Eldorado Gold Offers Positive Feasibility Study Related to Tocantinzinho Gold Project

Eldorado Gold Corporation

, is pleased to announce the completion of the Feasibility Study ("FS" or the "Study") with its wholly owned subsidiary Brazauro Recursos Minerais S/A (Brazauro) for the Tocantinzinho Gold Project ("Tocantinzinho" or the "Project"). The Study was led by an internal team with technical support provided by various Canadian and Brazilian consultants. The Tocantinzinho project is located in the State of Pará, Northern Brazil. "The Study results reflect the continued refinement of engineering and cost estimation on the Tocantinzinho Project. The Company has successfully operated in Brazil since 1996 and the significant experience of our technical team in Brazil contributes to the integrity of the results. We will continue to further refine the development plan and complete the outstanding permitting in advance of a construction decision," stated Paul N. Wright, Chief Executive Officer of Eldorado Gold. Highlights 1.7 million oz of gold produced over the life of the project Using conventional open pit mining methods, mining a total of 41.1 million tonnes (Mt) of ore with a strip ratio of 3.5:1 over the mine life. Recoveries of 90.1% for primary ore and 75.0% for saprolite ore, utilizing a simple comminution, flotation and leaching process. Initial capital cost estimated at $466 million and sustaining capital, including closure costs, estimated at $64 million. Cash operating costs of $572/oz. Generation of a positive NPV of $245 million at a 5% discount rate and an IRR of 13.5%. Major Assumptions Gold price of $1,250/oz Effective Tax Rate of 15.25% Royalty Rate of 2.5% Transport & refining cost of $15.00/oz Au Discount rate of 5% Exchange rate of US$1 = 2.7 BRL