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<SEC-DOCUMENT>0001137171-04-000621.txt : 20040514
<SEC-HEADER>0001137171-04-000621.hdr.sgml : 20040514
<ACCEPTANCE-DATETIME>20040513180357
ACCESSION NUMBER:		0001137171-04-000621
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040513
FILED AS OF DATE:		20040514

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:		04804083

	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>pr1.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Karen Gerrior">
<META NAME="date" CONTENT="05/13/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<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>May 13, 2003</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>
<div align="center">
  <center>
<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></center>
</div>
<BR>
<div align="center">
  <center>
<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></center>
</div>
<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 "home
      country"), 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 "Yes" 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; May 13, 2003</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;</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>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=justify><BR></P>
<table border="0" width="100%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="right"><img border="0" src="logo1.jpg" width="254" height="108"></td>
  </tr>
  <tr>
    <td width="50%">
      <p style="margin-top: 0; margin-bottom: 0"><B>NEWS RELEASE</B></p>
      <p style="margin-top: 0; margin-bottom: 0"><B>TSX: ELD &nbsp;&nbsp;AMEX: EGO</B></td>
    <td width="50%">
      <p style="margin-top: 0; margin-bottom: 0" align="right"><B>&nbsp;ELD No. 04-05</B></p>
      <p style="margin-top: 0; margin-bottom: 0" align="right"><B>&nbsp;&nbsp;&nbsp;May 13, 2004</B></td>
  </tr>
</table>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Book Antiqua; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=center><BR></P>
<p style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><b>First
Quarter 2204 Financial Results</b></p>
<P style="margin:0pt; font-family:Times New Roman" align=center>(all figures in US dollars)</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 - Eldorado Gold Corporation ("Eldorado", the
"Company", or "we") today reported a net loss of $0.7 million for Q1 2004 compared to a net income of $1.7 million in Q1 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><B><U>First Quarter 2004 Highlights</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Produced 21,158 ounces of gold at a total cash cost of $284/oz.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Generated cash flow from operations of $1.6 million</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Completed private land acquisition necessary for Kisladag construction</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Completed initial review of China National Gold assets and proceeding with detailed analysis of four
    assets of interest</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Commenced exploration activities on projects in Brazil and Turkey</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman">Q1 end cash balance of $93.6 million</FONT><BR></li>
</ul>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><U>Financial Results</U></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>During Q1 2004, Eldorado sold 22,793 ounces of gold at an average realized price of $408/oz. compared to the sale of 23,854 ounces of gold at an average price of $356/oz. in Q1 2003. &nbsp;Revenue for Q1 2004 of $9.9 million increased marginally compared to Q1 2003 at $9.4 million.</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>Eldorado reports a net loss of $0.7 million for Q1 2004. &nbsp;The net loss is a result of three non-cash events. &nbsp;The Company recorded a $0.2 million loss on foreign exchange as our currency mix weakened against the U.S. dollar, a $3.3 million cost of expensing options granted in the quarter and a net tax gain on the reversal of $1.8 million related to the completion of our Brazil inter-company debt restructuring. &nbsp;This compares to a Q1 2003 net income of $1.7 million of which the Company reported a gain on foreign exchange of $2.3 million, a cost of options expense of $0.7 million and a tax expense of $0.1 million.</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>Cash flow from operations in Q1 2004 was $1.6 million compared to $1.2 million in Q1 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>The Company continues to maintain a strong balance sheet with cash and cash equivalents of $93.6 million as of March 31, 2004 and working capital of $97.8 million. &nbsp;The Company remains debt free and unhedged.</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; 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>
<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><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=right>Page 2</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><U>S&#227;o Bento Mine</U></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>Gold production at the S&#227;o Bento Mine in Q1 2004 was 21,158 oz. at a total cash cost of $284/oz. &nbsp;Although production for the quarter was at planned levels, costs were in excess of plan due to and adverse changes in the mineralogy of the ore mined, significantly increasing both cyanide and oxygen consumption rates. &nbsp;This change in mineralogy is related to an intrusive body which intersects the orebody in the area scheduled for mining in 2004 and as such will detrimentally affect the operation throughout 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>Continued interference with production relating to the shaft deepening activities and infrastructure development at depth has necessitated a reduction in planned production at S&#227;o Bento in 2004. &nbsp;Revised estimates are 85,000 oz. of gold produced at a cash cost of $270/oz. for 2004 improving to 94,000 ounces at $240/oz. in 2005.</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>Kisladag Project</U></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 Kisladag Project continues to advance consistent with the plan to commence construction early in Q3 2004. &nbsp;In Q1 2004, the Company successfully completed the acquisition of all the private lands necessary for the construction and operation of the Kisladag Mine. &nbsp;Application for the Construction Permit enabling construction to commence will occur in Q2 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>The Company, through its engineer Hatch Associates, will deliver an update to the capital cost estimate and operating performance of the Kisladag Project in mid May. &nbsp;This update will incorporate recently announced changes to the Value Added Tax law in Turkey and reflect changes in metal prices, energy costs, currency and refinement in engineering design.</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 will release the results of the study May 20, 2004 and will host a conference call at 11:00 AM EST May 20, 2004 to discuss the study.</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>Efem&#231;ukuru</U></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>Through Q1 2004, work continued in the preparation of the Environmental Impact Assessment ("EIA") Report. &nbsp;This report is expected to be completed and submitted to the Ministry of the Environment ("MOE") in Q3 2004. &nbsp;Upon approval of the study and receipt of the positive certificate from the MOE, the full feasibility work programme, including drilling, will commence. &nbsp;The project presently contains a defined high-grade resource in excess of 1 million ounces. &nbsp;As part of the feasibility work programme, drilling will be conducted to further expand this resource as previous drilling has not defined the limits of mineralization.