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<SEC-DOCUMENT>0001137171-08-000288.txt : 20080327
<SEC-HEADER>0001137171-08-000288.hdr.sgml : 20080327
<ACCEPTANCE-DATETIME>20080327153534
ACCESSION NUMBER:		0001137171-08-000288
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080327
FILED AS OF DATE:		20080327
DATE AS OF CHANGE:		20080327

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:		08714986

	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>eldorado6k032708a.htm
<DESCRIPTION>ELDORADO GOLD FORM 6-K
<TEXT>
<html>

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

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>March, 2008</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><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.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:
        &nbsp;March 27, 2008</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Dawn Moss<br>
        <br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dawn
        Moss, Corporate Secretary</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">Exhibits</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.1&nbsp;&nbsp;&nbsp;
<a href="newsrelease.htm">News Release dated March 27, 2008</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;
<a href="financials.htm">Financial Statements</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>NEWS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Robert Ferguson">
<META NAME="date" CONTENT="03/27/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0px; font-size:11pt" align="right"><img src="newsrelease002.gif" alt="[newsrelease002.gif]" align=top height=127.067 width=300.267></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">NEWS RELEASE</P>
<P style="line-height:13pt; margin:0px; text-indent:580.4px; font-size:11pt" align="right">ELD No. 08-06</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:3.6px; font-size:11pt"><B>TSX: ELD &nbsp;AMEX: EGO</B><FONT style="font-family:Arial; font-size:10pt"><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; text-indent:587.133px; font-size:11pt" align="right"><B>March 27, 2007</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin:0px; padding-right:3.6px; font-size:13pt" align=center><B>2007 Financial Results</B></P>
<P style="line-height:15pt; margin:0px; padding-right:3.6px; font-size:13pt" align=center>(all figures in United States dollars)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (&#147;Eldorado&#148; the &#147;Company&#148; or &#147;we&#148;) is pleased to provide the Company&#146;s financial results for the year ended December 31, 2007. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>&#147;2007 will be remembered as a year characterized by our great satisfaction with the performance of our two new mines where we increased our production by 107% and reduced our costs by 27% and a year of successfully navigating the challenges of having a mine temporarily closed under an injunction. &nbsp;With the March 6, 2008 re-opening of Kisladag and a successful year of operations at Tanjianshan we look forward to continuing our growth strategy.&#148; said Paul N. Wright, President and Chief Executive Officer.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B>Highlights</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Recorded record earnings of $0.10 per share compared to $0.01 per share in 2006 &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Sold 266,012 ounces of gold at a realized average price $674/oz (2006 &#150; 127,552 oz at $609/oz) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Produced 281,135 ounces of gold at a cash operating cost of $236/oz (2006 &#150; 135,653 oz at $324/oz)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Held $46.0 &nbsp;million in unrestricted cash and short-term deposits at year-end </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Began commercial production at Tanjianshan mine in China on February 1, 2007 becoming the first North American gold producer in China</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Completed Kisladag gold mine expansion affectively doubling production capacity to 10 million tonnes of ore per year before operations were halted by an injunction on August 18, 2007. Kisladag resumed production March 6, 2008 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Completed a positive feasibility study on Efem&#231;ukuru project and advanced land acquisition into the final phase prior to a construction decision </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Announced our decision to develop the Vila Nova Iron Ore deposit in Brazil</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt" align=justify>Began reclamation and mine closure activities at our S&#227;o Bento mine after 20 years of mining</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:3.6px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:3.6px; font-size:11pt">Expended $11.6 million in exploration drilling increasing our gold resources by 33%</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt"><B>2007 Results</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>The consolidated net profit for 2007 was $35.4 million or $0.10 per share compared with a net profit of $3.3 million or $0.01 per share for 2006; a net loss of $49.1 million or ($0.17) per share in 2005. &nbsp;Our gain in 2007 is a result of higher gold prices, increased gold production from our new mines and lower average production costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>In 2007, we sold 266,012 ounces of gold for $179.3 million at an average realized selling price of $674 per ounce. &nbsp;This compares with 2006 gold sales of 127,552 ounces of gold for $77.6 million at an average realized selling price of $609 per ounce and with 2005 gold sales of 66,804 ounces for $29.7 million at an average realized price of $444 per ounce. Sales from Kisladag totaled 142,725 ounces of gold at an average price of $660 per ounces while production cash costs averaged $189 per ounce compared to 63,352 ounces at an average price of $619 per ounce while production cash costs averaged $206 per ounce in 2006. &nbsp;Sales from Tanjianshan totaled 112,646 ounces of gold at an average price of $694 per ounces while production cash costs averaged $288 per ounce. &nbsp;Sales from S&#227;o Bento totaled 10,641 ounces of gold at an average price of $649 compared to 64,200 ounces at an average price of $598 in 200
6. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>Eldorado is in a strong financial position and at December 31, 2007 we held $46.0 million in unrestricted cash and short-term deposits and $74.0 million in a restricted account held against long term debt of $65.1 million, bank indebtedness of $8.5 million in environmental and electricity deposits with the Turkish authorities. &nbsp;We remain hedge free. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>In 2007 we produced 281,135 ounces of gold a 107 % increase over 2006 production of 135,653 ounces &nbsp;of &nbsp;gold and a 337% increase over 2005 production of 64,298 ounces of gold. &nbsp;The increased production was attributable to increased production at Kisladag and the start of production at Tanjianshan, offset by the end of production activities at S&#227;o Bento. &nbsp;In 2007 Tanjianshan produced 138,162 ounces of gold at an average cash cost of $288 per ounce, 757,354 tonnes of ore were mined at an average grade of 6.23 grams per tonne. &nbsp;In 2007 Kisladag produced 135,306 ounces of gold at a cash cost of $189 per ounce and 4,547,860 tonnes of ore were mined at an average grade of 1.33 grams per tonne. &nbsp;&nbsp;In 2007 &nbsp;S&#227;o Bento produced 7,667 ounces of gold at cash cost of $208 per ounce from the 20,069 &nbsp;tonnes of ore sent to the mill at an average grade of 11.71 grams per tonne. Production ounces was up 
107% from the 2006 production of 135,653 and average cash costs at $236 per ounce were 27% lower than the 2006 cash cost of $324 per ounce.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B>2007 Resources and Reserves </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>Resources increased to 10.4 million ounces of measured and indicated and 3.7 million ounces of inferred an increase of 33% from 2006. &nbsp;Proven and Probable reserves increased to 7.7 million ounces an increase of 13 % from 2006. &nbsp;Proven and Probable iron ore reserves are 9.3 million tonnes 61% Fe.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B>Corporate</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>The Eldorado Gold 2007 Annual General &amp; Special Shareholders Meeting will be held Thursday, May 1 at 3:00 PM at the Bentall 5 Conference Center, Lobby Level, 550 Burrard Street, Vancouver, BC.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify>Eldorado is a gold producing and exploration company actively growing businesses in Brazil, Turkey and China. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B>ON BEHALF OF</B></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B>ELDORADO GOLD CORPORATION</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt"><B><I>&#147;Paul N. Wright&#148;</I></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt">Paul N. Wright</P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt">President and Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B><I>Eldorado will host a conference call today to discuss the 2007 Financial Results at 11:30 a.m. EDT (8:30 a.m. PDT). &nbsp;You may participate in the conference call by dialing 416-641-6127 in Toronto or 1-866-226-1799 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. &nbsp;The call will be available on Eldorado&#146;s website. </I></B><FONT style="color:#0000FF"><B><I><U>www.eldoradogold.com</U></FONT>. &nbsp;A replay of the call will be available until April 3, 2008 by dialing 416-695-5800 in Toronto or 1-800-408-3053 free in North America and entering the Pass code: 3253164#.</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>The terms &#147;Mineral Reserve&#148;, &#147;Proven Mineral Reserve&#148; and &#147;Probable Mineral Reserve&#148; used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 &#150; Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the &#147;CIM&#148;) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. &nbsp;These definitions differ from the definitions in the United States Securities &amp; Exchange Commission (&#147;SEC&#148;) Guide 7. &nbsp;In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>The terms &#147;Mineral Resource&#148;, &#147;Measured Mineral Resource&#148;, &#147;Indicated Mineral Resource&#148;, &#147;Inferred Mineral Resource&#148; used in this release are Canadian mining terms as defined in accordance with National Instruction 43-101 &#150; Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>For a detailed discussion of resource and reserve estimates and related matters see the Company&#146;s reports, including the Annual Information Form and &nbsp;FORM 40-F dated March 29, 2007 and technical reports filed under the Company&#146;s name at www.sedar.com.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>Note to U.S. Investors. &nbsp;While the terms &#147;mineral resource&#148;, &#147;measured mineral resource,&#148; &#147;indicated mineral resource&#148;, and &#147;inferred mineral resource&#148; are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. &nbsp;As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. &nbsp;With respect to &#147;indicated mineral resource&#148; and &#147;inferred mineral resource&#148; there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. &nbsp;It can not be assumed that all or any part of an &#147;indicated mineral re
