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Eldorado to proceed with gold mine project in Greece
July 25, 2012

Eldorado Gold Corp. announced that a Greek court has revoked the order that halted progress on the company’s gold mine in the north of the country and that it will be able to proceed with the project.

“We are very pleased with the decision of the Council of State and will re-initiate our surface clearing activities in Halkidiki as soon as practically possible,” Eldorado chief executive Paul Wright said in a statement.

Early July, the Council of the State, Greece’s highest administrative court, issued a provisional order suspending tree-cutting at Eldorado’s mining project in Halkidiki, northern Greece.

The court revoked the suspension order on July 24, the company said.

“The judges found that this investment is of particular benefit to the Greek economy,” an official at the Council said.

The ruling, however, is temporary until the Council holds a full hearing on the case at a later point, according to the court official and another official close to the proceedings.

Eldorado operates the Stratoni mixed sulfide project in northern Greece and is developing three other gold projects in the region.

The Vancouver-based company employs some 680 people, including contractors, in Greece and expects to invest some $1 billion in the debt-plagued nation over the next five years.

 

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