Eldorado Gold Reports on Greek Court Decision Affecting Subsidiary

By Midnight Trader,  July 05, 2012, 11:48:15 AM EDT

Eldorado Gold Corporation (ELD.TO) today announced the Council of State of Greece - the country's Supreme Administrative Court issued a Provisional Order on June 29, 2012 suspending any intervention in a forest area in Halkidiki owned by Hellas Gold S.A, a 95% owned subsidiary of Eldorado in Greece. Hellas Gold has a 100% interest in the Stratoni Mine, as well as the Olympias and Skouries projects in the Halkidiki region of northern Greece.

The Provisional Order prevents Hellas Gold from continuing with tree cutting activities at the Skouries project and in certain areas of Stratoni. The other operational, development and exploration activities of Hellas Gold at the Stratoni Mine, Olympias, Skouries and Piavitsa Projects remain unaffected and will continue to advance according to plan. The Provisional Order does not provide any specific reason for the temporary suspension of the tree cutting activities.

Hellas Gold is preparing, together with the office of the Secretary General of the Decentralized Administration of Macedonia-Thrace, the forestry authorities, and the Ministry of Environment, Energy and Climate Change of Greece, all of the documentation required to demonstrate to the Council of State that the Company is in possession of all the permits required to legally continue with its tree cutting activities in Halkidiki. Once this documentation is filed before the Council of State the Company expects the Provisional Order to be revoked.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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