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<SEC-DOCUMENT>0001137171-04-000674.txt : 20040521
<SEC-HEADER>0001137171-04-000674.hdr.sgml : 20040521
<ACCEPTANCE-DATETIME>20040520175311
ACCESSION NUMBER:		0001137171-04-000674
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040520
FILED AS OF DATE:		20040521

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:		04822262

	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>eldorado6k.htm
<TEXT>
<html>

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

<body>

&nbsp;
<p>&nbsp;</p>
<h1 align="center"><font face="Times New Roman, Times, Serif" size="3"><b>FORM
6K</b></font></h1>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><a name="A002"></a>
<p align="center"><font face="Times New Roman, Times, Serif" size="3">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></p>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><a name="A004"></a>
<p align="center"><font face="Times New Roman, Times, Serif" size="3"><b>Report
of Foreign Issuer<br>
<br>
<br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
the Securities Exchange Act of 1934</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" --><a name="A008"></a>
<p><font face="Times New Roman, Times, Serif" size="2">For the month of&nbsp;<b>May
20, 2004</b></font></p>
<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Commission File
Number&nbsp;<b>001-31522</b></font></p>
<br>
<table cellspacing="0" cellpadding="0" width="100%" border="0">
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="4"><b>Eldorado
      Gold Corporation</b></font></td>
  </tr>
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="2">(Translation
      of registrant's name into English)</font></td>
  </tr>
</table>
<br>
<table cellspacing="0" cellpadding="0" width="100%" border="0">
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="3"><b>Suite
      920 - 1055 West Hasting Street<br>
      Vancouver, British Columbia&nbsp;&nbsp;V6E 2E9</b></font></td>
  </tr>
  <tr>
    <td align="center"><font face="Times New Roman, Times, Serif" size="2">(Address
      of principal executive offices)</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F
or Form 40-F</font></p>
<table cellspacing="0" cellpadding="0" width="500" border="0">
  <tr>
    <td width="15%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td align="right" width="10%"><font face="Times New Roman, Times, Serif"
      size="2">Form 20-F</font></td>
    <td align="middle" width="5%"><font face="Times New Roman, Times, Serif"
      size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td align="right" width="10%"><font face="Times New Roman, Times, Serif"
      size="2">Form 40-F</font></td>
    <td align="middle" width="5%"><font face="Times New Roman, Times, Serif"
      size="2"><u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1):&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<table cellspacing="0" cellpadding="0" width="100%">
  <tr valign="top">
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="95%"><font face="Times New Roman, Times, Serif" size="2"><b>Note:</b>&nbsp;&nbsp;Regulation
      S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
      submitted solely to provide an attached annual report to security holders.</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<table cellspacing="0" cellpadding="0" width="100%">
  <tr valign="top">
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="95%"><font face="Times New Roman, Times, Serif" size="2"><b>Note:
      </b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in
      paper of a Form&nbsp;6-K if submitted to furnish a report or other
      document that the registrant foreign private issuer must furnish and make
      public under the laws of the jurisdiction in which the registrant is
      incorporated, domiciled or legally organized (the registrant's &quot;home
      country&quot;), or under the rules of the home country exchange on which
      the registrant's securities are traded, as long as the report or other
      document is not a press release, is not required to be and has not been
      distributed to the registrant's security holders, and, if discussing a
      material event, has already been the subject of a Form&nbsp;6-K submission
      or other Commission filing on EDGAR.</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is
also thereby furnishing the information to the Commission pursuant to rule
12g3-2(b) under the Securities Exchange Act of 1934.</font></p>
<table cellspacing="0" cellpadding="0" width="500" border="0">
  <tr>
    <td width="25%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">Yes</font></td>
    <td width="10%"><font face="Times New Roman, Times, Serif" size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td width="5%"><font face="Times New Roman, Times, Serif" size="2">No</font></td>
    <td width="15%"><font face="Times New Roman, Times, Serif" size="2"><u>&nbsp;&nbsp;
      X&nbsp;&nbsp;</u></font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">If &quot;Yes&quot; is
marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b) 82 ---<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<br>
<br>
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr color="gray" noshade size="5">
<br>
<br>
<!-- MARKER FORMAT-SHEET="H1" FSL="Default" -->
<h1 align="center"><font face="Times New Roman, Times, Serif" size="2"><u>SIGNATURE</u></font></h1>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p><font face="Times New Roman, Times, Serif" size="2">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</font></p>
<table cellspacing="0" cellpadding="0" width="600" border="0">
  <tr>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2"><b>ELDORADO
      GOLD CORPORATION</b></font></td>
  </tr>
</table>
<br>
<br>
<table cellspacing="0" cellpadding="0" width="600" border="0">
  <tr>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2">Date:&nbsp;May
      20, 2004</font></td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size="2"><u>/s/
      Dawn
      Moss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Dawn Moss, Corporate Secretary</font></td>
  </tr>
</table>
<br>
<br>
<br>
<br>
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr color="gray" noshade size="5">
<br>
<br>