</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>China Initiative</U></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 Q1 2004, our initial review of China National Gold Corporation's ("CNGC") gold assets was completed. &nbsp;As a result of this review, three operating mines and one development project have been identified as having particular interest to Eldorado. &nbsp;Both parties have agreed to further examine these opportunities with the objective to determine a basis for Eldorado's involvement.</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 addition to the CNGC assets identified by Eldorado, the Company has been actively evaluating a number of exploration properties brought to us by various third parties.</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><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=right>Page 3</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 order to facilitate this, the Company has begun preparation to open a Representative Office in Beijing and obtain its business license.</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>Exploration</U></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>During 2004, Eldorado will be conducting exploration programmes in Brazil, Turkey and 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><B><I>Brazil</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>Eldorado has obtained mineral licenses on two properties in Amapa State, northern Brazil and another in Rio Grande do Norte State.</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>Amapa State is located within a lower-proterozoic mineralized corridor which starts in Venezuela and extends through the Guyanas, Brazil and into West Africa. &nbsp;This belt hosts several major gold deposits, including Las Cristinas (11 million ounces), Omai (3.7 million ounces) and Ampari (2 million ounces). &nbsp;Eldorado's land position within this belt totals 120,000 hectares. &nbsp;The work programme for 2004 will focus on geologic mapping, stream and soil sampling, and geophysics to define drill targets. &nbsp;</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>At the Tartarugalzinho Project in Amapa State, work crews have begun sampling and mapping. &nbsp;In the early 1980's this area was explored by BP Minerals, which defined a gold stream sediment anomaly approximately 10 kilometers long by 6 kilometers wide. &nbsp;In total, Eldorado controls over 40 kilometers of the geologic trend which hosts this anomaly, and has scattered garimpero workings throughout. &nbsp;Total land package is 80,000 hectares.</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>At Project C, also in Amapa State, a gold soil geochem anomaly measuring approximately 8 kilometers long by 3 kilometers wide was defined by a previous operator. &nbsp;This operator also drilled 50 short holes within a limited portion of the anomaly to define a resource in the saprolite. &nbsp;Eldorado controls 40,000 hectares in this package.</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>On both of these properties Eldorado plans on initial drilling programmes to commence late in Q3 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>In Rio Grande do Norte State, Eldorado has obtained 1,050 hectares north of the Bonfim Mine and has made applications for an additional 8,000 hectares. &nbsp;The target at Bonfim North is the down plunge extension of the fold which hosts mineralization at the mine. &nbsp;To date, Eldorado has taken 450 stream, soil and rock samples and is surveying geophysical lines for an IP programme scheduled to start in late May.</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>Turkey</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">In Turkey, the Company continues to carry out exploration work through its 100% owned subsidiary Tuprag Metal Mining in the Biga Peninsula in western Turkey, the western &nbsp;Pontide belt as well as the west central Anatolian Plateau around Kisladag with its joint venture partner Demir Export. &nbsp;Primary targets remain low sulphidation epithermal high grade vein systems as well as disseminated high sulphidation precious metals systems. &nbsp;The Company's land position throughout the country has increased in 2004 through a recent series of government sponsored </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">auctions. &nbsp;Eldorado has licenses covering over 300,000 hectares in Turkey. &nbsp;Over the course of the year exploration activity by domestic as well as international mining companies has increased substantially in Turkey as noted by the increased interest in these auctions.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Page 4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Recent drilling carried out in the Biga Peninsula on three wholly owned prospects totaling 2,000 meters has been completed with follow up planned for the Keditasi prospect, where a shallow dipping quartz structure was drill tested. A strongly mineralized silica zone on a newly acquired adjacent license area will be followed up during the coming field season to trace the strike extension of the main zone. &nbsp;Initial surface sampling of this 1,600 meter long zone has returned grades up to 3 g/t in rock chip samples.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The summer field program for the Demir JV will involve a widely spaced soil sampling program to further investigate an extensive alteration zone identified in the Afyon District east of Kisladag. &nbsp;General reconnaissance follow up work will also be carried out on recently acquired licenses in this west central area.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The primary focus for the 2004 field season in Turkey will be in the western Pontide belt where the Company has identified and secured land positions covering a number of prospective alteration zones. &nbsp;The western portion of the Black Sea/Pontide volcanic arc extends over 250 kilometers.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We have built a strong land position within the region and will be continuing surface sampling and mapping activity on three advanced prospects representing a combination of bulk tonnage systems and bonanza grade vein structures. &nbsp;Following positive stream and rock chip sampling in 2003 the intention is to advance knowledge of these prospects to a drill decision before the end of the 2004 field season. &nbsp;First pass reconnaissance work will continue on other targets in the Pontide arc.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></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>"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; 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 &#150; 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</I>
<I>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: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=right>Page 5</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>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="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Eldorado Gold Corporation</P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:11pt"><BR></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="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1188 &#150; 550 Burrard St., </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Fax: 604.687.4026</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Vancouver, BC V6C 2B5</P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Email: nancyw@eldoradogold.com </P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Web site: www.eldoradogold.com</P>
<P style="margin:0pt; padding-right:-9.5pt; font-family:Times New Roman; font-size:11pt">Request for information packages:
<FONT COLOR=#0000FF><U>info@eldoradogold.com</U></FONT></P>
<P style="margin-top:13pt; margin-bottom:3.25pt; font-family:Times New Roman; font-size:13pt"><BR></P>
<P style="margin-top:13pt; margin-bottom:3.25pt; font-family:Times New Roman; font-size:13pt"><BR></P>
<P style="margin-top:13pt; margin-bottom:3.25pt; font-family:Times New Roman; font-size:13pt"><BR></P>
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<TABLE style="border:0pt solid #000000" cellspacing=0 align=center><TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>Eldorado Gold Corporation</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Balance Sheets</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>(Expressed in thousands of U.S. dollars)</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>March 31,</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>December 31,</P>
