Eldorado Gold Announces Olympias Development Update

Eldorado Gold Corporation ("Eldorado" or the "Company") is pleased to provide an update on the implementation and operational plans for the phased development at its 95%-owned Olympias Mine, part of the Kassandra projects, located in the Halkidiki district of northern Greece. Paul Wright, Eldorado's Chief Executive Officer stated, "The ongoing staged development of Olympias is continuing to establish the Olympias project as a cornerstone asset for the Company." Highlights Estimated total capital expenditure for the concentrator upgrade and mine development for Phase II through 2015-2016 is $83M. Estimated average annual production during the first full 4 years of Phase II (excluding ramp-up in 2016): 60,725 ounces of gold 1.1 million ounces of silver 12,200 tonnes of lead 12,900 tonnes of zinc Estimated average cash operating costs of $309/oz (including by-product credits) during the first full 4 years of Phase II (excluding ramp-up in 2016). Overall metal recovery in the flotation circuit is estimated to be 89% for lead, 94% for zinc, 92% for silver and 88% for gold. The project is projected to generate ~$618M of pre-tax revenue during the first five years of Phase II operations, See full press release