Eldorado Gold Corporation: 2013 Third Quarter Financial and Operating Results; Record Quarterly Gold Production

Eldorado Gold Corporation: 2013 Third Quarter Financial and Operating Results; 
Record Quarterly Gold Production 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/08/13 -- Paul N.
Wright, Chief Executive Officer of Eldorado Gold Corporation
(TSX:ELD)(NYSE:EGO) ("Eldorado" the "Company" or "we"), is pleased to
report on the Company's financial and operational results for the
third quarter ended September 30, 2013. Profit attributable to
shareholders of the Company for the quarter was $36.4 million or
$0.05 per share compared to $75.8 million or $0.11 per share for the
same quarter in 2012. 
"During the third quarter Eldorado produced 204,620 ounces of gold at
average cash operating costs of $472 per ounce, a 21% increase in
gold production. Our gold mines continue to perform to plan and
generate significant cash flows," said Paul Wright, CEO of Eldorado
Gold. "With its strong balance sheet and comparatively low cost gold
mining operations Eldorado is well-positioned with regard to the
continuing weakness in gold prices." 
Third Quarter Summary Results and Corporate Developments 


 
--  Gold production of 204,620 ounces at an average cash operating cost of
    $472 per ounce (Q3 2012 gold production - 169,565 ounces at $493 per
    ounce). 
--  Gold sales of 199,117 ounces at an average gold price of $1,338 per
    ounce (Q3 2012 sales of 154,841 ounces at an average gold price of
    $1,670). 
--  Continued strong cash generation from operating activities before
    changes in non-cash working capital of $104.8 million (Q3 2012 - $110.8
    million). 
--  During the quarter the Company announced updated resources for Certej
    and Olympias. 
--  The Company paid a dividend of Cdn$0.05 per share on August 26, 2013
    related to gold sales during the first half of 2013. 

 
Corporate Developments 
On October 30, 2013, Eldorado announced that it will acquire, through
one of its subsidiaries and by way of a friendly cash takeover, all
of the outstanding shares of Glory Resources Limited ("Glory") that
are not already owned or controlled by the Company for total
consideration of approximately A$30.5 million. Eldorado currently
owns 19.9% of the shares in Glory. Eldorado also proposes to acquire
all the issued options of Glory for total consider
ation of
approximately A$1.8 million and to settle Glory's deferred
obligations in the Sapes Gold Project to Cape Lambert Resources
Limited for A$6.5 million. 
Review of Financial Results 


 
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Summarized Financial Results - quarter ended September                     
 30,                                                          2013     2012
---------------------------------------------------------------------------
  Revenues (millions)                                       $287.3   $281.8
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  Gold Revenues (millions)                                  $266.4   $258.5
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  Gold sold (ounces)                                       199,117  154,841
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  Average realized gold price ($/ounce)                     $1,338   $1,670
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  Cash operating costs ($/ounce sold) (1)                     $472     $493
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  Total cash cost ($ per ounce sold) (1)                      $528     $567
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  Gross profit from gold mining operations (1) (millions)   $123.1   $146.8
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  Profit attributable to shareholders of the Company                       
   (millions)                                                $36.4    $75.8
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  Earnings per share attributable to shareholders of the                   
   Company - Basic ($/share)                                 $0.05    $0.11
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  Earnings per share attributable to shareholders of the                   
   Company - Diluted ($/share)                               $0.05    $0.11
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  Dividends paid (Cdn$/share)                                $0.05    $0.06
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  Cash flow from operating activities before changes in                    
   non-cash working capital (1) (millions)                  $104.8   $110.8
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(1) The Company has included non-IFRS performance measures such as cash    
    operating costs, total cash costs, gross profit from gold mining       
    operations and cash flow from operations before changes in non-cash    
    working capital throughout this document. Please see Non-IFRS Measures 
    in our third quarter 2013 MD&A for a discussion of these measures.     

 
Net income for the quarter was $36.4 million (or $0.05 per share),
compared with $75.8 million (or $0.11 per share) in the third quarter
of 2012. Gross profit from gold mining operations fell $23.7 million
year over year as a result of a 20% decline in realized gold prices
year over year partially offset by a 7% decline in total cash costs.
Net income for the quarter was also impacted by a non-cash $12.7
million write-down in the Company's investment in associates. The
effective tax rate for the third quarter was 50% as compared to a
rate of 31% in the third quarter of 2012 mainly as a result of the
impact of the weakening Turkish lira against the US dollar on the tax
basis of our Turkish tax assets. Other factors affecting the
effective tax rate during the quarter included taxable foreign
exchange gains on US dollar cash balances held by our Turkish
subsidiaries as well as withholding taxes on dividends paid by
Jinfeng. 
Operations Update 
Kisladag 


