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ELDORADO GOLD CORP
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Eldorado Reports Year-End and Fourth Quarter Financial and Operational Results

2013-02-22 07:00 ET - News Release

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/22/13

Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE:EGO) is pleased to report on the Company's financial and operational results for the year ended December 31, 2012. Eldorado reported profit attributable to shareholders of the Company of $305.3 million for the year ended December 31, 2012 on sales of 625,394 ounces of gold at an average price of $1,674 per ounce.

"In addition to the continued strong earnings and production achieved in 2012, the Company completed its acquisition of European Goldfields Limited ("EGU") during the year, significantly increasing our gold reserves," said Paul Wright, President and CEO of Eldorado Gold. "As well, the Company strengthened its cash position through the issuance of Senior Notes totalling $600.0 million, proceeds of which will be used to fund a strong set of development projects in the pipeline."

2012 Results and Corporate Developments


--  Gold production, including pre-commercial production from Efemcukuru:
    656,324 ounces - 2012; 658,652 ounces - 2011. 
    
--  Gold revenues: $1,047.1 million - 2012; $1,042.1 million - 2011. 
    
--  Basic earnings per share: $0.44 per share - 2012; $0.58 per share -
    2011. 
    
--  Cash generated from operating activities before changes in non-cash
    working capital (a non-IFRS measure): $447.7 million - 2012; $502.1
    million - 2011. Additionally, sales of pre-commercial production from
    Efemcukuru generated proceeds of $54.7 million. 
    
--  The Company paid dividends totalling Cdn$0.15 per share compared to
    Cdn$0.11 per share in 2011. 
    
--  European Goldfields Limited was acquired on February 24, 2012. 
    
--  Reserves increased significantly year over year. 
    
--  The Company issued Senior Notes totalling $600.0 million in December
    2012. 

Change in Greek corporate income tax rate post acquisition

On January 11, 2013 the government of Greece enacted legislation increasing the corporate income tax rate from 20% to 26%, effective January 1, 2013. The Company calculated its deferred tax liability with respect to its Greek assets including the assets acquired as part of the EGU acquisition based on the 20% Greek income tax rate (the legislated tax rate at the acquisition date). As required by IAS 12, "Income Taxes", when an income tax rate changes, the deferred tax liability must be adjusted to reflect the change in the income tax rate. The adjustment is required to be charged to deferred income tax expense. The Company anticipates that the increase in the Greek income tax rate from 20% to 26% will increase the deferred tax liability and the deferred tax expense by approximately $130.0 million or approximately $0.18 per share in the first quarter of 2013.

Summarized Annual Financial Results


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($millions except as noted)                     2012        2011        2010
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Revenues(1)                              $   1,147.5 $   1,103.7 $     793.7
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Gold sold (ounces)                           625,394     658,919     639,949
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Average realized gold price ($/ounce)    $     1,674 $     1,581 $     1,223
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Average London spot gold price ($/ounce) $     1,669 $     1,572 $     1,225
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Cash operating costs ($/ounce)(2)        $       483 $       405 $       382
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Total cash costs ($/ounce)(2)            $       554 $       472 $       423
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Gross profit from gold mining                                               
 operations(2)                           $     595.0 $     610.8 $     400.7
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Profit(3)                                $     305.3 $     318.7 $     221.0
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Earnings per share - Basic ($/share)(3)  $      0.44 $      0.58 $      0.41
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Earnings per share - Diluted                                                
 ($/share)(3)                            $      0.44 $      0.58 $      0.40
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Cash flow from operating activities                                         
 before changes in non-cash working                                         
 capital(2)                              $     447.7 $     502.1 $     357.9
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Capital Spending - cash basis            $     426.2 $     272.8 $     226.3
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Dividends paid - (Cdn$/share)            $      0.15 $      0.11 $      0.05
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Cash and cash equivalents                $     816.8 $     393.8 $     314.3
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Total Assets                             $   7,928.1 $   3,960.4 $   3,685.4
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Total long-term financial liabilities(4) $     662.9 $      63.2 $     113.4
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(1) Revenues include proceeds from the sale of lead and zinc concentrates   
produced by Stratoni in the amount of $47.9 million (Stratoni was acquired  
in 2012), the sale of iron ore from Vila Nova in the amount of $45.6 million
in 2012 ($56.8 million - 2011; $8.3 million - 2010), the sale of pyrite from
Olympias in the amount of $0.8 million (Olympias was acquired in 2012), and 
the sale of silver in the amount of $6.1 million from our gold mines ($4.8  
million - 2011; $2.6 million - 2010). (2) We use cash operating cost per    
ounce, total cash costs per ounce, gross profit from gold mining operations,
and cash flow from operating activities before changes in non-cash working  
capital as additional measures of Company performance. These are non-IFRS   
measures. Please see page 16 of our Management Discussion and Analysis for  
an explanation and discussion of these non-IFRS measures. (3) Attributable  
to shareholders of the Company. (4) Includes long-term debt net of deferred 
financing costs, defined benefit plans, and asset retirement obligations.   

Review of Annual Financial Results

Profit attributable to shareholders of the Company for the year ended December 31, 2012 was $305.3 million, or $0.44 per share, compared to $318.7 million, or $0.58 per share in 2011. The main factors that impacted our profit as compared to the profit for the year ended December 31, 2011 were: 1) higher production costs due to higher operating costs at our Chinese gold mines; 2) lower depreciation and amortization expense mainly as a result of lower sales volumes; 3) higher exploration expenses due to an increase in the Company's worldwide exploration activities; 4) higher general and administrative expenses mainly as a result of the additional costs of managing the general and administrative activities of our Greek and Romanian subsidiaries from our acquisition of EGU; 5) transaction costs of $21.2 million connected with the acquisition of EGU; and 6) lower income tax expense due to recognition of $15.8 million of investment incentive tax credits in Turkey related to Efemcukuru and the impact of Turkish lira exchange rate changes on the tax basis of our Turkish tax assets. The effective tax rate decreased from 32% to 29% year over year for the same reasons.

Review of Quarterly Results

Profit attributable to shareholders of the Company for the quarter ended December 31, 2012 was $115.0 million, or $0.16 per share, compared to $88.8 million, or $0.16 per share for the same period in 2011. The main factors that impacted our profit as compared to the profit for the quarter ended December 31, 2011 were: 1) Increased gold revenues from Efemcukuru concentrate sales; 2) Higher operating costs at our Chinese gold mines; and 3) Lower income tax expense due to recognition of $14.6 million of investment incentive tax credits in Turkey. The effective tax rate decreased from 32% to 20% quarter over quarter for the same reasons.