source&#148; or &#147;inferred mineral resource&#148; will ever be</I> <I>upgraded to a higher category. &nbsp;Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward looking statements or information within the meaning of the Securities Act (Ontario) . &nbsp;Such forward looking statements or information include, but are not limited to statements or information with respect to &nbsp;unknown risks, 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 or information 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 or information. Should one or more of these risk
s 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;Forward Looking Statements and Risk Factors&#148; in the Company&#146;s Annual Information Form and Form 40-F dated March 29, 2007. &nbsp;Forward-looking statements herein include statements regarding the expectations and beliefs of management. &nbsp;Such factors included, amongst others the following: &nbsp;gold price volatility; impact &nbsp;of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional fu
nding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled &#147;Risk Factors&#148; in the Company&#146;s Annual Information Form and Form 40-F dated March 29, 2007. &nbsp;We do not expect to update forward-looking statements continually as conditions change 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 in Canada and the U.S.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; 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). The TSX has neither approved nor disapproved the form or content of this release.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; font-size:11pt" align=justify>Contact:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:34.8px; font-size:11pt" align=justify>Nancy E. Woo, Manager Investor Relations </P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; text-indent:336px; font-size:11pt" align=justify>Eldorado Gold Corporation</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:34.8px; font-size:11pt" align=justify>Phone: 604.601.6650 or 1.888.353.8166</P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; text-indent:336px; font-size:11pt" align=justify>1188, 550 Burrard Street </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:34.8px; font-size:11pt" align=justify>Fax: 604.687.4026</P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; text-indent:336px; font-size:11pt" align=justify>Vancouver, BC V6C 2B5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:34.8px; font-size:11pt" align=justify>Email <FONT style="color:#0000FF"><U>nancyw@eldoradogold.com</U></FONT> </P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; text-indent:336px; font-size:11pt" align=justify>Web site: <FONT style="color:#0000FF"><U>www.eldoradogold.com</U></FONT> </P>
<P style="line-height:13pt; margin:0px; padding-right:34.8px; font-size:11pt" align=justify>Request for information packages: <FONT style="color:#0000FF"><U>laurelw@eldoradogold.com</U></FONT></P>
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<P style="line-height:14pt; margin:0px; padding-right:-24px; font-family:Arial; font-size:12pt" align=center><B>PRODUCTION HIGHLIGHTS<SUP>1</SUP></B></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=180></TD><TD width=66></TD><TD width=78></TD><TD width=66></TD><TD width=66></TD><TD width=78></TD><TD width=78></TD><TD width=78></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>First</P>
<P style="line-height:12.5pt; margin:0px; padding-left:-7.2px; padding-right:-13.2px; font-size:10.5pt" align=center>Quarter</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2007</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Second</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Quarter</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2007</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Third</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Quarter</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2007</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>Fourth</B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>Quarter</B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>2007</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-7.2px; font-size:10.5pt" align=center>Fourth</P>
<P style="line-height:12.5pt; margin:0px; padding-right:-7.2px; font-size:10.5pt" align=center>Quarter</P>
<P style="line-height:12.5pt; margin:0px; padding-right:-7.2px; font-size:10.5pt" align=center>2006</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P style="margin:0px" align=center><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>2007</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P style="margin:0px" align=center><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>2006</P>
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<TR><TD style="border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Gold Production</U></B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>88,780</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>98,970</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>61,385</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>32,000</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>50,425</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>281,135</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>135,653</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Commercial Production</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>76,288</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>98,970</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>61,385</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>32,000</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>50,425</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>268,643</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>135,653</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>220</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>259</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>228</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>216</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>274</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>236</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>324</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>233</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>287</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>264</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>262</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>278</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>263</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>330</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>270</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>332</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>335</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>522</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>259</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>338</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>343</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Realized Price ($/oz - sold)<SUP> </SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>647</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>664</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>667</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>774</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>615</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>674</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>609</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Ki&#351;lada&#287; Mine, Turkey</U></B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Commercial Production</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>43,601</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>68,095</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>23,610</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>36,546</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>135,306</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>70,895</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Tonnes to Pad</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px; padding-left:-13.2px" align=right>1,849,330</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1,872,691</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>825,839</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>1,882,744</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-left:-7.2px; font-size:10.5pt" align=right><B>4,547,860</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>5,178,268</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>1.27</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1.32</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1.52</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>1.23</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>1.33</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1.18</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>192</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>187</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>191</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>191</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>189</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>206</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>194</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>190</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>194</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>193</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>192</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>208</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>225</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>221</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>234</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>185</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>224</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>229</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Tanjianshan Mine, China<SUP>5</SUP></U></B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>39,252</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>29,135</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>37,775</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>32,000</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>138,162</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Commercial