Vancouver – With 2003 looking like a good year to be developing gold projects, Eldorado Gold (ELD-T) has added $46 million to its till.
The junior closed a financing of 28.75 million units priced at $1.60 per unit. A unit holds one share and half a warrant. Each full warrant is exercisable at $2 until Dec. 23, 2003.
The funds are eye marked for the development of the junior’s Kisladag project in western Turkey, which holds a measured and indicated resource of 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.
The resources 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 occurs in oxide material, with the balance being in primary ore.
Annually, over the first four years of mining, Kisladag expects to crush 5 million tonnes of ore, from which 130,000 oz. gold will be produced. Annual production will then be ramped up to about 10 million tonnes, from which more than 250,000 oz. will be produced.
An environmental impact assessment will be submitted to the Turkish government in mid-December, with a feasibility study due in March 2003.
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