Operations review and outlook

Gold Operations


----------------------------------------------------------------------------
                                        2012      2011       2013 outlook(1)
----------------------------------------------------------------------------
Total Operating Gold Mines                                                  
----------------------------------------------------------------------------
Gold ounces produced                 656,324   658,652    705,000 to 760,000
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Cash operating costs ($ per ounce)       483       405            515 to 530
----------------------------------------------------------------------------
Total cash costs ($ per ounce)           554       472                   n/a
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Capital expenditure (millions)         331.8     241.9                 410.0
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Kisladag                                                                    
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Gold ounces produced                 289,294   284,648    290,000 to 300,000
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Cash operating costs ($ per ounce)       332       374            350 to 360
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Total cash costs ($ per ounce)           361       398                   n/a
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Capital expenditure ($ millions)       104.9      53.1                 200.0
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Efemcukuru                                                                  
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Gold ounces produced                  66,870       n/a    125,000 to 135,000
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Cash operating costs ($ per ounce)       583       n/a            470 to 490
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Total cash costs ($ per ounce)           613       n/a                   n/a
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Capital expenditure ($ millions)        73.2     103.8                  45.0
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Tanjianshan                                                                 
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Gold ounces produced                 110,611   114,972     90,000 to 100,000
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Cash operating costs ($ per ounce)       415       377            485 to 500
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Total cash costs ($ per ounce)           612       567                   n/a
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Capital expenditure ($ millions)        23.9       8.9                  10.0
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Jinfeng                                                                     
----------------------------------------------------------------------------
Gold ounces produced                 107,854   177,757    105,000 to 115,000
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Cash operating costs ($ per ounce)       817       442            800 to 820
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Total cash costs ($ per ounce)           901       507                   n/a
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Capital expenditure ($ millions)        59.0      32.2                  55.0
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White Mountain                                                              
----------------------------------------------------------------------------
Gold ounces produced                  80,869    81,275      60,000 to 70,000
----------------------------------------------------------------------------
Cash operating costs ($ per ounce)       625       474            760 to 780
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Total cash costs ($ per ounce)           671       517                   n/a
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Capital expenditure ($ millions)        27.2      17.2                  30.0
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Olympias                                                                    
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Gold ounces produced                     826       n/a      35,000 to 40,000
----------------------------------------------------------------------------
Cash operating costs ($ per ounce)       n/a       n/a            780 to 800
----------------------------------------------------------------------------
Total cash costs ($ per ounce)           n/a       n/a                   n/a
----------------------------------------------------------------------------
Capital expenditure ($ millions)        43.6       n/a                  70.0
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(1)  Outlook metal prices:          gold - $1,700/oz.                       
                                    silver - $30/oz.                        

Annual review - Operations

Kisladag

Gold production for 2012 of 289,294 ounces, was 2% higher than 2011. A total of 12,606,575 tonnes of ore were placed on the leach pad at a head grade of 1.20 g/t Au (2011 - 12,430,447; 0.95 g/t Au). Gold inventory levels on the leach pad increased 33% as a result of the higher rates of ore placement as compared with leaching rates. The heap leach gold inventory level is expected to decline as these additional gold ounces place on the pad in 2012 are leached and recovered into dore in 2013.

Cash operating costs of $332 per ounce (2011 - $374 per ounce) were lower year over year as a result of the higher grade material placed on the pad as well as lower annual average exchange rates for the Turkish lira year over year.

Tanjianshan

Gold production for 2012 of 110,611 ounces, was 4% lower than 2011 mainly as a result of lower average treated head grade and lower additional flotation concentrate feed. Ore milled of 1,056,847 tonnes was 5% higher than 2011 while average treated head grade of 3.67 g/t Au was 7% lower than 2011. Circuit recoveries of 82.6% remained relatively constant with a slight increase in average recovery rate year over year (2011 - 82.1%). Additionally, flotation concentrate produced in prior years from ore mined from the Qinlongtan pit between 2007 and 2008 and added to the roaster feed was responsible for approximately 7,700 ounces of production in 2012 (2011 - approximately 12,000 ounces).

Cash operating costs of $415 per ounce (2011 - $377 per ounce) were 10% higher year over year mainly as a result of lower grade ore and lower flotation concentrate feed.

Jinfeng

Gold production for 2012 of 107,854 ounces was 39% lower than 2011 mainly as a result of lower throughput and head grade due to impact of limited production from the open pit pending completion of a cutback. A total of 96,800 tonnes of ore was mined from the open pit in 2012 (2011 - 689,737 tonnes). Mining of ore was also impacted by pit wall instability due to excessive rainfall during the second quarter. It is expected that ore production will recommence from the pit in the second quarter of 2013 once the waste stripping has uncovered the ore body. A total of 541,555 tonnes of ore were mined from the underground during the year (2011 - 494,422 tonnes). Additionally, a total of 491,101 tonnes of low grade stockpiled ore and 293,338 tonnes of mineralized waste were fed to the plant during 2012.

Cash operating costs of $817 per ounce (2011 - $442 per ounce) were 85% higher year over year reflecting the impact of the decrease in treated head grade and the slightly lower throughput.

White Mountain

Gold production for 2012 of 80,869 ounces was slightly lower than 2011 with higher ore throughput offsetting lower grade. A total of 754,673 tonnes were processed at a grade of 3.85 g/t Au (2011 - 708,882 tonnes at 4.37 g/t Au). The increase in tonnes was due to an increase in underground mining efficiency as a result of increased mine development. The average recovery rate of 86.3% was higher than that of 2011 of 81.8% as a result of the process plant changes related to caustic pre-treatment of sulfide ore made in late 2011.

Cash operating costs per ounce of $625 per ounce (2011 - $474 per ounce) were 32% higher year over year as a result of the decrease in head grade and higher costs related to increased backfill and secondary development rates to sustain higher production tonnage.

Efemcukuru

Efemcukuru began milling ore at its process plant on a pre-commercial production basis in June 2011 and the facility reached commercial production rates by the end of 2011. Unseasonably cold and wet weather impacted production during the first quarter of 2012 while delays in commissioning the underground crushing system and the paste fill system affected the second quarter of 2012. By the fourth quarter of 2012 all systems were in place and operating as expected, and production rates increased accordingly.

During 2012 Efemcukuru shipped its concentrate to the Kisladag Concentrate Treatment Plant ("KCTP") and operated the KCTP on a pre-commercial production basis while modifying the facility in an effort to reach full commercial production. The KCTP was unable to achieve expected production rates during the year and in September 2012 the plant was placed on care and maintenance pending completion of metallurgical testwork, and development of design alternatives with a view to commissioning the upgraded plant in 2013. Approximately 30,000 ounces of gold were produced and sold on a pre-commercial basis during the KCTP testing period. The revenues, net of cost to produce, were credited to plant and equipment.

In November 2012 Efemcukuru began selling its concentrate to third parties for shipment to smelters in China and had sold 36,450 ounces by year end as well as 597 ounces poured from the gravity circuit at Efemcukuru. These sales were recorded as commercial production and the revenues and costs were reflected in the income statement in 2012. At the end of 2012 approximately 35,000 contained ounces in concentrate remained in inventory. These ounces are expected to be sold in the first quarter of 2013.

Vila Nova

Vila Nova processed 710,909 tonnes of iron ore at an average grade of 63.9% Fe during 2012 (2011 - 623,684 tonnes at 63.9% Fe). A total of 603,668 tonnes of iron ore were sold on the spot market during 2012 at an average price of $76 per tonne (2011 - 473,387 tonnes at $120 per tonne). Iron ore prices were weak during 2012 as compared with 2011 prices but recovered somewhat in the fourth quarter of 2012. Operating costs of $60 per tonne (2011 - $64 per tonne) fell slightly year over year mainly due to the weaker Brazilian real.

Stratoni

Stratoni processed 191,602 tonnes of ore and produced 50,680 tonnes of lead/zinc concentrates during 2012 subsequent to the acquisition of EGU by the Company. A total of 52,934 tonnes of lead/zinc concentrates were sold during that same period at an average price of $905 per tonne and average cash operating costs of $729 per tonne.

Annual review - Development projects

Kisladag Phase IV Mine Expansion

The basic engineering package for the process circuit and mine infrastructure for the Phase IV Mine Expansion was completed in the third quarter of 2012. The capital cost estimate for the project is being updated based on the basic engineering designs. A Connection Agreement was reached with the high voltage power supplier to provide an additional 154 kV power line to the site. Temporary power distribution facilities will be required for start up of the first electric shovel. Work continued on design of the North Leach Pad and North Rock dump including detailed designs for initial construction work.

