Eldorado Gold's Profile

successfully navigating the challenges …. operating to plan Brazil, China, Turkey & Greece - In situ: +15 million oz Gold

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Eldorado Gold Corporation. Vancouver BC., TSX : ELD; NYSX : EGO,

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, Turkey, China, Greece and the surrounding regions.

With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities

ELD is on the S&P/TSX Global Gold Index and EGO is part of the AMEX Gold BUGS Index.

Kisladag has a 15-year mine life with 5.5 million ounces of proven and probably gold reserves.

We have superior assets in Turkey, China and Brazil, three countries with substantial geological potential.

Our wholly owned Kisladag Mine (Kisladag) in western Turkey began commercial production in July 2006.

Kisladag produced 70,895 ounces of gold in 2006 at a cash cost of US$206. 2007 production was 135,306 ounces at a cash operating cost of US$189 /oz.

Our 90% owned Tanjianshan (TJS) Mine in western China is began commercial production February 2007. Total production at Tanjianshan in 2007 was 138,162 ounces of gold at a cash operating cost of US$288 /oz. 2008 forecast is 109,000 ounces of gold at a cash operating cost of US$289/oz.

Eldorado has In situ: +15 million oz gold.

We are actively growing businesses in Turkey, China and Brazil. We are unhedged and are well positioned to experience continued growth and value.

Q4 2008 Highlights

Produced 81,845 ounces of gold at our Tanjianshan and Kisladag mines operations at an average cash operating cost of $298 per ounce
Sold 79,965 ounces of gold at a realized average price of $800 per ounce;
Reported earnings of $0.28 per share;
Neared completion of construction of our Vila Nova iron ore mine and continued construction of our Efemcukuru gold mine
Repaid the remaining $35.0 million in debt on our revolving credit facility with HSBC Bank, enabling the Company to be debt free entering 2009
Completed the sale of our Sao Bento mine to AngloGold Ashanti for $70.0 million in AngloGold shares

Reported a cash balance of $61.8 million at year-end

Financial Results

Our consolidated net income for the fourth quarter of 2008 was $101.2 million or $0.28 per share, the sale of Sao Bento accounted for $0.21 per share, compared with a net loss of $9.1 million or $0.03 per share in the fourth quarter of 2007.

Over the quarter, we sold 79,965 ounces of gold at an average price of $800 per ounce, compared to 31,902 ounces at an average price of $774 per ounce in the fourth quarter of 2007.

Revenues increased 159% over the same period in 2007 due to higher selling prices and increased ounces sold.

Operating Performance

Tanjianshan

During the quarter we milled 216,273 tonnes of ore at a grade of 4.33 grams per tonne of gold. We produced 21,092 ounces of gold at a cash cost of $352 per ounce in the fourth quarter, and we sold 21,092 ounces of gold for fourth quarter revenue of $16.8 million. We spent $9.8 million on capital expenditures, primarily relating to construction of the sulphide ore processing facilities.

Kisladag

During the quarter, we placed 2,371,101 tonnes of ore on the leach pad at a grade of 1.34 grams per tonne of gold. We produced 60,753 ounces of gold at a cash cost of $279 per ounce and sold 58,873 ounces of gold for fourth quarter revenues of $47.1 million.

Development

Efemcukuru

Construction continued at Efemcukuru, with spending of $6.7 million during the quarter. Construction activities included access road development and geotechnical testing of the plant site and rock dump to establish ground support requirements for future structures. In addition, we are on schedule for placing orders for all major pieces of equipment and we have selected a Turkish contractor for preproduction mining work.

Vila Nova Iron Ore

We are anticipating the completion and commissioning of our Vila Nova iron ore project in the first quarter of 2009. In the fourth quarter, we spent $13.2 million on the project, with construction activities focusing on the installation of the crushing and screening circuit. We are continuing negotiations on the sale of iron ore.

Perama Hill

At our Perama Hill project in Greece, work has begun to lay the groundwork associated with engaging local and federal stakeholders and reinitiating the permitting process. A review of the overall pit design and plan is underway for input as part of a revised Environmental Impact Assessment which will be prepared in early 2009.

Exploration

Turkey

Our reconnaissance work during the quarter focused on Sayacik, a volcanic center adjacent to Kisladag, where we conducted detailed mapping, a magnetic geophysical survey and soil sampling. We will conduct drill testing in this area in 2009. Stream sediment and soil geochemical sampling showed positive anomalies at our Arpah project in the central Pontides region; we are now preparing plans for follow-up evaluation next summer. At Efemcukuru, we drilled seven holes totaling 1,292 meters in Q4 2008 that successfully intersected precious metal and base metal mineralization in the North Ore Shoot.