</TD></TR>
<TR><TD valign=bottom width=415.533 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>2004</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>2003</P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>ASSETS</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Current Assets</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Cash and cash equivalents</P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;93,630 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;105,465 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Accounts receivable </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;3,982 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,213 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Inventories &nbsp;</P>
</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;5,196 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,623 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;102,808 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;114,301 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Property, plant and equipment &nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;25,704 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;23,784 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Mineral properties and deferred development &nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;42,681 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;32,287 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Investments and advances</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,224 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,258 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Other assets and deferred charges &nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;172,417 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;171,630 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>LIABILITIES</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Current Liabilities</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;4,997 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;7,164 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000">&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;4,997 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;7,164 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Asset retirement obligation</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;7,279 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;7,172 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Contractual severance obligation</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;398 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;318 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deferred gain &nbsp;(loss)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(329)</P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Future income taxes &nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,165 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,830 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Convertible debentures &nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000">&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;15,839 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;18,155 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Share capital &nbsp;(Note 3)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;445,115 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;444,665 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Contributed surplus</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,094 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,094 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Stock based compensation</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,456 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,418 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Equity portion of convertible debentures </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(295,087)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(293,702)</P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</TD><TD style="border-top: 1 solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;156,578 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;153,475 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;172,417 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;171,630 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;</P>
    <P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;</P>
    <P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;</P>
    <P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Approved by the Board</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=231 colspan="3"><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Approved by the Board&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; font-family:Arial"><B><I>&quot;Robert Gilmore&quot;</I></B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=231 colspan="3"><P style="margin:0pt; font-family:Arial"><B><I>&quot;Paul Wright&quot;</I></B>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Director</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Director</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE style="border:0pt solid #000000" cellspacing=0 align=center><TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>Eldorado Gold Corporation</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Statements of Operations and Deficit</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>(Expressed in thousands of U.S. dollars except per share amounts)</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=219 colspan="3">&nbsp;<P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>Three months ended&nbsp;</P>
  </TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>March 31,</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>March 31,</P>
</TD></TR>
<TR><TD valign=bottom width=421 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=28.8 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=32.867 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=30.133 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD valign=bottom width=28.8 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2004</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2003</P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Revenue</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Gold sales</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;8,973 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;9,166 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Interest and other income</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;967 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;282 </P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;9,940 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;9,448 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Operating costs</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;6,265 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,050 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,059 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;2,564 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;General and administrative</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;1,245 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,038 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Exploration expense</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;927 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;250 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Interest and financing costs</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;192 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Stock based compensation expense</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,316 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;722 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Accretion expense</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;107 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;102 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;236 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,267)</P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD style="border-top-color: #000000; border-top-width: 1; border-bottom: 1 solid #000000" valign=bottom width=28.