----------------------------------------------------------------------------
Dividends paid (Cdn$/share)                                  $0.01     $0.07
----------------------------------------------------------------------------
Cash flow from operating activities before changes in
 non-cash working capital                                    $94.7    $139.9
----------------------------------------------------------------------------

Net profit attributable to shareholders of the Company was $31.3 million (or $0.04 per share) for the quarter compared with a loss of $45.5 million (or $0.06 per share) in the first quarter of 2013. Adjusted net earnings(1) for the quarter were $37.3 million compared to $83.3 million in the first quarter of 2013. Last year's difference between loss attributable to shareholders and adjusted net earnings reflected primarily the non-cash charge of $125.2 million to deferred income tax expense related to the change in Greek tax rates.

Realized gold prices fell 20% year over year impacting revenues and gross mine profit. Unit production costs from gold mining operations were unchanged compared with the first quarter of 2013 reflecting ongoing measures taken by the Company to control costs.

Depreciation, depletion and amortization expense increased 24% over the first quarter of 2013, mainly as a result of an increase in the depreciation of capitalized waste stripping costs as well as higher production from the Company's Chinese mines which carry higher depreciation rates than the Company's Turkish gold mining operations.

Excluding the $125.2 million adjustment referred to above, the effective tax rate was 36% for the first quarter of 2013 as compared with 51% for this quarter. The increase in the effective tax rate this year over last year was due to the impact of Turkish lira exchange rate changes on the tax basis of our Turkish tax assets as well as an increase in accrued withholding taxes on dividends paid by subsidiaries.


Operations Update

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Summarized operating highlights - quarter ended March
 31,                                                          2014      2013
----------------------------------------------------------------------------
Gross profit - gold mining operations (millions)             $95.4    $163.8
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Ounces produced - including Olympias production from
 tailings retreatment                                      196,523   163,768
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Cash operating costs (US$ per ounce sold)                     $519      $505
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Total cash cost (US$ per ounce sold)                          $577      $567
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Kisladag
Gross profit - gold mining operations                        $47.7     $85.0
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Ounces produced                                             67,075    70,221
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Cash operating costs (US$ per ounce sold)                     $456      $334
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Total cash cost (US$ per ounce sold)                          $473      $359
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Efemcukuru
Gross profit - gold mining operations                        $14.7     $38.7
----------------------------------------------------------------------------
Ounces produced                                             26,969    19,856
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Cash operating costs (US$ per ounce sold)                     $526      $582
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Total cash cost (US$ per ounce sold)                          $547      $619
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Tanjianshan
Gross profit - gold mining operations                        $13.5     $19.1
----------------------------------------------------------------------------
Ounces produced                                             28,379    26,207
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Cash operating costs (US$ per ounce sold)                     $422      $442
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Total cash cost (US$ per ounce sold)                          $592      $636
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Jinfeng
Gross profit - gold mining operations                        $12.3      $8.7
----------------------------------------------------------------------------
Ounces produced                                             41,295    21,742
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Cash operating costs (US$ per ounce sold)                     $626      $832
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Total cash cost (US$ per ounce sold)                          $709      $930
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White Mountain
Gross profit - gold mining operations                         $7.2     $12.3
----------------------------------------------------------------------------
Ounces produced                                             26,473    20,915
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                     $607      $634
----------------------------------------------------------------------------
Total cash cost (US$ per ounce sold)                          $646      $679
----------------------------------------------------------------------------
Olympias
Ounces produced from tailings retreatment                    6,332     4,827
----------------------------------------------------------------------------



Kisladag

----------------------------------------------------------------------------
Operating Data - quarter ended March 31,                    2014        2013
----------------------------------------------------------------------------
Tonnes placed on pad                                   3,856,882   2,915,508
----------------------------------------------------------------------------
Average treated head grade - grams per tonne (g/t)          0.73        1.29
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
 - Produced                                               67,075      70,221
----------------------------------------------------------------------------
 - Sold                                                   66,852      70,250
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                   $456        $334
----------------------------------------------------------------------------
Total cash costs (US$ per ounce sold)                       $473        $359
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                                              $86.4      $114.5
----------------------------------------------------------------------------
Depreciation and depletion                                  $6.3        $3.2
----------------------------------------------------------------------------
Gross profit - gold mining operations                      $47.7       $85.0
----------------------------------------------------------------------------
Capital expenditure on mining interests                     $7.9       $35.4
----------------------------------------------------------------------------

Gold production at Kisladag was 4% lower year over year due to lower average treated head grade partially offset by higher ore tonnes. As expected, cash operating costs were higher year over year as a result of lower average treated head grade, and higher fuel and reagent costs incurred due to the higher tonnage throughput. Capital expenditures for the quarter included costs for capitalized waste stripping and construction of additional leach pad cells.