 
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                                         3 months ended      9 months ended
Operating Data                             September 30,       September 30,
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                                         2013      2012      2013      2012
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Tonnes placed on pad                3,336,465 3,245,700 9,553,306 9,645,766
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Average treated head grade - grams                                         
 per tonne (g/t)                         1.28      1.05      1.28      1.16
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Gold (ounces)                                                              
---------------------------------------------------------------------------
  Produced                             84,762    84,016   231,718   211,298
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  Sold                                 85,029    83,750   231,959   210,905
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Cash ope
rating costs (per ounce                                            
 sold)                                   $324      $334      $328      $335
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Total cash costs (per ounce sold)        $343      $363      $349      $365
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Financial Data (millions)                                                  
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Gold revenues                          $113.4    $139.8    $336.5    $350.1
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Depreciation and depletion               $4.1      $3.4     $10.9      $8.7
---------------------------------------------------------------------------
Gross profit - gold mining                                                 
 operations                             $79.5    $104.7    $242.1    $261.3
---------------------------------------------------------------------------
Capital expenditure on mining                                              
 interests                              $33.3     $26.3    $104.0     $77.6
---------------------------------------------------------------------------

 
Gold production at Kisladag during the third quarter was slightly
higher than the same quarter of 2012 mainly due to the higher grade
ore placed on the pad. Production for the nine-month period of 2013
was higher than 2012 also due to higher grades. Capital expenditures
during the quarter included waste stripping, acquisition of mining
equipment and construction activities.  
Efemcukuru 


 
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                                           3 months ended    9 months ended
Operating Data                               September 30,     September 30,
---------------------------------------------------------------------------
                                            2013     2012     2013     2012
---------------------------------------------------------------------------
Tonnes Milled                            105,641   93,779  301,869  259,556
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Average treated head grade - grams per                                     
 tonne (g/t)                                8.50     9.28     8.77     9.25
---------------------------------------------------------------------------
Average Recovery Rate (to Concentrate)     93.2%    93.3%    93.6%    92.9%
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Gold (ounces)                                                              
---------------------------------------------------------------------------
  Produced - incl. pre commercial                                          
   production (2012)                      23,438   14,442   69,583   26,957
---------------------------------------------------------------------------
  Sold - commercial production            26,410        -  101,888        -
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Cash operating costs (per ounce sold)       $551        -     $558        -
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Total cash costs (per ounce sold)           $568        -     $586        -
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Financial Data (millions)                                                  
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Gold revenues                              $35.4        -   $148.1        -
---------------------------------------------------------------------------
Depreciation and depletion                  $5.9        -    $20.9        -
---------------------------------------------------------------------------
Gross profit - gold mining operations      $13.9        -    $64.9        -
---------------------------------------------------------------------------
Capital expenditure on mining interests     $5.3    $25.0    $21.8    $54.5
---------------------------------------------------------------------------

 
During the quarter Efemcukuru sold 26,410 ounces of gold in
concentrate from third quarter operations and some inventory from
second quarter production. Efemcukuru was in full production in the
third quarter of 2013 as compared to the same quarter of 2012, at
which time commissioning was ongoing. The mine and mill have both
reached full design capacity. Capital expenditures during the quarter
included underground development as well as plant upgrades and
improvements. 
Tanjianshan 


 
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                                           3 months ended    9 months ended
Operating Data                               September 30,     September 30,
---------------------------------------------------------------------------
                                            2013     2012     2013     2012
---------------------------------------------------------------------------
Tonnes Milled                            285,406  283,654  805,532  791,904
---------------------------------------------------------------------------
Average treated head grade - grams per                                     
 tonne (g/t)                                3.40     3.55     3.54     3.75
---------------------------------------------------------------------------
Average Recovery Rate                      82.9%    82.9%    82.5%    82.8%
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Gold (ounces)                                                              
---------------------------------------------------------------------------
  Produced                                28,179   28,944   82,324   84,932
---------------------------------------------------------------------------
  Sold                                    28,179   28,944   82,324   84,932
---------------------------------------------------------------------------
Cash operating costs (per ounce sold)       $377     $396     $405     $411
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Total cash costs (per ounce sold)           $557     $593     $589     $606
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Financial Data (millions)                                                  
---------------------------------------------------------------------------
Gold revenues                              $38.1    $43.9   $119.0    $93.6
---------------------------------------------------------------------------
Depreciation and depletion                  $6.7     $6.3    $20.0    $13.6
---------------------------------------------------------------------------
Gross profit - gold mining operations      $15.3    $24.5    $49.6    $69.6
---------------------------------------------------------------------------
Capital expenditure on mining interests     $4.2     $8.2     $9.3    $15.1
---------------------------------------------------------------------------

 
Gold production at Tanjianshan during the third quarter was slightly
lower than the same quarter of 2012 as a result of lower head grades,
partially offset by higher throughput. Cash operating costs per ounce
decreased from the third quarter of 2012 as a result of lower
processing costs. Capital spending included exploration activities
and process improvements. 
Jinfeng 