<table border="0" width="99%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="center">&nbsp; <img border="0" src="logo1.jpg" align="right"
      width="254" height="108"></td>
  </tr>
  <tr>
    <td width="50%" valign="bottom">
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt">&nbsp;</p>
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt"><br>
      <b>NEWS RELEASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
      <p
      style="line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"><b>TSX:
      ELD &nbsp;AMEX: EGO</b></p>
    </td>
    <td width="50%" valign="bottom">
      <p
      style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt"
      align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELD
      No. 04-06</b></p>
      <p
      style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt"
      align="right"><b>May 20 2004 </b></td>
  </tr>
</table>
<p style="margin:0pt; 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="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>KISLADAG PROJECT UPDATE</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(all figures in U.S. 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 (&#147;Eldorado&#148;, the &#147;Company&#148;, or &#147;we&#148;) today announced the results of a Feasibility Cost Update (the &#147;Study&#148;) to the Feasibility Study (March 2003) for the 100% owned Kisladag Gold Project (the &#147;Project&#148;) located in western Turkey. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Study completed by the Company&#146;s engineers, Hatch Associates, Vancouver incorporates an up to date review of the elements contributing to the operating and capital cost structure of the Project. &nbsp;The Study specifically includes the addition of the Value Added Tax (&#147;VAT&#148;) in Turkey to the cost of goods and services used in the construction and operation of the Project. &nbsp;Escalation in cost of construction and operating materials, such as concrete, steel and fuel have also been included. &nbsp;Mr. Calum Grant, Hatch Associates, has acted as the qualified person in the preparation of the Study.</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">Major changes that have been considered in this update include:</P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">VAT: Capital and operating costs have been modified to include 18% VAT</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Fuel price (diesel) has been increased from $0.75/l to $1.00/l</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Gold Price increased from $325/oz to $350/oz.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Exchange Rate changed from 1.60 million TL/$US to 1.50 million TL/$US &nbsp;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Inflation calculated at 27% in Turkey and 5% in North America since the initial Feasibility Study was completed</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Updated quotations obtained for major equipment (including crushers, ADR plant).</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Electrical cost increased from $0.075/kWh to $0.080/kWh, and an incentive deduction of 40% included for the first four years of operation</FONT></li>
</ul>
<P style="margin:0pt; padding-left:18pt; 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">No changes have been made to the original technical concepts of the open pit heap leach operation developed in the Feasibility Study.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><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"><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"><BR></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"><B>Updated Project Performance (@ $350/oz. Au)</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR><TD style="background-color:#FFFFFF; border:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Project Data</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">May Cost Update</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Life of Mine</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>15 Years</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total Gold Produced</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>3.3 million oz</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Open pit Strip Ratio</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>0.80</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Initial Project Capital</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$73.3 million</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Life of Mine Capital</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$ 167.1 million</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash Operating Costs</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$ 188 /oz</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Unit Operating Costs</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$4.60 /tonne ore</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total Production Cost</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$ 244 / oz</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">After Tax Net Present Value @ 0%</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$ 286 million</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">After Tax Net Present Value @ 5%</P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>$ 164 million</B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #00007F; border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=271.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>After Tax IRR</B></P>