Procurement of long lead equipment has been ongoing with orders prepared or placed for the mobile mining fleet as well as fixed plant equipment for the crushing and screening circuits.

Construction activity on site has been focused on earthworks in the proposed plant site and crusher pad areas. The total amount of cut and fill material within the existing permitted area has been substantially completed. Safety continues to be a major focus on the site with 150,393 man-hours spent to date on the project this year with no medical aid or lost time incidents.

Capital spending at Kisladag for the Phase IV Mine Expansion amounted to $74.4 million in 2012, this included $28.7 million for procurement of long lead equipment.

Olympias

Olympias was acquired by the Company in February 2012 as part of the EGU transaction. The Olympias orebody is a carbonate replacement deposit containing proven and probable gold reserves of 3.8 million ounces of gold with significant lead and zinc values. Olympias was mined in the past from underground and produced lead and zinc concentrates as well as an arsenopyrite-gold concentrate. At the time of its acquisition the mine was on care and maintenance.

The Company is planning to develop Olympias in three phases. In Phase I the plan is to refurbish and re-commission the existing mill and flotation circuits and to reprocess approximately 2.41 million tonnes of historic tailings grading 3.4 g/t gold, at a rate of approximately 900,000 tonnes per annum. The reprocessing facility is designed to produce a flotation concentrate which can be sold commercially.

Approximately 28,300 tonnes of tailings were reprocessed during the final quarter of 2012 at a grade of 5.07 grams per tonne during the re-commissioning of the reprocessing facility. Approximately 826 payable ounces of gold in concentrate were shipped to a smelter prior to year end and were accounted for as pre-commercial production.

Underground refurbishment was begun during 2012 in tandem with the tailings retreatment with the goal of beginning underground mining in Phase II. Approximately 1,000 meters of underground drifts were rehabilitated and 1,377 meters of new drifts were completed. Mine production during Phases II and III, is estimated to be 450,000 and 850,000 tonnes per annum respectively. A core relogging and geologic interpretation program was begun in 2012 to better understand the full extent and distribution of gold mineralization. Based on results of this work the production rates may be increased for Phases II and III.

In Phase III (projected to begin in 2018) the Company plans to construct a new metallurgical plant at Stratoni to treat Olympias ore which will be accessed via an 8 kilometer tunnel, transporting ore to the plant and tailings back to the underground for backfill.

Capital costs incurred in 2012 since the date of the EGU acquisition were $43.6 million for mine development and rehabilitation, and for mill refurbishment.

Skouries

Skouries is a copper\gold porphyry deposit that the Company plans to develop using both open pit and underground mining methods. The deposit currently hosts proven and probable reserves of 3.6 million ounces of gold and 743,000 tonnes of copper.

From the date of the EGU acquisition a total of $20.6 million was spent on capital development at Skouries. The work consisted mainly of site clearing and preparation, geotechnical drilling (835 meters), detailed engineering studies and road building.

On February 17, 2013 the Skouries project site was attacked by a group of armed intruders. Office trailers and mobile equipment were destroyed. The Company is cooperating with the police and other relevant authorities to ensure the safety of our employees and assets.

Certej

The Certej development project in Romania was also acquired as part of the EGU transaction. This deposit hosts a 4.3 million ounce measured and indicated resource that will be developed using open pit mining methods. The Environmental Permit for Certej was approved by the Timisoara Regional Department of Environment during the third quarter of 2012.

Exploration drilling during 2012 significantly expanded the resource at Certej and work is currently underway to convert the resource into an updated and expanded pit design and ore reserve. In addition, metallurgical testwork is ongoing, both to validate the appropriateness of the currently designed metal recovery process and to examine alternative metallurgical processes.

From the date of the EGU acquisition at total of $9.9 million was spent on capital development including land acquisition, metallurgical drilling and testwork, and exploration drilling.

Perama Hill

The Ministry of Environment completed the review of the Preliminary Environmental Impact Assessment ("PEIA") application and issued the Approval of the PEIA study in February 2012. Processing of the EIA will be carried out under the Fast Track program established by the Greek government in 2012. Approval of the EIA is expected to be received in the first quarter of 2013.

Geotechnical drilling in the plant site and tailings disposal basin as well as geotechnical holes in the pit area was begun during 2012. Samples for metallurgical testwork were recovered from selected drill holes.

The basic engineering package for the process plant and ancillary facilities was completed in the fourth quarter of 2012. Detailed engineering including foundation and structural design was initiated for the process plant, ancillary buildings and filtration plant.

Capital spending for Perama Hill in 2012 amounted to $7.6 million.

Eastern Dragon

Due to delays in the permitting process for Eastern Dragon the Company elected to reduce activity on site until resolution of the issues can be achieved. During the course of the year construction work at the site was focused on completing critical work already in progress as well as securing the site and equipment for care and maintenance.

Capital costs incurred at Eastern Dragon totalled $13.9 million spent on completion of construction work and care and maintenance of the site facilities.

Tocantinzinho

The Preliminary Environmental License for the Tocantinzinho project was issued in September 2012. Public participation meetings held in the project area in June were positive and supportive of the project development. Engineering efforts have focused on preparation of a Feasibility Study for the mine and infrastructure and the backup data and designs required for the study. Preliminary results from the feasibility work have revealed a number of areas which could be optimized to improve on the economic performance of the project. A critical review of the project will be undertaken in 2013 to address areas which can potentially impact both capital and operating costs.

Project spending in 2012 was $12.1 million, not including capitalized exploration costs.

Annual review - Exploration

During 2012 the Company conducted grassroots, advanced stage and minesite exploration activities which included drilling approximately 184,000 meters of drill holes, and involved 32 projects across Turkey, China, Brazil, Greece, and Romania.

Turkey

Kisladag

At Kisladag, a total of 10,200 meters of diamond drilling was completed in 2012 testing multiple deep targets defined by a combination of geophysical surveys, soil geochemistry, and geological modelling. The drilling program was not successful at identifying new mineralized porphyry centers, and most of the mineralization and alteration identified is likely a peripheral footprint of the Kisladag deposit. Two final targets remain to be tested once drill-site permitting has been granted.

Efemcukuru

At Efemcukuru, approximately 30,700 meters of exploration drilling was completed during the year on both the Kestane Beleni and the Kokarpinar vein systems. At Kestane Beleni, drilling was focussed on the Northwest Extension target area ("KBNW"), and also on the down-dip stepouts in the South Ore Shoot ("SOS") and Middle Ore Shoot / North Ore Shoot ("MOS/NOS") transition area. In the KBNW target area, 2012 drilling defined a new shallowly-plunging ore shoot with high gold grades. This ore shoot remains open down plunge to the northwest. In both the SOS and MOS/NOS transition areas, the new drilling extended the known mineralization downdip, and ore shoots remain open at depth. Drilling on the Kokarpinar vein system focused on the relatively untested central portion of the vein. Two new ore shoots were identified: a northern ore shoot supported to date by multiple bonanza grade intercepts, and a more limited southern ore shoot, dominated by stockwork mineralization in the hangingwall to the principal vein. The northern Kokarpinar ore shoot is open downdip, and has also not been tested in the approximately 300 meter interval between the drillhole intercepts and the surface. Most of the mineralization identified in 2012 drilling at both Kestane Beleni and Kokarpinar falls in the Inferred Resource category. Infill drilling of these zones is planned for 2013.