 
---------------------------------------------------------------------------
                                         3 months ended      9 months ended
Operating Data                             September 30,       September 30,
---------------------------------------------------------------------------
                                         2013      2012      2013      2012
---------------------------------------------------------------------------
Tonnes Milled                         363,798   356,575 1,052,406
 1,062,891
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Average treated head grade - grams                                         
 per tonne (g/t)                         3.66      2.43      3.14      2.77
---------------------------------------------------------------------------
Average Recovery Rate                   88.0%     83.4%     85.0%     84.8%
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Gold (ounces)                                                              
---------------------------------------------------------------------------
  Produced                             40,212    25,821    90,843    86,686
---------------------------------------------------------------------------
  Sold                                 40,212    25,805    90,888    86,663
---------------------------------------------------------------------------
Cash operating costs (per ounce                                            
 sold)                                   $684      $946      $743      $775
---------------------------------------------------------------------------
Total cash costs (per ounce sold)        $767    $1,044      $831      $855
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Financial Data (millions)                                                  
---------------------------------------------------------------------------
Gold revenues                           $53.8     $42.9    $129.7    $144.8
---------------------------------------------------------------------------
Depreciation and depletion              $13.0      $7.0     $27.2     $22.5
---------------------------------------------------------------------------
Gross profit - gold mining                                                 
 operations                              $9.9      $8.9     $26.9     $48.1
---------------------------------------------------------------------------
Capital expenditure on mining                                              
 interests                              $15.0     $21.5     $44.3     $36.4
---------------------------------------------------------------------------

 
Gold production at Jinfeng in the third quarter was higher than the
same quarter of 2012 due to higher head grades, recovery and
throughput. Production from the open pit reached full capacity during
the quarter and contributed to the improved head grade. Capital
spending during the quarter included open pit stripping, underground
mine development and process improvements.  
White Mountain 


 
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                                           3 months ended    9 months ended
Operating Data                               September 30,     September 30,
---------------------------------------------------------------------------
                                            2013     2012     2013     2012
---------------------------------------------------------------------------
Tonnes Milled                            209,581  210,114  611,548  556,266
---------------------------------------------------------------------------
Average treated head grade - grams per                                     
 tonne (g/t)                                3.28     3.14     3.44     3.67
---------------------------------------------------------------------------
Average Recovery Rate                      84.0%    83.1%    85.5%    85.4%
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Gold (ounces)                                                              
---------------------------------------------------------------------------
  Produced                                19,287   16,342   57,664   55,921
---------------------------------------------------------------------------
  Sold                                    19,287   16,342   57,664   55,921
---------------------------------------------------------------------------
Cash operating costs (per ounce sold)       $713     $766     $693     $634
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Total cash costs (per ounce sold)           $751     $813     $734     $679
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Financial Data (millions)                                                  
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Gold revenues                              $25.7    $27.4    $83.9    $93.0
---------------------------------------------------------------------------
Depreciation and depletion                  $6.7     $5.3    $20.6    $17.6
---------------------------------------------------------------------------
Gross profit - gold mining operations       $4.5     $8.7    $20.7    $37.3
---------------------------------------------------------------------------
Capital expenditure on mining interests     $9.1    $21.5    $20.9    $20.3
---------------------------------------------------------------------------

 
Gold production at White Mountain in the third quarter was higher
than in the same period of 2012. This increase was largely a result
of higher head grades. Cash operating costs per ounce decreased due
to improved productivity from underground mining operations. Capital
spending this quarter included underground development, exploration,
tailings facility uplift and acquisition of underground mining
equipment.  
Vila Nova 


 
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                                           3 months ended    9 months ended
Operating Data                               September 30,     September 30,
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                                            2013     2012     2013     2012
---------------------------------------------------------------------------
Tonnes Processed                         219,925  161,859  612,700  528,024
---------------------------------------------------------------------------
Iron Ore Produced                        189,858  139,553  528,456  456,419
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Average Grade (% Fe)                       63.2%    63.5%    63.1%    63.5%
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Iron Ore Tonnes                                                            
---------------------------------------------------------------------------
  Sold                                   126,835  123,180  338,257  383,785
---------------------------------------------------------------------------
Average Realized Iron Ore Price              $74      $59      $98      $77
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Cash Costs (per tonne produced)              $58      $56      $65      $61
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Financial Data (millions)                                                  
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Revenues                                    $9.4     $7.3    $33.3    $29.4
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Depreciation and depletion                  $1.2     $1.1     $3.3     $3.2
---------------------------------------------------------------------------
Gross profit from mining operations         $0.9    ($0.8)    $8.1     $2.8
---------------------------------------------------------------------------
Capital expenditure on mining interests     $0.3     $0.4     $3.9     $0.7
---------------------------------------------------------------------------

 
Iron ore production in the third quarter increased 35% at Vila Nova
as compared to the same quarter of 2012. The higher production year
over year was due to mechanical and operational adjustments made in
the treatment plant as well as an increase in scheduled operating
hours in order to improve plant productivity. Iron ore sales were 3%
higher than in 2012. Shipping continued through the public port in
Santana while the Anglo-Ferrous port facility remains closed. 
Stratoni 


 
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                                           3 months ended    9 months ended
Operating Data                               September 30,     September 30,
---------------------------------------------------------------------------
                                            2013     2012     2013     2012
---------------------------------------------------------------------------
Tonnes ore mined (wet)                    60,011   58,
591  174,245  144,062
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Tonnes ore processed (dry)                56,463   55,911  167,315  136,785
---------------------------------------------------------------------------
Pb grade (%)                               6.33%    5.96%    6.39%    6.22%
---------------------------------------------------------------------------
Zn grade (%)                               9.37%    9.69%    9.49%    9.74%
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Ag grade (g/t)                               161      155      166      163
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Tonnes of concentrate produced            14,586   14,084   42,918   35,224
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Tonnes of concentrate sold                12,096   15,891   42,847   37,281
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Average realized concentrate price (per                                    
 tonne)                                     $820     $913     $840     $899
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Cash Costs (per tonne of concentrate                                       
 sold)                                      $547     $717     $749     $679
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Financial Data (millions)                                                  
---------------------------------------------------------------------------
Revenues                                    $9.9    $14.5    $36.0    $34.4
---------------------------------------------------------------------------
Depreciation and depletion                  $2.2     $2.0     $7.5     $4.7
---------------------------------------------------------------------------
Gross profit from mining operations         $1.1     $1.2    -$3.6     $4.4
---------------------------------------------------------------------------
Capital expenditure on mining interests     $1.4     $0.5     $2.0     $2.6
---------------------------------------------------------------------------