Efemcukuru

----------------------------------------------------------------------------
Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes Milled                                              106,501    86,879
----------------------------------------------------------------------------
Average Treated Head Grade - g/t                              8.56      8.47
----------------------------------------------------------------------------
Average Recovery Rate (to Concentrate)                       93.0%     93.6%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
 - Produced                                                 26,969    19,856
----------------------------------------------------------------------------
 - Sold                                                     27,647    50,291
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                     $526      $582
----------------------------------------------------------------------------
Total cash costs (US$ per ounce sold)                         $547      $619
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                                                $36.6     $81.2
----------------------------------------------------------------------------
Depreciation and depletion                                    $6.4      $9.8
----------------------------------------------------------------------------
Gross profit - gold mining operations                        $14.7     $38.7
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $5.4      $9.8
----------------------------------------------------------------------------

Gold production at Efemcukuru was 36% higher year over year due to higher average treated head grade and ore tonnes. Cash operating costs were 10% lower year over year due to lower mining and processing costs related to the weakening Turkish lira. Capital spending during the quarter included underground development and mobile mining equipment.


Tanjianshan

----------------------------------------------------------------------------
Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes Milled                                              263,609   247,061
----------------------------------------------------------------------------
Average Treated Head Grade - g/t                              3.44      3.74
----------------------------------------------------------------------------
Average Recovery Rate                                        81.1%     80.8%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
 - Produced                                                 28,379    26,207
----------------------------------------------------------------------------
 - Sold                                                     28,379    26,207
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                     $422      $442
----------------------------------------------------------------------------
Total cash costs (US$ per ounce sold)                         $592      $636
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                                                $37.0     $42.6
----------------------------------------------------------------------------
Depreciation and depletion                                    $6.4      $6.5
----------------------------------------------------------------------------
Gross profit - gold mining operations                        $13.5     $19.1
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $1.1      $1.8
----------------------------------------------------------------------------

Gold production at Tanjianshan was 8% higher year over year mainly as a result of higher ore tonnes, partially offset by lower average treated head grade. Circuit recoveries were slightly higher in the quarter. Cash operating costs per ounce were 5% lower year over year mainly as a result of lower processing costs due to a decrease in the consumption of reagents. Capital spending this quarter included capitalized waste stripping on the JLG pit cutback.


Jinfeng

----------------------------------------------------------------------------
Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes Milled                                              364,987   351,901
----------------------------------------------------------------------------
Average Treated Head Grade - g/t                              4.00      2.43
----------------------------------------------------------------------------
Average Recovery Rate                                        87.8%     82.4%
----------------------------------------------------------------------------
Gold (ounces)
----------------------------------------------------------------------------
 - Produced                                                 41,295    21,742
----------------------------------------------------------------------------
 - Sold                                                     41,277    21,683
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                     $626      $832
----------------------------------------------------------------------------
Total cash costs (US$ per ounce sold)                         $709      $930
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                                                $53.4     $35.0
----------------------------------------------------------------------------
Depreciation and depletion                                   $11.8      $6.2
----------------------------------------------------------------------------
Gross profit - gold mining operations                        $12.3      $8.7
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $5.5     $13.9
----------------------------------------------------------------------------

Gold production at Jinfeng was 90% higher year over year mainly as a result of higher average treated head grade. A total of 174,851 tonnes of ore was mined from the open pit this quarter (Q1 2013: 54,126 tonnes). A total of 173,454 tonnes of ore was mined from the underground during the quarter (Q1 2013: 138,989 tonnes). Cash costs were 24% lower year over year due to the increase in gold production from higher grade ore, as well as lower cost open pit mining. Capital expenditures for the quarter included underground development, mining equipment and tailings dam improvements.