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;13,155 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;7,651 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Profit (loss) before the undernoted items</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8 style="border-top-color: #000000; border-top-width: 1; border-bottom: 1 solid #000000">&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(3,215)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,797 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Gain on disposal of investments and advances</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;37 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Profit (loss) before income taxes</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8 style="border-top: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=96 style="border-top: 1 solid #000000"><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(3,178)</P>
</TD><TD valign=bottom width=27.4 style="border-top: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=96 style="border-top: 1 solid #000000"><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,797 </P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Taxes &nbsp;</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Current &nbsp;</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,845 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(118)</P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Future</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;670 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;Net income (loss) for the period</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(663)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,679 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit at the beginning of the period:</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(294,424)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(248,669)</P>
</TD></TR>
<TR><TD valign=bottom width=421>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit at the end of the period</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(295,087)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(246,990)</P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;Weighted average number</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;of shares outstanding</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD valign=bottom width=28.8 style="border-bottom: 2 solid #000000">&nbsp;</TD><TD style="border-bottom: 2 solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;254,236,824 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;209,956,508 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;Basic and Diluted Income (loss) per share - U.S.$</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;0.01 </P>
</TD></TR>
<TR><TD valign=bottom width=421><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;Basic and Diluted Income (loss) per share - CDN.$</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=30.133>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;0.01 </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:-4.5pt; font-family:Times New Roman"><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"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE style="border:0pt solid #000000" cellspacing=0 align=center><TR><TD valign=bottom width=373><P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>Eldorado Gold Corporation</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Statements of Cash Flows</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>(Expressed in thousands of U.S. dollars)</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=203 colspan="3">&nbsp;<P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=center>Three months ended&nbsp;</P>
  </TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>March 31,</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>March 31,</P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2004</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2003</P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Cash flows from operating activities</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Net income (loss) for the period</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(663)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;1,679 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Items not affecting cash</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,059 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;2,564 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Future income taxes</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(670)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Gain on sale of investments</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Interest and financing costs</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;45 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Amortization of hedging loss (gain )</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;329 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(680)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Stock based compensation expense</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,316 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;722 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Contractual
    servrance expense</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;80 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Accretion expense</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;107 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;102 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;516 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,430)</P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;4,074 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;2,002 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase) in accounts receivable </P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(769)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(47)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase) decrease in inventories</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;427 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;7 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Decrease) Increase in accounts payable and accrued liabilities </P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(2,167)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;(760)</P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,565 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,202 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Cash flow from investing activities</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Property, plant and equipment </P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,979)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,906)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Mineral properties and deferred development</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(10,394)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(795)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Investments and advances</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(35)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(4)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Proceeds from disposals of investments and advances</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;69 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96 style="border-top: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(13,339)</P>