 
Stratoni operating and financial data for 2012 shown in the table
above reflects operations subsequent to February 24, 2012, the date
of the European Goldfields Ltd. acquisition. 
During the third quarter, Stratoni mined 60,011 tonnes of run-of-mine
ore and produced 14,586 tonnes of lead and zinc concentrate at an
average cash cost of $547 per tonne of concentrate sold. During the
same period, Stratoni sold 12,096 tonnes of concentrate at an average
price of $820 per tonne.  
Olympias 
During the third quarter, Olympias treated 185,012 tonnes of tailings
and produced 8,742 payable gold ounces. Due to an unanticipated
volume of fines in the tailings, production slowed during the quarter
and modifications to the filtering process were begun. Commercial
production is now expected during the fourth quarter, once the
modifications to the filtering process equipment are complete.
Capital spending totalled $22.8 million during the quarter and
included underground decline development, underground rehabilitation
and process plant improvements. 
Development Projects Update 
Skouries 
General earthworks in the plant site area and site clearing of the
first tailings dam footprint continued during the quarter. The main
decline work advanced as planned, with a total of 115 meters
completed. Geotechnical investigations to support underground and
open pit designs progressed during the quarter.  
Olympias 
The Stratoni-Olympias 8km decline advanced 55 meters during the
quarter, putting the face at 1,242 meters. Water inflow increased
during the quarter, impacting the rate of advance and requiring cover
grouting to slow the inflow. More extensive controls will be
implemented during the fourth quarter to deal with anticipated
continuing inflow. Olympias mine rehabilitation and development
advanced 212 meters and 270 meters, respectively, as the pace of
hiring and new employee training increased during the quarter to meet
the mine's objectives. 
Perama Hill 
We are awaiting final approval of the Environmental Impact Assessment
("EIA") for Perama Hill. Approval of the EIA will allow construction
of the initial infrastructure to commence and is required in order to
obtain the permits to commence full construction. Preliminary
engineering was substantially completed during the quarter.
Additional engineering to support procurement of items with long
lead-times was commenced during the quarter. Metallurgical testwork
was completed and the results of the testwork will be included in the
final plant design.  
Certej 
Geotechnical drilling and rock characterization work was conducted
during the quarter in support of a pit slope stability analysis which
will be used in the ultimate pit design. Geotechnical work was also
performed to assess the conditions for the foundations of the process
plant. Metallurgical testing continued throughout the quarter,
including confirmatory flotation testing of extended ore zones and
pressure oxidation testing. This work will continue during the fourth
quarter. Design information from these areas will be incorporated
into an updated study. Also included in the update will be
infrastructure upgrades to accommodate the additional ore and waste
tonnage expected to be handled over the life of the mine as a result
of the updated resource model. Work was completed during the quarter
on the first phase of construction of an alternate access road to the
property. 
Tocantinzinho  
Permitting activities continued during the quarter at both the state
and federal levels. Engineering efforts focussed on optimizing
capital requirements of the project and development of updated
operating costs. Work began on optimizing the layout of the site
facilities and on the design of the site infrastructure. A business
case for contractor mining was evaluated as an alternative to owner
operated mining. Significant work was completed on development of a
comprehensive tax model covering both investment capital and
operating costs. During the fourth quarter we plan to review the
geological model and develop a revised mine plan for incorporation
into a revised life of mine economic analysis along with updated
capital, operating and sustaining costs. Non-essential field work was
cancelled during the quarter. Field activity was limited to survey
work needed to develop basic access to the site along the proposed
main access road. 
Eastern Dragon 
Eastern Dragon remained on care and maintenance pending resolution of
permitting issues. Site management worked with the local authorities
to maintain local permits and permissions in good standing. Work
continued on preparing the necessary paperwork to the National
Development and Reform Commission ("NDRC"), as well as determining
the timeline for review and approval. 
Exploration Update  
In the third quarter approximately 27,500 metres of exploration
drilling were completed at the Company's operating mines,
developments and exploration projects, bringing the 2013 drilling
total to 108,000 metres. 
In Greece, continued drilling at the Piavitsa project focused on
extending the first-pass drill coverage over the 2.5 km strike length
of the mineralized Stratoni Fault Zone. Completion of a comprehensive
relogging program and geological reinterpretation of the Olympias
deposit culminated in an updated resource model late in the quarter.  
In Romania, the resource expansion and infill drilling at the Certej
deposit was completed early in the quarter and results were
incorporated into an updated resource model which was published in
our press release dated September 9, 2013. Exploration activities in
Romania during the fourth quarter will be directed towards defining
targets for drilling programs on three nearby exp
loration licenses.  
In Turkey, drilling continued at the Efemcukuru minesite (both
Kokarpinar and Kestane Beleni vein targets) and at the
Ardala/Salinbas exploration project.  
In China, exploration drilling programs focused on further
delineation of Inferred Resources at the White Mountain Northern
Extension, infilling high-grade zones at the Jinlonggou Bridge Zone
and West Wall targets and step-out drilling in the newly defined
Qinlongtan North Zone. 
In Brazil, exploration activities concentrated on developing drilling
targets at our early-stage projects and on new project generation.  
About Eldorado 
Eldorado is a gold producing, exploration and development company
actively growing businesses in Turkey, China, Greece, Brazil and
Romania. 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, November 8, 2013 to
discuss the 2013 Second Quarter Financial and Operating Results at
11:30 a.m. EDT (8:30 a.m. PST). You may participate in the conference
call by dialling 416-340-2219 in Toronto or 1-866-225-0198 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 November 15, 2013 by dialling
905-694-9451 Toronto or 1-800-408-3053 toll free in North America and
entering the Pass code: 5235773. 
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 the Company's Q3, 2013 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 and even though 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 statement 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; 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; 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
28,2013.  
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). 