White Mountain

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Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes Milled                                              200,682   198,934
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Average Treated Head Grade - g/t                              4.13      3.80
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Average Recovery Rate                                        86.8%     85.6%
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Gold (ounces)
----------------------------------------------------------------------------
 - Produced                                                 26,473    20,915
----------------------------------------------------------------------------
 - Sold                                                     26,473    20,915
----------------------------------------------------------------------------
Cash operating costs (US$ per ounce sold)                     $607      $634
----------------------------------------------------------------------------
Total cash costs (US$ per ounce sold)                         $646      $679
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Financial Data (millions)
----------------------------------------------------------------------------
Gold revenues                                                $34.3     $33.9
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Depreciation and depletion                                    $9.9      $7.4
----------------------------------------------------------------------------
Gross profit - gold mining operations                         $7.2     $12.3
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $3.1      $6.0
----------------------------------------------------------------------------

Gold production at White Mountain during the quarter was 27% higher year over year due to higher average treated head grade and higher recoveries. Cash operating costs per ounce were 4% lower year over year as a result of the increase in gold production from higher grade ore. Capital expenditures for the quarter included capitalized underground development, delineation drilling, and capitalized exploration costs.


Vila Nova

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Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes Processed                                           203,481   212,911
----------------------------------------------------------------------------
Iron Ore Produced                                          175,078   183,426
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Average Grade (% Fe)                                        62.91%    62.87%
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Iron Ore Tonnes
----------------------------------------------------------------------------
 - Sold                                                    217,382   129,548
----------------------------------------------------------------------------
Average Realized Iron Ore Price                                $86      $117
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Total Cash Costs (per tonne sold)                             $ 60      $ 66
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Financial Data (millions)
----------------------------------------------------------------------------
Revenues                                                     $18.6     $15.2
----------------------------------------------------------------------------
Depreciation and depletion                                    $2.1      $1.2
----------------------------------------------------------------------------
Gross profit - gold mining operations                         $3.4      $5.4
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $0.9      $3.4
----------------------------------------------------------------------------

Iron ore production fell year over year as access to the pit and waste dump area were impacted by an increase in the amount of rainfall year over year. Vila Nova continued to use the Santana public port for iron ore shipments since the Anglo Ferrous port accident which occurred at the end of the first quarter of 2013.


Stratoni

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Operating Data - quarter ended March 31,                      2014      2013
----------------------------------------------------------------------------
Tonnes ore mined (wet)                                      57,242    54,125
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Tonnes ore processed (dry)                                  55,449    48,521
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Pb grade (%)                                                 6.27%     6.21%
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Zn grade (%)                                                11.27%     9.36%
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Ag grade (g/t)                                                 164       163
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Tonnes of concentrate produced                              15,936    12,278
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Tonnes of concentrate sold                                  16,717    13,968
----------------------------------------------------------------------------
Average realized concentrate price (per tonne)                $740      $927
----------------------------------------------------------------------------
Total Cash Costs (per tonne of concentrate sold)              $622      $829
----------------------------------------------------------------------------
Financial Data (millions)
----------------------------------------------------------------------------
Revenues                                                     $12.4     $13.0
----------------------------------------------------------------------------
Depreciation and depletion                                    $2.0      $1.9
----------------------------------------------------------------------------
Earnings (loss) from operations                             ($0.1)    ($0.5)
----------------------------------------------------------------------------
Capital expenditure on mining interests                       $0.5      $0.1
----------------------------------------------------------------------------

During the first quarter, Stratoni mined 57,242 tonnes of run-of-mine ore and produced 15,936 tonnes of lead and zinc concentrate at an average cash cost of $622 per tonne of concentrate sold. During the same period, Stratoni sold 16,717 tonnes of concentrate at an average price of $740 per tonne.

Development Projects Update

Kisladag Mine Optimization

The Company continued its evaluation of mine development options for Kisladag, including optimization of existing process operations and modification of the Phase IV expansion plans with the objective to evaluate incremental increases in mine throughput. Equipment purchased for the Phase IV expansion is being included in this review, as is the utilization of existing infrastructure.

Efemcukuru Expansion

Process design work was completed during the quarter to identify changes to the process plant required to increase mill throughput to approximately 500,000 tonnes per year from its current design of 400,000 tonnes per year. These changes would require upgrades to the flotation circuit, and the concentrate handling systems. A decision regarding the expansion will be made after a detailed cost benefit analysis is completed, including preparation of a new life of mine production plan.

