Eldorado Gold Corporation: Sino Gold Lodges Scheme Booklet

VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 28, 2009) - Eldorado Gold Corporation ("Eldorado" or the "Company") (TSX: ELD)(NYSE: EGO) is pleased to provide an update on the progress of its proposed combination with Sino Gold Mining Limited ("Sino Gold") through schemes of arrangement under Australian law (the "Transaction"). On August 26, 2009, Sino Gold and Eldorado announced that they had signed a scheme implementation deed, under which Eldorado proposed to acquire all of the Sino Gold shares that it did not already own.

A Scheme Booklet, which sets out information to assist Sino Gold security holders in their voting decision regarding the proposed Transaction with Eldorado, has been registered by the Australian Securities and Investments Commission ("ASIC") and filed with the Australian Securities Exchange (the "ASX"). On October 28, 2009 the Federal Court of Australia approved the convening of meetings of the Sino Gold shareholders and the Sino Gold option holders on December 2, 2009 to consider the Transaction. Sino Gold has advised that a copy of the Scheme Booklet has been filed on Sino Gold's SEDAR profile and may be reviewed for further information regarding the Transaction, including pro-forma financial statements and reserve and resource estimates for the combined companies.

The Board of Directors of both companies have given their strong and unanimous support of the Transaction. Sino Gold Directors have confirmed that they intend to vote all of their Sino Gold securities in favor of the combination, in the absence of a superior proposal.

Eldorado has received approval from the Australian Foreign Investment Review Board and conditional listing approval from the Toronto Stock Exchange and the New York Stock Exchange for the shares to be issued pursuant to the schemes. In addition, the Company will shortly file an application with the ASX for the admission of Eldorado to the official list of the ASX and the approval for official quotation of Chess Depository Interests ("CDI's"), each representing an interest in one common share of Eldorado, on the ASX in respect of the new Eldorado Shares to be issued as consideration under the schemes.

"The business combination with Sino Gold enables Eldorado to realize its vision of establishing itself as the unequivocal leader among international gold producers in China and builds on its production forecast to an aggregate of 535,000 to 550,000 ounces from 4 mines in 2009," stated Paul Wright, President & CEO of Eldorado. "Our production forecast is targeted to grow to 850,000 ounces by 2011 with estimated proven and probable reserves of 12.7 million ounces from 18.8 million ounces of measured and indicated resources, and 5.3 million ounces of additional inferred resources. A strong financial position and cash flow will underpin development of a project pipeline designed to add growth opportunities and provide the ability for Eldorado to continue to deliver value to shareholders through proven, operations-focused management."

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. 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

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).