 
ELDORADO GOLD
 Q3 2013 Gold Production Highlights (in US$)
 
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                                                            First     First
                    First    Second     Third     Third      Nine      Nine
                  Quarter   Quarter   Quarter   Quarter    Months    Months
                     2013      2013      2013      2012      2013      2012
---------------------------------------------------------------------------
Gold Production                                                            
 Ounces Sold      189,346   176,260   199,117   154,841   564,723   438,421
 Ounces                                                                    
  Produced(1)     163,768   183,971   204,620   169,565   552,359   465,794
 Cash Operating                                                            
  Cost                                                                     
  ($/oz)(2,4,5)       505       478       472       493       485       475
 Total Cash                                                                
  Cost                                                                     
  ($/oz)(3,4,5)       567       536       528       567       544       549
 Realized Price                                                            
  ($/oz - sold)     1,622     1,382     1,338     1,670     1,447     1,665
---------------------------------------------------------------------------
Kisladag Mine,                                                             
 Turkey                                                                    
 Ounces Sold       70,250    76,680    85,029    83,750   231,959   210,905
 Ounces                                                                    
  Produced         70,221    76,735    84,762    84,016   231,718   211,298
 Tonnes to Pad  2,915,508 3,301,333 3,336,465 3,245,700 9,553,306 9,645,766
 Grade (grams /                                                            
  tonne)             1.29      1.26      1.28      1.05      1.28      1.16
 Cash Operating                                                            
  Cost                                                                     
  ($/oz)(4,5)         334       327       324       334       328       335
 Total Cash                                                                
  Cost                                                                     
  ($/oz)(3,4,5)       359       348       343       363       349       365
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Efemcukuru                                                                 
 Mine, Turkey                                                              
 Ounces Sold       50,291    25,187    26,410         -   101,888         -
 Ounces                                                                    
  Produced         1
9,856    26,289    23,438    14,442    69,583    26,957
 Tonnes Milled     86,879   109,349   105,641    93,779   301,869   259,556
 Grade (grams /                                                            
  tonne)             8.47      9.28      8.50      9.28      8.77      9.25
 Cash Operating                                                            
  Cost                                                                     
  ($/oz)(4,5)         582       519       551         -       558         -
 Total Cash                                                                
  Cost                                                                     
  ($/oz)(3,4,5)       619       537       568         -       586         -
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Tanjianshan                                                                
 Mine, China                                                               
 Ounces Sold       26,207    27,938    28,179    28,944    82,324    84,932
 Ounces                                                                    
  Produced         26,207    27,938    28,179    28,944    82,324    84,932
 Tonnes Milled    247,061   273,065   285,406   283,654   805,532   791,904
 Grade (grams /                                                            
  tonne)             3.74      3.50      3.40      3.55      3.54      3.75
 Cash Operating                                                            
  Cost                                                                     
  ($/oz)(4,5)         442       398       377       396       405       411
 Total Cash                                                                
  Cost                                                                     
  ($/oz)(3,4,5)       636       577       557       593       589       606
---------------------------------------------------------------------------
Jinfeng Mine,                                                              
 China                                                                     
 Ounces Sold       21,683    28,993    40,212    25,805    90,888    86,663
 Ounces                                                                    
  Produced         21,742    28,889    40,212    25,821    90,843    86,686
 Tonnes Milled    351,901   336,707   363,798   356,575 1,052,406 1,062,891
 Grade (grams /                                                            
  tonne)             2.43      3.33      3.66      2.43      3.14      2.77
 Cash Operating                                                            
  Cost ($/oz)                                                              
  (4,5)               832       757       684       946       743       775
 Total Cash                                                                
  Cost ($/oz)                                                              
  (3,4,5)             930       845       767     1,044       831       855
---------------------------------------------------------------------------
White Mountain                                                             
 Mine, China                                                               
 Ounces Sold       20,915    17,462    19,287    16,342    57,664    55,921
 Ounces                                                                    
  Produced         20,915    17,462    19,287    16,342    57,664    55,921
 Tonnes Milled    198,934   203,033   209,581   210,114   611,548   556,266
 Grade (grams /                                                            
  tonne)             3.80      3.25      3.28      3.14      3.44      3.67
 Cash Operating                                                            
  Cost ($/oz)                                                              
  (4,5)               634       742       713       766       693       634
 Total Cash                                                                
  Cost ($/oz)                                                              
  (3,4,5)             679       781       751       813       734       679
---------------------------------------------------------------------------
Olympias,                                                                  
 Greece                                                                    
 Ounces Sold            -         -         -         -         -         -
 Ounces                                                                    
  Produced(1)       4,827     6,658     8,742         -    20,227         -
 Tonnes Milled     89,112   116,972   185,012         -   391,096         -
 Grade (grams /                                                            
  tonne)             3.97      3.80      3.19         -      3.55         -
 Cash Operating                                                            
  Cost                                                                     
  ($/oz)(4,5)           -         -         -         -         -         -
 Total Cash                                                                
  Cost                                                                     
  ($/oz)(3,4,5)         -         -         -         -         -         -
---------------------------------------------------------------------------
 
