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<SEC-DOCUMENT>0001137171-04-000095.txt : 20040127
<SEC-HEADER>0001137171-04-000095.hdr.sgml : 20040127
<ACCEPTANCE-DATETIME>20040127122542
ACCESSION NUMBER:		0001137171-04-000095
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040127
FILED AS OF DATE:		20040127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP                                      /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		04545489

	BUSINESS ADDRESS:	
		STREET 1:		920 - 1055
		STREET 2:		WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k0127.htm
<TEXT>
<html>

<head>
<title>Filed By Filing Services Canada Inc. 403-717-3898</title>
<meta content="Microsoft FrontPage 4.0" name="GENERATOR">
<meta name="ProgId" content="FrontPage.Editor.Document">
</head>

<body>

&nbsp;
<p>&nbsp;</p>
<h1 align="center"><font face="Times New Roman, Times, Serif" size="3"><b>FORM
6K</b></font></h1>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><a name="A002"></a>
<p align="center"><font face="Times New Roman, Times, Serif" size="3">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></p>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><a name="A004"></a>
<p align="center"><font face="Times New Roman, Times, Serif" size="3"><b>Report
of Foreign Issuer<br>
<br>
<br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
the Securities Exchange Act of 1934</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" --><a name="A008"></a>
<p><font face="Times New Roman, Times, Serif" size="2">For the month of&nbsp;<b>January
27, 2004</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Commission File
Number&nbsp;<b>001-31522</b></font></p>
<br>
<table cellspacing="0" cellpadding="0" width="100%" border="0">
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="4"><b>Eldorado
      Gold Corporation</b></font></td>
  </tr>
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="2">(Translation
      of registrant's name into English)</font></td>
  </tr>
</table>
<br>
<table cellspacing="0" cellpadding="0" width="100%" border="0">
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="3"><b>Suite
      920 - 1055 West Hasting Street<br>
      Vancouver, British Columbia&nbsp;&nbsp;V6E 2E9</b></font></td>
  </tr>
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="2">(Address
      of principal executive offices)</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F
or Form 40-F</font></p>
<table cellspacing="0" cellpadding="0" width="500" border="0">
  <tr>
    <td width="15%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font face="Times New Roman, Times, Serif"
      size="2">Form 20-F</font></td>
    <td align="middle" width="5%"><font face="Times New Roman, Times, Serif"
      size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td align="right" width="10%"><font face="Times New Roman, Times, Serif"
      size="2">Form 40-F</font></td>
    <td align="middle" width="5%"><font face="Times New Roman, Times, Serif"
      size="2"><u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1):&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<table cellspacing="0" cellpadding="0" width="100%">
  <tr valign="top">
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="95%"><font face="Times New Roman, Times, Serif" size="2"><b>Note:</b>&nbsp;&nbsp;Regulation
      S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
      submitted solely to provide an attached annual report to security holders.</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<table cellspacing="0" cellpadding="0" width="100%">
  <tr valign="top">
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="95%"><font face="Times New Roman, Times, Serif" size="2"><b>Note:
      </b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in
      paper of a Form&nbsp;6-K if submitted to furnish a report or other
      document that the registrant foreign private issuer must furnish and make
      public under the laws of the jurisdiction in which the registrant is
      incorporated, domiciled or legally organized (the registrant's &quot;home
      country&quot;), or under the rules of the home country exchange on which
      the registrant's securities are traded, as long as the report or other
      document is not a press release, is not required to be and has not been
      distributed to the registrant's security holders, and, if discussing a
      material event, has already been the subject of a Form&nbsp;6-K submission
      or other Commission filing on EDGAR.</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is
also thereby furnishing the information to the Commission pursuant to rule
