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Message: Eldorado Gold Withdraws Public Offering of Common Shares

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Eldorado Gold Withdraws Public Offering of Common Shares

posted on Feb 24, 09 08:46AM

February 24, 2009

Eldorado Gold Withdraws Public Offering of Common Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2009) - Eldorado Gold Corporation ("Eldorado" or the "Company") (TSX:ELD)(NYSE Alternext US:EGO) announced today that is has elected to withdraw its preliminary prospectus filed in connection with its previously announced public offering ("Offering"). While the Offering received strong support, the terms presented by our underwriters did not meet our minimum expectation of net proceeds without exceeding an acceptable limit of dilution. Accordingly, we are withdrawing our preliminary prospectus and will not be proceeding with the Offering and have no current intention of issuing further equity.

"As the industry's lowest cost pure gold producer, our balance sheet remains strong, with no debt and we clearly have the financial strength to meet our development goals to produce approximately 800,000 oz gold per year by 2013. To accept the offered terms of the equity issue would have resulted in an unacceptable level of dilution for our current shareholders," said Paul Wright, President and Chief Executive Officer.

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