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NEWS RELEASE TSX : ELD NYSE : EGO ( 1 ) eldorado gold December 15 , 2021 Eldorado Gold Announces Results of Skouries Project Feasibility Study ; After - Tax NPV of US $ 1.3 Billion and IRR of 19 % VANCOUVER , BC Eldorado Gold Corporation ( " Eldorado " , the " Company " or " We " ) announces the completion of a Feasibility Study ( " FS " ) on the wholly - owned Skouries project , located in northern Greece . As previously announced , the Company will host a conference call , later today , on Wednesday , December 15 , 2021 , at 6:00 PM ET ( 3:00 PM PT ) . The call details are at the end of this news release . All financial figures are in U.S. dollars unless otherwise stated . Feasibility Study Highlights ¹ ● Robust Economics : 19 % after - tax Internal Rate of Return ( " IRR ” ) and $ 1.3 billion after - tax Net Present Value ( " NPV " ) ( 5 % ) , based on long - term prices of $ 1,500 per ounce ( " oz " ) gold and $ 3.85 per pound copper . IRR of 24 % and NPV ( 5 % ) of $ 1.8 billion using approximate spot prices of $ 1,800 per oz gold and $ 4.25 per pound copper . 2.9 million ounce Life of Mine ( " LOM " ) gold production o Average annual production of 140,000 oz of gold and 67 million pounds of copper ( approximately 312,000 oz gold equivalent ) over a 20 - year mine life . Average annual gold production of 182,000 oz in the first 5 years of production . Negative cash operating cost of $ ( 368 ) per oz sold over the LOM . Negative All - In Sustaining Costs ( " AISC " ) of $ ( 17 ) per oz sold over the LOM . Initial capital costs to complete the Skouries project of $ 845 million , an increase of 23 % over the March 2018 Pre - Feasibility Study¹ ( " PFS " ) , primarily related to increased input prices , scope change related to water management and an enhanced execution plan . PFS filed as a technical report in March 2018 titled " Technical Report , Skouries Project , Greece " with an effective date January 1 , 2018 . " The completion of the Skouries FS is an important milestone for the Company . The results of the study reflect the robust economics of this world - class asset that will support our growth strategy , " said George Burns , Eldorado's President and CEO . " Eldorado is looking forward to expanding our production profile at the Kassandra Mines and developing this region as a cornerstone for the Company . " " The project has been significantly de - risked through the infrastructure built to date , the Amended Investment Agreement ratified by the Greek government in March 2021 , and today , the Feasibility Study which reflects a more resilient project . Skouries remains a very attractive and executable project that will have a lasting , positive impact , and create additional economic and social value for our shareholders and all stakeholders . " 1