Production</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>26,760</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>29,135</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>37,775</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>32,000</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>125,670</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Tonnes Milled</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>142,859</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>237,909</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>202,641</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>173,945</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>757,354</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>7.17</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>4.41</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>6.87</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>7.20</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>6.23</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>260</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>440</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>251</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>216</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>288</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>291</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>522</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>307</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>261</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>342</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>356</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>616</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>397</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>526</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>n/a</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>472</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>n/a</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>S&#227;o Bento Mine, Brazil</U></B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=66><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=78><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Commercial Production</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>5,927</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>1,740</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>13,879</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>7,667</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>64,758</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Tonnes Milled</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>20,069</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>69,295</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>20,069</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>334,814</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>8.88</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>6.06</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>11.71</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>6.71</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>245</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>80</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>492</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>208</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>454</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>252</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>132</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>502</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>224</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>464</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=180><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin:0px" align=right>211</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>(50)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; padding-right:-1.2px; font-size:10.5pt" align=right>455</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right><B>152</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=78><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=right>467</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:6px; text-indent:-24px; font-size:8pt"><SUP>1</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:6px; font-size:8pt">Cost figures calculated in accordance with the Gold Institute Standard.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:6px; text-indent:-24px; font-size:8pt"><SUP>2</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:6px; font-size:8pt">Cash Operating Costs, plus royalties and the cost of off-site administration.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:6px; text-indent:-24px; font-size:8pt"><SUP>3</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:6px; font-size:8pt">Total Cash Costs, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:6px; text-indent:-24px; font-size:8pt"><SUP>4</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:6px; font-size:8pt">Cash operating, total cash and total production costs are non-GAAP measures. &nbsp;See the section <A HREF="#_15._Non-GAAP_Measures"><FONT style="color:#0000FF"><U>&quot;Non-G</a><A NAME="_Hlt141420502"></A><A NAME="_Hlt141420503"></A>AAP Measures&quot;</U></FONT> of this MD&amp;A.</P>
<P style="line-height:7pt; margin-top:0px; margin-bottom:-9.333px; padding-left:6px; text-indent:-24px; font-size:5pt">5</P>
<P style="line-height:10pt; margin:0px; padding-left:6px; font-size:8pt">The Tanjianshan gold mine commenced commercial production on February 1, 2007.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px">&nbsp;</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<A NAME="_1268028547"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; padding-bottom:4px; font-size:13pt; border-bottom:1px solid #000000">Consolidated Balance Sheets </P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=467.2></TD><TD width=24></TD><TD width=118.4></TD><TD width=35.2></TD><TD width=112.8></TD></TR>
<TR><TD valign=bottom width=467.2 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=24 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD><TD valign=bottom width=35.2 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Assets</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=21><P style="line-height:13pt; margin:0px; font-size:11pt">Current assets</P>
</TD><TD valign=bottom width=24 height=21><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=21><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=21><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;46,014&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted cash (note 4)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;65,710&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;21,250&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts receivable and other (note 5)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;30,335&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;28,306&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Inventories (note 6)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;57,525&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,697&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Derivative contract (note 7)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,956&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 12)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;959&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;10,182&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;203,499&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;155,402&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted cash (note 4) </P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,300&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;58,300&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Mining interests (note 8)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;377,705&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;311,080&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Other</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,238&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,238&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;591,742&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;527,020&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Liabilities</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Current liabilities</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Bank indebtedness (note 9)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;15,367&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;39,943&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;29,267&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - current (note 10)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;65,422&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;333&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Current portion of asset retirement obligations (note 11)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;509&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,271&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;105,874&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;53,238&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - long-term (note 10)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;139&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,499&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Contractual severance obligations</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,479&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,216&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Asset retirement obligations (note 11)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,290&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;5,420&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 12)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,781&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;18,742&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;142,563&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;131,115&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Shareholders Equity</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Share capital (note 13(a))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;753,058&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;740,061&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Contributed surplus (note 13(b))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,083&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,314&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accumulated other comprehensive income (note 13(c))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;214&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Deficit</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;449,179&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;395,905&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;591,742&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;527,020&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Commitments (note 16)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Subsequent event (note 19)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px"><b>Approved
