Eldorado Gold Corporation. Vancouver BC., TSX : ELD; NYSX : EGO,

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, Turkey, China, Greece and the surrounding regions.

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

ELD is on the S&P/TSX Global Gold Index and EGO is part of the AMEX Gold BUGS Index.

Kisladag has a 15-year mine life with 5.5 million ounces of proven and probably gold reserves.

We have superior assets in Turkey, China and Brazil, three countries with substantial geological potential.

Our wholly owned Kisladag Mine (Kisladag) in western Turkey began commercial production in July 2006.

Kisladag produced 70,895 ounces of gold in 2006 at a cash cost of US$206. 2007 production was 135,306 ounces at a cash operating cost of US$189 /oz.

Our 90% owned Tanjianshan (TJS) Mine in western China is began commercial production February 2007. Total production at Tanjianshan in 2007 was 138,162 ounces of gold at a cash operating cost of US$288 /oz. 2008 forecast is 109,000 ounces of gold at a cash operating cost of US$289/oz.

Eldorado has In situ: +15 million oz gold.

We are actively growing businesses in Turkey, China and Brazil. We are unhedged and are well positioned to experience continued growth and value.

Q4 2008 Highlights

• Produced 81,845 ounces of gold at our Tanjianshan and Kisladag mines operations at an average cash operating cost of $298 per ounce
• Sold 79,965 ounces of gold at a realized average price of $800 per ounce;
• Reported earnings of $0.28 per share;
• Neared completion of construction of our Vila Nova iron ore mine and continued construction of our Efemcukuru gold mine
• Repaid the remaining $35.0 million in debt on our revolving credit facility with HSBC Bank, enabling the Company to be debt free entering 2009
• Completed the sale of our Sao Bento mine to AngloGold Ashanti for $70.0 million in AngloGold shares

Reported a cash balance of $61.8 million at year-end

Financial Results

Our consolidated net income for the fourth quarter of 2008 was $101.2 million or $0.28 per share, the sale of Sao Bento accounted for $0.21 per share, compared with a net loss of $9.1 million or $0.03 per share in the fourth quarter of 2007.

Over the quarter, we sold 79,965 ounces of gold at an average price of $800 per ounce, compared to 31,902 ounces at an average price of $774 per ounce in the fourth quarter of 2007.

Revenues increased 159% over the same period in 2007 due to higher selling prices and increased ounces sold.

Operating Performance

Tanjianshan

During the quarter we milled 216,273 tonnes of ore at a grade of 4.33 grams per tonne of gold. We produced 21,092 ounces of gold at a cash cost of $352 per ounce in the fourth quarter, and we sold 21,092 ounces of gold for fourth quarter revenue of $16.8 million. We spent $9.8 million on capital expenditures, primarily relating to construction of the sulphide ore processing facilities.

Kisladag

During the quarter, we placed 2,371,101 tonnes of ore on the leach pad at a grade of 1.34 grams per tonne of gold. We produced 60,753 ounces of gold at a cash cost of $279 per ounce and sold 58,873 ounces of gold for fourth quarter revenues of $47.1 million.

Development

Efemcukuru

Construction continued at Efemcukuru, with spending of $6.7 million during the quarter. Construction activities included access road development and geotechnical testing of the plant site and rock dump to establish ground support requirements for future structures. In addition, we are on schedule for placing orders for all major pieces of equipment and we have selected a Turkish contractor for preproduction mining work.

Vila Nova Iron Ore

We are anticipating the completion and commissioning of our Vila Nova iron ore project in the first quarter of 2009. In the fourth quarter, we spent $13.2 million on the project, with construction activities focusing on the installation of the crushing and screening circuit. We are continuing negotiations on the sale of iron ore.

Perama Hill

At our Perama Hill project in Greece, work has begun to lay the groundwork associated with engaging local and federal stakeholders and reinitiating the permitting process. A review of the overall pit design and plan is underway for input as part of a revised Environmental Impact Assessment which will be prepared in early 2009.

Exploration

Turkey

Our reconnaissance work during the quarter focused on Sayacik, a volcanic center adjacent to Kisladag, where we conducted detailed mapping, a magnetic geophysical survey and soil sampling. We will conduct drill testing in this area in 2009. Stream sediment and soil geochemical sampling showed positive anomalies at our Arpah project in the central Pontides region; we are now preparing plans for follow-up evaluation next summer. At Efemcukuru, we drilled seven holes totaling 1,292 meters in Q4 2008 that successfully intersected precious metal and base metal mineralization in the North Ore Shoot.

Brazil

Exploration in Brazil consisted of drilling and camp upgrading activities at the Tocantinzinho project. We drilled more than 3,500 meters in 11 diamond drill holes, and the results are confirming predicted gold grades in areas of inferred mineral resources.

China

At Tanjianshan, we drilled 1,754 meters in 10 holes in Q4 2008 and we completed testing at XJG and QLT. The holes successfully intersected gold mineralization and will be tested more fully in 2009.

USA

As part of our joint venture with AuEx, we conducted mapping, soil geochemical sampling and ground magnetic geophysical surveys on our joint venture projects with AuEx Ventures. We also executed a reverse circulation drill program at the Klondike North project, where drilling totalled 2,584 meters in 12 holes.

Mineral Resources and Reserves

The Company successfully increased its measured and indicated resources by 13 percent with a year end total of 11,778,000 ounces.

In addition the Company's inferred resources increased by 12 percent to 4,177,000 ounces. Proven and probable reserves at year end of 7,561,000 ounces were down modestly compared with the previous year total of 7,655,000 ounces.

Completion of Sao Bento Divestiture

On December 15, we completed the sale of our Sao Bento mine in Brazil to AngloGold Ashanti for $70.0 million payable by the issuance of 2,701,660 common shares of AngloGold, resulting in a gain on the sale of $72.5 million.