Brazil

Exploration in Brazil consisted of drilling and camp upgrading activities at the Tocantinzinho project. We drilled more than 3,500 meters in 11 diamond drill holes, and the results are confirming predicted gold grades in areas of inferred mineral resources.

China

At Tanjianshan, we drilled 1,754 meters in 10 holes in Q4 2008 and we completed testing at XJG and QLT. The holes successfully intersected gold mineralization and will be tested more fully in 2009.

USA

As part of our joint venture with AuEx, we conducted mapping, soil geochemical sampling and ground magnetic geophysical surveys on our joint venture projects with AuEx Ventures. We also executed a reverse circulation drill program at the Klondike North project, where drilling totalled 2,584 meters in 12 holes.

Mineral Resources and Reserves

The Company successfully increased its measured and indicated resources by 13 percent with a year end total of 11,778,000 ounces.

In addition the Company's inferred resources increased by 12 percent to 4,177,000 ounces. Proven and probable reserves at year end of 7,561,000 ounces were down modestly compared with the previous year total of 7,655,000 ounces.

Completion of Sao Bento Divestiture

On December 15, we completed the sale of our Sao Bento mine in Brazil to AngloGold Ashanti for $70.0 million payable by the issuance of 2,701,660 common shares of AngloGold, resulting in a gain on the sale of $72.5 million.

Last changed at 23-Jul-2012 09:35AM by Luk

Management & Directors

Managemenrt

& Directors

Paul N. Wright
President & Chief Executive Officer
Paul Wright joined Eldorado in July 1996 and held the positions of Vice President, Mining and Senior Vice President, Operations before being appointed President and Chief Executive Officer in October 1999. A graduate of the University of Newcastle upon Tyne, Paul has over 28 years of experience in developing and operating open pit and underground gold mines. Prior to joining Eldorado, he worked with Placer Dome, the Redpath Group and Granges. Paul is a member of the Canadian Institute of Mining and Metallurgy, the Institution of Mining and Metallurgy of London and is a Chartered Engineer (UK).

Earl W. Price
Chief Financial Officer
Earl Price joined Eldorado in March 1997 and held the positions of Senior Operations Controller and Vice President, Finance before being appointed Chief Financial Officer in January 2003. Earl holds an MBA and is a Certified Public Accountant with over 30 years of financial and management experience. Prior to joining Eldorado, he worked internationally with British Petroleum and RTZ, and was Vice President and Controller for SNC-Lavalin Group.

Norm Pitcher
Chief Operating Officer
Norm Pitcher was appointed Chief Operating Officer effective July 1, 2005. Prior to becoming COO, Norm was Vice President Exploration and Corporate Development of Eldorado where he led our exploration activities and identified new business opportunities. A graduate of the University of Arizona with a Bachelor of Science in geology, Norm has over 25 years of experience in the mining industry. Throughout his career with Eldorado, Pan American Silver, H. A. Simons, Ivanhoe Gold and Pioneer Metals, Norm has been involved in exploration, evaluation, and exploitation of open pit and underground mineral deposits on a world wide basis.

Dawn Moss
Corporate Secretary
Dawn Moss joined Eldorado as Corporate Administrator in November 1998 and was appointed Corporate Secretary in October 2000. Prior to joining Eldorado, Dawn worked within the mining industry for Diagem International and Beringer Gold.

Directors

Hugh C. Morris (1)(3)
Non Executive Chairman of the Board
Dr. Hugh Morris was appointed to the Board of Directors of Eldorado in January 1995 and was appointed Chairman of the Board in April 1998. Since graduating from Witswatersrand University in 1953, Dr. Morris has distinguished himself as a leader in the mining industry. He was Director of Exploration for Cominco, President of Geomex Minerals and Chairman and CEO of Imperial Metals. Dr. Morris is currently a director of Pacific Institute for the Mathematical Sciences, Diamondex Resources, Pacific Northern Gas, Triex Minerals Corporation , a Fellow of the Royal Society of Canada and is a Professional Engineer (BC) and a Chartered Engineer (UK). He is a member of the Canadian Institute of Mining and Metallurgy, the Geological Association of Canada and the Institution of Mining and Metallurgy of London.

