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Kisladag Mine Update
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VANCOUVER, BC -- Eldorado Gold Corporation (the "Company") today
announced that a decision has been reached relating to the Kisladag EIA
(Environmental Impact Assessment). This decision was rendered by the
6th Department of the High Administrative Court in Ankara on February
6, 2008.
The High Administrative Court has concluded that the existing expert
reports prepared for the Lower Administrative Court were insufficient
to make either a positive or negative decision on the merits of the
case. The case will now be returned to the Lower Administrative Court
where it is most probable that a new expert committee will be assigned
to review the case.
The temporary injunction which was placed by the High Administrative
Court and resulted in the temporary closure of the mine, automatically
expires with the decision on the case.
The Company will be in consultation with the Co-defendant, the Turkish
Ministry of Environment and Forestry ("MOEF") regarding the next steps
in the legal process.
Eldorado is a gold producing and exploration company actively growing
businesses in Brazil, Turkey and China. We operate the Kisladag Mine
and the Tanjianshan Mine. With our international expertise in mining,
finance and project development, together with highly skilled and
dedicated staff, we believe that Eldorado is well positioned to grow in
value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
Paul N. Wright
President and Chief Executive Officer
Eldorado will host a conference call today at 1:30 pm PT (4:30 pm ET).
You may participate in the conference call by dialing 416-641-6117 in
Toronto or 1-866-223-7781 toll free in North America and asking for the
Eldorado Conference Call with Chairperson: Paul Wright, President and
CEO of Eldorado Gold. The call will be available on Eldorado's
website. www.eldoradogold.com. A replay of the call will be available
until February 18, 2008 by dialing 416-695-5800 in Toronto or
1-800-408-3053 toll free in North America and entering the Pass code:
3252596#.
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 forward looking
statements or information within the meaning of the Securities Act
(Ontario) . Such forward looking statements or information include,
but are not limited to statements or information with respect to
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements or information
are subject to a variety of risks and uncertainties, which could cause
actual events, or results to differ from those reflected in the
forward-looking statements or information. Should one or more of these
risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward looking statements. Specific reference is made to
"Forward Looking Statements and Risk Factors" in the Company's Annual
Information Form and Form 40-F dated March 29, 2007. Forward-looking
statements herein include statements regarding the expectations and
beliefs of management. Such factors included, amongst others the
following: gold price volatility; impact of any hedging activities,
including margin limits and margin calls; discrepancies between actual
and estimated production, between actual and estimated reserves, and
between actual and estimated metallurgical recoveries; mining
operational risk; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign investment;
speculative nature of gold exploration; dilution; competition; loss of
key employees; additional funding requirements; and defective title to
mineral claims or property, as well as those factors discussed in the
section entitled "Risk Factors" in the Company's Annual Information
Form and Form 40-F dated March 29, 2007. We do not expect to update
forward-looking statements 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.
Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange
(TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has
neither approved nor disapproved the form or content of this release.
Contact:
Paul Wright, President & CEO or
Earl Price, Chief Financial Officer
Phone: 604.687-4018 or 1.888.353.8166
Fax: 604.687.4026
Email info@eldoradogold.com
Request for information packages: info@eldoradogold.com
Eldorado Gold Corporation
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Web site: www.eldoradogold.com
View News Release in PDF Format:
Associated File:
http://www.eldoradogold.com/i/pdf/08-02.pdf
39 KB in size, approx. 8 seconds to download at 56.6Kbps
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Copyright (c) 2008 ELDORADO GOLD CORP. (ELD) All rights reserved. For
more information visit our website at http://www.eldoradogold.com/ or
send mailto:info@eldoradogold.com
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