Canada's Eldorado does not see Perama approved before elections

Thu Jan 16, 2014 9:27am EST

Logs are piled up in the forest area where Hellas Gold will construct an open pit to extract gold in Skouries, in the Halkidiki region, northern Greece August 16, 2013. A Canadian quest to mine for gold in the lush forests of northern Greece is testing the government's resolve to prove Europe's most ravaged economy is open again for business. The Skouries mine on Halkidiki peninsula is among the biggest investments in Greece since it sank into a debt crisis four years ago. Vancouver-based Eldorado Gold Corp, which owns 95 percent of Hellas Gold, took over the project in 2012, promising to invest $1 billion over the next five years as part of a plan to mine eventually source up to 30 percent of its global gold production in Greece. REUTERS/Lefteris Papadimas

Logs are piled up in the forest area where Hellas Gold will construct an open pit to extract gold in Skouries, in the Halkidiki region, northern Greece August 16, 2013. A Canadian quest to mine for gold in the lush forests of northern Greece is testing the government's resolve to prove Europe's most ravaged economy is open again for business. The Skouries mine on Halkidiki peninsula is among the biggest investments in Greece since it sank into a debt crisis four years ago. Vancouver-based Eldorado Gold Corp, which owns 95 percent of Hellas Gold, took over the project in 2012, promising to invest $1 billion over the next five years as part of a plan to mine eventually source up to 30 percent of its global gold production in Greece.

Credit: Reuters/Lefteris Papadimas

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(Reuters) - Eldorado Gold Corp's Perama Hill project in Greece is not likely to be approved before local elections scheduled for mid-year, the gold miner said on Thursday.

The last time the Vancouver-based company gave an estimate for the project's environmental impact assessment, their timetable was the second half of 2013.

Eldorado's larger Skouries project, also in northern Greece, has sparked a major political conflict, setting the country's desperate need for investment against the interests of the tourism industry and environmental activists.

The miner said Skouries "will continue in full development mode" this year.

Perama Hill's proven and probable gold reserves were 975,000 ounces as of December 31, 2012.

(Reporting by Allison Martell; Editing by Jeffrey Benkoe)

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