Perama Hill

Front-end engineering work continued during the first quarter and is expected to be completed in the second quarter. Process design criteria and process flow diagrams were finalized during the quarter. Preliminary cost estimating, scheduling, and implementation planning were commenced. Capital spending totaled $1.8 million during the quarter.

Olympias

Underground refurbishment continued during the quarter in parallel with tailings retreatment. Approximately 276 metres of underground drifts were rehabilitated and 604 metres of new drifts were completed. Development rate in the main decline accessing the orebody from the Kokkinolakkas valley was reduced during the quarter due to inflows of ground water into the heading. Development is now proceeding under advanced grout cover. During the quarter, Olympias treated 144,522 tonnes of tailings and produced 6,332 payable gold ounces. An estimated 1,710,500 tonnes of tailings remain to be reclaimed from the tailings dam.

Capital costs of $25.2 million were incurred during the quarter for mine development, rehabilitation, and tailings retreatment. A total of $8.8 million in proceeds were received from the sale of gold recovered from the retreatment process and credited to capital.

Skouries

Site clearing and earthwork in the main process area was advanced during the quarter. Clearing in the open pit area commenced and was substantially completed. Construction access roads to the first tailings dam and to one of the topsoil stockpile areas were substantially completed. The pouring of concrete for the mill foundations also began during the quarter. The rate of advance in the underground decline was adversely affected by inflows of water, which were effectively sealed through grouting, after which normal development resumed. Capital spending totaled $16.3 million during the quarter.

Certej

Work on Certej during the quarter focused on finalizing the prefeasibility study (PFS) to support the resource/reserve statement, and subsequent preparation of the NI 43-101 Technical Report. The study, based on a production rate of three million tonnes per year, assumed conventional open pit mining supported by flotation, pressure oxidation and cyanide leach treatment of the ore. The Company will pursue a number of trade-off studies identified during the PFS prior to proceeding to a feasibility study in late 2014.

A total of $3.4 million was spent on Certej including site work, metallurgical testwork, capitalized exploration, and engineering for the prefeasibility study.

Eastern Dragon

Permitting at Eastern Dragon is focusing on the completion of the revised EIA (suitable for federal approval), which we expect to submit in the second quarter. Following approval of the revised EIA, we will formally submit the Project Permit Approval (PPA) application and anticipate approval by year end. This permit will allow us to finish construction and commence production in 2015.

Tocantinzinho

Work continued during the quarter on optimization of the Tocantinzinho feasibility study. Finalization of the study is planned for the second quarter.

Exploration Update

During the quarter, 5,500 metres of exploration drilling were completed at the Company's operations and exploration projects. The 2014 drilling programs at most exploration sites are not scheduled to commence until the second or third quarter of the year.

Greece

In the Perama district, exploration activities for the quarter focused on extending geological mapping coverage in the Perama South area and conducting reconnaissance field visits to nearby prospects. The acquisition of the Sappes project was completed during the quarter, and historical exploration data is being compiled and evaluated.

In the Chalkidiki District, underground exploration drilling commenced at the Mavres Petres mine, targeting the western extension of the orebody. Mapping and soil sampling programs were initiated over the Piavitsa project area to better define exploration potential in the area to the west of the previous drilling.

Romania

At Certej, exploration activities during the quarter focused on refining alteration models for the deposit and defining targets peripheral to the deposit for the upcoming drilling programs. The Phase I drilling programs were completed at the nearby Brad and Deva exploration licenses, testing porphyry and epithermal targets adjacent to historical mines.

Turkey

No exploration drilling was completed in Turkey during the quarter. At the Efemcukuru minesite, soil sampling was conducted to extend historical coverage into the relatively underexplored southern portion of the license area. Detailed relogging of exploration drillholes from the Kokarpinar vein was completed, with the objective of defining structural controls on previous high-grade drill intercepts.

China

No exploration drilling was completed in China during the first quarter. At White Mountain, exploration activities focused on detailed characterization of mineralized breccias in the deposit, to assist in target definition for the upcoming drilling program. At Tanjianshan, preparations were completed for exploration drilling at the Xijingou and Qinlongtan north deposit areas, to be initiated in the second quarter.

