ELD.TO · 2019-11-15 12:00:00

Eldorado Gold Releases Updated Reserve and Resource Statement

Resource Estimates

NEWS RELEASE

TSX: ELD NYSE: EGO November 15, 2019

VANCOUVER, BC – Eldorado Gold Corporation ( “Eldorado” or “the Company”) today releases its updated

Reserve and Resource estimates as of September 30, 2019.

Highlights

 Total Proven and Probable Reserves of 384 million tonnes at 1.32 grams per tonne gold containing

16.4 million ounces.1

 Measured and Indicated Resources and Inferred Resources at Lamaque increased by 191,000

ounces of gold and 198,000 ounces of gold , respectively, while Proven and Probable Reserves

increased by 19,000 ounces of gold.

 Inferred Resources at the combined Perama Hill and Perama South projects increased by 758,000

ounces of gold.

 Proven and Probable Reserves for Kisladag will be further updated in Q1 2020 concurrent with the

completion of metallurgical testwork and an updated Kisladag mineral reserve (to be described in

a new NI 43-101 Technical Report).

Reserves and Resources Update

The Company’s Proven and Probable gold Reserves totalled 16.4 million ounces as of September 30, 2019,

compared to 16.9 million ounces as of September 30, 2018.

Thousand Ounces

Proven and Probable in-situ gold ounces as of September 30,2018 16,937

Mined ounces including mining depletion during 20192 -468

Discovered ounces and converted resources during 2019 169

Decrease due to engineering and metallurgy -279

Proven and probable in-situ gold ounces as of September 30, 2019 16,359

The complete mineral Reserve and Resource data can be found at the end of this release and includes the

data for tonnes, grades and ounces.

The three percent decrease in Proven and Probable Reserve ounces was primarily attributable to processed

production. At Lamaque, the last twelve months included successful construction, commissioning and two

quarters of solid operating results that have now been supplemented with an increase in Reserve ounces.

The reduction at Efemcukuru was due to updated geotechnical information which required a more dilutive

mining method. This affected the economics of some previously designed stopes, removing them from this

year’s reserves. Olympias also ex perienced a minor reduction, the result of mined production and

readjustment of dilution assumptions in some parts of the orebody. The Perama South resource increase

resulted from an updated interpretation of the hosting geology and mineralized horizon. Perama Hill and

1 A gold price of $1,250 per ounce was used in the reserve estimates.

2 Mined ounces declared here are processed ounces.

Perama South Reserve and Resource data is now presented separately, whereas it was previously shown

on a combined basis.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in

Turkey, Canada, Greece, Romania, Serbia, and Brazil. The Company has a highly skilled and dedicated

workforce, 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).

Eldorado Gold Mineral Reserves, as of September 30, 2019

Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable

Gold Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au

(x1000) g/t ounces

(x1000) (x1000) g/t ounces

(x1000)

Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402

Efemcukuru 1,690 6.62 360 1,931 5.18 322 3,621 5.86 682

Kisladag 107,694 0.80 2,770 5,357 0.59 102 113,051 0.79 2,872

Lamaque 484 7.32 114 3,607 7.40 858 4,091 7.39 972

Olympias 2,601 9.19 769 10,324 6.47 2,148 12,925 7.02 2,917

Perama Hill 3,120 4.02 403 6,590 2.63 557 9,710 3.08 960

Skouries 75,804 0.87 2,132 81,862 0.62 1,641 157,666 0.74 3,773

Tocantinzinho 17,007 1.52 831 21,898 1.35 950 38,905 1.42 1,781

TOTAL GOLD 231,188 1.18 8,793 153,069 1.54 7,566 384,257 1.32 16,359

Silver Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag

(x1000) g/t ounces

(x1000) (x1000) g/t ounces

(x1000)

Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555

Olympias 2,601 133 11,122 10,324 115 38,171 12,925 119 49,293

Perama Hill 3,120 4 401 6,590 5 1,059 9,710 5 1,460

Stratoni 0 0 0 768 154 3,803 768 154 3,803

TOTAL SILVER 28,509 20 18,527 39,182 41 51,584 67,691 32 70,111

Copper Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Skouries 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779

