Eldorado Gold Announces Friendly Transaction with Glory Resources Limited Board Recommended Off-Market Takeover Bid of A$0.17 Cash Per Share

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2013) - Eldorado Gold Coöperatief UA ("Eldorado"), a wholly-owned subsidiary of Eldorado Gold Corporation (TSX:ELD)(NYSE:EGO) today announces that Eldorado will acquire, through a friendly off-market cash takeover (the "Offer"), all of the outstanding shares of Glory Resources Limited ("Glory") (ASX:GLY) not already owned or controlled by Eldorado for total consideration of approximately A$30.5 million. Eldorado currently owns 19.9% of the shares in Glory.

Under the Offer, each shareholder of Glory other than Eldorado will be entitled to receive A$0.17 cash per share (subject to the terms and conditions to the Offer), which represents a premium of approximately 42% over the closing price of Glory on October 30, 2013. Eldorado also proposes to acquire all the issued options of Glory for total consideration of approximately A$1.8 million. Additionally, in connection with the Offer, Eldorado proposes to settle Glory's deferred obligations in the Sapes Gold Project ("Sapes") to Cape Lambert Resources Limited for A$6.5 million.

Glory is focused on advancing the high grade Sapes project located approximately 15 km from our Perama Hill project in Thrace, Greece. Glory has reported the Sapes project has JORC compliant total proven and probable reserves of 637,000 ounces of gold at an average grade of 15.1 g/t.

"The acquisition of the Sapes project reaffirms our belief in the geologic potential of Thrace, which, when realized, will bring significant benefits to the region as these deposits are developed in a socially and environmentally responsible manner," said Paul Wright, Chief Executive Officer of Eldorado Gold Corporation. "The Sapes project is a complementary asset to our existing portfolio and will benefit from synergies with Perama Hill and our other Greek assets."

Bid Implementation Agreement

Glory has entered into a Bid Implementation Agreement (the "BIA") with Eldorado. The BIA sets out the obligations of Glory and Eldorado in the implementation of the Offer. The BIA sets out various conditions to the Offer, which include applicable regulatory and government approvals and Eldorado acquiring at least 90% of the shares and options. The BIA contains certain customary exclusivity provisions typical for a transaction of this nature in favour of Eldorado, including no shop and no talk provisions, right to match superior proposals and a break fee. In addition, the BIA contains various other restrictions on the conduct of Glory's business during the offer period. A copy of the BIA has been released on the ASX website (www.asx.com.au).

Glory's Board of Directors, has unanimously recommended the Offer to Glory shareholders and all Glory directors intend to accept the Offer with respect to their own holdings, in each case in the absence of a superior proposal.

Financial and Legal Advisors

Eldorado's financial advisor is GMP Securities L.P. and its legal advisors are Herbert Smith Freehills in Australia and Fasken Martineau DuMoulin LLP in Canada.

Further Information

Glory shareholders and other interested parties are advised to read the material relating to the Offer that will be filed by Eldorado and Glory with the ASX and Australian Securities and Investments Commissions.

This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell any of the securities of Glory.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, Chief Executive Officer