China

Tanjianshan district

The 2012 exploration program in the Tanjianshan district included drilling programs at the Xijongou ("XJG") deposit, the Qinlongtan ("QLT") north target area, the Zhongxinshan (ZXS) prospect, and the Jinlonggou ("JLG") deposit. At XJG, a total of 5,700 meters of drilling was conducted on infill and stepout holes, providing further definition of the two main mineralized zones as well as testing new target areas. At QLT north, drilling tested the mineralized fault zone at depth beneath the north end of the open pit. Several high-grade intercepts contributed to a new inferred resource in this target area, which is included in the exploration program for 2013. In addition, exploration drilling by our joint venture partner at QLT north encountered a strongly-mineralized intrusion with high gold grades adjacent to the controlling fault. Follow-up drilling of this new zone of mineralization began in late 2012 and is included in the 2013 exploration program.

At the Jinlonggou pit, a total of 10,800 meters of drilling targeted zones of inferred mineralization beneath the floor of the current design pit, and also tested the continuity of mineralized fault zones behind the west and south pit walls. This drilling yielded several new zones of Inferred Resources, which are included in the planned infill and stepout drilling program for 2013.

Jinfeng district

At the Jinfeng mine, drilling included surface and underground programs (16,500 meters and 14,200 meters respectively) which targeted step-outs along the known major mineralized fault zones (F2, F3, F6), infilled gaps in the existing resource model, and tested new conceptual targets. The exploration drilling was successful in maintaining Measured and Indicated Resources at the deposit.

White Mountain district

Exploration drilling of the White Mountain deposit was delayed pending development of additional underground drill stations.

Brazil

Tocantinzinho district

At Tocantinzinho, 2012 exploration activities included 5,700 meters of diamond drilling testing geophysical and geochemical targets peripheral to the deposit. Significant results included the discovery of a zone of copper-molybdenum porphyry-style mineralization several kilometers west of Tocantinzinho, with a drillhole intercept of 295.0 meters grading 0.19% copper and 0.015% molybdenum. Narrow intervals of high grade gold mineralization were also encountered in several drillholes, and will be further tested in 2013.

Reconnaissance

At the Agua Branca project, 8,800 meters of drilling tested the Camarao Hill zone over a 2 kilometer strike length. Although the drilling confirmed continuity of the northeast-striking mineralized zone, significant gold values were typically restricted to narrow intervals within broad low grade zones, and none of the new holes improved on results from previous drill programs. Additional auger testing is planned for early 2013.

Reconnaissance fieldwork aimed at defining drill targets was completed during the year at the Piranhas and Chapadinha projects, both being explored under option agreements with private owners.

Greece

Chalkidiki district

In the Chalkidiki district, drilling programs were completed in 2012 at the Skouries, Piavitsa, and Fisoka project areas. At Piavitsa, 14,000 meters of drilling tested the mineralized Stratoni Fault zone over approximately a 2 kilometer strike length, constraining a new Inferred Resource for the deposit. Strongest mineralization was encountered in two areas: one near the central portion of the tested area; and the other in the Piavitsa West area, where the Stratoni Fault appears to be offset by a north-striking younger fault. Several drillholes also cut mineralized veins with intermediate sulfidation epithermal characteristics and moderate gold grades. This discovery represents a style of mineralization not previously known in the district.

At Skouries, a total of 12,100 meters of drilling was completed including 19 infill drillholes in the design pit area, and two deep confirmation drillholes. Infill drillholes converted portions of the low-grade Inferred Resource peripheral to the deposit core into Measured and Indicated Resources. The two deep confirmation holes intersected intense porphyry-style mineralization within potassically altered syenite and lesser wallrock zones, with grades similar to those predicted by the resource model.

At Fisoka, a total of 2,700 meters of drilling was completed testing the three primary porphyry target areas. Best results were from a shallow supergene blanket over the northern porphyry body, with grades similar to those obtained from previous drilling programs.

Perama district

In the Perama district, exploration activities during 2012 focused on mapping and sampling of the Perama South deposit area, directed towards identifying controls on mineralization for future drill targeting. At Perama Hill, infill drilling along the western margin of the deposit began late in the year.

Romania

Certej district

Exploration activities in the Certej district during 2012 included drilling programs at the Certej deposit and at the Sacaramb prospect. At the Certej deposit, drilling focused on two areas referred to as the link zone and the west pit areas. A total of 13,900 meters of drilling was completed which identified new high grade zones of mineralization within the deeper parts of the link zone, and significantly increased the deposit resource. At Sacaramb, drilling tested geophysical anomalies along the inferred extension of vein systems that were mined historically. This drill program did not encounter significant new mineralization.

Reserves and Resources

As a result of our acquisition of EGU the Company reported an additional 6.8 million contained ounces of gold in Proven and Probable Reserves and 13.4 million contained ounces of Measured and Indicated Resources at the end of 2012. Proven and Probable Reserves do not include Certej project. Work is currently underway to convert the expanded resource at Certej into reserves, which we plan to complete during 2013. The previous reserve of 46.7 million tonnes at 1.60 g/t Au and 11.5 g/t Ag was calculated on a smaller resource base and is now considered historical. Reserves at the end of 2012 totalled 25.8 million contained ounces of gold, compared with 19.0 million ounces at the end of 2011. Measured and Indicated Resources at the end of 2012 totalled 36.3 million contained ounces of gold, compared with 22.9 million ounces at the end of 2011. Complete mineral reserve and resource data including tonnes, grades and ounces as well as major assumptions and qualified persons responsible for these numbers are shown below in Table 1.


Table 1: Eldorado Gold Mineral Reserves, as of December 2012                
                                                                            
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Project                            Proven Mineral Reserves                  
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Gold                          Tonnes                  Au          In-situ Au
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                             (x1000)                 g/t      ounces (x1000)
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Certej          (See Mineral Reserve Note 3)                                
Eastern Dragon                   837               11.07                 297
Efemcukuru                     1,182               10.81                 411
Jinfeng                        7,775                3.97                 993
Kisladag                     102,695                0.88               2,913
Olympias                      11,294                7.57               2,749
Perama                         2,477                4.44                 354
Skouries                      65,536                0.88               1,850
Tanjianshan                    3,505                2.94                 331
Tocantinzinho                 17,735                1.39                 792
White Mountain                 3,270                3.10                 326
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TOTAL GOLD                   216,306                1.58              11,016
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Silver                        Tonnes                  Ag          In-situ Ag
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                             (x1000)                 g/t      ounces (x1000)
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Certej          (See Mineral Reserve Note 3)                                
Eastern Dragon                   837                  81               2,178
Olympias                      11,294                 104              37,763
Perama                         2,477                   3                 254
Stratoni                         784                 195               4,915
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TOTAL SILVER                  15,392                  91              45,110
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Copper                        Tonnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                      65,536                0.64                 343
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                  65,536                0.64                 343
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       8,886                 4.3                 382
Stratoni                         784                 7.4                  58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                     9,670                 4.6                 440
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       8,886                 5.7                 507
Stratoni                         784                11.3                  89
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                     9,670                 6.2                 596
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      2,810                59.4                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     2,810                59.4                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            

