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Message: Kisladag Optimization Study Results

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Kisladag Optimization Study Results

posted on Apr 27, 09 12:21AM

April 27, 2009

Eldorado Gold Corporation: Kisladag Optimization Study Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2009) - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE Alternext US:EGO)(NYSE Amex:EGO.A) is pleased to provide a summary of the results of a recently completed internal review of our Kisladag mine, Western Turkey (the "Study"). The Study identified opportunities to effectively increase annual production and lower unit costs at Kisladag and will form the basis of feasibility engineering to be undertaken by the Company and its consultants over the next five months.

Highlights

- Potential to increase planned production by 30 - 40%.

- Opportunity to lower unit operating costs by approximately 15%.

- Ability to accelerate recovery of in-heap gold inventory.

- Capital investment requirements estimated to be approximately US$45 million.

- Implementation schedule could result in production increase commencing in 2011.

Expansion Elements

- Take advantage of identified excess mining capacity with existing owner operated fleet. No need to provide additional haulage equipment in the near term.

- Primary gyrator crusher, presently underutilized due to excess design capacity, current utilization approximately 55-60%.

- Reconfigure and enhance existing crushing and screening plant to allow for the high percentage of fines generated in the mine and by primary crushing to fully bypass the existing crushing and screening plant.

- Expand screening and conveyor transfer capacity to accommodate 30% increase in ore.

- Expand ADR plant thoughput by 50% to provide for sustainable production increase as well as accelerated in-heap inventory recovery.

Target Results

The anticipated implementation schedule, assuming a positive decision to proceed with the expansion project, would result in construction completion in 2010 with the first operating benefit derived in 2011. Approximate magnitude of effect on production and operating costs are described in Table 1.

Table 1 - Operating Performance in ounces of gold
----------------------------------------------------------------------------
                                2010      2011      2012      2013      2014
----------------------------------------------------------------------------
Planned Production           240,000   240,000   240,000   240,000   220,000
----------------------------------------------------------------------------
Expanded Production Rate     220,000   290,000   355,000   360,000   350,000
----------------------------------------------------------------------------

Operating costs post production expansion are expected to be approximately $250 - 275/oz.

"We continue to be incredibly pleased with the excellent performance of our Kisladag mine. We look forward to detailing and implementing the identified opportunities to continue the ongoing enhancement of Kisladag," stated Paul N. Wright, President & CEO.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We are one of the lowest cost pure gold producers reporting. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, President and Chief Executive Officer

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