Eldorado Reports Year-End and Fourth Quarter Financial and Operational Results

Eldorado Reports Year-End and Fourth Quarter Financial and Operational Results 
Earnings: $0.16 per share - Q4; $0.44 per share - full year 2012 
(all figures in United States dollars unless otherwise noted) 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/13 -- Paul N.
Wright, Chief Executive Officer of Eldorado Gold Corporation,
("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE:EGO) is pleased to
report on the Company's financial and operational results for the
year ended December 31, 2012. Eldorado reported profit attributable
to shareholders of the Company of $305.3 million for the year ended
December 31, 2012 on sales of 625,394 ounces of gold at an average
price of $1,674 per ounce. 
"In addition to the continued strong earnings and production achieved
in 2012, the Company completed its acquisition of European Goldfields
Limited ("EGU") during the year, significantly increasing our gold
reserves," said Paul Wright, President and CEO of Eldorado Gold. "As
well, the Company strengthened its cash position through the issuance
of Senior Notes totalling $600.0 million, proceeds of which will be
used to fund a strong set of development projects in the pipeline." 
2012 Results and Corporate Developments  


 
--  Gold production, including pre-commercial production from Efemcukuru:
    656,324 ounces - 2012; 658,652 ounces - 2011. 
    
--  Gold revenues: $1,047.1 million - 2012; $1,042.1 million - 2011. 
    
--  Basic earnings per share: $0.44 per share - 2012; $0.58 per share -
    2011. 
    
--  Cash generated from operating activities before changes in non-cash
    working capital (a non-IFRS measure): $447.7 million - 2012; $502.1
    million - 2011. Additionally, sales of pre-commercial production from
    Efemcukuru generated proceeds of $54.7 million. 
    
--  The Company paid dividends totalling Cdn$0.15 per share compared to
    Cdn$0.11 per share in 2011. 
    
--  European Goldfields Limited was acquired on February 24, 2012. 
    
--  Reserves increased significantly year over year. 
    
--  The Company issued Senior Notes totalling $600.0 million in December
    2012. 

 
Change in Greek corporate income tax rate post acquisition 
On January 11, 2013 the government of Greece enacted legislation
increasing the corp
orate income tax rate from 20% to 26%, effective
January 1, 2013. The Company calculated its deferred tax liability
with respect to its Greek assets including the assets acquired as
part of the EGU acquisition based on the 20% Greek income tax rate
(the legislated tax rate at the acquisition date). As required by IAS
12, "Income Taxes", when an income tax rate changes, the deferred tax
liability must be adjusted to reflect the change in the income tax
rate. The adjustment is required to be charged to deferred income tax
expense. The Company anticipates that the increase in the Greek
income tax rate from 20% to 26% will increase the deferred tax
liability and the deferred tax expense by approximately $130.0
million or approximately $0.18 per share in the first quarter of
2013. 
Summarized Annual Financial Results 


 
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($millions except as noted)                     2012        2011        2010
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Revenues(1)                              $   1,147.5 $   1,103.7 $     793.7
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Gold sold (ounces)                           625,394     658,919     639,949
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Average realized gold price ($/ounce)    $     1,674 $     1,581 $     1,223
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Average London spot gold price ($/ounce) $     1,669 $     1,572 $     1,225
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Cash operating costs ($/ounce)(2)        $       483 $       405 $       382
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Total cash costs ($/ounce)(2)            $       554 $       472 $       423
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Gross profit from gold mining                                               
 operations(2)                           $     595.0 $     610.8 $     400.7
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Profit(3)                                $     305.3 $     318.7 $     221.0
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Earnings per share - Basic ($/share)(3)  $      0.44 $      0.58 $      0.41
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Earnings per share - Diluted                                                
 ($/share)(3)                            $      0.44 $      0.58 $      0.40
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Cash flow from operating activities                                         
 before changes in non-cash working                                         
 capital(2)                              $     447.7 $     502.1 $     357.9
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Capital Spending - cash basis            $     426.2 $     272.8 $     226.3
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Dividends paid - (Cdn$/share)            $      0.15 $      0.11 $      0.05
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Cash and cash equivalents                $     816.8 $     393.8 $     314.3
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Total Assets                             $   7,928.1 $   3,960.4 $   3,685.4
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Total long-term financial liabilities(4) $     662.9 $      63.2 $     113.4
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(1) Revenues include proceeds from the sale of lead and zinc concentrates   
produced by Stratoni in the amount of $47.9 million (Stratoni was acquired  
in 2012), the sale of iron ore from Vila Nova in the amount of $45.6 million
in 2012 ($56.8 million - 2011; $8.3 million - 2010), the sale of pyrite from
Olympias in the amount of $0.8 million (Olympias was acquired in 2012), and 
the sale of silver in the amount of $6.1 million from our gold mines ($4.8  
million - 2011; $2.6 million - 2010). (2) We use cash operating cost per    
ounce, total cash costs per ounce, gross profit from gold mining operations,
and cash flow from operating activities before changes in non-cash working  
capital as additional measures of Company performance. These are non-IFRS   
measures. Please see page 16 of our Management Discussion and Analysis for  
an explanation and discussion of these non-IFRS measures. (3) Attributable  
to shareholders of the Company. (4) Includes long-term debt net of deferred 
financing costs, defined benefit plans, and asset retirement obligations.   

 
Review of Annual Financial Results 
Profit attributable to shareholders of the Company for the year ended
December 31, 2012 was $305.3 million, or $0.44 per share, compared to
$318.7 million, or $0.58 per share in 2011. The main factors that
impacted our profit as compared to the profit for the 
year ended
December 31, 2011 were: 1) higher production costs due to higher
operating costs at our Chinese gold mines; 2) lower depreciation and
amortization expense mainly as a result of lower sales volumes; 3)
higher exploration expenses due to an increase in the Company's
worldwide exploration activities; 4) higher general and
administrative expenses mainly as a result of the additional costs of
managing the general and administrative activities of our Greek and
Romanian subsidiaries from our acquisition of EGU; 5) transaction
costs of $21.2 million connected with the acquisition of EGU; and 6)
lower income tax expense due to recognition of $15.8 million of
investment incentive tax credits in Turkey related to Efemcukuru and
the impact of Turkish lira exchange rate changes on the tax basis of
our Turkish tax assets. The effective tax rate decreased from 32% to
29% year over year for the same reasons. 
Review of Quarterly Results 
Profit attributable to shareholders of the Company for the quarter
ended December 31, 2012 was $115.0 million, or $0.16 per share,
compared to $88.8 million, or $0.16 per share for the same period in
2011. The main factors that impacted our profit as compared to the
profit for the quarter ended December 31, 2011 were: 1) Increased
gold revenues from Efemcukuru concentrate sales; 2) Higher operating
costs at our Chinese gold mines; and 3) Lower income tax expense due
to recognition of $14.6 million of investment incentive tax credits
in Turkey. The effective tax rate decreased from 32% to 20% quarter
over quarter for the same reasons. 
Operations review and outlook 
Gold Operations 


 
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                                        2012      2011       2013 outlook(1)
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Total Operating Gold Mines                                                  
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Gold ounces produced                 656,324   658,652    705,000 to 760,000
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Cash operating costs ($ per ounce)       483       405            515 to 530
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Total cash costs ($ per ounce)           554       472                   n/a
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Capital expenditure (millions)         331.8     241.9                 410.0
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Kisladag                                                                    
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Gold ounces produced                 289,294   284,648    290,000 to 300,000
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Cash operating costs ($ per ounce)       332       374            350 to 360
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Total cash costs ($ per ounce)           361       398                   n/a
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Capital expenditure ($ millions)       104.9      53.1                 200.0
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Efemcukuru                                                                  
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Gold ounces produced                  66,870       n/a    125,000 to 135,000
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Cash operating costs ($ per ounce)       583       n/a            470 to 490
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Total cash costs ($ per ounce)           613       n/a                   n/a
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Capital expenditure ($ millions)        73.2     103.8                  45.0
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Tanjianshan                                                                 
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Gold ounces produced                 110,611   114,972     90,000 to 100,000
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Cash operating costs ($ per ounce)       415       377            485 to 500
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Total cash costs ($ per ounce)           612       567                   n/a
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Capital expenditure ($ millions)        23.9       8.9                  10.0
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Jinfeng                                                                     
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Gold ounces produced                 107,854   177,757    105,000 to 115,000
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Cash operating costs ($ per ounce)       817       442            800 to 820
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Total cash costs ($ per ounce)           901       507                   n/a
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Capital expenditure ($ millions)        59.0      32.2                  55.0
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White Mountain                                                              
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Gold ounces produced                  80,869    81,275      60,000 to 70,000
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Cash operating costs ($ per ounce)       625       474            760 to 780
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Total cash costs ($ per ounce)           671       517                   n/a
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Capital expenditure ($ millions)        27.2      17.2                  30.0
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Olympias                                                                    
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Gold ounces produced                     826       n/a      35,000 to 40,000
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Cash operating costs ($ per ounce)       n/a       n/a            780 to 800
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Total cash costs ($ per ounce)           n/a       n/a                   n/a
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Capital expenditure ($ millions)        43.6       n/a                  70.0
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(1)  Outlook metal prices:          gold - $1,700/oz.                  
     