----------------------------------------------------------------------------
Project                           Probable Mineral Reserves                 
----------------------------------------------------------------------------
Gold                          Tonnes                  Au          In-situ Au
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 2,253                6.46                 467
Efemcukuru                     4,019                6.87                 886
Jinfeng                        8,859                3.62               1,032
Kisladag                     344,915                0.64               7,148
Olympias                       4,686                8.70               1,311
Perama                         7,220                2.68                 621
Skouries                      82,386                0.66               1,751
Tanjianshan                    1,156                2.96                 109
Tocantinzinho                 31,315                1.17               1,183
White Mountain                 2,140                3.37                 232
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD                   488,949                0.94              14,740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver                        Tonnes                  Ag          In-situ Ag
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 2,253                  67               4,848
Olympias                       4,686                 140              21,092
Perama                         7,220                   4                 897
Stratoni                         112                 107                 385
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER                  14,271                  59              27,222
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper                        Tonnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                      82,386                0.51                 406
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                  82,386                0.51                 406
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       4,686                 4.7                 220
Stratoni                         112                 3.9                   4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                     4,798                 4.7                 224
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       4,686                 6.2                 291
Stratoni                         112                12.9                  14
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                     4,798                 6.4                 305
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      6,940                58.5                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     6,940                58.5                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            

----------------------------------------------------------------------------
Project                           Total Proven and Probable                 
----------------------------------------------------------------------------
Gold                          Tonnes                  Au          In-situ Au
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 3,090                7.71                 764
Efemcukuru                     5,201                7.77               1,297
Jinfeng                       16,634                3.79               2,025
Kisladag                     447,610                0.70              10,061
Olympias                      15,980                7.90               4,060
Perama                         9,697                3.13                 975
Skouries                     147,922                0.76               3,601
Tanjianshan                    4,661                2.95                 440
Tocantinzinho                 49,050                1.25               1,975
White Mountain                 5,410                3.21                 558
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD                   705,255                1.14              25,756
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver                        Tonnes                  Ag          In-situ Ag
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 3,090                  71               7,026
Olympias                      15,980                 115              58,855
Perama                         9,697                   4               1,151
Stratoni                         896                 184               5,300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER                  29,663                  76              72,332
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper                        Tonnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                     147,922                0.57                 749
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                 147,922                0.57                 749
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                      13,572                 4.4                 602
Stratoni                         896                 6.9                  62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                    14,468                 4.6                 664
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                      13,572                 5.9                 798
Stratoni                         896                11.5                 103
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                    14,468                 6.2                 901
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      9,750                58.8                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     9,750                58.8                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Table 2: Eldorado Gold Mineral Resources as of December 2012                
                                                                            
----------------------------------------------------------------------------
Project              Measured Resources            Indicated Resources      
----------------------------------------------------------------------------
Gold              Tonnes        Au In-situ Au    Tonnes        Au In-situ Au
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej            14,500      1.84        860    92,200      1.19      3,520
Eastern Dragon       800     12.48        322     2,700      6.04        530
Efemcukuru         1,271     11.85        485     4,614      7.85      1,165
Jinfeng           11,353      3.94      1,437    13,704      3.40      1,499
Kisladag         105,533      0.87      2,938   458,222      0.59      8,618
Olympias          10,545      8.49      2,878     4,298     10.00      1,382
Perama             3,064      4.30        424     9,375      3.18        958
Piavitsa               0      0.00          0         0      0.00          0
Skouries          99,135      0.80      2,552   184,493      0.49      2,853
Tanjianshan        4,383      2.77        389     3,694      2.49        295
Tocantinzinho     19,777      1.29        820    50,457      0.97      1,574
White Mountain     4,029      3.47        450     3,337      3.23        346
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD       274,390      1.54     13,555   827,094      0.86     22,740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver            Tonnes        Ag In-situ Ag    Tonnes        Ag In-situ Ag
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej            14,500         7      3,170    92,200         9     27,500
Eastern Dragon       800        91      2,400     2,700        67      5,900
Olympias          10,545       117     39,666     4,298       161     22,248
Perama             3,064         3        335     9,375         9      2,833
Piavitsa               0         0          0         0         0          0
Stratoni           1,141       181      6,640         0         0          0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER      30,050        54     52,211   108,573        17     58,481
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper            Tonnes        Cu In-situ Cu    Tonnes        Cu In-situ Cu
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Skouries          99,135      0.49        484   184,493      0.41        750
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER      99,135      0.49        484   184,493      0.41        750
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead              Tonnes        Pb In-situ Pb    Tonnes        Pb In-situ Pb
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias           8,137       4.9        399     4,298       5.4        232
Stratoni           1,141       6.8         78         0       0.0          0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD         9,278       5.1        477     4,298       5.4        232
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc              Tonnes        Zn In-situ Zn    Tonnes        Zn In-situ Zn
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias           8,137       6.6        537     4,298       7.1        305
Stratoni           1,141      11.3        129         0       0.0          0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC         9,278       7.2        666     4,298       7.1        305
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron              Tonnes        Fe               Tonnes        Fe           
----------------------------------------------------------------------------
                 (x1000)         %              (x1000)         %           
----------------------------------------------------------------------------
Vila Nova          3,095      59.4               11,480      58.5           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON         3,095      59.4               11,480      58.5           
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Project         Total Meaured and Indicated         Inferred Resources      
----------------------------------------------------------------------------
Gold              Tonnes        Au In-situ Au    Tonnes        Au In-situ Au
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej           106,700      1.27      4,380    24,400      1.01        800
Eastern Dragon     3,500      7.50        852     2,200      2.67        190
Efemcukuru         5,885      8.71      1,650     5,242      4.96        835
Jinfeng           25,057      3.64      2,936    10,422      3.07      1,029
Kisladag         563,755      0.64     11,556   379,725      0.40      4,908
Olympias          14,843      8.93      4,260     1,666      8.90        477
Perama            12,439      3.46      1,382     8,766      1.96        554
Piavitsa               0      0.00          0    10,854      4.95      1,727
Skouries         283,628      0.60      5,405   168,063      0.31      1,673
Tanjianshan        8,077      2.64        684     3,541      3.85        439
Tocantinzinho     70,234      1.06      2,394     6,950      0.66        147
White Mountain     7,366      3.36        796     4,193      5.22        704
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD     1,101,484      1.02     36,295   626,022      0.67     13,483
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver            Tonnes        Ag In-situ Ag    Tonnes        Ag In-situ Ag
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej           106,700         9     30,670    24,400         6      4,870
Eastern Dragon     3,500        73      8,300     2,200        20      1,500
Olympias          14,843       130     61,914     1,666       155      8,302
Perama            12,439         8      3,168     8,766         7      1,860
Piavitsa               0         0          0    10,854        39     13,610
Stratoni           1,141       181      6,640       705        89      2,017
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER     138,623        25    110,692    48,591        21     32,159
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper            Tonnes        Cu In-situ Cu    Tonnes        Cu In-situ Cu
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Skouries         283,628      0.43      1,234   168,063      0.34        575
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER     283,628      0.43      1,234   168,063      0.34        575
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead              Tonnes        Pb In-situ Pb    Tonnes        Pb In-situ Pb
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias          12,435       5.1        631     1,666       5.1         85
Stratoni           1,141       6.8         78       705       4.3         30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD        13,576       5.2        709     2,371       4.9        115
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc              Tonnes        Zn In-situ Zn    Tonnes        Zn In-situ Zn
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias          12,435       6.8        842     1,666       7.2        120
Stratoni           1,141      11.3        129       705      12.5         88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC        13,576       7.2        971     2,371       8.8        208
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron              Tonnes        Fe               Tonnes        Fe           
----------------------------------------------------------------------------
                 (x1000)         %              (x1000)         %           
----------------------------------------------------------------------------
Vila Nova         14,575      58.7               10,323      59.8           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON        14,575      58.7               10,323      59.8           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Notes on Mineral Resources and Reserves:                                    
1) Mineral reserves and mineral resources  are as of December 31, 2012      
2) Mineral reserves are included in the mineral resources.                  
3) The mineral reserves and mineral resources are disclosed on a total      
project basis.                                                              
4) The Olympias mineral reserves and mineral resources include 2.408 million
tonnes of economically recoverable old tailings that grade 3.4 g/t Au and 14
g/t Ag. These are added into the gold and silver Proven reserve and Measured
resource categories, respectively.                                          
                                                                            