12g3-2(b) under the Securities Exchange Act of 1934.</font></p>
<table cellspacing="0" cellpadding="0" width="500" border="0">
  <tr>
    <td width="25%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">Yes</font></td>
    <td width="10%"><font face="Times New Roman, Times, Serif" size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">No</font></td>
    <td width="15%"><font face="Times New Roman, Times, Serif" size="2"><u>&nbsp;&nbsp;
      X&nbsp;&nbsp;</u></font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">If &quot;Yes&quot; is
marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b) 82 ---<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<br>
<br>
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr color="gray" noshade size="5">
<br>
<br>
<!-- MARKER FORMAT-SHEET="H1" FSL="Default" -->
<h1 align="center"><font face="Times New Roman, Times, Serif" size="2"><u>SIGNATURE</u></font></h1>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</font></p>
<table cellspacing="0" cellpadding="0" width="600" border="0">
  <tr>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2"><b>ELDORADO
      GOLD CORPORATION</b></font></td>
  </tr>
</table>
<br>
<br>
<table cellspacing="0" cellpadding="0" width="600" border="0">
  <tr>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2">Date:&nbsp;&nbsp;
      January 27, 2004</font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2"><u>/s/
      Dawn
      Moss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Dawn Moss, Corporate Secretary</font></td>
  </tr>
</table>
<br>
<br>
<br>
<br>
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr color="gray" noshade size="5">
<br>
<br>
<table border="0" width="84%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="center">&nbsp; <img border="0" src="logo1.jpg" align="right"
      width="254" height="108"></td>
  </tr>
  <tr>
    <td width="50%" valign="bottom">
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt">&nbsp;</p>
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt"><br>
      <b>NEWS RELEASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
      <p
      style="line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"><b>TSX:
      ELD &nbsp;AMEX: EGO</b></p>
    </td>
    <td width="50%" valign="bottom">
      <p
      style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt"
      align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELD
      No. 04-01</b></p>
      <p
      style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt"
      align="right"><b>January 27, 2004 </b></td>
  </tr>
</table>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p
style="margin:0pt; padding-right:-22.5pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt"
align="center"><b>YEAR END UPDATE</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">VANCOUVER, BC - Paul N. Wright, President and Chief Executive
Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we")
is pleased to provide the following update on the Company's activities to
December 31, 2003.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">2003 was a year in which Eldorado continued to strengthen its
balance sheet, substantially advanced the Kisladag Project in Turkey, increased
the Company's reserves and resources and created a new initiative in China.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">During the year the Company eliminated its outstanding
Convertible Debenture. The Company is well positioned with US$105M in cash,
totally debt and hedge free, to continue its strategy for value added growth.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b>Highlights</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><i>Sao Bento</i></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">In 2003 our Sao Bento Mine in Brazil performed to plan
producing 95,049 oz. of gold at a cash cost of US$234/oz. &nbsp;The Company
forecasts production in 2004 at similar levels, specifically 95,000 oz. at a
cash cost of $245/oz. &nbsp;The anticipated increase in cash costs compared with
2003 is based on the Company's projection of a continued strong Brazilian
currency. &nbsp;Scheduled maintenance of one of the Company's two autoclaves
in the First Quarter of 2004 will result in Q1 results being poorer than the
average projected for 2004.</p>
<p
style="margin:0pt; line-height:16.15pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">In 2003 Sao Bento commenced a Shaft Deepening Project presently
scheduled for completion in 2005. &nbsp;The completion of this project will
facilitate mining both above and below the mine's 30<sup>th</sup> level.