Brazil

Approximately 1,350 meters of drilling were completed in the Phase I program at the Goldfish project in Tocantins State, targeting high-grade orogenic veins that are exposed in shallow surface workings. Several drillholes intersected mineralized veins, though results have only been received for the first drillhole, including an intercept of 4.35m @ 12.74 g/t Au. Exploration elsewhere in Brazil included soil and stream sediment sampling at early stage projects in Goias State.

Corporate Transactions

During the quarter the Company completed its acquisition of Glory Resources Limited (Glory). Glory was advancing the high grade gold Sappes project in Thrace, Greece, located 15 kilometres from the Company's Perama Hill project, with a current JORC compliant total proven and probable reserves of 637,000 of gold at an average grade of 15.1 g/t gold. The Company plans to continue exploration work on the property throughout the year.

Also during the quarter the Company entered into a strategic agreement with CDH Investments, a leading Chinese private equity company, whereby CDH have acquired a 20% stake in the Company's Eastern Dragon project for a cash consideration of $40 million. Eastern Dragon has been on care and maintenance pending the receipt of outstanding permit approvals and it is anticipated that the participation of CDH will assist in advancing the project through to production.

Corporate Announcements

Wayne Lenton, an independent director of the Company since 1995, will be retiring from the Board of Directors and will not be re-standing for election at the Annual General Meeting on May 1, 2014. The Board and Company would like to thank Wayne for his years of service, dedication and commitment to the Company.

Eldorado welcomes Krista Muhr as Vice President, Investor Relations, effective June 1, 2014. Krista will be responsible for leading the Company's investor relations and corporate communications strategies. Krista has extensive senior level experience in the precious metals industry, most recently with Andean Resources Ltd. and Meridian Gold Corporation.

Nancy Woo, who has been invaluable to the Company since 2002 in her role as Vice President, Investor Relations, will be retiring effective June 1, 2014. The Company would like to thank Nancy for her enthusiasm and dedication over the past decade and wishes her well in future endeavors.

Conference Call

Eldorado will host a conference call on Friday, May 2 2014 to discuss the First Quarter 2014 Financial and Operating Results at 8:30am PDT (11:30am EDT). You may participate in the conference call by dialling 416-340-2219 in Toronto or 1-866-225-0198 toll free in North America and asking for the Eldorado Conference Call.

The call will be available on Eldorado's website: www.eldoradogold.com. A replay of the call will be available until May 9, 2014 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Passcode: 6120025.

About Eldorado Gold

Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where they operate. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to statements or information with respect to the Company's 2014 First Quarter Financial and Operating Results.

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, including assumptions about the legal restrictions regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production; and the ability to achieve our goals. Although 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 statements 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: gold price volatility; risks of not meeting production and cost targets; 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 and operating in foreign countries; 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 28, 2014

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.

Cautionary Note to US Investors Concerning Estimates of Proven and Probable Reserves

Note to U.S. Investors. While the terms "proven and probable reserves", are defined in the 2004 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia ("JORC"), they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this press release concerning descriptions of proven and probable reserves using the JORC standards may not be comparable to similar information made public by U.S. companies in SEC filings.

According to Glory, the information on Glory reserves are based on the JORC Code. Estimates of proven and probable reserves prepared in accordance with the JORC Code would not be materially different if prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Definitional Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council.


                                ELDORADO GOLD
                     Q1 2014 Gold Production Highlights
                                  (in US$)