TOTAL COPPER 75,804 0.52 393 81,862 0.47 386 157,666 0.49 779

Lead Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Olympias 2,601 4.3 112 10,324 4.0 413 12,925 4.1 525

Stratoni 0 0.0 0 768 6.0 46 768 6.0 46

TOTAL LEAD 2,601 4.3 112 11,092 4.1 459 13,693 4.2 571

Zinc Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Olympias 2,601 5.1 133 10,324 5.3 547 12,925 5.3 680

Stratoni 0 0.0 0 768 8.4 65 768 8.4 65

TOTAL ZINC 2,601 5.1 133 11,092 5.5 612 13,693 5.4 745

Eldorado Gold Mineral Resources, as of September 30, 2019

Notes on Mineral Resources and Reserves

1. Mineral reserves and mineral resources are as of September 30, 2019.

2. Mineral reserves are included in the mineral resources.

3. The mineral reserves and mineral resources are disclosed on a total project basis.

Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources

Gold Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au Tonnes Au In-situ Au

(x1000) g/t ounces

(x1000) (x1000) g/t ounces

(x1000)

Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492

Certej 27,518 1.80 1,592 62,463 1.23 2,472 89,981 1.40 4,064 12,228 0.96 376

Efemcukuru 2,390 8.06 619 2,016 6.64 430 4,406 7.41 1,049 3,647 6.31 740

Kisladag 357,106 0.63 7,233 92,740 0.47 1,401 449,846 0.60 8,634 290,460 0.45 4,202

Lamaque 469 9.46 143 5,294 8.24 1,402 5,763 8.34 1,545 8,998 7.01 2,028

Olympias 2,702 10.93 950 11,779 7.52 2,848 14,481 8.16 3,798 3,720 7.98 954

Perama Hill 3,126 4.10 412 10,164 3.00 980 13,290 3.26 1,392 3,374 2.20 239

Perama South 0 0.00 0 0 0.00 0 0 0.00 0 25,324 1.32 1,073

Piavitsa 0 0.00 0 0 0.00 0 0 0.00 0 10,542 5.70 1,932

Sapes 0 0.00 0 2,423 6.08 474 2,423 6.08 474 1,011 10.65 346

Skouries 100,018 0.79 2,534 189,263 0.47 2,867 289,281 0.58 5,401 170,136 0.31 1,680

Tocantinzinho 17,530 1.51 851 31,202 1.26 1,264 48,732 1.35 2,115 2,395 0.90 69

TOTAL GOLD 510,859 0.87 14,334 407,344 1.08 14,138 918,203 0.96 28,472 912,835 0.69 20,131

Silver Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag Tonnes Ag In-situ Ag

(x1000) g/t ounces

(x1000) (x1000) g/t ounces

(x1000)

Certej 27,518 9 7,768 62,463 9 17,833 89,981 9 25,601 12,228 3 1,364

Olympias 2,702 156 13,552 11,779 134 50,746 14,481 138 64,298 3,720 137 16,385

Perama Hill 3,126 4 402 10,164 8 2,516 13,290 7 2,918 3,374 4 477

Piavitsa 0 0 0 0 0 0 0 0 0 10,542 57 19,156

Stratoni 0 0 0 807 185 4,800 807 185 4,800 1,563 169 8,493

TOTAL SILVER 33,346 20 21,722 85,213 28 75,895 118,559 26 97,617 31,427 45 45,875

Copper Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu Tonnes Cu In-situ Cu

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686

Skouries 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 170,136 0.34 578

TOTAL COPPER 100,018 0.48 484 189,263 0.40 758 289,281 0.43 1,242 551,136 0.23 1,264

Lead Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb Tonnes Pb In-situ Pb

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Olympias 2,702 5.0 135 11,779 4.6 542 14,481 4.7 677 3,720 3.9 145