                                    silver - $30/oz.                        

 
Annual review - Operations 
Kisladag 
Gold production for 2012 of 289,294 ounces, was 2% higher than 2011.
A total of 12,606,575 tonnes of ore were placed on the leach pad at a
head grade of 1.20 g/t Au (2011 - 12,430,447; 0.95 g/t Au). Gold
inventory levels on the leach pad increased 33% as a result of the
higher rates of ore placement as compared with leaching rates. The
heap leach gold inventory level is expected to decline as these
additional gold ounces place on the pad in 2012 are leached and
recovered into dore in 2013. 
Cash operating costs of $332 per ounce (2011 - $374 per ounce) were
lower year over year as a result of the higher grade material placed
on the pad as well as lower annual average exchange rates for the
Turkish lira year over year. 
Tanjianshan 
Gold production for 2012 of 110,611 ounces, was 4% lower than 2011
mainly as a result of lower average treated head grade and lower
additional flotation concentrate feed. Ore milled of 1,056,847 tonnes
was 5% higher than 2011 while average treated head grade of 3.67 g/t
Au was 7% lower than 2011. Circuit recoveries of 82.6% remained
relatively constant with a slight increase in average recovery rate
year over year (2011 - 82.1%). Additionally, flotation concentrate
produced in prior years from ore mined from the Qinlongtan pit
between 2007 and 2008 and added to the roaster feed was responsible
for approximately 7,700 ounces of production in 2012 (2011 -
approximately 12,000 ounces).  
Cash operating costs of $415 per ounce (2011 - $377 per ounce) were
10% higher year over year mainly as a result of lower grade ore and
lower flotation concentrate feed. 
Jinfeng 
Gold production for 2012 of 107,854 ounces was 39% lower than 2011
mainly as a result of lower throughput and head grade due to impact
of limited production from the open pit pending completion of a
cutback. A total of 96,800 tonnes of ore was mined from the open pit
in 2012 (2011 - 689,737 tonnes). Mining of ore was also impacted by
pit wall instability due to excessive rainfall during the second
quarter. It is expected that ore production will recommence from the
pit in the second quarter of 2013 once the waste stripping has
uncovered the ore body. A total of 541,555 tonnes of ore were mined
from the underground during the year (2011 - 494,422 tonnes).
Additionally, a total of 491,101 tonnes of low grade stockpiled ore
and 293,338 tonnes of mineralized waste were fed to the plant during
2012. 
Cash operating costs of $817 per ounce (2011 - $442 per ounce) were
85% higher year over year reflecting the impact of the decrease in
treated head grade and the slightly lower throughput. 
White Mountain 
Gold production for 2012 of 80,869 ounces was slightly lower than
2011 with higher ore throughput offsetting lower grade. A total of
754,673 tonnes were processed at a grade of 3.85 g/t Au (2011 -
708,882 tonnes at 4.37 g/t Au). The increase in tonnes was due to an
increase in underground mining efficiency as a result of increased
mine development. The average recovery rate of 86.3% was higher than
that of 2011 of 81.8% as a result of the process plant changes
related to caustic pre-treatment of sulfide ore made in late 2011. 
Cash operating costs per ounce of $625 per ounce (2011 - $474 per
ounce) were 32% higher year over year as a result of the decrease in
head grade and higher costs related to increased backfill and
secondary development rates to sustain higher production tonnage.  
Efemcukuru 
Efemcukuru began milling ore at its process plant on a pre-commercial
production basis in June 2011 and the facility reached commercial
production rates by the end of 2011. Unseasonably cold and wet
weather impacted production during the first quarter of 2012 while
delays in commissioning the underground crushing system and the paste
fill system affected the second quarter of 2012. By the fourth
quarter of 2012 all systems were in place and operating as expected,
and production rates increased accordingly.  
During 2012 Efemcukuru shipped its concentrate to the Kisladag
Concentrate Treatment Plant ("KCTP") and operated the KCTP on a
pre-commercial production basis while modifying the facility in an
effort to reach full commercial production. The KCTP was unable to
achieve expected production rates during the year and in September
2012 the plant was placed on care and maintenance pending completion
of metallurgical testwork, and development of design alternatives
with a view to commissioning the upgraded plant in 2013.
Approximately 30,000 ounces of gold were produced and sold on a
pre-commercial basis during the KCTP testing period. The revenues,
net of cost to produce, were credited to plant and equipment. 
In November 2012 Efemcukuru began selling its concentrate to third
parties for shipment to smelters in China and had sold 36,450 ounces
by year end as well as 597 ounces poured from the gravity circuit at
Efemcukuru. These sales were recorded as commercial production and
the revenues and costs were reflected in the income statement in
2012. At the end of 2012 approximately 35,000 contained ounces in
concentrate remained in inventory. These ounces are expected to be
sold in the first quarter of 2013. 
Vila Nova 
Vila Nova processed 710,909 tonnes of iron ore at an average grade of
63.9% Fe during 2012 (2011 - 623,684 tonnes at 63.9% Fe). A total of
603,668 tonnes of iron ore were sold on the spot market during 2012
at an average price of $76 per tonne (2011 - 473,387 tonnes at $120
per tonne). Iron ore prices were weak during 2012 as compared with
2011 prices but recovered somewhat in the fourth quarter of 2012.
Operating costs of $60 per tonne (2011 - $64 per tonne) fell slightly
year over year mainly due to the weaker Brazilian real. 
Stratoni 
Stratoni processed 191,602 tonnes of ore and produced 50,680 tonnes
of lead/zinc concentrates during 2012 subsequent to the acquisition
of EGU by the Company. A total of 52,934 tonnes of lead/zinc
concentrates were sold during that same period at an average price of
$905 per tonne and average cash operating costs of $729 per tonne. 
Annual review - Development projects 
Kisladag Phase IV Mine Expansion 
The basic engineering package for the process circuit and mine
infrastructure for the Phase IV Mine Expansion was completed in the
third quarter of 2012. The capital cost estimate for the project is
being updated based on the basic engineering designs. A Connection
Agreement was reached with the high voltage power supplier to provide
an additional 154 kV power line to the site. Temporary power
distribution facilities will be required for start up of the first
electric shovel. Work continued on design of the North Leach Pad and
North Rock dump including detailed designs for initial construction
work. 
Procurement of long lead equipment has been ongoing with orders
prepared or placed for the mobile mining fleet as well as fixed plant
equipment for the crushing and screening circuits.  
Construction activity on site has been focused on earthworks in the
proposed plant site and crusher pad areas. The total amount of cut
and fill material within the existing permitted area has been
substantially completed. Safety continues to be a major focus on the
site with 150,393 man-hours spent to date on the project this year
with no medical aid or lost time incidents. 
Capital spending at Kisladag for the Phase IV Mine Expansion amounted
to $74.4 million in 2012, this included $28.7 million for procurement
of long lead equipment. 
Olympias 
Olympias was acquired by the Company in February 2012 as part of the
EGU transaction. The Olympias orebody is a carbonate replacement
deposit containing proven and probable gold reserves of 3.8 million
ounces of gold with significant lead and zinc values. Olympias was
mined in the past from underground and produced lead and zinc
concentrates as well as an arsenopyrite-gold concentrate. At the time
of its acquisit
ion the mine was on care and maintenance. 
The Company is planning to develop Olympias in three phases. In Phase
I the plan is to refurbish and re-commission the existing mill and
flotation circuits and to reprocess approximately 2.41 million tonnes
of historic tailings grading 3.4 g/t gold, at a rate of approximately
900,000 tonnes per annum. The reprocessing facility is designed to
produce a flotation concentrate which can be sold commercially.  
Approximately 28,300 tonnes of tailings were reprocessed during the
final quarter of 2012 at a grade of 5.07 grams per tonne during the
re-commissioning of the reprocessing facility. Approximately 826
payable ounces of gold in concentrate were shipped to a smelter prior
to year end and were accounted for as pre-commercial production.  
Underground refurbishment was begun during 2012 in tandem with the
tailings retreatment with the goal of beginning underground mining in
Phase II. Approximately 1,000 meters of underground drifts were
rehabilitated and 1,377 meters of new drifts were completed. Mine
production during Phases II and III, is estimated to be 450,000 and
850,000 tonnes per annum respectively. A core relogging and geologic
interpretation program was begun in 2012 to better understand the
full extent and distribution of gold mineralization. Based on results
of this work the production rates may be increased for Phases II and
III. 
In Phase III (projected to begin in 2018) the Company plans to
construct a new metallurgical plant at Stratoni to treat Olympias ore
which will be accessed via an 8 kilometer tunnel, transporting ore to
the plant and tailings back to the underground for backfill. 
Capital costs incurred in 2012 since the date of the EGU acquisition
were $43.6 million for mine development and rehabilitation, and for
mill refurbishment. 
Skouries 
Skouries is a copper\gold porphyry deposit that the Company plans to
develop using both open pit and underground mining methods. The
deposit currently hosts proven and pr
obable reserves of 3.6 million
ounces of gold and 743,000 tonnes of copper. 
From the date of the EGU acquisition a total of $20.6 million was
spent on capital development at Skouries. The work consisted mainly
of site clearing and preparation, geotechnical drilling (835 meters),
detailed engineering studies and road building.  
On February 17, 2013 the Skouries project site was attacked by a
group of armed intruders. Office trailers and mobile equipment were
destroyed. The Company is cooperating with the police and other
relevant authorities to ensure the safety of our employees and
assets. 
Certej 
The Certej development project in Romania was also acquired as part
of the EGU transaction. This deposit hosts a 4.3 million ounce
measured and indicated resource that will be developed using open pit
mining methods. The Environmental Permit for Certej was approved by
the Timisoara Regional Department of Environment during the third
quarter of 2012. 
Exploration drilling during 2012 significantly expanded the resource
at Certej and work is currently underway to convert the resource into
an updated and expanded pit design and ore reserve. In addition,
metallurgical testwork is ongoing, both to validate the
appropriateness of the currently designed metal recovery process and
to examine alternative metallurgical processes. 