on behalf of the Board of Directors</b></P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center">&nbsp;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center">&nbsp;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center"><i>(Signed)
Robert Gilmore</i>&nbsp;&nbsp;&nbsp;
Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<i>(Signed) Paul N. Wright</i>&nbsp;&nbsp;&nbsp; Director<BR>
<BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<A NAME="_1268027204"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Operations and Deficit</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars except per share amounts)</P>
<P style="margin:0px"><BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=364></TD><TD width=26.4></TD><TD width=87.2></TD><TD width=17.6></TD><TD width=87.2></TD><TD width=18.4></TD><TD width=87.2></TD></TR>
<TR><TD valign=bottom width=364 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=17.6 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2006</B></P>
</TD><TD valign=bottom width=18.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Revenue</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Gold sales</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;179,302&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;77,641&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;29,680&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and other income</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,397&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;7,048&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,117&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;188,699&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;84,689&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;33,797&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Operating costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;72,691&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;45,850&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,378&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;20,041&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,763&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,798&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">General and administrative</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,798&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,030&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;14,937&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Exploration</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;11,634&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;12,719&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;7,386&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Mine standby and restructuring costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;6,575&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accretion of asset retirement obligation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;604&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;661&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;484&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Foreign exchange (gain) loss</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(4,658)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,050)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;547&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">(Gain) on disposal of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(3,823)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(945)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(5,727)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and financing costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,415&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,586&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;88&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Unrealized gain on derivative contract</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,083)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Writedown of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,186&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,537&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;131,194&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;80,800&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;82,428&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income (loss) before income taxes</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;57,505&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,889&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(48,631)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income tax (expense) recovery</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Current</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(4,823)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,080)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(152)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(17,261)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,491&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(343)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(22,084)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(589)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(495)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=28.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Net income (loss) for the year</B></P>
</TD><TD valign=bottom width=26.4 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,421&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,300&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(49,126)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, beginning of year:</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">As previously reported</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(307,644)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Change in accounting policy</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;873&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>As adjusted</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(352,597)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(307,644)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, end of year</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Weighted average number of shares outstanding </B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic</P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;343,194&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;337,376&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;284,004&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted</P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;344,621&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;339,177&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;284,004&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Earnings per share</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic income (loss) per share - US$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.10&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted income (loss) per share - US$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.10&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic income (loss) per share - Cdn$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.11&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.19)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted income (loss) per share - Cdn$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.11&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.19)</P>
</TD></TR>
<TR><TD valign=bottom width=364><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<A NAME="_1267950262"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Cash Flows</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=454.4></TD><TD width=26.4></TD><TD width=100></TD><TD width=26.4></TD><TD width=104.8></TD><TD width=26.4></TD><TD width=97.6></TD></TR>
<TR><TD valign=bottom width=454.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2006</B></P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=100 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=104.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=97.6 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash flows generated from (used in):</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Operating activities</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Net earnings (loss) for the year</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35,421&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;3,300&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(49,126)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Items not affecting cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Accretion of asset retirement obligation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;604&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;661&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;484&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance expense</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;721&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,377&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,801&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;20,041&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,763&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,798&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Unrealized foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;796&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Future income taxes</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,261&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,491)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;343&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">(Gain) loss on disposal of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,601)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;515&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(227)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Imputed interest and financing costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;67&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;91&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Stock-based compensation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,267&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;3,542&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,426&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Unrealized gain on derivative contracts</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,083)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Writedown