Mineral Reserve Notes:                                                      
1) Gold price used was $1250/oz except for Eastern Dragon, Tocantinzinho,   
Skouries underground, and Olympias  projects which used $1000. Silver price 
was $16.50/oz; Copper price was $3.00/lb; Pb and Zn prices were $1,500/t for
Olympias, $1,700/t for Stratoni.                                            
2) Cut-off grades (gold g/t): Kisladag: 0.20 g/t oxide, 0.31 g/t sulphide;  
Efemcukuru: 3.5 g/t; Perama: 0.8 g/t; Tanjianshan: 1.6 g/t JLG sulphide, 1.3
g/t JLG oxide/transition, 1.5 g/t 323 Pit; Jinfeng: 0.7 g/t open pit, 2.3g/t
underground; White Mountain: 1.5 g/t; Eastern Dragon: 1.0 g/t open pit,     
1.7g/t underground; Tocantinzinho: 0.49 g/t sulphide, 0.43 g/t oxide;       
Skouries: $7.00 NSR open pit, $25.26 NSR underground. Cut-off grade for     
Stratoni is based on a 16.5% Zn Equivalent grade (=Zn%+Pb%x1.08+Ag%x167).   
Cut-off for Olympias is geology based due to the sharpness of the           
mineralized contacts and the high grade nature of the mineralization.       
3) Due to a significantly changed resource model the pre-existing reserves  
for Certej project (46,960,000 tonnes at 1.60 g/t Au and 11.5 g/t Ag) are   
now deemed as historical. New reserves for Certej will be estimated later in
2013.                                                                       
4) Qualified Persons: Richard Miller, P.Eng., Manager, Mining for the       
Company is responsible for the Kisladag, Tanjianshan, Tocantinzinho, Vila   
Nova Iron, Jinfeng open pit, Perama and Skouries open pit reserves; Norm    
Pitcher, P.Geo., President for the Company, is responsible for the Jinfeng  
underground, White Mountain, Eastern Dragon, Efemcukuru, Olympias, Skouries 
underground and Stratoni reserves.                                          
                                                                            
Mineral Resource Notes:                                                     
1) Cut-off grades (gold g/t):  Kisladag: 0.25 g/t; Efemcukuru: 2.5 g/t;     
Perama: 0.5 g/t; Jinfeng: 0.7 g/t open pit, 2.0 g/t underground;            
Tanjianshan: 1.0 g/t; White Mountain: 1.0 g/t; Eastern Dragon: 1.0 g/t;     
Tocantinzinho: 0.3 g/t ; Certej: 0.7 g/t; Skouries: 0.20 g/t Au Equivalent  
grade open pit, 0.60 Au Equivalent grade underground  (=Au g/t + 1.6xCu %). 
Resource cut-offs for Olympias and Stratoni are geology based due to the    
sharpness of the mineralized contacts and the high grade nature of the      
mineralization.                                                             
2) Qualified Persons: Stephen Juras, Ph.D., P.Geo. and Director, Technical  
Services for the Company is responsible for all of the Company's mineral    
resources.                                                                  

Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Greece, Romania, and Brazil. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that our company is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, Chief Executive Officer

Eldorado will host a conference call on Friday, February 22, 2013 to discuss the 2012Year-End Financial and Operating Results at 11:00 a.m. PDT (2:00 p.m. EDT ). You may participate in the conference call by dialling 416-340-8530 in Toronto or 1-888-340-9642 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, CEO of Eldorado Gold. The call will be available on Eldorado's website. www.eldoradogold.com. A replay of the call will be available until March 1, 2013 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code: 6960036.

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to statements or information with respect to the Company's 2012 Year-End and Fourth Quarter Financial and Operating Results.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information, including assumptions about the legal restrictions regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production; and the ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 30, 2012.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with National Instruction 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

For a detailed discussion of resource and reserve estimates and related matters see the Company's reports, including the Annual Information Form and Form 40-F dated March 30, 2012 and technical reports filed under the Company's name at www.sedar.com and www.sec.gov respectively.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX:ELD) and the New York Stock Exchange (NYSE:EGO).

