TSX: ELD NYSE:
EGO
VANCOUVER, May 9, 2016 /CNW/ - Eldorado Gold Corporation
("Eldorado" or the "Company") confirms that Hellas Gold S.A., a Greek subsidiary of
Eldorado, has received from Greece's Ministry of Energy and
Environment (The "Ministry") the approval of the updated Technical Study for the Skouries Project in Halkidiki, Northern Greece. The approval of the Technical Study enables Hellas Gold to
recommence construction activities at the Skouries Project site, which were suspended in January of this year (see news
release dated January 11, 2016).
Paul Wright, President and Chief Executive Officer of Eldorado,
commented: "We are all very pleased with the receipt of this approval and greatly encouraged by the ongoing interaction
between Hellas Gold and the Ministry and its technical services. This constructive engagement has
contributed to other recent approvals including the Skouries Building Permit (February 2016),
and the Olympias Installation Permit (March 2016). I believe there now exists a greatly
improved shared understanding, appreciation and alignment between the Company and the Ministry in regards to the substantial
benefits to be gained by the Greek society and economy through the collaborative responsible development of mineral resources in
Greece.
We look forward to working together with the Ministry to advance the Skouries and Olympias Projects for the benefit of all
stakeholders."
About Eldorado Gold
Eldorado is a leading low cost gold producer with mining, development and exploration
operations in Turkey, China, Greece, Romania and Brazil. The Company's success to date is based on a
low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the
communities where it operates. Eldorado's common shares trade on the Toronto Stock Exchange
(TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
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 applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited to the
Company's Announcement of the Skouries Technical Study Approved, Construction to Recommence.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking statements
or information. We have made certain assumptions about the forward-looking statements and information and even though our
management believes that the assumptions made and the expectations represented by such statements or information are reasonable,
there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should
one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and
other factors include, among others, the following: gold price volatility; discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks;
regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency
fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss
of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors
discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form &
Form 40-F dated March 30, 2016.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue
reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to
update forward-looking statements and information 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.
SOURCE Eldorado Gold Corporation