of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;19,537&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;76,494&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,758&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(14,964)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Property reclamation payments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(5,496)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance payments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,458)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(598)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Changes in non-cash working capital (note 15)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,265&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(31,668)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;4,478&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;69,805&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(22,508)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(10,486)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Investing activities</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital expenditures</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(94,461)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(88,299)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(88,758)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Sales proceeds</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,482&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,845&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;227&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Available-for-sale securities</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Purchases</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,556)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Disposals</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;663&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Pre-production gold sales capitalized in mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;10,052&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Non-producing properties under development</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,477)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(6,871)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(650)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Value added taxes recoverable on mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(7,579)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(8,759)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Restricted cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;5,540&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(29,550)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(50,000)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Acquisition of Afcan, net of cash received</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;664&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(91,757)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(130,454)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(147,276)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Financing activities</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital stock</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Share issuance costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(7,089)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Issuance of common shares for cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,500&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;171,225&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,184&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Long-term and bank debt</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Proceeds</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;24,859&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;15,367&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Repayments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(26,360)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(400)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(986)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,999&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;179,103&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;56,198&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Net increase (decrease) in cash and cash equivalents</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,953)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;26,141&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(101,564)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash and cash equivalents - beginning of year</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;33,826&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;135,390&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash and cash equivalents - end of year</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;46,014&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;33,826&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=100 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=21.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Supplementary cash flow information</B> (note 15)</P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=100><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=104.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=97.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=100 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=17.6><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Comprehensive Income</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the year ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=528.333></TD><TD width=110></TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; text-indent:36.667px; font-size:11pt" align=justify><B>2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; text-indent:58.667px; font-size:11pt" align=justify><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin-top:7.333px; margin-bottom:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Net earnings for the period ended December 31, 2007</P>
</TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,421</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Other comprehensive income (loss)</P>
</TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Net unrealized gains (loss) on available-for-sale investments (note 13(c))</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:62px; font-size:11pt">(61)</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Comprehensive income for the period ended December 31, 2007</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,360</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
</TABLE>
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<BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>financials.htm
<DESCRIPTION>FINANCIALS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="03/27/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:21pt; margin:0px; font-size:19pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt">Consolidated Financial Statements</P>
<P style="line-height:16pt; margin:0px; font-size:14pt"><B>December 31, 2007 and 2006</B></P>
<P style="line-height:16pt; margin:0px; font-size:14pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt"><B>Management&#146;s Responsibility for Financial Reporting</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Management of Eldorado Gold Corporation is responsible for the integrity and fair presentation of the financial information contained in this annual report. Where appropriate, the financial information, including financial statements, reflects amounts based on the best estimates and judgments of management. The financial statements have been prepared in accordance with accounting principles generally accepted in Canada. Financial information presented elsewhere in the annual report is consistent with that disclosed in the financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The system of controls is also supported by a professional staff of outside advisors who conduct periodic audits of many aspects of the Company&#146;s operations and report their findings to management and the Audit Committee.</P>
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<P style="line-height:normal; margin:0px; font-size:10.5pt" align=justify>Management has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;) in Internal Control - Integrated Framework. <FONT style="font-size:11pt">Based on this assessment, management has concluded that as at December 31, 2007, the Company had a material weakness in internal controls over financial reporting. As a result, Management concluded that the Company&#146;s internal control over financial reporting was not effective.</FONT></P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected.</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Specifically, effective controls were not maintained to ensure the consistent application of the amortization policy for costs incurred in the pre-production phase of a multiple pit operation. This control deficiency resulted in an increase of depreciation expense of $3.3 million, and additional charge of $1.4 million to inventory resulting in an increase in accumulated depreciation of $4.7 million. Accordingly Management has determined that this control deficiency constitutes a material weakness in the Company&#146;s internal controls over financial reporting.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board of Directors oversees management&#146;s responsibility for financial reporting and internal control systems through an Audit Committee, which is composed entirely of independent directors. The Audit Committee meets periodically with management, the Company&#146;s outside advisors and the independent auditors to review the scope and results of the annual audit and to review the financial statements and related financial reporting and internal control matters before the financial statements are approved by the Board of Directors and submitted to the shareholders of the Company.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>PricewaterhouseCoopers LLP, an independent registered public accounting firm, appointed by the shareholders, has audited the Company&#146;s financial statements in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) and has expressed its opinion in the auditors&#146; report. The effectiveness of the Company&#146;s internal control over financial reporting as at December&nbsp;31, 2007 has also been audited by PricewaterhouseCoopers LLP, and their opinion is included in their report.</P>
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<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; font-size:10.5pt" align=justify><I>(Signed) Paul N. Wright</I></P>
<P style="line-height:12.5pt; margin:0px; text-indent:374.4px; font-size:10.5pt" align=justify><I>(Signed) Earl W. Price</I></P>
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<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; font-size:10.5pt" align=justify>Paul N. Wright</P>