Request for information packages: laurelw@eldoradogold.com


PRODUCTION HIGHLIGHTS                                                       
                                                                            
----------------------------------------------------------------------------
                                First       Second        Third       Fourth
                              Quarter      Quarter      Quarter      Quarter
                                 2012         2012         2012         2012
----------------------------------------------------------------------------
Gold Production                                                             
------------------------                                                    
Ounces Sold                   150,661      132,919      154,841      186,973
Ounces Produced(1)            155,535      140,694      169,565      190,530
Cash Operating Cost                                                         
 ($/oz)(2,4,5)                    452          480          493          502
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    529          550          567          566
Realized Price ($/oz -                                                      
 sold)                          1,707        1,612        1,670        1,696
----------------------------------------------------------------------------
Kisladag Mine, Turkey                                                       
------------------------                                                    
Ounces Sold                    65,164       61,991       83,750       78,151
Ounces Produced                65,707       61,575       84,016       77,996
Tonnes to Pad               3,140,492    3,259,574    3,245,700    2,960,809
Grade (grams / tonne)            1.13         1.30         1.05         1.32
Cash Operating Cost                                                         
 ($/oz)(4,5)                      339          333          334          324
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    374          357          363          353
----------------------------------------------------------------------------
Efemcukuru Mine, Turkey                                                     
Ounces Sold                         -            -            -       37,046
Ounces Produced(1)              4,293        8,222       14,442       39,913
Tonnes Milled                  70,646       95,131       93,779       92,600
Grade (grams / tonne)            8.74         9.60         9.28         9.27
Cash Operating Cost                                                         
 ($/oz)(4,5)                        -            -            -          583
Total Cash Cost                                                             
 ($/oz)(3,4,5)                      -            -            -          613
----------------------------------------------------------------------------
Tanjianshan Mine, China                                                     
------------------------                                                    
Ounces Sold                    28,816       27,172       28,944       25,679
Ounces Produced                28,816       27,172       28,944       25,679
Tonnes Milled                 262,793      245,457      283,654      264,943
Grade (grams / tonne)            4.00         3.73         3.55         3.42
Cash Operating Cost                                                         
 ($/oz)(4,5)                      408          432          396          427
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    605          621          593          632
----------------------------------------------------------------------------
Jinfeng Mine, China                                                         
------------------------                                                    
Ounces Sold                    35,197       25,661       25,805       21,149
Ounces Produced                35,235       25,630       25,821       21,168
Tonnes Milled                 368,756      337,560      356,575      359,903
Grade (grams / tonne)            3.17         2.68         2.43         2.30
Cash Operating Cost                                                         
 ($/oz)(4,5)                      643          786          946          986
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    715          858        1,044        1,088
----------------------------------------------------------------------------
White Mountain Mine,                                                        
 China                                                                      
------------------------                                                    
Ounces Sold                    21,484       18,095       16,342       24,948
Ounces Produced                21,484       18,095       16,342       24,948
Tonnes Milled                 158,114      188,038      210,114      198,407
Grade (grams / tonne)            4.46         3.60         3.14         4.34
Cash Operating Cost                                                         
 ($/oz)(4,5)                      543          622          766          607
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    588          666          813          652
----------------------------------------------------------------------------
Olympias, Greece                                                            
------------------------                                                    
Ounces Sold                         -            -            -            -
Ounces Produced(1)                  -            -            -          826
Tonnes Milled                       -            -            -       28,331
Grade (grams / tonne)               -            -            -         5.07
Cash Operating Cost                                                         
 ($/oz)(4,5)                        -            -            -            -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                      -            -            -            -
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                   Fourth                                   
                                  Quarter                                   
                                     2011              2012             2011
----------------------------------------------------------------------------
Gold Production                                                             
------------------------                                                    
Ounces Sold                       168,712           625,394          658,919
Ounces Produced(1)                168,451           656,324          658,652
Cash Operating Cost                                                         
 ($/oz)(2,4,5)                        418               483              405
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        486               554              472
Realized Price ($/oz -                                                      
 sold)                              1,686             1,674            1,581
----------------------------------------------------------------------------
Kisladag Mine, Turkey                                                       
------------------------                                                    
Ounces Sold                        80,572           289,056          284,917
Ounces Produced                    80,339           289,294          284,648
Tonnes to Pad                   3,374,541        12,606,575       12,430,447
Grade (grams / tonne)                0.97              1.20             0.95
Cash Operating Cost                                                         
 ($/oz)(4,5)                          353               332              374
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        379               361              398
----------------------------------------------------------------------------
Efemcukuru Mine, Turkey                                                     
Ounces Sold                             -            37,046                -
Ounces Produced(1)                      -            66,870                -
Tonnes Milled                           -           352,156                -
Grade (grams / tonne)                   -              9.26                -
Cash Operating Cost                                                         
 ($/oz)(4,5)                            -               583                -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                          -               613                -
----------------------------------------------------------------------------
Tanjianshan Mine, China                                                     
------------------------                                                    
Ounces Sold                        27,564           110,611          114,969
Ounces Produced                    27,567           110,611          114,972
Tonnes Milled                     284,138         1,056,847        1,005,236
Grade (grams / tonne)                3.56              3.67             3.96
Cash Operating Cost                                                         
 ($/oz)(4,5)                          415               415              377
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        616               612              567
----------------------------------------------------------------------------
Jinfeng Mine, China                                                         
------------------------                                                    
Ounces Sold                        38,672           107,812          177,758
Ounces Produced                    38,641           107,854          177,757
Tonnes Milled                     383,226         1,422,794        1,544,965
Grade (grams / tonne)                3.63              2.65             4.06
Cash Operating Cost                                                         
 ($/oz)(4,5)                          525               817              442
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        596               901              507
----------------------------------------------------------------------------
White Mountain Mine,                                                        
 China                                                                      
------------------------                                                    
Ounces Sold                        21,904            80,869           81,275
Ounces Produced                    21,904            80,869           81,275
Tonnes Milled                     184,956           754,673          708,882
Grade (grams / tonne)                4.29              3.85             4.37
Cash Operating Cost                                                         
 ($/oz)(4,5)                          472               625              474
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        519               671              517
----------------------------------------------------------------------------
Olympias, Greece                                                            
------------------------                                                    
Ounces Sold                             -                 -                -
Ounces Produced(1)                      -               826                -
Tonnes Milled                           -            28,331                -
Grade (grams / tonne)                   -              5.07                -
Cash Operating Cost                                                         
 ($/oz)(4,5)                            -                 -                -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                          -                 -                -
----------------------------------------------------------------------------
                                                                            
(1)  Ounces produced include pre-commercial production in Efemcukuru and    
     Olympias.                                                              
(2)  Cost figures calculated in accordance with the Gold Institute Standard.
(3)  Cash Operating Costs, plus royalties and the cost of off-site          
     administration.                                                        
(4)  Cash operating costs and total cash costs are non-GAAP measures. See   
     the section "Non-GAAP Measures" of this Review.                        
(5)  Cash operating costs and total cash costs have been recalculated for   
     prior quarters based on ounces sold.                                   
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Balance Sheets                                                 
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                               December 31,    December 31, 
                                        Note           2012            2011 
                                                          $               $ 
ASSETS                                                                      
Current assets                                                              
  Cash and cash equivalents                6        816,843         393,763 
  Restricted cash                      7, 16            241          55,390 
  Marketable securities                    8          1,988           2,640 
  Accounts receivable and other            9        112,324          42,309 
  Inventories                             10        220,766         190,968 
                                            --------------------------------
                                                  1,152,162         685,070 
Investments in significantly                                                
 influenced companies                     11         27,949          18,808 
Deferred income tax assets                19          3,149           4,259 
Restricted assets and other               12         31,846          38,430 
Defined benefit pension plan              18          4,571               - 
Property, plant and equipment             13      5,868,742       2,847,910 
Goodwill                                  14        839,710         365,928 
                                            --------------------------------
                                                  7,928,129       3,960,405 
                                            --------------------------------
                                            --------------------------------
LIABILITIES & EQUITY                                                        
Current liabilities                                                         
  Accounts payable and accrued                                              
   liabilities                            15        224,567         168,367 
  Current debt                            16         10,341          81,031 
                                            --------------------------------
                                                    234,908         249,398 
Debt                                      16        582,974               - 
Asset retirement obligations              17         79,971          43,213 
Defined benefit pension plan              18              -          19,969 
Deferred income tax liabilities           19        816,941         336,579 
                                            --------------------------------
                                                  1,714,794         649,159 
                                            --------------------------------
Equity                                                                      
Share capital                             20      5,300,957       2,855,689 
Treasury stock                                       (7,445)         (4,018)
Contributed surplus                                  65,382          30,441 
Accumulated other comprehensive loss                (24,535)        (10,069)
Retained earnings                                   594,876         382,716 
                                            --------------------------------
Total equity attributable to                                                
 shareholders of the Company                      5,929,235       3,254,759 
Attributable to non-controlling                                             
 interests                                          284,100          56,487 
                                            --------------------------------
                                                  6,213,335       3,311,246 
                                            --------------------------------
                                                  7,928,129       3,960,405 
                                            --------------------------------
                                            --------------------------------
                                                                           
Approved on behalf of the Board of Directors                               
                                                                           
(Signed) Robert R. Gilmore    Director  (Signed) Paul N. Wright  Director  
                                                                           
Date of approval:   February 21, 2013                                      
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Income Statements                                              
(Expressed in thousands of U.S. dollars except per share amounts)           
                                                                            
                                                                            
For the year ended December 31                Note        2012         2011 
                                                             $            $ 
Revenue                                                                     
  Metal sales                                        1,147,541    1,103,737 
                                                                            
Cost of sales                                                               
  Production costs                              28     427,946      346,484 
  Depreciation and amortization                        113,529      122,414 
                                                  --------------------------
                                                       541,475      468,898 
Gross profit                                           606,066      634,839 
                                                                            
Exploration expenses                                    39,521       30,773 
General and administrative expenses                     70,135       59,239 
Defined benefit pension plan expense            18       1,900        2,088 
Share based payments                            21      21,794       19,722 
Acquisition costs                                5      21,247            - 
Foreign exchange (gain) loss                            (2,780)       5,367 
                                                  --------------------------
Operating profit                                       454,249      517,650 
                                                                            
Loss (gain) on disposal of assets                          509       (2,729)
Gain on marketable securities and other                                     
 investments                                              (176)        (664)
Loss on investments in significantly influenced                             
 companies                                               5,627        4,225 
Other income                                            (6,870)      (2,869)
Asset retirement obligation accretion           17       1,842        1,546 
Interest and financing costs                    29       6,983        5,331 
                                                  --------------------------
                                                                            
