The project, with presently defined proven and probable reserves of 975,000 ounces of gold, will be developed as an open pit mine producing approximately 110,000 ounces annually at cash costs projected to be less than US$300 per ounce.
Eldorado Gold president and CEO Paul Wright said they will provide positive signals for exploration and further development of the significant mineral resources in Northern Greece.
"Eldorado has prepared the final Environmental Impact Assessment (EIA) Study, which will be submitted to the Ministry this quarter," Wright said.
Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Brazil and Greece.
The Perama Hill Project will cost approximately $190m and is expected to provide employment for about 370 persons during construction and direct employment for 200 persons during operation.
