Eldorado Gold Confirms Suspension of Technical Studies Pertaining to Skouries, Olympias Projects in Greece

Eldorado Gold confirms that Hellas Gold S.A. – a Greek subsidiary of the Company – has been made aware of a notification from Greece's Ministry of Energy ("the Ministry") suspending the technical studies pertaining to the Skouries and Olympias projects in Halkidiki, northern Greece. The suspension is based on testwork completed on the Olympias Phase III flash smelting process. This pilot scale test work was completed at Outotec's comprehensive metallurgical and smelting facility in Finland, while the Ministry contends that it should have been done at site in Halkidiki.  The testwork is a part of the technical studies pertaining to both the Skouries and Olympias projects. The technical studies form the basis of a number of other permits required by the Company in order to proceed with the development and construction of the Skouries and Olympias projects.  The Company is reviewing the notification of the Ministry with its technical and legal teams and will take legal action. Paul Wright, Chief Executive Officer of Eldorado, commented: "We are most disappointed and perplexed by this entirely inappropriate decision of the Ministry of Energy, which puts 5,000 direct and indirect jobs in Greece at risk,