Profit before income tax                               446,334      512,810 
Income tax expense                              19     128,276      165,587 
                                                  --------------------------
Profit for the year                                    318,058      347,223 
                                                  --------------------------
                                                  --------------------------
                                                                            
Attributable to:                                                            
Shareholders of the Company                            305,302      318,662 
Non-controlling interests                               12,756       28,561 
                                                  --------------------------
Profit for the year                                    318,058      347,223 
                                                  --------------------------
                                                                            
Weighted average number of shares                                           
 outstanding                                    30                          
Basic                                                  689,007      549,791 
Diluted                                                690,669      551,625 
                                                                            
Earnings per share attributable to                                          
 shareholders of the Company:                   30                          
Basic earnings per share                                  0.44         0.58 
Diluted earnings per share                                0.44         0.58 
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Comprehensive Income                             
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31                    Note      2012       2011 
                                                               $          $ 
                                                                            
Profit for the year                                      318,058    347,223 
Other comprehensive loss:                                                   
Change in fair value of available-for-sale                                  
 financial assets (net                                                      
of income taxes of nil and $12)                           (1,429)      (977)
Realized gains on disposal of available-for-sale                            
 financial assets transferred to net income                  (56)      (794)
Actuarial losses on defined benefit pension plans   18   (12,981)    (6,661)
                                                      ----------------------
Total other comprehensive loss for the year              (14,466)    (8,432)
                                                      ----------------------
Total comprehensive income for the year                  303,592    338,791 
                                                      ----------------------
                                                      ----------------------
                                                                            
Attributable to:                                                            
Shareholders of the Company                              290,836    310,230 
Non-controlling interests                                 12,756     28,561 
                                                      ----------------------
                                                         303,592    338,791 
                                                      ----------------------
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Cash Flows                                       
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31                    Note      2012       2011 
                                                               $          $ 
Cash flows generated from (used in):                                        
Operating activities                                                        
Profit for the year                                      318,058    347,223 
Items not affecting cash                                                    
Asset retirement obligation accretion                      1,842      1,546 
Depreciation and amortization                            113,529    122,414 
Unrealized foreign exchange (gain) loss                   (1,072)     6,500 
Deferred income tax (recovery) expense                   (14,311)     1,804 
Loss (gain) on disposal of assets                            509     (2,729)
Loss on investment in significantly influenced                              
 companies                                                 5,627      4,225 
Gain on marketable securities and other                                     
 investments                                                (176)      (664)
Share based payments                                      21,794     19,722 
Defined benefit pension plan expense                       1,900      2,088 
                                                      ----------------------
                                                         447,700    502,129 
                                                                            
Changes in non-cash working capital                 22  (152,472)     9,948 
                                                      ----------------------
                                                         295,228    512,077 
Investing activities                                                        
Net cash received on acquisition of subsidiary       5    18,789          - 
Purchase of property, plant and equipment               (426,174)  (272,818)
Proceeds from the sale of property, plant and                               
 equipment                                                   859        147 
Proceeds on pre-production sales                          54,705          - 
Purchase of marketable securities                              -     (1,823)
Proceeds from the sale of marketable securities            1,270      8,154 
Funding of non-registered supplemental retirement                           
 plan                                                                       
investments, net                                          14,486     (7,045)
Investments in significantly influenced companies        (14,768)   (16,830)
Decrease (increase) in restricted cash                    55,149     (2,957)
                                                      ----------------------
                                                        (295,684)  (293,172)
Financing activities                                                        
Issuance of common shares for cash                        22,145     31,600 
Dividend paid to non-controlling interests                (9,399)    (8,095)
Dividend paid to shareholders                            (93,142)   (61,167)
Purchase of treasury stock                                (6,830)    (6,438)
Long-term and bank debt proceeds                         650,000      5,782 
Long-term and bank debt repayments                      (120,430)   (98,169)
Loan financing costs                                     (18,808)    (2,999)
                                                      ----------------------
                                                         423,536   (139,486)
                                                      ----------------------
Net increase in cash and cash equivalents                423,080     79,419 
Cash and cash equivalents - beginning of year            393,763    314,344 
                                                      ----------------------
                                                                            
Cash and cash equivalents - end of year                  816,843    393,763 
                                                      ----------------------
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Changes in Equity                                
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31,                  Note       2012       2011 
                                                               $          $ 
Share capital                                                               
Balance beginning of year                              2,855,689  2,814,679 
  Shares issued upon exercise of share options,                             
   for cash                                               22,145     30,115 
  Transfer of contributed surplus on exercise                               
   of options                                             23,221      9,410 
  Shares issued on acquisition of European                                  
   Goldfields Ltd.                                  5  2,380,140          - 
  Tranfer of contributed surplus on exercise of                             
   deferred phantom units                                 19,762          - 
  Shares issued upon exercise of warrants, for                              
   cash                                                        -      1,485 
                                                      ----------------------
Balance end of year                                    5,300,957  2,855,689 
                                                      ----------------------
                                                                            
Treasury stock                                                              
Balance beginning of year                                 (4,018)         - 
  Purchase of treasury stock                              (6,830)    (6,438)
  Shares redeemed upon exercise of restricted                               
   share units                                             3,403      2,420 
                                                      ----------------------
Balance end of year                                       (7,445)    (4,018)
                                                      ----------------------
                                                                            
Contributed surplus                                                         
Balance beginning of year                                 30,441     22,967 
  Share based payments                                    21,092     19,304 
  Shares redeemed upon exercise of restricted                               
   share units                                            (3,403)    (2,420)
  Options issued on acquisiton of European                                  
   Goldfields Ltd.                                  5     31,130          - 
  Deferred phantom units granted on acquisition                             
   of European Goldfields Ltd.                      5     29,105          - 
  Transfer to share capital on exercise of                                  
   options and deferred phantom units                    (42,983)    (9,410)
                                                      ----------------------
Balance end of year                                       65,382     30,441 
                                                      ----------------------
                                                                            
Accumulated other comprehensive loss                                        
Balance beginning of year                                (10,069)    (1,637)
  Other comprehensive loss for the year                  (14,466)    (8,432)
                                                      ----------------------
Balance end of year                                      (24,535)   (10,069)
                                                      ----------------------
                                                                            
Retained earnings                                                           
Balance beginning of year                                382,716    125,221 
  Dividends paid                                         (93,142)   (61,167)
  Profit attributable to shareholders of the                                
   Company                                               305,302    318,662 
                                                      ----------------------
Balance end of year                                      594,876    382,716 
                                                      ----------------------
Total equity attributable to shareholders of                                
 the Company                                           5,929,235  3,254,759 
                                                      ----------------------
                                                                            
Non-controlling interests                                                   
Balance beginning of year                                 56,487     36,021 
  Profit attributable to non-controlling                                    
   interests                                              12,756     28,561 
  Dividends declared to non-controlling                                     
   interests                                              (9,399)    (8,095)
  Acquired non-controlling interest                 5    224,256          - 
                                                      ----------------------
Balance end of year                                      284,100     56,487 
                                                      ----------------------
                                                                            
Total equity                                           6,213,335  3,311,246 
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 

Click here to view a PDF of the Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2012: http://media3.marketwire.com/docs/2012YEFinancials.pdf

Contacts:
Eldorado Gold Corporation
Nancy Woo
Vice President Investor Relations
604.601.6650 or 1.888.353.8166
604.687.4026 (FAX)
nancyw@eldoradogold.com
www.eldoradogold.com

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