Stratoni 0 0.0 0 807 7.2 58 807 7.2 58 1,563 6.6 103

TOTAL LEAD 2,702 5.0 135 12,586 4.8 600 15,288 4.8 735 5,283 4.7 248

Zinc Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn Tonnes Zn In-situ Zn

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Olympias 2,702 6.0 162 11,779 6.2 730 14,481 6.2 892 3,720 4.0 149

Stratoni 0 0.0 0 807 10.1 82 807 10.1 82 1,563 9.6 150

TOTAL ZINC 2,702 6.0 162 12,586 6.5 812 15,288 6.4 974 5,283 5.7 299

Mineral Reserve Notes

1. Long Term Metal Price Assumptions

 Gold price: $1,250/oz

 Silver price: $16.00/oz (for Stratoni it was $11.42/oz Ag as governed by a streaming agreement

with Silver Wheaton (Caymans) Ltd.)

 Copper price: $2.75/lb

 Lead price: $2,000/t

 Zinc price: $2,400/t

2. Skouries

The open pit design is based on permit limits, not metal prices, therefore insensitive to a falling or

rising metal price environment. The underground designs were based on a Cu price of $3.00/lb.

The change in the Cu price to $2.75/lb has no impact to the u nderground portion of the mineral

reserves developed at that time given that the margin on the lowest value ore has been

demonstrated to remain positive against the backdrop of updated operating costs. Nevertheless, it

is recognized that at the lower Cu price, approximately 11 Mt of the mineral reserves have marginal

value, and a further decrease in metal prices would render these uneconomic. The impact would

not be felt until the latter part of the project’s long minelife as the lower grade resources are located

on the periphery of the orebody and at depth. Furthermore, the loss of these resources would not

change the design philosophy or placement of long -term underground infrastructure, the result

would be simply a shorter minelife.

3. Cut-off Grades

Kisladag: $12.25 NSR ; Efemcukuru: 3.00 g/t Au; Lamaque: 3.50 g/t Au; Perama: 0.80 g/t Au;

Tocantinzinho: 0.365 g/t Au; Skouries : $12.00 NSR (open pit), $33.33 NSR (underground);

Olympias: $133 NSR (drift and fill), $116 NSR (long hole stoping); Stratoni: 13.5% Zn Equivalent

grade (=Zn%+Pb%*1.06+Ag%*113.5); Certej: 0.90 g/t Au Equivalent grade

(=Au(g/t)+Ag(g/t)*0.0121).

4. Qualified Persons

 Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for the

Skouries (open pit), Kisladag and Perama mineral reserves;

 John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej and Tocantinzinho

mineral reserves;

 Colm Keogh, P.Eng., Operations Manager, Olympias for the Company, is responsible for the

Efemcukuru, Olympias, Stratoni, Skouries (underground) and Lamaque mineral reserves.

Mineral Resource Notes

1. Cut-off Grades

Kisladag: 0.30 g/t Au for M+I, 0.35 g/t for Inferred; Efemcukuru: 2.5 g/t Au; Lamaque: 2.5 g/t Au;

Perama and Perama South: 0.5 g/t Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au; Skouries: 0.20

g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%);

Olympias: $50 NSR; Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit);

Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au

g/t + 1.27*Cu%); Stratoni: resources are geologically constrained to massive sulfide material based

on the sharpness of the mineralized contacts and the high grade nature of the mineralization

2. Qualified Persons

 Ertan Uludag, P.Geo, Resource Geologist for the Co mpany, is responsible for the Efemcukuru,

Olympias and Stratoni mineral resources;

 Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for the

Lamaque, Kisladag, Certej, Skouries, Perama, Piavitsa and Bolcana mineral resources;

 Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, is responsible for the Sapes

mineral resources;

 Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the

Company, is responsible for the Tocantinzinho mineral resources;

 Sean McKinley, P.Geo., Senior Geologist for the Company, is responsible for the Perama South

resources.