(1) Ounces produced include pre-commercial production in 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
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
 
                                                       September   December
                                                 Note   30, 2013   31, 2012
                                                     ----------------------
                                                               $          $
ASSETS                                                                     
Current assets                                                             
  Cash and cash equivalents                              665,840    816,843
  Term deposits                                           59,600          -
  Restricted cash                                            261        241
  Marketable securities                                    3,156      1,988
  Accounts receivable and other                           99,211    112,324
  Inventories                                            220,888    220,766
                                                     ----------------------
                                                       1,048,956  1,152,162
Investments in associates                           6     15,935     27,949
Deferred income tax assets                                 1,673      3,149
Restricted assets and other                               34,062     31,846
Defined benefit pension plan                               5,513      4,571
Property, plant and equipment                          6,081,177  5,868,742
Goodwill                                                 839,710    839,710
                                                     ----------------------
                                                       8,027,026  7,928,129
                                                     ----------------------
LIABILITIES & EQUITY                                                       
Current liabilities                                                        
  Accounts payable and accrued liabilities               215,514    224,567
  Current debt                                      7     16,265     10,341
                                                     -----------
-----------
                                                         231,779    234,908
Debt                                                7    584,519    582,974
Asset retirement obligations                              80,974     79,971
Deferred income tax liabilities                     8    959,300    816,941
                                                     ----------------------
                                                       1,856,572  1,714,794
                                                     ----------------------
Equity                                                                     
Share capital                                       9  5,309,770  5,300,957
Treasury stock                                           (11,084)    (7,445)
Contributed surplus                                       76,416     65,382
Accumulated other comprehensive loss                     (26,273)   (24,535)
Retained earnings                                        544,148    594,876
                                                     ----------------------
Total equity attributable to shareholders of the                           
 Company                                               5,892,977  5,929,235
Attributable to non-controlling interests                277,477    284,100
                                                     ----------------------
                                                       6,170,454  6,213,335
                                                     ----------------------
                                                       8,027,026  7,928,129
                                                     ----------------------
 
Approved on behalf of the Board of Directors
 
Robert R. Gilmore, Director
 
Paul N. Wright, Director
 
The accompanying notes are an integral part of these consolidated financial
statements.
 
 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements
(Expressed in thousands of U.S. dollars except per share amounts)
 
                                       Three months ended Nine months ended
                                             September 30,     September 30,
                                       ------------------------------------
                                                                           
                                   Note     2013     2012     2013     2012
                                               $        $        $        $
Revenue                                                                    
  Metal sales                            287,254  281,839  892,251  797,579
                                                                           
Cost of sales                                                              
  Production costs                       120,753  107,615  367,254  293,340
  Depreciation and amortization           40,461   26,082  112,809   78,635
                                       ------------------------------------
                                         161,214  133,697  480,063  371,975
Gross profit                             126,040  148,142  412,188  425,604
                                                                           
Exploration expenses                       9,866   11,130   27,730   29,899
General and administrative                                                 
 expenses                                 14,671   17,518   49,396   53,345
Defined benefit pension plan                                               
 expense                                     616      638    1,864    1,899
Share based payments                       3,765    4,396   15,933   17,210
Acquisition costs                     5        -      552        -   20,005
Foreign exchange loss (gain)                (939)  (1,926)   4,879   (2,227)
                                       ------------------------------------
Operating profit                          98,061  115,834  312,386  305,473
                                                                           
Loss (gain) on disposal of assets           (120)     (23)    (135)     423
Gain on marketable securities and                                          
 other investments                             -        -      (21)  (1,032)
Loss on investments in associates          1,426    1,375    2,549    3,119
Impairment loss on investment in                                           
 associates                           6   12,707        -   12,707        -
Other income                              (2,460)    (264)  (7,574)  (2,641)
Asset retirement obligation                                                
 accretion                                   278      457    1,003    1,328
Interest and financing costs               9,748    1,481   31,310    3,615
                                       ------------------------------------
                                                                           
Profit before income tax                  76,482  112,808  272,547  300,661
Income tax expense                    8   38,152   34,435  233,954   98,965
                                       ------------------------------------
Profit for the period                     38,330   78,373   38,593  201,696
                                       ------------------------------------
                                                                           