&nbsp;Production in 2004 is scheduled to be principally drawn from the mine's
26<sup>th</sup> and 27<sup>th</sup> Levels.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">During 2003 2,500 meters of infill drilling and 15,000 meters of
exploration drilling were completed. &nbsp;Deeper drilling (below the 32<sup>nd</sup>
Level) has identified a metabasite intrusive complicating continuity of
mineralization at depth. &nbsp;Drilling will continue through 2004 with 18,000
meters planned designed to further quantify the extent of the disruption caused
by the intrusive and extend and upgrade resources.</p>
<p
style="margin:0pt; line-height:16.15pt; font-family:Times New Roman; font-size:11pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin:0pt; line-height:16.15pt; font-family:Times New Roman; font-size:11pt"
align="justify">&nbsp;</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><i>Kisladag</i></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">In 2003 a Feasibility and Optimization Study was completed and
the Company received two significant permits from the Turkish Government, the
Environmental Positive Certificate and the Establishment Permit. The Company,
following extensive discussions with the community, is in the midst of acquiring
the necessary surface rights and plans construction of the mine to begin in the
2<sup>nd</sup> Quarter of 2004.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><i>China</i></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">In October 2003 the Company signed an agreement with the China
National Gold Group Corporation ("CNGC") for the exclusive rights to review
their portfolio of operating mines, development projects and exploration
projects for a period of 5 months ending in March 2004. The Company continues
with this review which has been expanded to include joint reviews of other
identified opportunities in China external to CNGC. &nbsp;Subsequent to year-end
the parties have agreed to extend this period of review to 8 months.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b>2003 Reserve and Resource Statement</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">The Company's total proven and probable reserve estimate has
increased by 0.8 million ounces to 6.6 million ounces through additions at the
Kisladag Project, Turkey ("Kisladag").</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><u>Proven and Probable Reserves and Mineral Resources</u></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
<img border="0" src="graph.gif" width="308" height="164"></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">Proven and probable reserves, calculated as of December 31,
2003, have been derived from Measured and Indicated Resources and are based on a
gold price of US$350/oz. for Sao Bento and Kisladag and US$325/oz. for Efemcukuru.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">The reserves and resources for Sao Bento and Kisladag have been
prepared in accordance with Canadian Securities National Instrument 43-101 ("NI-43-101").
Reserve and resource estimates for Efemcukuru were made before 43-101 came into
force and have not been revised.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">Mr. Sergio Martins, Chief Geologist at Sao Bento is the
qualified person responsible for the preparation of the Sao Bento reserve and
resource estimates. &nbsp;Mr. Callum Grant, Hatch Associates is the qualified
person responsible for the preparation of the reserve estimate for Kisladag.
&nbsp;Mr. Gary Giroux, Micon International is the qualified person responsible
for the resource estimate for Kisladag.</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify">&nbsp;</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><u>Reserves: &nbsp;Proven and Probable as of December 31,
2003</u></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border:0.5pt solid #000000" valign="top" width="114">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>Property</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>Tonnes</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Grade</b></p>
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Au g/t</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Ounces</b></p>
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Au</b></p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Sao
      Bento</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,782,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">8.84</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">506,190</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Kisladag</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">138,405,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1.20</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">5,310,900</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Efemcukuru</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,856,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">13.14</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">784,100</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="114">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>Total</b></p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="108">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>6,601,190</b></p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><u>Resources: &nbsp;Measured and Indicated, Inferred as of
December 31, 2003</u></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border:0.5pt solid #000000" valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>Property</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>Classification</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>Tonnes</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Grade Au g/t</b></p>
    </td>
    <td
    style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Ounces</b></p>
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="center"><b>Au</b></p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Sao
      Bento</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,638,794</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">11.70</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">616,714</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">730,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">11.30</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">265,211</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Kisladag</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">214,803,800</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1.04</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">7,192,600</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">45,500,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">0.75</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,197,900</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">*Efemcukuru</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,828,893</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">14.44</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">849,100</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">590,279</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">12.63</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">239,700</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">*Kaymaz</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,086,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">6.25</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">218,200</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">*Kucukdere</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1,276,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">6.43</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">263,800</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">138,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">6.45</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">28,600</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">*Piaba**</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">6,273,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1.27</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">256,100</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">4,322,000</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">1.28</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">177,600</p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>Total</b></p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Measured &amp; Indicated</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>9,396,514</b></p>
