ELD.TO · 2018-11-26 12:00:00

Eldorado Gold Releases Updated Reserve and Resource Statement

Resource Estimates

NEWS RELEASE

TSX: ELD NYSE: EGO November 26, 2018

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

Reserve and Resource estimates as of September 30, 2018.

Highlights

 Total Proven and Probable Reserves of 389 million tonnes at 1.35 grams per tonne gold containing

16.9 million ounces.1

 Added new reserves of 60,000 ounces of gold at Lamaque and replaced milled production (80,000

ounces of gold) at Efemcukuru.

 Added 572,000 ounces o f gold to the Lamaque Inferred R esources which now totals, 1.8 million

ounces of gold.2

 Maiden Inferred Resource at Bolcana in Romania of 381 million tonnes at 0.53 grams per tonne gold

and 0.18% copper containing 6.5 million ounces of gold and 686,000 tonnes of copper.

George Burns, Eldorado Gold’s President and CEO said, “Our updated Mineral Reserves and Resources

remain materially unchanged from December 2017 due to our conversion drilling and exploration success.

We have increased our Inferred Mineral Resources at Lamaque and Stratoni, which underscores the long-

term potential we have in our strong asset base.

With the declaration of a maiden Inferred Resource at Bolcana of 6.5 million ounces of gold and 686,000

tonnes of copper, we have outlined a significant gold copper porphyry deposit . We are very pleased with

the announced resource and excited about the si gnificant potential of this asset and will be exploring

various alternatives to continue advancing Bolcana.”

Reserves and Resources Update

The Company’s Proven and Probable gold Reserves totalled 16.9 million ounces as of September 30, 2018,

compared to 17.3 million ounces as of December 31, 2017.

Thousand Ounces

Proven and Probable in-situ gold ounces as of December 31,2017 17,327

Mined ounces including mining depletion during 20183 -284

Net discovered ounces and converted resources during 2018 159

Net decrease due to engineering and metallurgy -265

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

1 A gold price of $1,200 per ounce was used in the reserve estimates, the same as in 2017.

2 This does not include the Lamaque exploration results reported on October 25, 2018.

3 Mined ounces declared here are processed ounces.

The complete mineral reserve and resource data can be found at the end of this news release and includes

the data for tonnes, grades and ounces.

The two percent decrease in Proven and Probable gold Mineral Reserve ounces was attributable to

depletion and a reduction in Olympias Mineral Reserves . The r eduction at Olympias was due to a

geotechnical re-evaluation of historically mined areas, which resulted in these areas being removed from

the latter years of the life of mine plan. This was partial ly offset (30%) by the addition of reserves from

underground conversion drilling at Olympias.

Bolcana Maiden Mineral Resource

The maiden resource estimate for the Bolcana gold -copper porphyry project in Romania is based on 98

diamond drillholes totaling over 61,995 metres completed by Eldorado mainly in 2017 -2018; and 17

drillholes totaling 4,609 metres and 4,224 metres of underground channel samples collected by European

Goldfields in 2002-2004.

The Bolcana porphyry system includes three shallow mineralized zones (North, Central and South) over a

strike extent of > 1 km, which coalesce at depth into a north-plunging high-grade mineralized core. Highest

grades coincide with late-stage gold-rich dykes that are superimposed on an earlier gold -copper porphyry

that intrudes broadly coeval breccias and andesitic country ro cks. Stockwork veins and disseminations of

chalcopyrite and subordinate bornite are hosted in the dykes and associated breccias. Alteration includes

potassic assemblages (biotite –feldspar–magnetite) and a shallow pyrite -white mica -clay domain, with a

magnetite-albite-chlorite-epidote overprint related to the late-stage dykes.

The Bolcana resource is classified as an Inferred Mineral Resource and is based on an open pit and an

underground component. The open pit portion , which contains just over half the inferred resources, is

constrained by a conceptual pit design with a depth of approximately 720 metres average depth . All

resources outside this pit shell were available to be classified as underground Inferred Resources.

Preliminary rougher flotation testing on a suite of nine samples representative of the alteration and

mineralogical variability in the deposit achieved recoveries of up to 90% for Cu and 86% for Au.

About Eldorado Gold

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

Turkey, Greece, Romania, Serbia, Canada 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, 2018

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 2,135 6.77 465 2,246 5.69 411 4,381 6.22 876

Kisladag 110,463 0.82 2,912 5,284 0.60 102 115,747 0.81 3,014

Lamaque 215 7.12 49 3,872 7.26 904 4,087 7.25 953

Olympias 2,732 8.55 751 10,631 6.93 2,369 13,363 7.26 3,120

Perama 2,477 4.44 354 7,220 2.68 621 9,697 3.13 975

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

Tocantinzinho 16,699 1.53 821 22,914 1.36 1,003 39,613 1.43 1,824

TOTAL GOLD 233,313 1.18 8,898 155,529 1.61 8,039 388,842 1.35 16,937

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 2,732 122 10,716 10,631 123 42,041 13,363 123 52,757

Perama 2,477 3 254 7,220 4 897 9,697 4 1,151

Stratoni 0 0 0 581 161 3,007 581 161 3,007

TOTAL SILVER 27,997 20 17,974 39,932 42 54,496 67,929 33 72,470

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 2,732 4.0 109 10,631 4.3 457 13,363 4.2 566