<P style="line-height:12.5pt; margin:0px; text-indent:374px; font-size:10.5pt" align=justify>Earl W. Price</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; font-size:10.5pt" align=justify>President and Chief Executive Officer</P>
<P style="line-height:12.5pt; margin:0px; text-indent:374px; font-size:10.5pt" align=justify>Chief Financial Officer</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>March 25, 2008</P>
<P style="line-height:normal; margin:0px; font-size:10.5pt" align=justify>Vancouver, British Columbia, Canada<FONT style="font-size:11pt"> </FONT></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Independent Auditors&#146; Report</B></P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify><B>To the Shareholders of Eldorado Gold Corporation</B></P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">We have completed integrated audits of the consolidated financial statements and internal control over financial reporting of <B>Eldorado Gold Corporation</B> (the &#147;Company&#148;) as at December 31, 2007 and 2006 and an audit of its 2005 consolidated financial statements. &nbsp;Our opinions, based on our audits, are presented below. </P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify><B>Consolidated financial statements </B></P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">We have audited the accompanying consolidated balance sheets of Eldorado Gold Corporation as at December 31, 2007 and December 31, 2006, and the related consolidated statements of operations and deficit, comprehensive income and cash flows for each of the years in the three year period ended December 31, 2007. &nbsp;These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">We conducted our audits of the Company&#146;s financial statements as at December 31, 2007 and for each of the years in the two year period then ended in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). &nbsp;We conducted our audit of the Company&#146;s financial statements for the year ended December 31, 2005 in accordance with Canadian generally accepted auditing standards. &nbsp;Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. &nbsp;An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. &nbsp;A financial statement audit also includes assessing the accounting principles used and significant estimates made by management, an
d evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as at December 31, 2007 and December 31, 2006 and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2007 in accordance with Canadian generally accepted accounting principles.</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify><B>Internal control over financial reporting </B></P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">We have also audited Eldorado Gold Corporation&#146;s internal control over financial reporting as at December 31, 2007, based on criteria established in<I> Internal Control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). &nbsp;The Company&#146;s management is responsible for maintaining effective internal control over financial </P>
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<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#146;s Responsibility for Financial Reporting. &nbsp;Our responsibility is to express an opinion on the effectiveness of the Company&#146;s internal control over financial reporting based on our audit. </P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. &nbsp;An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we consider necessary in the circumstances. &nbsp;We believe that our audit provides a reasonable basis for our opinion. </P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. &nbsp;A company&#146;s internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii)&nbsp;provide reasonab
le assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. &nbsp;Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&#146;s annual financial statement will not be prevented or detected on a timely basis. &nbsp;It was determined that the Company did not maintain effective internal control over financial reporting as at December 31, 2007, because of a material weakness identified in the process to ensure the accuracy of amortization of costs incurred in the pre-production phase of a multi-pit operation. &nbsp;This material weakness is described in the accompanying Management&#146;s Responsibility for Financial Reporting.</P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">We considered this material weakness in determining the nature, timing and extent of audit tests applied in our audit of the December 31, 2007 consolidated financial statements, and our opinion </P>
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<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">regarding the effectiveness of the Company&#146;s internal control over financial reporting does not affect our opinion on those consolidated financial statements.</P>
<P style="line-height:13.5pt; margin-top:6.4px; margin-bottom:6.4px; font-size:11.5pt">In our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as at December 31, 2007 based on criteria established in<I> (Internal Control &#151; Integrated Framework)</I> issued by the COSO.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>(Signed) PricewaterhouseCoopers LLP</I></P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify><B>Chartered Accountants</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>Vancouver, BC</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>March 27, 2008</P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt"><B>Comments by Auditors for U.S. readers on Canada &#151; U.S. Reporting Difference<BR>
</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph)when there is a change in accounting principles that has a material effect on the comparability of the Company&#146;s financial statements, such as the change in accounting policy for financial instruments as described in note 3 to the consolidated financial statements. Our report to the shareholders dated March 27, 2008, is expressed in accordance with Canadian reporting standards which do not require a reference to such a change in accounting policy in the auditors&#146; report when it is properly accounted for and adequately disclosed in the financial statements.</P>
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<P style="line-height:12.5pt; margin-top:5.867px; margin-bottom:5.867px; font-size:10.5pt"><I>(Signed) PricewaterhouseCoopers LLP</I></P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt"><B>Chartered Accountants</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">Vancouver, BC</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">March 27, 2008</P>
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<A NAME="_1268028547"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; padding-bottom:4px; font-size:13pt; border-bottom:1px solid #000000">Consolidated Balance Sheets </P>
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<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=467.2></TD><TD width=24></TD><TD width=118.4></TD><TD width=35.2></TD><TD width=112.8></TD></TR>
<TR><TD valign=bottom width=467.2 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=24 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD><TD valign=bottom width=35.2 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
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<TR><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=118.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=112.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Assets</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=21><P style="line-height:13pt; margin:0px; font-size:11pt">Current assets</P>
</TD><TD valign=bottom width=24 height=21><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=21><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=21><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;46,014&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted cash (note 4)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;65,710&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;21,250&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts receivable and other (note 5)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;30,335&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;28,306&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Inventories (note 6)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;57,525&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,697&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Derivative contract (note 7)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,956&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 12)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;959&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;10,182&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;203,499&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;155,402&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted cash (note 4) </P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,300&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;58,300&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Mining interests (note 8)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;377,705&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;311,080&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Other</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,238&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,238&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;591,742&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;527,020&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Liabilities</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Current liabilities</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Bank indebtedness (note 9)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;15,367&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;39,943&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;29,267&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - current (note 10)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;65,422&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;333&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Current portion of asset retirement obligations (note 11)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;509&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,271&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;105,874&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;53,238&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - long-term (note 10)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;139&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,499&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Contractual severance obligations</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,479&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,216&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Asset retirement obligations (note 11)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,290&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;5,420&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 12)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,781&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;18,742&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;142,563&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;131,115&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=22.4><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Shareholders Equity</B></P>