    </td>
  </tr>
  <tr>
    <td
    style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="120">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="132">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right">Inferred</p>
    </td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="78">&nbsp;</td>
    <td
    style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000"
    valign="top" width="96">
      <p
      style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
      align="right"><b>1,909,011</b></p>
    </td>
  </tr>
</table>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify">Note:</p>
<p
style="margin:0pt; padding-left:12pt; text-indent:-12pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify">* &nbsp;&nbsp;Resource and reserve estimates for Efemcukuru,
Kaymaz, Kucukdere and Piaba projects have not been updated and were made before
NI 43-101 came into force and have not been revised in accordance with NI
43-101.</p>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify">** &nbsp;Reflects Eldorado's 50% interest.<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify">&nbsp;</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">Eldorado is a gold producing and exploration company with gold
assets in Brazil and Turkey; two countries that we believe have substantial
geological potential. &nbsp;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 experience continued growth and
value as we create and pursue new opportunities.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b>ON BEHALF OF</b></p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b>ELDORADO GOLD CORPORATION</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><b><i>"</i></b><b><i>Paul N. Wright"</i></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">Paul N. Wright</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">President &amp; Chief Executive Officer</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><i>The terms "Mineral Reserve", "Proven Mineral Reserve"
and "Probable Mineral Reserve" used in this release are Canadian mining
terms as defined in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects under the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20,
2000 as may be amended from time to time by the CIM. &nbsp;These definitions
differ from the definitions in the United States Securities &amp; Exchange
Commission ("SEC") Guide 7. &nbsp;In the United States, a mineral reserve is
defined as a part of a mineral deposit which could be economically and legally
extracted or produced at the time the mineral reserve determination is made</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><i>The terms "Mineral Resource", "Measured Mineral
Resource", "Indicated Mineral Resource", "Inferred Mineral Resource"
used in this release are Canadian mining terms as defined in accordance with
National Instruction 43-101 - Standards of Disclosure for Mineral Projects
under the guidelines set out in the CIM Standards. Mineral Resources which are
not Mineral Reserves do not have demonstrated economic viability.</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><i>For a detailed discussion of resource and reserve estimates
and related matters see the Company's technical reports, including the Annual
Information Form and other reports filed under the Company's name at
www.sedar.com. &nbsp;A qualified person has verified the data contained in this
release.</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt"
align="justify"><br>
</p>
<p
style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><i>Note to U.S. Investors. &nbsp;While the terms "mineral
resource", "measured mineral resource," "indicated mineral resource",
and "inferred mineral resource" are recognized and required by Canadian
regulations, they are not defined terms under standards in the United States and
normally are not permitted to be used in reports and registration statements
filed with the SEC. &nbsp;As such, information contained in this report
concerning descriptions of &nbsp;mineralization and resources under Canadian
standards may not be comparable to similar information made public by U.S
companies in SEC filings. &nbsp;With respect to "indicated mineral resource"
and "inferred mineral resource" there is &nbsp;a great amount of uncertainty
as to their existence and a great uncertainty as to their economic and legal
feasibility. &nbsp;It can not be assumed that all or any part of an "indicated
mineral resource" or "inferred mineral resource" will ever be</i> <i>upgraded
to a higher category. &nbsp;Investors are cautioned not to assume that any part
or all of mineral deposits in these categories will ever be converted into
reserves.</i></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt"><i>Certain of
the statements made may contain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, which involve known and
unknown risk, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking
statements are subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the forward-looking
statements. Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward looking statements. &nbsp;Specific
reference is made to "Narrative Description of the Business - Risk Factors"
in the</i><font face="Arial"><big> </big></font><i>Company's Annual
Information Form. &nbsp;Forward-looking statements in this release include
statements regarding the expectations and beliefs of management, the assumed
long-term price of gold, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the potential of Eldorado's
properties and expectations of growth.</i> &nbsp;<i>We do not expect to update
forward-looking statements continually as conditions change and you are referred
to the full discussion of the Company's business contained in the Company's
reports filed with the securities regulatory authorities.</i></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify">&nbsp;</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify">Eldorado Gold Corporation's shares trade on the Toronto Stock
Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). &nbsp;The TSX
has neither approved nor disapproved the form or content of this release.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Contact:</p>
<p
style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Nancy
E. Woo, Manager Investor Relations</p>
<p
style="text-indent: 294pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: -13pt">Eldorado
Gold Corporation</p>
<p
style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:11pt">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Phone:
604.601.6650 or 1.888.353.8166</p>
<p
style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</p>
<p
style="text-indent: 294pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin: 0pt">920-1055
W. Hastings St.,</p>
<p
style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Fax:
604.687.4026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vancouver, BC V6E 2E9</p>
<p
style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Email:
nancyw@eldoradogold.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Web site: www.eldoradogold.com</p>
<p
style="margin:0pt; padding-right:-9.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Request
for information packages: info@eldoradogold.com</p>

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