From the date of the EGU acquisition at total of $9.9 million was
spent on capital development including land acquisition,
metallurgical drilling and testwork, and exploration drilling.  
Perama Hill 
The Ministry of Environment completed the review of the Preliminary
Environmental Impact Assessment ("PEIA") application and issued the
Approval of the PEIA study in February 2012. Processing of the EIA
will be carried out under the Fast Track program established by the
Greek government in 2012. Approval of the EIA is expected to be
received in the first quarter of 2013. 
Geotechnical drilling in the plant site and tailings disposal basin
as well as geotechnic
al holes in the pit area was begun during 2012.
Samples for metallurgical testwork were recovered from selected drill
holes. 
The basic engineering package for the process plant and ancillary
facilities was completed in the fourth quarter of 2012. Detailed
engineering including foundation and structural design was initiated
for the process plant, ancillary buildings and filtration plant. 
Capital spending for Perama Hill in 2012 amounted to $7.6 million. 
Eastern Dragon 
Due to delays in the permitting process for Eastern Dragon the
Company elected to reduce activity on site until resolution of the
issues can be achieved. During the course of the year construction
work at the site was focused on completing critical work already in
progress as well as securing the site and equipment for care and
maintenance. 
Capital costs incurred at Eastern Dragon totalled $13.9 million spent
on completion of construction work and care and maintenance of the
site facilities.  
Tocantinzinho 
The Preliminary Environmental License for the Tocantinzinho project
was issued in September 2012. Public participation meetings held in
the project area in June were positive and supportive of the project
development. Engineering efforts have focused on preparation of a
Feasibility Study for the mine and infrastructure and the backup data
and designs required for the study. Preliminary results from the
feasibility work ha
ve revealed a number of areas which could be
optimized to improve on the economic performance of the project. A
critical review of the project will be undertaken in 2013 to address
areas which can potentially impact both capital and operating costs. 
Project spending in 2012 was $12.1 million, not including capitalized
exploration costs.  
Annual review - Exploration 
During 2012 the Company conducted grassroots, advanced stage and
minesite exploration activities which included drilling approximately
184,000 meters of drill holes, and involved 32 projects across
Turkey, China, Brazil, Greece, and Romania. 
Turkey 
Kisladag  
At Kisladag, a total of 10,200 meters of diamond drilling was
completed in 2012 testing multiple deep targets defined by a
combination of geophysical surveys, soil geochemistry, and geological
modelling. The drilling program was not successful at identifying new
mineralized porphyry centers, and most of the mineralization and
alteration identified is likely a peripheral footprint of the
Kisladag deposit. Two final targets remain to be tested once
drill-site permitting has been granted.  
Efemcukuru 
At Efemcukuru, approximately 30,700 meters of exploration drilling
was completed during the year on both the Kestane Beleni and the
Kokarpinar vein systems. At Kestane Beleni, drilling was focussed on
the Northwest Extension target area ("KBNW"), and also on the
down-dip stepouts in the South Ore Shoot ("SOS") and Middle Ore Shoot
/ North Ore Shoot ("MOS/NOS") transition area. In the KBNW target
area, 2012 drilling defined a new shallowly-plunging ore shoot with
high gold grades. This ore shoot remains open down plunge to the
northwest. In both the SOS and MOS/NOS transition areas, the new
drilling extended the known mineralization downdip, and ore shoots
remain open at depth. Drilling on the Kokarpinar vein system focused
on the relatively untested central portion of the vein. Two new ore
shoots were identified: a northern ore shoot supported to date by
multiple bonanza grade intercepts, and a more limited southern ore
shoot, dominated by stockwork mineralization in the hangingwall to
the principal vein. The northern Kokarpinar ore shoot is open
downdip, and has also not been tested in the approximately 300 meter
interval between the drillhole intercepts and the surface. Most of
the mineralization identified in 2012 drilling at both Kestane Beleni
and Kokarpinar falls in the Inferred Resource category. Infill
drilling of these zones is planned for 2013.  
China 
Tanjianshan district 
The 2012 exploration program in the Tanjianshan district included
drilling programs at the Xijongou ("XJG") deposit, the Qinlongtan
("QLT") north target area, the Zhongxinshan (ZXS) prospect, and the
Jinlonggou ("JLG") deposit. At XJG, a total of 5,700 meters of
drilling was conducted on infill and stepout holes, providing further
definition of the two main mineralized zones as well as testing new
target areas. At QLT north, drilling tested the mineralized fault
zone at depth beneath the north end of the open pit. Several
high-grade intercepts contributed to a new inferred resource in this
target area, which is included in the exploration program for 2013.
In addition, exploration drilling by our joint venture partner at QLT
north encountered a strongly-mineralized intrusion with high gold
grades adjacent to the controlling fault. Follow-up drilling of this
new zone of mineralization began in late 2012 and is included in the
2013 exploration program. 
At the Jinlonggou pit, a total of 10,800 meters of drilling targeted
zones of inferred mineralization beneath the floor of the current
design pit, and also tested the continuity of mineralized fault zones
behind the west and south pit walls. This drilling yielded several
new zones of Inferred Resources, which are included in the planned
infill and stepout drilling program for 2013. 
Jinfeng district  
At the Jinfeng mine, drilling included surface and underground
programs (16,500 meters and 14,200 meters respectively) which
targeted step-outs along the known major mineralized fault zones (F2,
F3, F6), infilled gaps in the existing resource model, and tested new
conceptual targets. The exploration drilling was successful in
maintaining Measured and Indicated Resources at the deposit. 
White Mountain district 
Exploration drilling of the White Mountain deposit was delayed
pending development of additional underground drill stations.  
Brazil 
Tocantinzinho district 
At Tocantinzinho, 2012 exploration activities included 5,700 meters
of diamond drilling testing geophysical and geochemical targets
peripheral to the deposit. Significant results included the discovery
of a zone of copper-molybdenum porphyry-style mineralization several
kilometers west of Tocantinzinho, with a drillhole intercept of 295.0
meters grading 0.19% copper and 0.015% molybdenum. Narrow intervals
of high grade gold mineralization were also encountered in several
drillholes, and will be further tested in 2013. 
Reconnaissance 
At the Agua Branca project, 8,800 meters of drilling tested the
Camarao Hill zone over a 2 kilometer strike length. Although the
drilling confirmed continuity of the northeast-striking mineralized
zone, significant gold values were typically restricted to narrow
intervals within broad low grade zones, and none of the new holes
improved on results from previous drill programs. Additional auger
testing is planned for early 2013. 
Reconnaissance fieldwork aimed at defining drill targets was
completed during the year at the Piranhas and Chapadinha projects,
both being explored under option agreements with private owners. 
Greece 
Chalkidiki district 
In the Chalkidiki district, drilling programs were completed in 2012
at the Skouries, Piavitsa, and Fisoka project areas. At Piavitsa,
14,000 meters of drilling tested the mineralized Stratoni Fault zone
over approximately a 2 kilometer strike length, constraining a new
Inferred Resource for the deposit. Strongest mineralization was
encountered in two areas: one near the central portion of the tested
area; and the other in the Piavitsa West area, where the Stratoni
Fault appears to be offset by a north-striking younger fault. Several
drillholes also cut mineralized veins with intermediate sulfidation
epithermal characteristics and moderate gold grades. This discovery
represents a style of mineralization not previously known in the
district.  
At Skouries, a total of 12,100 meters of drilling was completed
including 19 infill drillholes in the design pit area, and two deep
confirmation drillholes. Infill drillholes converted portions of the
low-grade Inferred Resource peripheral to the deposit core into
Measured and Indicated Resources. The two deep confirmation holes
intersected intense porphyry-style mineralization within potassically
altered syenite and lesser wallrock zones, with grades similar to
those predicted by the resource model. 
At Fisoka, a total of 2,700 meters of drilling was completed testing
the three primary porphyry target areas. Best results were from a
shallow supergene blanket over the northern porphyry body, with
grades similar to those obtained from previous drilling programs. 
Perama district 
In the Perama district, exploration activities during 2012 focused on
mapping and sampling of the Perama South deposit area, directed
towards identifying controls on mineralization for future drill
targeting. At Perama Hill, infill drilling along the western margin
of the deposit began late in the year. 
Romania 
Certej district 
Exploration activities in the Certej distri
ct during 2012 included
drilling programs at the Certej deposit and at the Sacaramb prospect.
At the Certej deposit, drilling focused on two areas referred to as
the link zone and the west pit areas. A total of 13,900 meters of
drilling was completed which identified new high grade zones of
mineralization within the deeper parts of the link zone, and
significantly increased the deposit resource. At Sacaramb, drilling
tested geophysical anomalies along the inferred extension of vein
systems that were mined historically. This drill program did not
encounter significant new mineralization. 
Reserves and Resources 
As a result of our acquisition of EGU the Company reported an
additional 6.8 million contained ounces of gold in Proven and
Probable Reserves and 13.4 million contained ounces of Measured and
Indicated Resources at the end of 2012. Proven and Probable Reserves
do not include Certej project. Work is currently underway to convert
the expanded resource at Certej into reserves, which we plan to
complete during 2013. The previous reserve of 46.7 million tonnes at
1.60 g/t Au and 11.5 g/t Ag was calculated on a smaller resource base
and is now considered historical. Reserves at the end of 2012
totalled 25.8 million contained ounces of gold, compared with 19.0
million ounces at the end of 2011. Measured and Indicated Resources
at the end of 2012 totalled 36.3 million contained ounces of gold,
compared with 22.9 million ounces at the end of 2011. Complete
mineral reserve and resource data including tonnes, grades and ounces
as well as major assumptions and qualified persons responsible for
these numbers are shown below in Table 1. 