</TD><TD valign=bottom width=24 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=22.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=22.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Share capital (note 13(a))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;753,058&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;740,061&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Contributed surplus (note 13(b))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,083&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,314&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accumulated other comprehensive income (note 13(c))</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;214&nbsp;</P>
</TD><TD valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Deficit</P>
</TD><TD valign=bottom width=24 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;449,179&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;395,905&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=24 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=118.4 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;591,742&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=35.2 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=112.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;527,020&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=467.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=24 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Commitments (note 16)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=467.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Subsequent event (note 19)</P>
</TD><TD valign=bottom width=24 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=118.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=35.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=112.8 height=18.4><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px"><b>Approved
on behalf of the Board of Directors</b></P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center">&nbsp;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center">&nbsp;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-right: 24px" align="center"><i>(Signed)
Robert Gilmore</i>&nbsp;&nbsp;&nbsp;
Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<i>(Signed) Paul N. Wright</i>&nbsp;&nbsp;&nbsp; Director<BR>
<BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<A NAME="_1268027204"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Operations and Deficit</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars except per share amounts)</P>
<P style="margin:0px"><BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=364></TD><TD width=26.4></TD><TD width=87.2></TD><TD width=17.6></TD><TD width=87.2></TD><TD width=18.4></TD><TD width=87.2></TD></TR>
<TR><TD valign=bottom width=364 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=17.6 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2006</B></P>
</TD><TD valign=bottom width=18.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Revenue</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Gold sales</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;179,302&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;77,641&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;29,680&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and other income</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,397&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;7,048&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,117&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;188,699&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;84,689&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;33,797&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Operating costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;72,691&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;45,850&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,378&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;20,041&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,763&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;9,798&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">General and administrative</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,798&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,030&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;14,937&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Exploration</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;11,634&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;12,719&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;7,386&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Mine standby and restructuring costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;6,575&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accretion of asset retirement obligation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;604&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;661&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;484&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Foreign exchange (gain) loss</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(4,658)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,050)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;547&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">(Gain) on disposal of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(3,823)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(945)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(5,727)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and financing costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,415&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,586&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;88&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Unrealized gain on derivative contract</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,083)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Writedown of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,186&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,537&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;131,194&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;80,800&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;82,428&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income (loss) before income taxes</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;57,505&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,889&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(48,631)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=11><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income tax (expense) recovery</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Current</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(4,823)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,080)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(152)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(17,261)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,491&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(343)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(22,084)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(589)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(495)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=28.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Net income (loss) for the year</B></P>
</TD><TD valign=bottom width=26.4 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;35,421&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,300&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=28.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=28.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(49,126)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, beginning of year:</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">As previously reported</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD><TD valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD><TD valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(307,644)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Change in accounting policy</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;873&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>As adjusted</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(352,597)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.6 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=18.4 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=87.2 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(307,644)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, end of year</B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(353,470)</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=87.2 height=22.6><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(356,770)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=19.2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=19.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=22.6><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Weighted average number of shares outstanding </B></P>
</TD><TD valign=bottom width=26.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=22.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=22.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic</P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;343,194&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;337,376&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;284,004&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted</P>
</TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;344,621&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;339,177&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;284,004&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Earnings per share</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic income (loss) per share - US$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.10&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted income (loss) per share - US$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.10&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Basic income (loss) per share - Cdn$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.11&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.19)</P>
</TD></TR>
<TR><TD valign=bottom width=364 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted income (loss) per share - Cdn$</P>
</TD><TD valign=bottom width=26.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.11&nbsp;</P>
