Dr. Toby Strauss reports

ELDORADO GOLD CLOSES $2.4 MILLION STRATEGIC INVESTMENT IN GEMDALE GOLD

Gemdale Gold Inc. has closed a strategic investment by Eldorado Gold Corp. by way of a non-brokered private placement.

The offering consisted of the issuance of two million units of the company at a price of $1.20 per unit for aggregate gross proceeds of $2.4-million. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $1.50 for a period of 24 months from the date of issuance. No finders' fees or commissions were paid in connection with the offering. The gross proceeds of the offering are intended to be used to advance the company's exploration properties in Finland and for general corporate purposes.

In connection with the offering, the company and Eldorado entered into an investor rights agreement (the IRA) pursuant to which Eldorado has been granted certain customary rights, including participation rights in future equity financings of the company, a right of first refusal with respect to certain dispositions of project-level interests and the right to appoint a representative to participate on a technical committee of the company, each subject to customary conditions.

Dr. Toby Strauss, president and chief executive officer of Gemdale Gold, commented: "We are pleased to welcome Eldorado as a new shareholder and strategic partner. Their investment supports the continued advancement of our exploration portfolio in Finland, and we value the technical depth and operational experience they bring as we move into the next phase of growth for the company."

Completion of the offering is subject to the receipt of all necessary regulatory approvals include the approval of the TSX Venture Exchange. The securities issued and issuable pursuant to the offering are subject to a statutory hold period of four months and one day in accordance with applicable securities laws.

Early warning notice

Prior to the offering, Eldorado did not beneficially own or control any common shares. Following the strategic investment, Eldorado beneficially owns and controls two million common shares and 100 million warrants representing approximately 9.5 per cent of the outstanding common shares on a non-diluted basis and approximately 13.6 per cent on a partially diluted basis assuming full exercise of the warrants. Eldorado's acquisition of the common shares is for investment purposes. Eldorado has no current plans or intentions that relate to, or would result in, the matters listed in clauses (a) to (k) of Item 5 of Form 62-103F1 Required Disclosure Under the Early Warning Requirements. Eldorado may, subject to applicable law and depending on market and other conditions and the availability of other investment and business opportunities, increase or decrease its beneficial ownership of the company's securities, whether in the open market, by privately negotiated agreements or otherwise, or may develop such plans or intentions in the future. This disclosure is provided pursuant to Multilateral Instrument 62-104, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be available on SEDAR+ under the company's issuer profile and may be obtained upon request from Eldorado by contacting Eldorado at: 1188 -- 550 Burrard St., Bentall 5, Vancouver, B.C., V6C 2B5, attention: Lynette Gould, vice-president, investor relations, communications and external affairs; telephone number: 647-271-2827 or 1-888-353-8166.

About Eldorado Gold Corp.

Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Greece and Turkey. Eldorado has a highly skilled and dedicated work force, safe, and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

About Gemdale Gold Inc.

Gemdale Gold is a mineral exploration company focused on gold and critical minerals in Finland. Over the past eight years as a private company, the company has assembled a portfolio of exploration licences located in established and emerging mineral districts.

The company's flagship asset is the Pontio gold project in western Finland, where more than 10,000 metres of drilling have been completed to date, primarily along the M2 trend. Drilling has intersected near-surface gold mineralization along an interpreted strike length of approximately four kilometres. The company intends to undertake an additional drill program to further delineate known zones of mineralization. Additional technical information about the Pontio gold project is contained in the company's technical report entitled "NI 43-101 Technical Report on the Pontio Project, Central Ostrobothnia, Finland," available under the company's profile on SEDAR+.

Qualified person and National Instrument 43-101 disclosure

Dr. Toby Strauss (CGeol; EurGeol), director, president and chief executive officer is the qualified person as defined by National Instrument 43-101. Dr. Strauss has verified the data supporting this news release and was the qualified person responsible for the referenced press releases. Dr. Strauss is responsible for the accuracy of technical information contained in this news release and has reviewed and approved the technical information contained within.

We seek Safe Harbor.