Bloomberg News

Eldorado Gold Greek Unit Gets Pre-Environmental Go-Ahead

February 22, 2012

Feb. 22 (Bloomberg) -- Thracean Gold Mining SA, a unit of Canada’s Eldorado Gold Corp., said Greece approved the pre- environmental impact assessment for a gold project in the north of the country.

The Perama Hill gold project in northeastern Greece consists of two mining titles covering an area of 1,897.5 hectares and two mining exploration licenses for an area of 1,762.7 hectares. Eldorado forecasts the average gold production at the site will be 110,000 ounces per year.

Thracean will submit the full environmental impact assessment in a few weeks, the Athens-based company said in an e-mailed statement today. Thracean will invest 150 million euros ($198.5 million) to build the Perama site within 18 months while the cost to operate the site over eight years will be 200 million euros, according to the statement.

The project will generate 370 jobs at the initial construction stage, 200 in the operation phase and 800 in indirect employment in the area, Thracean said. Eldorado Gold said on Dec. 19 it agreed to buy European Goldfields Ltd., which is also active in Greece, for about C$2.5 billion ($2.5 billion). Investors in the two companies yesterday approved the deal.

--Editors: Chris Peterson, Alan Purkiss

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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