Wayne D. Lenton (2)

Wayne Lenton was appointed to the Board of Directors of Eldorado in June 1995. He is a graduate of the Montana School of Mines with a Bachelor of Science degree in Metallurgical and Mining Engineering. Wayne has over 30 years of experience in the mining industry.In 1979, Wayne joined AMAX of Canada as Vice President, Operations. In 1985, he was appointed President, CEO and Director of Canada Tungsten Mining Corporation, as well as President of AMAX of Canada and President of AMAX Northwest Mining Company. In 1989, he became Chairman of the Board of Minerex Resources and in 1993, he was appointed President and Chief Executive Officer of Canada Tungsten, as a result of the amalgamation of Canada Tungsten Mining Corporation, Canamax Resources and Minerex Resources.Wayne is a past Chairman of the Mining Association of British Columbia and was a Director of the Mining Association of Canada. He is a member of the Canadian Institute of Mining & Metallurgy, the American Institute of Mining, Metallurgical and Petroleum Engineers and is a Professional Engineer in British Columbia and the Yukon Territory. Wayne is currently working as an independent consultant in Tucson, Arizona, and is a director of several public companies.

Paul N. Wright
President & Chief Executive Officer
Paul Wright joined Eldorado in July 1996 and held the positions of Vice President, Mining and Senior Vice President, Operations before being appointed President and Chief Executive Officer in October 1999. A graduate of the University of Newcastle upon Tyne, Paul has over 28 years of experience in developing and operating open pit and underground gold mines. Prior to joining Eldorado, he worked with Placer Dome, the Redpath Group and Granges. Paul is a member of the Canadian Institute of Mining and Metallurgy, the Institution of Mining and Metallurgy of London and is a Chartered Engineer (UK).

John S. Auston (2)(3)
Director
John Auston was elected to the Board of Directors of Eldorado in April 2003. He has more than 40 years of experience in the mining industry in Canada, the United States and Australia and is currently a director with Cameco Corporation and Centerra Gold. A graduate of McGill University with a Bachelor of Science degree in Honours Geology and a Master of Science degree in Applied Mineral Exploration, he also completed the Program for Management Development at Harvard University. John served as Executive Vice-President of the Selco Mining Group and President and CEO of Amselco Minerals. From 1980 to 1992, he worked with the British Petroleum Group in Toronto, Melbourne and Denver. John served as President and CEO of Granges and Hycroft Resources from 1992 to 1995 and of Ashton Mining of Canada from 1996 to 2000.

K. Ross Cory (1)(3)
Director
Ross Cory was elected to the Board of Directors of Eldorado in April 2003. A Senior Vice-President of Raymond James, Ross has more than 15 years of investment banking experience with a focus on industrial growth companies and the mining industry. Ross is a graduate of the University of British Columbia with a Bachelor of Science degree and an MBA in Finance and International Business. He began his career in investment banking with Richardson Greenshields of Canada in 1987, and in 1989 he was a founding partner, Senior Vice-President and Director of Goepel Shields & Partners Inc., which became Raymond James in 2001 when it was acquired by US-based Raymond James Financial Inc.

Robert R. Gilmore (1)(2)
Director
Robert Gilmore was elected to the Board of Directors of Eldorado in April 2003. An independent financial consultant with 30 years of experience, he is a graduate of the University of Denver with a Bachelor of Science in Business Administration, Accounting. Robert began his career in 1973 with Coopers & Lybrand (now PriceWaterhouseCoopers LLP), working with the firm for seven years in Denver and New York. In his more than 20 years of experience with resource companies, he has served as Treasurer of Barringer Resources and Chief Financial Officer of US Gold Corporation, Dakota Mining Corporation and Teamshare. Robert is a Certified Public Accountant and a Member of the Colorado Society of Certified Public Accountants and the American Institute of CPAs.

Donald Shumka(1)
Director
Donald Shumka was appointed to the Eldorado Board of Directors effective May 3, 2005.
Mr. Shumka is President and Managing Director of Walden Management Ltd a firm that provides financial consulting and advisory service to financial, manufacturing and processing industries. He has extensive financial and management experience - 15 years in investment banking with Raymond James and CIBC World Markets. Canadian investment firms and 25 years in the forest industry where he was for a decade the Vice President Finance and Chief Financial Officer of a West Fraser Timber company. Mr. Shumka received his Master of Business Administration degree from Harvard University and his Bachelor of Arts degree from University of British Columbia.

Geoffrey Handley (2)(3)
Director
Geoffrey Handley was appointed to the Board of Directors of Eldorado in August 2006. Mr. Handley was most recently Executive Vice President, Strategic Development with Placer Dome. He has 30 years of extensive experience in the mining resource industry. Geoff holds an Honors BSc from the James Cook University of North Queensland.

(1) Member of Audit Committee
(2) Member of Compensation Committee
(3) Member of the Corporate Governance and Nominating Committee