The Canadian company highlighted that exploration results from the Ormaque deposit showed continuous growth and resource expansion opportunities.
“Supporting our development strategy in Quebec, plans are being advanced to declare initial Reserves for Ormaque in late 2024 with completion of a pre-feasibility study, and exploration drilling will continue to test resource expansion opportunities,” president and chief executive George Burns said in a separate statement.
Eldorado shares dropped 1.3% in early trading in New York to $11.78 each and were down 1.2% to C$16.06 in Toronto on the news, leaving the miner with a market capitalization of C$3.28 billion ($2.41bn).
Eyeing growth
After facing headwinds in Greece for years, Eldorado developed and kicked off production at its Lamaque gold mine in 2019.
In 2021, the miner completed key growth projects at two of its assets — the Lamaque mine in Val d’Or, Quebec, and Kışladağ…
