Vancouver — Eldorado Gold (ELD-T) reports that as of March 21, 2003, the company will be added to the S&P/TSX Composite Index and the Global Industry Classification Standard Sector – Material, Gold.
The Standard & Poor Index is used by the financial community as a broad indicator of market activity for the largest companies on the Toronto Stock Exchange.
“The addition of Eldorado to the Index is an important milestone in our Company’s growth,” commented Paul Wright, President and CEO of Eldorado. “Being a part of the Index will help us to broaden our shareholder base and provide added visibility as we continue with our plan of controlled, profitable and sustainable growth.”
Last year Eldorado produced 103,533 oz. Gold from its Sao Bento mine in Brazil at cash and total costs of US$184 per oz. and US$282 per oz., respectively.
In Turkey Eldorado has submitted the Environmental Impact Assessment for its Kisladag project to the government and anticipates approval by July this year. A final feasibility study is expected to be completed in March and provided financing can be arranged, construction at Kisladag is planned to begin by year end.
Measured and indicated resource at Kisladag now stand at 166 million tonnes averaging 1.13 grams gold, or 6.05 million contained ounces. The inferred resource is pegged at 69 million tonnes averaging 0.81 gram gold, or 1.8 million oz.
These calculations are based on a cutoff grade of 0.4 gram gold per tonne and include data from more than 29,900 metres of drilling and trenching. About 828,000 oz. gold occur in oxide material, with the balance being in primary ore.
Metallurgical tests by Kappes Cassiday & Associates in Reno, Nev., estimate gold recoveries of 86% for the oxide material and 73% for primary ore.
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