 
Table 1: Eldorado Gold Mineral Reserves, as of December 2012                
                                                                            
----------------------------------------------------------------------------
Project                            Proven Mineral Reserves                  
----------------------------------------------------------------------------
Gold                          Tonnes                  Au          In-situ Au
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej          (See Mineral Reserve Note 3)                                
Eastern Dragon                   837               11.07                 297
Efemcukuru                     1,182               10.81                 411
Jinfeng                        7,775                3.97                 993
Kisladag                     102,695                0.88               2,913
Olympias                      11,294                7.57               2,749
Perama                         2,477                4.44                 354
Skouries                      65,536                0.88               1,850
Tanjianshan                    3,505                2.94                 331
Tocantinzinho                 17,735                1.39                 792
White Mountain                 3,270                3.10                 326
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD                   216,306                1.58              11,016
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver                        Tonnes                  Ag          In-situ Ag
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej          (See Mineral Reserve Note 3)                                
Eastern Dragon                   837                  81               2,178
Olympias                      11,294                 104              37,763
Perama                         2,477                   3                 254
Stratoni                         784                 195               4,915
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER                  15,392                  91              45,110
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper                        Tonnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                      65,536                0.64                 343
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                  65,536                0.64                 343
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       8,886                 4.3                 382
Stratoni                         784                 7.4                  58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                     9,670                 4.6                 440
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       8,886                 5.7                 507
Stratoni                         784                11.3                  89
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                     9,670                 6.2                 596
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      2,810                59.4                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     2,810                59.4                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
 
----------------------------------------------------------------------------
Project                           Probable Mineral Reserves                 
----------------------------------------------------------------------------
Gold                          Tonnes                  Au          In-situ Au
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 2,253                6.46                 467
Efemcukuru                     4,019                6.87                 886
Jinfeng                        8,859                3.62               1,032
Kisladag                     344,915                0.64               7,148
Olympias                       4,686                8.70               1,311
Perama                         
7,220                2.68                 621
Skouries                      82,386                0.66               1,751
Tanjianshan                    1,156                2.96                 109
Tocantinzinho                 31,315                1.17               1,183
White Mountain                 2,140                3.37                 232
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD                   488,949                0.94              14,740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver                        Tonnes                  Ag          In-situ Ag
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 2,253                  67               4,848
Olympias                       4,686                 140              21,092
Perama                         7,220                   4                 897
Stratoni                         112                 107                 385
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER                  14,271                  59              27,222
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper                        Tonnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                      82,386                0.51                 406
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                  82,386                0.51                 406
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       4,686                 4.7                 220
Stratoni                         112                 3.9                   4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                     4,798                 4.7                 224
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                       4,686                 6.2                 291
Stratoni                         112                12.9                  14
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                     4,798                 6.4                 305
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      6,940                58.5                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     6,940                58.5                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
 
----------------------------------------------------------------------------
Project                           Total Proven and Probable                 
----------------------------------------------------------------------------
Gold                          Tonnes                  Au          In-situ Au
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 3,090                7.71                 764
Efemcukuru                     5,201                7.77               1,297
Jinfeng                       16,634                3.79               2,025
Kisladag                     447,610                0.70              10,061
Olympias                      15,980                7.90               4,060
Perama                         9,697                3.13                 975
Skouries                     147,922                0.76               3,601
Tanjianshan                    4,661                2.95                 440
Tocantinzinho                 49,050                1.25               1,975
White Mountain                 5,410                3.21                 558
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD                   705,255                1.14              25,756
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver                        Tonnes                  Ag          In-situ Ag
----------------------------------------------------------------------------
                             (x1000)                 g/t      ounces (x1000)
----------------------------------------------------------------------------
Certej                                                                      
Eastern Dragon                 3,090                  71               7,026
Olympias                      15,980                 115              58,855
Perama                         9,697                   4               1,151
Stratoni                         896                 184               5,300
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER                  29,663                  76              72,332
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper                        T
onnes                  Cu          In-situ Cu
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Skouries                     147,922                0.57                 749
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER                 147,922                0.57                 749
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead                          Tonnes                  Pb          In-situ Pb
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                      13,572                 4.4                 602
Stratoni                         896                 6.9                  62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD                    14,468                 4.6                 664
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc                          Tonnes                  Zn          In-situ Zn
----------------------------------------------------------------------------
                             (x1000)                   %      tonnes (x1000)
----------------------------------------------------------------------------
Olympias                      13,572                 5.9                 798
Stratoni                         896                11.5                 103
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC                    14,468                 6.2                 901
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron                          Tonnes                  Fe                    
----------------------------------------------------------------------------
                             (x1000)                   %                    
----------------------------------------------------------------------------
Vila Nova                      9,750                58.8                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON                     9,750                58.8                    
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Table 2: Eldorado Gold Mineral Resources as of December 2012                
                                                                            
