TURKEY – With the last of the necessary permits in hand, Vancouver-based ELDORADO GOLD will begin construction this month at its Kisladag gold mine in western Turkey. The company expects to begin production late in 2005.
The Kisladag mine will have an initial capital cost of US$62.6 million. That investment will create an open pit mine with average annual production of 240,000 oz of gold for 14 years. Cash operating costs are estimated at US$165/oz, and total production costs should be US$214/oz. The project has a proven and probable resource of 166 million tonnes at 1.13 g/t Au.
Eldorado Gold’s next project in Turkey will be the Efemcukuru gold project. The company is preparing the environmental impact assessment report, which will be submitted to the Turkish ministry of environment and forestry by the end of the year.
More information about Eldorado’s So Bento gold mine in Brazil and its four properties in Turkey is available at www.EldoradoGold.com.