Stratoni 0 0.0 0 581 6.2 36 581 6.2 36

TOTAL LEAD 2,732 4.0 109 11,212 4.4 493 13,944 4.3 602

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

(x1000) % tonnes

(x1000) (x1000) % tonnes

(x1000)

Olympias 2,732 4.9 134 10,631 5.6 595 13,363 5.5 729

Stratoni 0 0.0 0 581 8.3 48 581 8.3 48

TOTAL ZINC 2,732 4.9 134 11,212 5.7 643 13,944 5.6 777

Eldorado Gold Mineral Resources, as of September 30, 2018

Notes on Mineral Resources and Reserves

1. Mineral reserves and mineral resources are as of September 30, 2018.

2. Mineral reserves are included in the mineral resources.

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

Mineral Reserve Notes

1. Long Term Metal Price Assumptions

 Gold price: $1,200/oz

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 2,446 8.07 635 2,221 7.16 511 4,667 7.64 1,146 3,577 6.21 714

Kisladag 363,460 0.64 7,479 92,954 0.47 1,405 456,414 0.61 8,884 290,466 0.45 4,202

Lamaque 239 9.00 69 4,837 8.26 1,285 5,076 8.30 1,354 8,397 6.78 1,830

Olympias 2,551 10.49 860 12,176 7.60 2,975 14,727 8.10 3,835 3,437 8.04 888

Perama 3,064 4.30 424 9,375 3.18 958 12,439 3.46 1,382 8,766 1.96 554

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 516,826 0.87 14,444 406,914 1.09 14,211 923,740 0.96 28,655 891,955 0.67 19,083

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 2,551 152 12,467 12,176 134 52,457 14,727 137 64,924 3,437 132 14,586

Perama 3,064 3 335 9,375 9 2,833 12,439 8 3,168 8,766 7 1,860

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

Stratoni 0 0 0 770 178 4,407 770 178 4,407 1,120 153 5,509

TOTAL SILVER 33,133 19 20,570 84,784 28 77,530 117,917 26 98,100 36,093 37 42,475

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 2,551 4.9 125 12,176 4.6 560 14,727 4.7 685 3,437 3.8 131

Stratoni 0 0.0 0 770 6.9 53 770 6.9 53 1,120 6.1 68

TOTAL LEAD 2,551 4.9 125 12,946 4.7 613 15,497 4.8 738 4,557 4.4 199

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 2,551 6.1 156 12,176 6.2 755 14,727 6.2 911 3,437 3.8 131

Stratoni 0 0.0 0 770 9.3 72 770 9.3 72 1,120 8.2 92

TOTAL ZINC 2,551 6.1 156 12,946 6.4 827 15,497 6.3 983 4,557 4.9 223

 Silver price: $16.00/oz (for Stratoni it was $8.14/oz Ag as governed by a streaming agreement

with Silver Wheaton (Caymans) Ltd.)

 Copper price: $2.50/lb

 Lead price: $1,800/t

 Zinc price: $2,000/t

Due to a limited mine life for Stratoni (3 years) the following Pb and Zn prices were used for its

mineral reserves ($2,250/t Pb and $2,500/t Zn)

2. Skouries

The open pit design is based on permit limits, not metal prices, therefore relatively 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 $2.50/lb has no impact on the underground 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 17 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 mine life as the lower grade resource s 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 mine life.

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: 0.42 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, has reviewed and

approved the Kisladag and Perama mineral reserves , and is a “qualified person” under National

Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”);

 John Nilsson, P.Eng., of Nilsson Mine Services, has reviewed and approved the Skouries (open pit),

Certej and Tocantinzinho mineral reserves, and is a “qualified person” under NI 43-101;

 Colm Keogh, P.Eng, Manager, Underground Mining for the Company, has reviewed and approved

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

a “qualified person” under NI 43-101.

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: 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 Company, has reviewed and approved the

Efemcukuru, Olympias, Kisladag and Stratoni mineral resources , and is a “qualified person ” under

NI 43-101;

 Stephen Juras, Ph.D., P.Geo., Director, Technical Services f or the Company, has reviewed and

approved the Lamaque, Certej, Skouries, Perama, Piavitsa, Tocantinzinho and Bolcana mineral

resources, and is a “qualified person” under NI 43-101;

 Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, has reviewed and approved

the Sapes mineral resources, and is a “qualified person” under NI 43-101.

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, projected all -in sustaining costs

and cash operating costs, planned capital and exploration expenditures; and the outstanding po tential for the Triangle deposit at Lamaque; 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 a bout 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 i mpact 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 informa tion 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 investme nt; 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 incorpo rated 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.

Except as otherwise noted, scientific and technical in formation 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

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used her ein are Canadian

mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the

“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions

differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. In the United States, a mineral reserve is

defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination

is made.

While the terms “mineral resource”, “measured mineral resource,” “indicated mineral resource”, and “inferred mineral resource” are recognized and

required by Canadian regulations, they are not defined terms under standards in the United States and normally are no t permitted to be used in

reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources

under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings.

Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by US

companies subject to the reporting and disclosure requirements under US federal securities laws and the rules and regulations thereunder.

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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