----------------------------------------------------------------------------
Project              Measured Resources            Indicated Resources      
----------------------------------------------------------------------------
Gold              Tonnes        Au In-situ Au    Tonnes        Au In-situ Au
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej            14,500      1.84        860    92,200      1.19      3,520
Eastern Dragon       800     12.48        322     2,700      6.04        530
Efemcukuru         1,271     11.85        485     4,614      7.85      1,165
Jinfeng           11,353      3.94      1,437    13,704      3.40      1,499
Kisladag         105,533      0.87      2,938   458,222      0.59      8,618
Olympias          10,545      8.49      2,878     4,298     10.00      1,382
Perama             3,064      4.30        424     9,375      3.18        958
Piavitsa               0      0.00          0         0      0.00          0
Skouries          99,135      0.80      2,552   184,493      0.49      2,853
Tanjianshan        4,383      2.77        389     3,694      2.49        295
Tocantinzinho     19,777      1.29        820    50,457      0.97      1,574
White Mountain     4,029      3.47        450     3,337      3.23        346
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD       274,390      1.54     13,555   827,094      0.86     22,740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver            Tonnes        Ag In-situ Ag    Tonnes        Ag In-situ Ag
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej            14,500         7      3,170    92,200         9     27,500
Eastern Dragon       800        91      2,400     2,700        67      5,900
Olympias          10,545       117     39,666     4,298       161     22,248
Perama             3,064         3        335     9,375         9      2,833
Piavitsa               0         0          0         0         0          0
Stratoni           1,141       181      6,640         0         0          0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER      30,050        54     52,211   108,573        17     58,481
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper            Tonnes        Cu In-situ Cu    Tonnes        Cu In-situ Cu
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Skouries          99,135      0.49        484   184,493      0.41        750
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER      99,135      0.49        484   184,493      0.41        750
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead              Tonnes        Pb In-situ Pb    Tonnes        Pb In-situ Pb
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias           8,137       4.9        399     4,298       5.4        232
Stratoni           1,141       6.8         78         0       0.0          0
---------------------------------
-------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD         9,278       5.1        477     4,298       5.4        232
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc              Tonnes        Zn In-situ Zn    Tonnes        Zn In-situ Zn
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias           8,137       6.6        537     4,298       7.1        305
Stratoni           1,141      11.3        129         0       0.0          0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC         9,278       7.2        666     4,298       7.1        305
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron              Tonnes        Fe               Tonnes        Fe           
----------------------------------------------------------------------------
                 (x1000)         %              (x1000)         %           
----------------------------------------------------------------------------
Vila Nova          3,095      59.4               11,480      58.5           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON         3,095      59.4               11,480      58.5           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Project         Total Meaured and Indicated         Inferred Resources      
----------------------------------------------------------------------------
Gold              Tonnes        Au In-situ Au    Tonnes        Au In-situ Au
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej           106,700      1.27      4,380    24,400      1.01        800
Eastern Dragon     3,500      7.50        852     2,200      2.67        190
Efemcukuru         5,885      8.71      1,650     5,242      4.96        835
Jinfeng           25,057      3.64      2,936    10,422      3.07      1,029
Kisladag         563,755      0.64     11,556   379,725      0.40      4,908
Olympias          14,843      8.93      4,260     1,666      8.90        477
Perama            12,439      3.46      1,382     8,766      1.96        554
Piavitsa               0      0.00          0    10,854      4.95      1,727
Skouries         283,628      0.60      5,405   168,063      0.31      1,673
Tanjianshan        8,077      2.64        684     3,541      3.85        439
Tocantinzinho     70,234      1.06      2,394     6,950      0.66        147
White Mountain     7,366      3.36        796     4,193      5.22        704
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL GOLD     1,101,484      1.02     36,295   626,022      0.67     13,483
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver            Tonnes        Ag In-situ Ag    Tonnes        Ag In-situ Ag
----------------------------------------------------------------------------
                                       ounces                         ounces
                 (x1000)       g/t    (x1000)   (x1000)       g/t    (x1000)
----------------------------------------------------------------------------
Certej           106,700         9     30,670    24,400         6      4,870
Eastern Dragon     3,500        73      8,300     2,200        20      1,500
Olympias          14,843       130     61,914     1,666       155      8,302
Perama            12,439         8      3,168     8,766         7      1,860
Piavitsa               0         0          0    10,854        39     13,610
Stratoni           1,141       181      6,640       705        89      2,017
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL SILVER     138,623        25    110,692    48,591        21     32,159
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper            Tonnes        Cu In-situ Cu    Tonnes        Cu In-situ Cu
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Skouries         283,628      0.43      1,234   168,063      0.34        575
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL COPPER     283,628      0.43      1,234   168,063      0.34        575
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lead         
     Tonnes        Pb In-situ Pb    Tonnes        Pb In-situ Pb
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias          12,435       5.1        631     1,666       5.1         85
Stratoni           1,141       6.8         78       705       4.3         30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL LEAD        13,576       5.2        709     2,371       4.9        115
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc              Tonnes        Zn In-situ Zn    Tonnes        Zn In-situ Zn
----------------------------------------------------------------------------
                                       tonnes                         tonnes
                 (x1000)         %    (x1000)   (x1000)         %    (x1000)
----------------------------------------------------------------------------
Olympias          12,435       6.8        842     1,666       7.2        120
Stratoni           1,141      11.3        129       705      12.5         88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL ZINC        13,576       7.2        971     2,371       8.8        208
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Iron              Tonnes        Fe               Tonnes        Fe           
----------------------------------------------------------------------------
                 (x1000)         
%              (x1000)         %           
----------------------------------------------------------------------------
Vila Nova         14,575      58.7               10,323      59.8           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL IRON        14,575      58.7               10,323      59.8           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Notes on Mineral Resources and Reserves:                                    
1) Mineral reserves and mineral resources  are as of December 31, 2012      
2) Mineral reserves are included in the mineral resources.                  
3) The mineral reserves and mineral resources are disclosed on a total      
project basis.                                                              
4) The Olympias mineral reserves and mineral resources include 2.408 million
tonnes of economically recoverable old tailings that grade 3.4 g/t Au and 14
g/t Ag. These are added into the gold and silver Proven reserve and Measured
resource categories, respectively.                                          
 