Attributable to:                                                           
Shareholders of the Company               36,410   75,845   34,221  190,320
Non-controlling interests                  1,920    2,528    4,372   11,376
                                       ------------------------------------
Profit for the period                     38,330   78,373   38,593  201,696
                                       ------------------------------------
                                                                           
Weighted average number of shares                                          
 outstanding                                                               
Basic                                    715,083  712,789  714,901  680,121
Diluted                                  715,364  713,340  715,229  681,222
                                                                           
Earnings per share attributable to                                         
 shareholders of the Company:                                              
Basic earnings per share                    0.05     0.11     0.05     0.28
Diluted earnings per share                  0.05     0.11     0.05     0.28
 
The accompanying notes are an integral part of these consolidated financial
statements.
 
 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars)
 
                                       Three months ended Nine months ended
                                             September 30,     September 30,
                                       ------------------------------------
                                            2013     2012     2013     2012
                                               $        $        $        $
                                                                           
Profit for the period                     38,330   78,373   38,593  201,696
Other comprehensive loss:                                                  
Change in fair value of available-for-                                     
 sale financial assets                      (321)    (231)  (1,721)  (1,368)
Realized gains on disposal of                                              
 available-for-sale financial assets                                       
 transferred to net income                     -        -      (17)     (24)
Actuarial losses on defined benefit                                        
 pension plans                                 -        -        -   (5,701)
                                    
   ------------------------------------
Total other comprehensive loss for the                                     
 period                                     (321)    (231)  (1,738)  (7,093)
                                       ------------------------------------
Total comprehensive income for the                                         
 period                                   38,009   78,142   36,855  194,603
                                       ------------------------------------
                                                                           
Attributable to:                                                           
Shareholders of the Company               36,089   75,614   32,483  183,227
Non-controlling interests                  1,920    2,528    4,372   11,376
                                       ------------------------------------
Total comprehensive income for the                                         
 period                                   38,009   78,142   36,855  194,603
                                       ------------------------------------
 
The accompanying notes are an integral part of these consolidated financial
statements.
 
 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
 
                                     Three months ended   Nine months ended
                                           September 30,       September 30,
                                   ----------------------------------------
                               Note      2013      2012      2013      2012
                                            $         $         $         $
Cash flows generated from                                                  
 (used in):                                                                
Operating activities                                                       
Profit for the period                  38,330    78,373    38,593   201,696
Items not affecting cash                                                   
Asset retirement obligation                                                
 accretion                                278       457     1,003     1,328
Depreciation and amortization          40,461    26,082   112,809    78,635
Unrealized foreign exchange                                                
 loss (gain)                              (44)     (446)      480      (809)
Deferred income tax expense                                                
 (recovery)                       8     7,388       (42)  143,836    (6,730)
Loss (gain) on disposal of                                                 
 assets                                  (120)      (23)     (135)      423
Loss on investments in                                                     
 associates                             1,426     1,375     2,549     3,119
Impairment loss on investment                                              
 in associates                         12,707         -    12,707         -
Gain on marketable securities                                              
 and other investments                      -         -       (21)   (1,032)
Share based payments                    3,765     4,396    15,933    17,210
Defined benefit pension plan                                               
 expense                                  616       638     1,864     1,899
                                   ----------------------------------------
                                      104,807   110,810   329,618   295,739
                                                                           
Changes in non-cash working                                                
 capital                         12    15,454    20,743   (20,811) (121,914)
                                   ----------------------------------------
                                      120,261   131,553   308,807   173,825
Investing activities                                                       
Net cash received on                                                       
 acquisition of subsidiary        5         -         -         -    18,789
Purchase of property, plant                                                
 and equipment                       (119,055) (136,779) (336,818) (303,891)
Proceeds from the sale of                                                  
 property, plant and equipment            412        99       604       890
Proceeds on pre-production                                                 
 sales                                  9,438    17,412    24,666    37,434
Purchase of marketable                                                     
 securities                                 -     2,152         -         -
Proceeds from the sale of                                                  
 marketable securities                      -         -       332       230
Funding of non-registered                                                  
 supplemental retirement plan                                              
 investments, net                           -         -         -    14,486
Investments in associates                   -   (11,947)   (6,357)  (15,359)
Decrease (increase) on                                                     
 investment in term deposits          161,841         -   (59,600)        -
Decrease (increase) in                                                     
 restricted cash                          (17)   20,240       (12)   18,571
                                   ----------------------------------------
                                       52,619  (108,823) (377,185) (228,850)
Financing activities                                                       
Issuance of common shares for                                              
 cash                                   1,945     3,430     3,546    20,261
Dividend paid to non-                                                      
 controlling interests                      -      (967)        -    (2,238)
Dividend paid to shareholders         (34,708)  (43,262)  (84,949)  (93,142)
Purchase of treasury stock                  -      (691)   (6,462)   (6,702)
Long-term and bank debt                                                    
 proceeds                               3,565         -    15,977    50,000
Long-term and bank debt                                                    
 repayments                                 -   (24,429)  (10,354)  (35,516)
Loan financing costs                        -         -      (383)        -
                                   ----------------------------------------
                                      (29,198)  (65,919)  (82,625)  (67,337)
                                   ----------------------------------------
Net increase (decrease) in                                                 
 cash and cash equivalents            143,682   (43,189) (151,003) (122,362)
Cash and cash equivalents -                                                
 beginning of period                  522,158   522,158   816,843   522,158
                                   ----------------------------------------
                                                                           
Cash and cash equivalents -                                                
 end of period                        665,840   478,969   665,840   399,796
                                   ----------------------------------------
 
The accompanying notes are an integral part of these consolidated financial
statements.
 