</TD><TD style="border-right:0.75pt solid #00007F; border-bottom:0.75pt solid #00007F" valign=top width=170.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>29%</B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></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"><B><U>Sensitivity Analysis</U></B></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"><B>Gold Price</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>A gold price of $350 has been used in calculating reserves and as the base case for cash flow analysis. &nbsp;The sensitivity of the Project to changes in the gold price is illustrated below.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=163.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Project Data</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Gold Price $350/oz</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Gold Price $375/oz</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Gold Price $400/oz</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=163.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>After Tax NPV @ 0%</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 286 million</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$342 million</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$397 million</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=163.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>After Tax NPV @ 5%</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 164 million</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 203 million</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>$ 244 million</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=163.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>IRR</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>29%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>34%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=136><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>42%</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></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"><B>VAT</B></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" align=justify>The most significant impact on the Kisladag Project cost structure is the inclusion of VAT as it is applied to both capital and operating costs. &nbsp;The gold mining industry remains actively engaged in constructive discussions with the Ministry of Finance in Turkey with the intent to seek the modification of VAT regulations for gold projects.</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>Elimination of VAT would have a significant beneficial impact on the project as depicted below:</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">&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;
Gold Price @ US$350</P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Initial Project Capital</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$62.6 million</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=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash Operating Costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$165/oz.</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=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Total Production Costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$214/oz.</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=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">After Tax NPV @0%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$348 million</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=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">After Tax NPV @5%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$215 million</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=175.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">After Tax IRR</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=156><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">43%</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><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"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></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" align=right>Page 3</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"><B>Fuel</B></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" align=justify>Inclusive of VAT, diesel fuel accounts for approximately 10 % of the overall operating costs of the Project. &nbsp;A change in fuel costs resulting from fluctuating international market conditions will impact operating costs by approximately $6/oz. for every $5/barrel change in crude oil prices. &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"><B>Permitting</B></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" align=justify>The Company has continued to advance the Project through the permitting stages, obtaining the &nbsp;Establishment Permit in December 2003. &nbsp;&nbsp;In April 2004 acquisition of the Treasury Land and the private land was completed and in May 2004 application for the Zoning Plan was submitted to the Ministry of Public Works for approval. &nbsp;The final permit, the Construction Permit remains dependent upon the Turkish government&#146;s resolution of the fee structure for the Forestry Land, the Ministry of Public Works&#146; approval of the Zoning Plan and the acceptance and approval of the construction drawings submitted by the Company.</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>&#147;Despite anticipated increases to both operating and capital costs, Kisladag remains a robust and very attractive development project for Eldorado. &nbsp;With a clean balance sheet including $93.6 million in cash and no debt as of March 31, 2004, the Company retains its ability to finance the construction of Kisladag without recourse to project debt.</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>Industry discussions with the Turkish Government are positive and we are encouraged to believe that the effects of VAT will be significantly mitigated. &nbsp;The Company continues to advance the Project with the principal objective to commence construction in Q3 2004.&#148; commented Paul Wright, President and Chief Executive Officer.</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 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>&#147;Paul N. Wright&#148;</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" align=justify><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 &#147;Narrative Description of the Business &#150; Risk Factor
s&#148; in the</I><FONT FACE="Arial"><BIG> </BIG></FONT><I>Company&#146;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&#146;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&#146;s business contained in the Company&#146;s reports filed with the securities regulatory authorities.</I></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align=right>Page 4</P>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Eldorado Gold Corporation&#146;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>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