                                                                            
Mineral Reserve Notes:                                                      
1) Gold price used was $1250/oz except for Eastern Dragon, Tocantinzinho,   
Skouries underground, and Olympias  projects which used $1000. Silver price 
was $16.50/oz; Copper price was $3.00/lb; Pb and Zn prices were $1,500/t for
Olympias, $1,700/t for Stratoni.                                            
2) Cut-off grades (gold g/t): Kisladag: 0.20 g/t oxide, 0.31 g/t sulphide;  
Efemcukuru: 3.5 g/t; Perama: 0.8 g/t; Tanjianshan: 1.6 g/t JLG sulphide, 1.3
g/t JLG oxide/transition, 1.5 g/t 323 Pit; Jinfeng: 0.7 g/t open pit, 2.3g/t
underground; White Mountain: 1.5 g/t; Eastern Dragon: 1.0 g/t open pit,     
1.7g/t underground; Tocantinzinho: 0.49 g/t sulphide, 0.43 g/t oxide;       
Skouries: $7.00 NSR open pit, $25.26 NSR underground. Cut-off grade for     
Stratoni is based on a 16.5% Zn Equivalent grade (=Zn%+Pb%x1.08+Ag%x167).   
Cut-off for Olympias is geology based due to the sharpness of the           
mineralized contacts and the high grade nature of the mineralization.       
3) Due to a significantly changed resource model the pre-existing reserves  
for Certej project (46,960,000 tonnes at 1.60 g/t Au and 11.5 g/t Ag) are   
now deemed as historical. New reserves for Certej will be estimated later in
2013.                                                                       
4) Qualified Persons: Richard Miller, P.Eng., Manager, Mining for the       
Company is responsible for the Kisladag, Tanjianshan, Tocantinzinho, Vila   
Nova Iron, Jinfeng open pit, Perama and Skouries open pit reserves; Norm    
Pitcher, P.Geo., President for the Company, is responsible for the Jinfeng  
underground, White Mountain, Eastern Dragon, Efemcukuru, Olympias, Skouries 
underground and Stratoni reserves.                                          
                                                                            
Mineral Resource Notes:                                                     
1) Cut-off grades (gold g/t):  Kisladag: 0.25 g/t; Efemcukuru: 2.5 g/t;     
Perama: 0.5 g/t; Jinfeng: 0.7 g/t open pit, 2.0 g/t underground;            
Tanjianshan: 1.0 g/t; White Mountain: 1.0 g/t; Eastern Dragon: 1.0 g/t;     
Tocantinzinho: 0.3 g/t ; Certej: 0.7 g/t; Skouries: 0.20 g/t Au Equivalent  
grade open pit, 0.60 Au Equivalent grade underground  (=Au g/t + 1.6xCu %). 
Resource cut-offs for Olympias and Stratoni are geology based due to the    
sharpness of the mineralized contacts and the high grade nature of the      
mineralization.                                                             
2) Qualified Persons: Stephen Juras, Ph.D., P.Geo. and Director, Technical  
Services for the Company is responsible for all of the Company's mineral    
resources
.                                                                  

 
Eldorado is a gold producing, exploration and development company
actively growing businesses in Turkey, China, Greece, Romania, and
Brazil. With our international expertise in mining, finance and
project development, together with highly skilled and dedicated
staff, we believe that our company is well positioned to grow in
value as we create and pursue new opportunities. 
ON BEHALF OF ELDORADO GOLD CORPORATION 
Paul N. Wright, Chief Executive Officer 
Eldorado will host a conference call on Friday, February 22, 2013 to
discuss the 2012Year-End Financial and Operating Results at 11:00
a.m. PDT (2:00 p.m. EDT ). You may participate in the conference call
by dialling 416-340-8530 in Toronto or 1-888-340-9642 toll free in
North America and asking for the Eldorado Conference Call with
Chairperson: Paul Wright, CEO of Eldorado Gold. The call will be
available on Eldorado's website. www.eldoradogold.com. A replay of
the call will be available until March 1, 2013 by dialling
905-694-9451 in Toronto or 1-800-408-3053 toll free in North America
and entering the Pass code: 6960036. 
Certain of the statements made herein may contain 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, but not always, forward-looking
statements and forward-looking information can be identified by the
use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or the negatives thereof or variations 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 herein include, but are not
limited, to statements or information with respect to the Company's
2012 Year-End and Fourth Quarter Financial and Operating Results. 
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 materially 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 the legal restrictions
regarding the payment of dividends by the Company; assumptions about
the price of gold; anticipated costs and expenditures; estimated
production, mineral reserves and metallurgical recoveries; financial
position, reserves and resources and gold production; and the ability
to achieve our goals. Although our management believes that the
assumptions made and the expectations represented by such statements
or information are reasonable, there can be no assurance that the
forward-looking statements or information will prove to be accurate.
Furthermore, should one or more of the risks, uncertainties or other
factors materialize, or should underlying assumptions prove
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: gold price
volatility; risks of not meeting production and cost targets;
discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries; mining
operational and development risk; litigation risks; regulatory
restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment and operating in foreign
countries; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price
volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as
well as those factors discussed in the sections entitled
"Forward-Looking Statements" and "Risk Factors" in the Company's
Annual Information Form & Form 40-F dated March 30, 2012.  
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. 
Cautionary Note Regarding Mineral Reserves and Mineral Resources 
The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable
Mineral Reserve" used in this release are Canadian mining terms as
defined in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council on August 20, 2000 as may be amended from time to time by
the CIM. These definitions differ from the definitions in the United
States Securities & Exchange Commission ("SEC") Guide 7. In the
United States, a mineral reserve is defined as a part of a mineral
deposit which could be economically and legally extract
ed or produced
at the time the mineral reserve determination is made. 
The terms "Mineral Resource", "Measured Mineral Resource", "Indicated
Mineral Resource", "Inferred Mineral Resource" used in this release
are Canadian mining terms as defined in accordance with National
Instruction 43-101 - Standards of Disclosure for Mineral Projects
under the guidelines set out in the CIM Standards. Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability. 
For a detailed discussion of resource and reserve estimates and
related matters see the Company's reports, including the Annual
Information Form and Form 40-F dated March 30, 2012 and technical
reports filed under the Company's name at www.sedar.com and
www.sec.gov respectively. 
Cautionary Note to US Investors Concerning Estimates of Measured,
Indicated and Inferred Resources 
Note to U.S. Investors. 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 not permitted to be used in reports and
registration statements filed with the SEC. As such, information
contained in this report 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. 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 an
"indicated mineral resource" or "inferred mineral resource" will ever
be upgraded to a higher category. Investors are cautioned not to
assume that any part or all of mineral deposits in these categories
will ever be converted into reserves. 
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. 
Eldorado Gold Corporation's common shares trade on the Toronto Stock
Exchange (TSX:ELD) and the New York Stock Exchange (NYSE:EGO). 
Request for information packages: laurelw@eldoradogold.com 


 
PRODUCTION HIGHLIGHTS                                                       
                                                                            
----------------------------------------------------------------------------
                                First       Second        Third       Fourth
                              Quarter      Quarter      Quarter      Quarter
                                 2012         2012         2012         2012
----------------------------------------------------------------------------
Gold Production                                                             
------------------------                                                    
Ounces Sold                   150,661      132,919      154,841      186,973
Ounces Produced(1)            155,535      140,694      169,565      190,530
Cash Operating Cost                                                         
 ($/oz)(2,4,5)                    452          480          493          502
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    529          550          567          566
Realized Price ($/oz -                                                      
 sold)                          1,707        1,612        1,670        1,696
----------------------------------------------------------------------------
Kisladag Mine, Turkey                                                       
------------------------                                                    
Ounces Sold                    65,164       61,991       83,750       78,151
Ounces Produced                65,707       61,575       84,016       77,996
Tonnes to Pad               3,140,492    3,259,574    3,245,700    2,960,809
Grade (grams / tonne)            1.13         1.30         1.05         1.32
Cash Operating Cost                                                         
 ($/oz)(4,5)                      339          333          334          324
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    374          357          363          353
----------------------------------------------------------------------------
Efemcukuru Mine, Turkey                                                     
Ounces Sold                         -            -            -       37,046
Ounces Produced(1)              4,293        8,222       14,442       39,913
Tonnes Milled                  70,646       95,131       93,779       92,600
Grade (grams / tonne)            8.74         9.60         9.28         9.27
Cash Operating Cost                                                         
 ($/oz)(4,5)                        -            -            -          583
Total Cash Cost                                                             
 ($/oz)(3,4,5)                      -            -            -          613
----------------------------------------------------------------------------
Tanjianshan Mine, China                                                     
------------------------                                                    
Ounces Sold                    28,816       27,172       28,944       25,679
Ounces Produced                28,816       27,172       28,944       25,679
Tonnes Milled                 262,793      245,457      283,654      264,943
Grade (grams / tonne)            4.00         3.73         3.55         3.42
Cash Operating Cost                                                         
 ($/oz)(4,5)                      408          432          396          427
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    605          621          593          632
----------------------------------------------------------------------------
Jinfeng Mine, China                                                         
------------------------                                                    
Ounces Sold                    35,197       25,661       25,805       21,149
Ounces Produced                35,235       25,630       25,821       21,168
Tonnes Milled                 368,756      337,560      356,575      359,903
Grade (grams / tonne)            3.17         2.68         2.43         2.30
Cash Operating Cost                                                        
 