 
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of U.S. dollars)
 
                                   Three months ended     Nine months ended
                                         September 30,         September 30,
                               --------------------------------------------
                           Note       2013       2012
       2013       2012
                                         $          $          $          $
Share capital                                                              
Balance beginning of                                                       
 period                          5,306,947  5,282,368  5,300,957  2,855,689
  Shares issued upon                                                       
   exercise of share                                                       
   options, for cash                 1,945      3,430      3,546     20,261
  Transfer of contributed                                                  
   surplus on exercise of                                                  
   options                             694      4,518      1,683     22,674
  Shares issued on                                                         
   acquisition of European                                                 
   Goldfields Ltd.            5          -          -          -  2,380,140
  Transfer of contributed                                                  
   surplus on exercise of                                                  
   deferred phantom units              184          -      3,584     11,552
Balance end of period            5,309,770  5,290,316  5,309,770  5,290,316
                               --------------------------------------------
                                                                           
Treasury stock                                                             
Balance beginning of                                                       
 period                            (11,775)    (7,355)    (7,445)    (4,018)
  Purchase of treasury                                                     
   stock                                 -       (691)    (6,462)    (6,702)
  Shares redeemed upon                                                     
   exercise of restricted                                                  
   share units                         691        729      2,823      3,403
                               --------------------------------------------
Balance end of period              (11,084)    (7,317)   (11,084)    (7,317)
                               --------------------------------------------
                                                                           
Contributed surplus                                                        
Balance beginning of                                                       
 period                             71,389     70,444     65,382     30,441
  Share based payments               3,685      4,081     16,213     16,231
  Shares redeemed upon                                                     
   exercise of restricted                                                  
   share units                        (691)      (729)    (2,823)    (3,403)
  Options issued on                                                        
   acquisition of European                                                 
   Goldfields Ltd.            5          -          -          -     31,130
  Deferred phantom units                                                   
   granted on acquisition                                                  
   of European Goldfields                                                  
   Ltd.                                  -          -          -     29,105
  Reversal of portion of                                                   
   non-controlling                                                         
   interest acquired due                                                   
   to buy out                        2,911          -      2,911          -
  Transfer to share                                                        
   capital on exercise of                                                  
   options and deferred                                                    
   phantom units                      (878)    (4,518)    (5,267)   (34,226)
                               --------------------------------------------
Balance end of period               76,416     69,278     76,416     69,278
                               --------------------------------------------
                                                                           
Accumulated other                                                          
 comprehensive loss                                                        
Balance beginning of                                                       
 period                            (25,952)   (16,931)   (24,535)   (10,069)
  Other comprehensive loss                                                 
   for the period                     (321)      (231)    (1,738)    (7,093)
                               --------------------------------------------
Balance end of period              (26,273)   (17,162)   (26,273)   (17,162)
                               --------------------------------------------
                                                                           
Retained earnings                                                          
Balance beginning of                                                       
 period                            542,446    447,311    594,876    382,716
  Dividends paid                   (34,708)   (43,262)   (84,949)   (93,142)
  Profit attributable to                                                   
   shareholders of the                                                     
   Company                          36,410     75,845     34,221    190,320
                               --------------------------------------------
Balance end of period              544,148    479,894    544,148    479,894
                               --------------------------------------------
Total equity attributable                                                  
 to shareholders of the                                                    
 Company                         5,892,977  5,815,009  5,892,977  5,815,009
                               --------------------------------------------
                                                                           
Non-controlling interests                                                  
Balance beginning of                                                       
 period                            286,302    316,029    284,100     56,487
  Profit attributable to                                                   
   non-controlling                                                         
   interests                         1,920      2,528      4,372     11,376
  Dividends declared to                                                    
   non-controlling                                                         
   interests                        (7,584)         -     (7,584)    (9,399)
  Non-controlling interest                                                 
   acquired from European                                                  
   Goldfields Ltd.            5     (2,911)         -     (2,911)   260,093
  Non-controlling interest                                                 
   buy out                            (250)         -       (500)         -
                               --------------------------------------------
Balance end of period              277,477    318,557    277,477    318,557
                               --------------------------------------------
                                                                           
Total equity                     6,170,454  6,133,566  6,170,454  6,133,566
                               --------------------------------------------
 
The accompanying notes are an integral part of these consolidated financial
statements.

 
Click here for the Unaudited Consolidated Financial Statements for
the quarter ended September 30, 2013 in PDF:
http://media3.marketwire.com/docs/910116.pdf
Contacts:
Eldorado Gold Corporation
Nancy 
Woo
VP Investor Relations
604.601.6650 or 1.888.353.8166
604.687.4026 (FAX)
nancyw@eldoradogold.com
www.eldoradogold.com 
Request for information packages:
laurelw@eldoradogold.com
 
 
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