</TD><TD valign=bottom width=17.8 style="border-top: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=90.467 style="border-top: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(2,705)</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Cash flow from financing activities</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Issue of common shares:</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Voting - for cash</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;450 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,003 </P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;450 </P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,003 </P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Foreign exchange gain (loss) on cash held in foreign currency</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(511)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;2,444 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Net Increase (decrease) in cash and cash equivalents</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(11,835)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,944 </P>
</TD></TR>
<TR><TD valign=bottom width=373>&nbsp;</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Cash and cash equivalents at beginning of the period</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;105,465 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;37,627 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Cash and cash equivalents at end of the period</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;93,630 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;41,571 </P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Supplemental cash flow information</B></P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Interest paid</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=373><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Income tax paid</P>
</TD><TD valign=bottom width=20.533>&nbsp;</TD><TD valign=bottom width=32.867>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=23.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;10 </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:13pt; margin-bottom:3.25pt; font-family:Times New Roman; font-size:13pt"><BR></P>
<P style="margin-top:13pt; margin-bottom:3.25pt; font-family:Times New Roman; font-size:13pt"><BR></P>
<P style="margin-top:11pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I>&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;PRODUCTION HIGHLIGHTS<SUP>1</SUP></I></B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR>
<TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Q1</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Q2</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Q3</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Q4</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Q1</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><U>Gold Production</U></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=70>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=76>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=76>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=66>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=66>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Ounces produced</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,831</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>26,772</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,327</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,119</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>21,158</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>215</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>245</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>245</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>276</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>222</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>237</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>253</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>252</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>284</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>338</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>350</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>383</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>386</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>341</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=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Realized Price ($/oz - sold)<SUP> 4</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>356</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>344</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>358</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>390</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>408</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><U>S&#227;o Bento Mine, Brazil</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Ounces produced</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,831</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>26,772</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,327</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,119</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>21,158</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Tonnes to Mill</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>92,104</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>94,497</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>93,824</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>93,705</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>90,586</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9.55</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8.95</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9.31</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8.72</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>8.18</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>215</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>245</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>245</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>276</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>222</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>237</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>253</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>252</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>284</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=70><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>338</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>350</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=76><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>383</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>386</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>341</B></P>
</TD></TR>
</TABLE>
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</div>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">1</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cost figures calculated in accordance with Gold Institute Standard</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">2</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cash Operating Costs plus royalties and the cost of off-site administration.</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">3</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Total Cash Cost plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses. &nbsp;Total Production Costs for 2003 have been revised to include Section 3110 of the Canadian Institute of Chartered Accountants (CICA 3110 - Asset Retirement Obligation).</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">4</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Excludes amortization of deferred gain.</P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">5</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cash operating, total cash and total production costs are non-GAAP measures that do not have any standardized meaning as prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other entities. &nbsp;Please see section
"Non-GAAP Measures" of the MD&amp;A.</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; padding-left:31.5pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:-9.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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