 ($/oz)(4,5)                      643          786          946          986
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    715          858        1,044        1,088
----------------------------------------------------------------------------
White Mountain Mine,                                                        
 China                                                                      
------------------------                                                    
Ounces Sold                    21,484       18,095       16,342       24,948
Ounces Produced                21,484       18,095       16,342       24,948
Tonnes Milled                 158,114      188,038      210,114      198,407
Grade (grams / tonne)            4.46         3.60         3.14         4.34
Cash Operating Cost                                                         
 ($/oz)(4,5)                      543          622          766          607
Total Cash Cost                                                             
 ($/oz)(3,4,5)                    588          666          813          652
----------------------------------------------------------------------------
Olympias, Greece                                                            
------------------------                                                    
Ounces Sold                         -            -            -            -
Ounces Produced(1)                  -            -            -          826
Tonnes Milled                       -            -            -       28,331
Grade (grams / tonne)               -            -            -         5.07
Cash Operating Cost                                                         
 ($/oz)(4,5)                        -            -            -            -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                      -            -            -            -
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
                                   Fourth                                   
                                  Quarter                                   
                                     2011              2012             2011
----------------------------------------------------------------------------
Gold Production                                                             
------------------------                                                    
Ounces Sold                       168,712           625,394          658,919
Ounces Produced(1)                168,451           656,324          658,652
Cash Operating Cost                                                         
 ($/oz)(2,4,5)                        418               483              405
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        486               554              472
Realized Price ($/oz -                                                      
 sold)                              1,686             1,674            1,581
----------------------------------------------------------------------------
Kisladag Mine, Turkey                                                       
------------------------                                                    
Ounces Sold                        80,572           289,056          284,917
Ounces Produced                    80,339           289,294          284,648
Tonnes to Pad                   3,374,541        12,606,575       12,430,447
Grade (grams / tonne)                0.97              1.20             0.95
Cash Operating Cost                                                         
 ($/oz)(4,5)                          353               332              374
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        379               361              398
----------------------------------------------------------------------------
Efemcukuru Mine, Turkey                                                     
Ounces Sold                             -            37,046                -
Ounces Produced(1)                      -            66,870                -
Tonnes Milled                           -           352,156                -
Grade (grams / tonne)                   -              9.26                -
Cash Operating Cost                                                         
 ($/oz)(4,5)                            -               583                -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                          -               613                -
----------------------------------------------------------------------------
Tanjianshan Mine, China                                                     
------------------------                                                    
Ounces Sold                        27,564           110,611          114,969
Ounces Produced                    27,567           110,611          114,972
Tonnes Milled                     284,138         1,056,847        1,005,236
Grade (grams / tonne)                3.56              3.67             3.96
Cash Operating Cost                                                         
 ($/oz)(4,5)                          415               415              377
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        616               612              567
----------------------------------------------------------------------------
Jinfeng Mine, China                                                         
------------------------                                                    
Ounces Sold                        38,672           107,812          177,758
Ounces Produced                    38,641           107,854          177,757
Tonnes Milled                     383,226         1,422,794        1,544,965
Grade (grams / tonne)                3.63              2.65             4.06
Cash Operating Cost                                                         
 ($/oz)(4,5)                          525               817              442
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        596               901              507
----------------------------------------------------------------------------
White Mountain Mine,                                                        
 China                                                                      
------------------------                                                    
Ounces Sold                        21,904            80,869           81,275
Ounces Produced                    21,904            80,869           81,275
Tonnes Milled                     184,956           754,673      
    708,882
Grade (grams / tonne)                4.29              3.85             4.37
Cash Operating Cost                                                         
 ($/oz)(4,5)                          472               625              474
Total Cash Cost                                                             
 ($/oz)(3,4,5)                        519               671              517
----------------------------------------------------------------------------
Olympias, Greece                                                            
------------------------                                                    
Ounces Sold                             -                 -                -
Ounces Produced(1)                      -               826                -
Tonnes Milled                           -            28,331                -
Grade (grams / tonne)                   -              5.07                -
Cash Operating Cost                                                         
 ($/oz)(4,5)                            -                 -                -
Total Cash Cost                                                             
 ($/oz)(3,4,5)                          -                 -                -
----------------------------------------------------------------------------
                                                                            
(1)  Ounces produced include pre-commercial production in Efemcukuru and    
     Olympias.                                                              
(2)  Cost figures calculated in accordance with the Gold Institute Standard.
(3)  Cash Operating Costs, plus royalties and the cost of off-site          
     administration.                                                        
(4)  Cash operating costs and total cash costs are non-GAAP measures. See   
     the section "Non-GAAP Measures" of this Review.                        
(5)  Cash operating costs and total cash costs have been recalculated for   
     prior quarters based on ounces sold.                                   
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Balance Sheets                                                 
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                               December 31,    December 31, 
                                        Note           2012            2011 
                                                          $               $ 
ASSETS                                                                      
Current assets                                                              
  Cash and cash equivalents                6        816,843         393,763 
  Restricted cash                      7, 16            241          55,390 
  Marketable securities                    8          1,988           2,640 
  Accounts receivable and other            9        112,324          42,309 
  Inventories                             10        220,766         190,968 
                                            --------------------------------
                                                  1,152,162         685,070 
Investments in significantly                                                
 influenced companies                     11         27,949          18,808 
Deferred income tax assets                19          3,149           4,259 
Restricted assets and other               12         31,846          38,430 
Defined benefit pension plan              18          4,571               - 
Property, plant and equipment             13      5,868,742       2,847,910 
Goodwill                                  14        839,710         365,928 
                                            --------------------------------
                                                  7,928,129       3,960,405 
                                            --------------------------------
                                            --------------------------------
LIABILITIES & EQUITY                                                        
Current liabilities                                                         
  Accounts payable and accrued                                              
   liabilities                            15        224,567         168,367 
  Current debt                            16         10,341          81,031 
                                            --------------------------------
                                                    234,908         249,398 
Debt                                      16        582,974               - 
Asset retirement obligations              17         79,971          43,213 
Defined benefit pension plan              18              -          19,969 
Deferred income tax liabilities           19        816,941         336,579 
                                            --------------------------------
                                                  1,714,794         649,159 
                                            --------------------------------
Equity                                                                      
Share capital                             20      5,300,957       2,855,689 
Treasury stock                                       (7,445)         (4,018)
Contributed surplus                                  65,382          30,441 
Accumulated other comprehensive loss                (24,535)        (10,069)
Retained earnings                                   594,876         382,716 
                                            --------------------------------
Total equity attributable to                                                
 shareholders of the Company                      5,929,235       3,254,759 
Attributable to non-controlling                                             
 interests                                          284,100          56,487 
                                            --------------------------------
                                                  6,213,335       3,311,246 
                                            --------------------------------
                                                  7,928,129       3,960,405 
                                            --------------------------------
                                            --------------------------------
                                                                           
Approved on behalf of the Board of Directors                               
                                                                           
(Signed) Robert R. Gilmore    Director  (Signed) Paul N. Wright  Director  
                                                                           
Date of approval:   February 21, 2013                                      
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Income Statements                                              
(Expressed in thousands of U.S. dollars except per share amounts)           
                                                                            
                                                                            
For the year ended December 31                Note        2012         2011 
                                                             $            $ 
Revenue                                                                     
  Metal sales                                        1,147,541    1,103,737 
                                                                            
Cost of sales                                                               
  Production costs                              28     427,946      346,484 
  Depreciation and amortization                        113,529      122,414 
                                                  --------------------------
                                                       541,475      468,898 
Gross profit                                           606,066      634,839 
                                                                            
Exploration expenses                                    39,521       30,773 
General and administrative expenses                     70,135       59,239 
Defined benefit pension plan expense            18       1,900        2,088 
Share
 based payments                            21      21,794       19,722 
Acquisition costs                                5      21,247            - 
Foreign exchange (gain) loss                            (2,780)       5,367 
                                                  --------------------------
Operating profit                                       454,249      517,650 
                                                                            
