Eldorado stands up for its gold project in Greece

Close to 15,000 people took the streets of Thessaloniki, Greece's second largest city, on Saturday to protest a planned gold mine by Canada’s Eldorado Gold Corp. (TSX:ELD) (NYSE:EGO).

Opponents believe the project represents a high environmental risk. But the company’s vice-president, Nancy Woo, told Canadian Press on Monday their concerns are unfounded, as the mine will follow the essential European Union and Greek environmental rules.

Eldorado has already set up a camp in the Halkidiki peninsula, employing 1,200 people and plans to start digging soon. The project, however, has locals divided. Some claim the mine will harm tourism and release toxic substances, while others believe the operation is good news for Greece as it will generate new jobs and bring hundreds of millions into the struggling economy.

The protests began in 2011, when Eldorado Gold’s subsidiary Hellenic Gold received government approval to mine in the northern peninsula.

Currently, Vancouver-based Eldorado is involved in four gold projects in Greece, all of them located in the north of the country.

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