----------------------------------------------------------------------------
                               First     First    Second     Third    Fourth
                             Quarter   Quarter   Quarter   Quarter   Quarter
                                2014      2013      2013      2013      2013
----------------------------------------------------------------------------
Gold Production
--------------------------
 Ounces Sold                 190,628   189,346   176,260   199,117   160,372
 Ounces Produced(1)          196,523   163,768   183,971   204,620   168,842
 Cash Operating Cost
  ($/oz)(2,4)                    519       505       478       472       526
 Total Cash Cost
  ($/oz)(3,4)                    577       567       536       528       577
 Realized Price ($/oz -
  sold)                        1,299     1,622     1,382     1,338     1,264
----------------------------------------------------------------------------
Kisladag Mine, Turkey
--------------------------
 Ounces Sold                  66,852    70,250    76,680    85,029    74,217
 Ounces Produced              67,075    70,221    76,735    84,762    74,464
 Tonnes to Pad             3,856,882 2,915,508 3,301,333 3,336,465 3,743,315
 Grade (grams / tonne)          0.73      1.29      1.26      1.28      0.71
 Cash Operating Cost
  ($/oz)(4)                      456       334       327       324       370
 Total Cash Cost
  ($/oz)(3,4)                    473       359       348       343       384
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Efemcukuru Mine, Turkey
--------------------------
 Ounces Sold                  27,647    50,291    25,187    26,410    19,231
 Ounces Produced              26,969    19,856    26,289    23,438    21,235
 Tonnes Milled               106,501    86,879   109,349   105,641   111,644
 Grade (grams / tonne)          8.56      8.47      9.28      8.50      9.13
 Cash Operating Cost
  ($/oz)(4)                      526       582       519       551       696
 Total Cash Cost
  ($/oz)(3,4)                    547       619       537       568       700
----------------------------------------------------------------------------
Tanjianshan Mine, China
--------------------------
 Ounces Sold                  28,379    26,207    27,938    28,179    19,127
 Ounces Produced              28,379    26,207    27,938    28,179    19,127
 Tonnes Milled               263,609   247,061   273,065   285,406   258,526
 Grade (grams / tonne)          3.44      3.74      3.50      3.40      3.25
 Cash Operating Cost
  ($/oz)(4)                      422       442       398       377       458
 Total Cash Cost
  ($/oz)(3,4)                    592       636       577       557       655
----------------------------------------------------------------------------
Jinfeng Mine, China
--------------------------
 Ounces Sold                  41,277    21,683    28,993    40,212    32,401
 Ounces Produced              41,295    21,742    28,889    40,212    32,403
 Tonnes Milled               364,987   351,901   336,707   363,798   360,142
 Grade (grams / tonne)          4.00      2.43      3.33      3.66      3.51
 Cash Operating Cost
  ($/oz) (4)                     626       832       757       684       719
 Total Cash Cost ($/oz)
  (3,4)                          709       930       845       767       801
----------------------------------------------------------------------------
White Mountain Mine, China
--------------------------
 Ounces Sold                  26,473    20,915    17,462    19,287    15,396
 Ounces Produced              26,473    20,915    17,462    19,287    15,396
 Tonnes Milled               200,682   198,934   203,033   209,581   198,841
 Grade (grams / tonne)          4.13      3.80      3.25      3.28      3.23
 Cash Operating Cost
  ($/oz)(4,5)                    607       634       742       713       748
 Total Cash Cost
  ($/oz)(3,4,5)                  646       679       781       751       786
----------------------------------------------------------------------------
Olympias, Greece
--------------------------
 Ounces Sold                       -         -         -         -         -
 Ounces Produced(1)            6,332     4,827     6,658     8,742     6,217
 Tonnes Milled               144,522    89,112   116,972   185,012   161,461
 Grade (grams / tonne)          3.08      3.97      3.80      3.19      2.78
 Cash Operating Cost
  ($/oz)(4)                        -         -         -         -         -
 Total Cash Cost
  ($/oz)(3,4)                      -         -         -         -         -
----------------------------------------------------------------------------
(1)   Ounces produced include production from tailings retreatment in
      Olympias.
(2)   Cost figures calculated in accordance with the Gold Institute
      Standard.
(3)   Cash Operating Costs, plus royalties and the cost of off-site
      administration.
(4)   Cash operating costs and total cash costs are non-IFRS measures.
      Please see our MD&A for an explanation and discussion of these.

Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)

                                                     March 31,  December 31,
                                            Note          2014          2013