Loss (gain) on disposal of assets                          509       (2,729)
Gain on marketable securities and other                                     
 investments                                              (176)        (664)
Loss on investments in significantly influenced                             
 companies                                               5,627        4,225 
Other income                                            (6,870)      (2,869)
Asset retirement obligation accretion           17       1,842        1,546 
Interest and financing costs                    29       6,983        5,331 
                                                  --------------------------
                                                                            
Profit before income tax                               446,334      512,810 
Income tax expense                              19     128,276      165,587 
                                                  --------------------------
Profit for the year                                    318,058      347,223 
                                                  --------------------------
                                                  --------------------------
                                                                            
Attributable to:                                                            
Shareholders of the Company                            305,302      318,662 
Non-controlling interests                               12,756       28,561 
                                                  --------------------------
Profit for the year                                    318,058      347,223 
                                                  --------------------------
                                                                            
Weighted average number of shares                                           
 outstanding                                    30                          
Basic                                                  689,007      549,791 
Diluted                                                690,669      551,625 
                                                                            
Earnings per share attributable to                                          
 shareholders of the Company:                   30                          
Basic earnings per share                                  0.44         0.58 
Diluted earnings per share                                0.44         0.58 
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Comprehensive Income                             
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31                    Note      2012       2011 
                                                               $          $ 
                                                                            
Profit for the year                                      318,058    347,223 
Other comprehensive loss:                                                   
Change in fair value of available-for-sale                                  
 financial assets (net                                                      
of income taxes of nil and $12)                           (1,429)      (977)
Realized gains on disposal of available-for-sale                            
 financial assets transferred to net income                  (56)      (794)
Actuarial losses on defined benefit pension plans   18   (12,981)    (6,661)
                                                      ----------------------
Total other comprehensive loss for the year              (14,466)    (8,432)
                                                      ----------------------
Total comprehensive income for the year                  303,592    338,791 
                                                      ----------------------
                                                      ----------------------
                                                                            
Attributable to:                                                            
Shareholders of the Company                              290,836    310,230 
Non-controlling interests                                 12,756     28,561 
                                                      ----------------------
                                                         303,592    338,791 
                                                      ----------------------
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Cash Flows                                       
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31                    Note      2012       2011 
                                                               $          $ 
Cash flows generated from (used in):                                        
Operating activities                                                        
Profit for the year                                      318,058    347,223 
Items not affecting cash                                                    
Asset retirement obligation accretion                      1,842      1,546 
Depreciation and amortization                            113,529    122,414 
Unrealized foreign exchange (gain) loss                   (1,072)     6,500 
Deferred income tax (recovery) expense                   (14,311)     1,804 
Loss (gain) on disposal of assets                            509     (2,729)
Loss on investment in significantly influenced                              
 companies                                                 5,627      4,225 
Gain on marketable securities and other                                     
 investments                                                (176)      (664)
Share based payments                                      21,794     19,722 
Defined benefit pension plan expense                       1,900      2,088 
                                                      ----------------------
                                                         447,700    502,129 
                                                                            
Changes in non-cash working capital                 22  (152,472)     9,948 
                                                      ----------------------
                                                         295,228    512,077 
Investi
ng activities                                                        
Net cash received on acquisition of subsidiary       5    18,789          - 
Purchase of property, plant and equipment               (426,174)  (272,818)
Proceeds from the sale of property, plant and                               
 equipment                                                   859        147 
Proceeds on pre-production sales                          54,705          - 
Purchase of marketable securities                              -     (1,823)
Proceeds from the sale of marketable securities            1,270      8,154 
Funding of non-registered supplemental retirement                           
 plan                                                                       
investments, net                                          14,486     (7,045)
Investments in significantly influenced companies        (14,768)   (16,830)
Decrease (increase) in restricted cash                    55,149     (2,957)
                                                      ----------------------
                                                        (295,684)  (293,172)
Financing activities                                                        
Issuance of common shares for cash                        22,145     31,600 
Dividend paid to non-controlling interests                (9,399)    (8,095)
Dividend paid to shareholders                            (93,142)   (61,167)
Purchase of treasury stock                                (6,830)    (6,438)
Long-term and bank debt proceeds                         650,000      5,782 
Long-term and bank debt repayments                      (120,430)   (98,169)
Loan financing costs                                     (18,808)    (2,999)
                                                      ----------------------
                                                         423,536   (139,486)
                                                      ----------------------
Net increase in cash and cash equivalents                423,080     79,419 
Cash and cash equivalents - beginning of year            393,763    314,344 
                                                      ----------------------
                                                                            
Cash and cash equivalents - end of year                  816,843    393,763 
                                                      ----------------------
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 
                                                                            
                                                                            
Eldorado Gold Corporation                                                   
Consolidated Statements of Changes in Equity                                
(Expressed in thousands of U.S. dollars)                                    
                                                                            
For the year ended December 31,                  Note       2012       2011 
                                                               $          $ 
Share capital                                                               
Balance beginning of year                              2,855,689  2,814,679 
  Shares issued upon exercise of share options,                             
   for cash                                               22,145     30,115 
  Transfer of contributed surplus on exercise                               
   of options                                             23,221      9,410 
  Shares issued on acquisition of European                                  
   Goldfields Ltd.                                  5  2,380,140          - 
  Tranfer of contributed surplus on exercise of                             
   deferred phantom units                                 19,762          - 
  Shares issued upon exercise of warrants, for                              
   cash                                                        -      1,485 
                                                      ----------------------
Balance end of year                                    5,300,957  2,855,689 
                                                      ----------------------
                                                                            
Treasury stock                                                              
Balance beginning of year                                 (4,018)         - 
  Purchase of treasury stock                              (6,830)    (6,438)
  Shares redeemed upon exercise of restricted                               
   share units                                             3,403      2,420 
                                                      ----------------------
Balance end of year                                       (7,445)    (4,018)
                                                      ----------------------
                                                                            
Contributed surplus                                                         
Balance beginning of year                                 30,441     22,967 
  Share based payments                                    21,092     19,304 
  Shares redeemed upon exercise of restricted                               
   share units                                            (3,403)    (2,420)
  Options issued on acquisiton of European                                  
   Goldfields Ltd.                                  5     31,130          - 
  Deferred phantom units granted on acquisition                             
   of European Goldfields Ltd.                      5     29,105          - 
  Transfer to share capital on exercise of                                  
   options and deferred phantom units                    (42,983)    (9,410)
                                                      ----------------------
Balance end of year                                       65,382     30,441 
                                                      ----------------------
                                                                            
Accumulated other comprehensive loss                                        
Balance beginning of year                                (10,069)    (1,637)
  Other comprehensive loss for the year                  (14,466)    (8,432)
                                                      ----------------------
Balance end of year                                      (24,535)   (10,069)
                                                      ----------------------
                                                                            
Retained earnings                                                           
Balance beginning of year                                382,716    125,221 
  Dividends paid                                         (93,142)   (61,167)
  Profit attributable to shareholders of the                                
   Company                                               305,302    318,662 
                                                      ----------------------
Balance end of year                                      594,876    382,716 
                                                      ----------------------
Total equity attributable to shareholders of                                
 the Company                                           5,929,235  3,254,759 
                                                      ----------------------
                                                                            
Non-controlling interests                                                   
Balance beginning of year                                 56,487     36,021 
  Profit 
attributable to non-controlling                                    
   interests                                              12,756     28,561 
  Dividends declared to non-controlling                                     
   interests                                              (9,399)    (8,095)
  Acquired non-controlling interest                 5    224,256          - 
                                                      ----------------------
Balance end of year                                      284,100     56,487 
                                                      ----------------------
                                                                            
Total equity                                           6,213,335  3,311,246 
                                                      ----------------------
                                                                            
The accompanying notes are an integral part of these consolidated financial 
statements.                                                                 

 
Click here to view a PDF of the Consolidated Financial Statements and
Management's Discussion and Analysis for the year ended December 31,
2012: http://media3.marketwire.com/docs/2012YEFinancials.pdf
Contacts:
Eldorado Gold Corporation
Nancy Woo
Vice President Investor Relations
604.601.6650 or 1.888.353.8166
604.687.4026 (FAX)
nancyw@eldoradogold.com
www.eldoradogold.com
 
 
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