Eldorado cuts exploration budget, lowers capital expenditure on low gold prices

VANCOUVER – Eldorado Gold Corp. (TSX:ELD) is reducing its 2013 capital budget by $240 million and cutting its exploration budget for this year to US$51 million from the planned US$98.5 million as a result of declining gold prices. The Vancouver-based miner also says it expects 2014 exploration expenditure to be at or below this new level. Eldorado now plans to focus on mine site and brownfields exploration, delay a full expansion of its Kisladag project, and lower overall 2013 capital expenditure to US$430 million from US$670 million.