FORM 6K
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report
of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of September 8, 2004
Commission File Number 001-31522
| Eldorado Gold Corporation |
| (Translation of registrant's name into English) |
| Suite
920 - 1055 West Hasting Street Vancouver, British Columbia V6E 2E9 |
| (Address of principal executive offices) |
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
| Form 20-F | Form 40-F | X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. |
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes | No | X |
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) 82 ---
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ELDORADO GOLD CORPORATION |
| Date: September 8, 2004 | /s/
Dawn
Moss
Dawn Moss, Corporate Secretary |
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TSX: ELD AMEX: EGO |
ELD No. 04-10 September 8, 2004 |
ELDORADO GOLD COMMENCES KISLADAG CONSTRUCTION
(all figures in U.S. dollars)
VANCOUVER, BC – Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (“Eldorado”, the “Company”, or “we”) is pleased to announce that it has received all the permits and approvals necessary to construct its Kisladag Mine (“Kisladag” or the “mine”) in Turkey.
The recent issuance of the Construction Permit by the Directorate of Public Works - Usak concluded the permitting process required to construct and commission the operation.
Site activities will be underway in September with road construction, contractors mobilizing to site, water well drilling and electrical powerline construction.
With the recent approvals, Eldorado remains on schedule to commence production late in 2005. Exact timing of the start of commercial production will be dependant upon winter weather conditions in 2004-2005 and its impact on the leach pad construction schedule.
Kisladag will commence production at an annualized rate of 164,000 ounces for its first year increasing in year two to 240,000 oz. annually at a cash operating cost of $165/oz. for a planned mine life of 14 years.
With a balance sheet at June 30, 2004 including $86.8 M cash and no debt, Eldorado is adequately funded to finance the $62.6 M capital programme required to commence production at Kisladag.
Kisladag Summary
The following table summarizes the planned performance derived from the updated Feasibility Study completed in May 2004:
Average Annual Gold Production | 240,000 ounces |
Mine Life | 14 years |
Initial Capital Cost | $62.6 million |
Production Rate | 10 MT/year |
Cash Operating Cost | $165/oz. |
Total Production Cost | $214/oz. |
IRR @ $350/oz. Au | +40% |
Page 2
Paul Wright stated, “The commencement of construction at Kisladag denotes a significant milestone for Eldorado. The timely and successful completion of the permitting requirements for Kisladag have been possible due to the strong support of the local community for the Project, the professionalism of the government permitting agencies and the dedication of Eldorado’s staff in Turkey.
With Kisladag construction underway, the permitting and engineering expertise in the Company will be focused on delivering our Efemçukuru Project to a construction decision. Specifically, it is intended to complete and submit the Environmental Impact Assessment Report to the Ministry of Environment and Forestry in Q4 2004.”
Eldorado is a gold producing and exploration company with gold assets in Brazil and Turkey; two countries that we believe have substantial geological potential. 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 experience continued growth and value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
“Paul N. Wright”
Paul N. Wright
President & Chief Executive Officer
Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which involve known and unknown risk, 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 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. 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 “Narrative Description of the Business – Risk Factors” in the Company’s Annual Information Form. Forward-looking statements in this release include statements regarding the expectations and beliefs of management, the assumed long-term price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the potential of Eldorado’s properties and expectations of growth. 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.
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:
Nancy E. Woo, Manager Investor Relations
Eldorado Gold Corporation
Phone: 604.601.6650 or 1.888.353.8166
1188 – 550 Burrard St.,
Fax: 604.687.4026
Vancouver, BC V6C 2B5
Email: nancyw@eldoradogold.com
Web site: www.eldoradogold.com
Request for information packages: info@eldoradogold.com