Note Regarding Mineral Reserve and Mineral Resources:

All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy

and Petroleum ("CIM") and NI 43-101. Additional information on the mineral properties mentioned in this news release that are considered to be

material mineral properties to the Company are contained in Eldorado’s annual information form for the year ended December 31 , 2017 and the

following technical reports for each of those properties, all of which are available under the Company's profile at www.sedar.com:

 Technical report entitled "Technical Report, Kişladağ Milling Project, Turkey” with an effective date of March 16, 2018.

 Technical report entitled "Technical Report on the Efemçukuru Project” dated September 17, 2007 with an effective date of August 1,

2007.

 Technical report entitled “Technical Report on the Olympias Project, Au Pb Zn Ag Deposit, Northern Greece” dated July 14, 2011 with an

effective date of July 14, 2011.

 Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 1, 2018.

 Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” an effective date of March 21, 2018.

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward -looking statements or information within the meaning

of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these f orward-looking

statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”,

“projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or varia tions of such words and

phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our

mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration

expenditures; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and

cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration,

development, construction, permitting and operating plans and priorities, related timelines and schedules and proposed share consolidation.

Forward-looking statements and forward -looking information by their nature are based on assumptions and involve known and unknown risks,

uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be ma terially different from

any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We have made certain assumptions about the forward -looking statements and information, including assumptions about mineral reserves and

resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other

commodities; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our

business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business

operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the expectations represented by such statements or informat ion are

reasonable, there can be no assurance that the forward -looking statement or inform ation will prove to be accurate. Many assumptions may be

difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions pr ove incorrect, actual

results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include,

among others, the following: geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models

and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and other metals; results of test

work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties

and operations; expected impact on reserves and the carrying value; mining operational and development risk; foreign country operational risks;

risks of sovereign investm ent; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory

restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallu rgical testing and

recoveries; risks related to the impact of the acquisition and integration of Integra on the Company’s operations; additional funding requirements;

currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility;

competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discus sed in the sections titled

“Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader

is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR under our Company name,

which discussion is incorp orated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s

business and operations.

Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects,

and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ

materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward -looking statements or

information contained herein. Except as required by law, we do not expect to update forward -looking statements and information continually as

conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities

regulatory authorities in Canada and the U.S.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral resource” and

“inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal

feasibility. It cannot be assumed that all or any part of a “measured mineral resource”, “indicated mineral resource” or “inferred mineral resource”

will ever be upgraded to a higher category.

Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman,

FAusIMM, Chief Operating Officer for the Company, and a "qualified person" under NI 43-101.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Technical disclosure regarding the Company’s properties included herein (the “Technical Disclosure”) has not been prepared in accordance with the

requirements of U.S. securities laws. Without limiting the foregoing, the Technical Disclosure uses terms that comply with reporting standards in

Canada and certain estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that

establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise

indicated, all mineral reserve and mineral resource estimates contained in the Technical Disclosure have been prepared in accordance with NI 43-

101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ significantly from the requirements

of SEC Industry Guide 7, and resource information contained in the Technical Disclosure may not be comparable to similar information disclosed by

U.S. companies.

The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. In addition, the terms “mineral

resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed

by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and U.S. companies have historically not been permitted to

disclose mineral resources of any category in reports and registration statements filed with the SEC.

Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred

mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot

be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates

of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally,

disclosure of “contained ounces” in a resource is permitted disclosure under Canadian securities laws, however the SEC Industry Guide 7 historically

only permitted issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference

to unit measurements. Accordingly, information contained in the Technical Disclosure may not be comparable to similar information made public by

U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws and the rules and regulations

thereunder that disclose mineral reserves and mineral resources in accordance with SEC Industry Guide 7.

Contact

Investor Relations

Peter Lekich, Manager Investor Relations

604.687.4018 or 1.888.353.8166

[email protected]

Media

Louise Burgess, Director Communications and Government Relations

604.601.6679 or 1.888.363.8166

[email protected]

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