                                                             $             $
ASSETS
Current assets
 Cash and cash equivalents                             614,182       589,180
 Term deposits                                           5,026        34,702
 Restricted cash                                           262           262
 Marketable securities                                   3,309         4,387
 Accounts receivable and other                          90,248        89,231
 Inventories                                           229,523       244,042
                                                ----------------------------
                                                       942,550       961,804
Investment in associate                                    801        10,949
Deferred income tax assets                               1,310           997
Restricted assets and other                             43,605        37,330
Defined benefit pension plan                            12,569        13,484
Property, plant and equipment                        5,754,756     5,684,382
Goodwill                                               526,296       526,296
                                                ----------------------------
                                                     7,281,887     7,235,242
                                                ----------------------------
                                                ----------------------------
LIABILITIES & EQUITY
Current liabilities
 Accounts payable and accrued liabilities              185,454       211,406
 Current debt                                  5        16,255        16,402
                                                ----------------------------
                                                       201,709       227,808
Debt                                           5       585,555       585,006
Other non-current liability                    4        46,970             -
Asset retirement obligations                            85,841        85,259
Deferred income tax liabilities                        851,812       842,305
                                                ----------------------------
                                                     1,771,887     1,740,378
                                                ----------------------------
Equity
Share capital                                  6     5,314,813     5,314,589
Treasury stock                                        (17,357)      (10,953)
Contributed surplus                                     35,424        78,557
Accumulated other comprehensive loss                  (16,786)      (17,056)
Deficit                                              (118,597)     (143,401)
                                                ----------------------------
Total equity attributable to shareholders of the
 Company                                             5,197,497     5,221,736
Attributable to non-controlling interests              312,503       273,128
                                                ----------------------------
                                                     5,510,000     5,494,864
                                                ----------------------------
                                                     7,281,887     7,235,242
                                                ----------------------------
                                                ----------------------------

The accompanying notes are an integral part of these consolidated financial statements.

Approved on behalf of the Board of Directors


(Signed) Robert R. Gilmore         Director
(Signed) Paul N. Wright            Director

Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements
(Expressed in thousands of U.S. dollars)


For the quarter ended March 31,                           2014          2013
                                                             $             $
Revenue
 Metal sales                                           279,870       338,068

Cost of sales
 Production costs                                      134,785       130,368
 Depreciation and amortization                          45,572        37,114
                                                ----------------------------
                                                       180,357       167,482
                                                ----------------------------
Gross profit                                            99,513       170,586

Exploration expenses                                     3,895         7,624
General and administrative expenses                     15,844        16,486
Defined benefit pension plan expense                       403           629
Share based payments                                     6,994         8,877
Foreign exchange gain                                  (1,361)         (102)
                                                ----------------------------
Operating profit                                        73,738       137,072

Loss on disposal of assets                                   6            36
Loss (gain) on marketable securities and other             772          (21)
 investments
Loss on investments in associates                          102           909
Other expense (income)                                     784       (1,976)
Asset retirement obligation accretion                      582           339
Interest and financing costs                             8,405        10,501
                                                ----------------------------

Profit before income tax                                63,087       127,284
Income tax expense                                      32,444       171,252
                                                ----------------------------
Profit (loss) for the period                            30,643      (43,968)
                                                ----------------------------

Attributable to:
Shareholders of the Company                             31,268      (45,463)
Non-controlling interests                                (625)         1,495
                                                ----------------------------
Profit (loss) for the period                            30,643      (43,968)
                                                ----------------------------
                                                ----------------------------

Weighted average number of shares outstanding
Basic                                                  716,217       714,504
Diluted                                                716,217       715,364

Earnings (loss) per share attributable to
 shareholders of the Company:
Basic earnings (loss) per share                           0.04        (0.06)
Diluted earnings (loss) per share                         0.04        (0.06)

The accompanying notes are an integral part of these consolidated financial statements.



Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars except per share amounts)

For the quarter ended March 31,                           2014          2013
                                                             $             $

Profit (loss) for the period                            30,643      (43,968)
Other comprehensive income (loss):
Change in fair value of available-for-sale               (489)         (482)
 financial assets
Realized gain (loss) on disposal of available-             759          (17)
 for-sale financial assets
                                                ----------------------------
Total other comprehensive income (loss) for the            270         (499)
 period
                                                ----------------------------
Total comprehensive income (loss) for the period        30,913      (44,467)
                                                ----------------------------
                                                ----------------------------

Attributable to:
Shareholders of the Company                             31,538      (45,962)
Non-controlling interests                                (625)         1,495
                                                ----------------------------
                                                        30,913      (44,467)
                                                ----------------------------
                                                ----------------------------

The accompanying notes are an integral part of these consolidated financial statements.



Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)


For the quarter ended March 31,             Note          2014          2013
                                                             $             $
Cash flows generated from (used in):
Operating activities
Profit (loss) for the period                            30,643      (43,968)
Items not affecting cash:
Asset retirement obligation accretion                      582           339
Depreciation and amortization                           45,572        37,114
Unrealized foreign exchange loss                           384           121
Deferred income tax expense                              9,196       135,888
Loss on disposal of assets                                   6            36
Loss on investments in associates                          102           909
Loss (gain) on marketable securities and
 other investments                                         772          (21)
Share based payments                                     6,994         8,877
Defined benefit pension plan expense                       403           629
                                                ----------------------------
                                                        94,654       139,924

Changes in non-cash working capital            9      (25,217)        27,168
                                                ----------------------------
                                                        69,437       167,092
Investing activities
Net cash used on acquisition of subsidiary     4      (30,318)             -
Purchase of property, plant and equipment             (80,430)     (101,214)
Proceeds from the sale of property, plant
 and equipment                                              84            56
Proceeds on production from tailings
 retreatment                                             8,792         4,328
Proceeds from the sale of marketable
 securities                                                622           332
Funding of non-registered supplemental
 retirement plan investments, net                            -             -
Investments in associates                                    -       (6,357)
Redemption of (investment in) term deposits             29,676     (158,927)
Decrease in restricted cash                                 26          (10)
                                                ----------------------------
                                                      (71,548)     (261,792)
Financing activities
Issuance of common shares for cash                           -         1,422
Investment by non-controlling interest         4        40,000             -
Dividend paid to shareholders                          (6,464)      (50,241)
Purchase of treasury stock                             (6,404)       (6,294)
Long-term and bank debt proceeds                        16,363        12,412
Long-term and bank debt repayments                    (16,382)      (10,354)
Loan financing costs                                         -         (473)
                                                ----------------------------
                                                        27,113      (53,528)
                                                ----------------------------
Net increase (decrease) in cash and cash
 equivalents                                            25,002     (148,228)
Cash and cash equivalents - beginning of
 period                                                589,180       816,843
                                                ----------------------------

Cash and cash equivalents - end of period              614,182       668,615
                                                ----------------------------
                                                ----------------------------

The accompanying notes are an integral part of these consolidated financial statements.



Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of U.S. dollars)

For the quarter ended March 31,             Note          2014          2013
                                                             $             $
Share capital
Balance beginning of period                          5,314,589     5,300,957
 Shares issued upon exercise of share
  options, for cash                                          -         1,422
 Transfer of contributed surplus on
  exercise of options                                        -           716
 Transfer of contributed surplus on
  exercise of deferred phantom units                       224             -
                                                ----------------------------
Balance end of period                                5,314,813     5,303,095
                                                ----------------------------

Treasury stock
Balance beginning of period                           (10,953)       (7,445)
 Purchase of treasury stock                            (6,404)       (6,294)
 Shares redeemed upon exercise of
  restricted share units                                     -         1,432
                                                ----------------------------
Balance end of period                                 (17,357)      (12,307)
                                                ----------------------------

Contributed surplus
Balance beginning of period                             78,557        65,382
 Share based payments                                    6,715         8,593
 Shares redeemed upon exercise of
  restricted share units                                     -       (1,432)
 Recognition of other non-current liability
  and related costs                           4       (49,624)             -
 Transfer to share capital on exercise of
  options and deferred phantom units                     (224)         (716)
                                                ----------------------------
Balance end of period                                   35,424        71,827
                                                ----------------------------

Accumulated other comprehensive loss
Balance beginning of period                           (17,056)      (24,535)
 Other comprehensive loss for the period                   270         (499)
                                                ----------------------------
Balance end of period                                 (16,786)      (25,034)
                                                ----------------------------

Retained earnings (deficit)
Balance beginning of period                          (143,401)       594,876
 Dividends paid                                        (6,464)      (50,241)
 Profit (loss) attributable to shareholders
  of the Company                                        31,268      (45,463)
                                                ----------------------------
Balance end of period                                (118,597)       499,172
                                                ----------------------------
Total equity attributable to shareholders
 of the Company                                      5,197,497     5,836,753
                                                ----------------------------

Non-controlling interests
Balance beginning of period                            273,128       284,100
 Profit (loss) attributable to non-
  controlling interests                                  (625)         1,495
 Increase during the period                    4        40,000             -
                                                ----------------------------
Balance end of period                                  312,503       285,595
                                                ----------------------------

Total equity                                         5,510,000     6,122,348
                                                ----------------------------
                                                ----------------------------

The accompanying notes are an integral part of these consolidated financial statements.

Click here for the Unaudited Condensed Consolidated Financial Statements for the quarter ended March 31, 2014 in PDF: http://media3.marketwire.com/docs/943147-FS-MDA.pdf

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