</TD><TD valign=bottom width=17.6 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.01&nbsp;</P>
</TD><TD valign=bottom width=18.4 height=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=18.4><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(0.19)</P>
</TD></TR>
<TR><TD valign=bottom width=364><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD><TD valign=bottom width=18.4><P>&nbsp;</P></TD><TD valign=bottom width=87.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=364 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=17.6 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=18.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=87.2 height=17.6><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<A NAME="_1267950262"></A><P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Cash Flows</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=454.4></TD><TD width=26.4></TD><TD width=100></TD><TD width=26.4></TD><TD width=104.8></TD><TD width=26.4></TD><TD width=97.6></TD></TR>
<TR><TD valign=bottom width=454.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2006</B></P>
</TD><TD valign=bottom width=26.4 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=100 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=104.8 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=97.6 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash flows generated from (used in):</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Operating activities</B></P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Net earnings (loss) for the year</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35,421&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;3,300&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(49,126)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Items not affecting cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Accretion of asset retirement obligation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;604&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;661&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;484&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance expense</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;721&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,377&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,801&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;20,041&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,763&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,798&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Unrealized foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;796&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Future income taxes</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,261&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,491)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;343&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">(Gain) loss on disposal of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,601)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;515&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(227)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Imputed interest and financing costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;67&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;91&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Stock-based compensation</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,267&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;3,542&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,426&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Unrealized gain on derivative contracts</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,083)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Writedown of assets</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;19,537&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;76,494&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,758&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(14,964)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Property reclamation payments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(5,496)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance payments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,458)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(598)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Changes in non-cash working capital (note 15)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,265&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(31,668)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;4,478&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;69,805&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(22,508)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(10,486)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Investing activities</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital expenditures</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(94,461)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(88,299)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(88,758)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Sales proceeds</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,482&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,845&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;227&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Available-for-sale securities</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Purchases</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,556)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Disposals</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;663&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Pre-production gold sales capitalized in mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;10,052&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Non-producing properties under development</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,477)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(6,871)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(650)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Value added taxes recoverable on mining interests</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(7,579)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(8,759)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Restricted cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;5,540&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(29,550)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(50,000)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Acquisition of Afcan, net of cash received</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;664&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(91,757)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(130,454)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(147,276)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Financing activities</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital stock</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Share issuance costs</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(7,089)</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Issuance of common shares for cash</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,500&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;171,225&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,184&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Long-term and bank debt</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Proceeds</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;24,859&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;15,367&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Repayments</P>
</TD><TD valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(26,360)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(400)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=20><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(986)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,999&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;179,103&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;56,198&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Net increase (decrease) in cash and cash equivalents</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,953)</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;26,141&nbsp;</P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(101,564)</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash and cash equivalents - beginning of year</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;33,826&nbsp;</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;135,390&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash and cash equivalents - end of year</B></P>
</TD><TD valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=100 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;46,014&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=104.8 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;59,967&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.4 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=97.6 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;33,826&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=454.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=100 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=21.6><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=21.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Supplementary cash flow information</B> (note 15)</P>
</TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=100 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=20.8><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=20.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=100><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=104.8><P>&nbsp;</P></TD><TD valign=bottom width=26.4><P>&nbsp;</P></TD><TD valign=bottom width=97.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=454.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=100 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=104.8 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=26.4 height=17.6><P>&nbsp;</P></TD><TD valign=bottom width=97.6 height=17.6><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR><BR></P>
<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Consolidated Statements of Comprehensive Income</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>For the year ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=528.333></TD><TD width=110></TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; text-indent:36.667px; font-size:11pt" align=justify><B>2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; text-indent:58.667px; font-size:11pt" align=justify><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin-top:7.333px; margin-bottom:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Net earnings for the period ended December 31, 2007</P>
</TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,421</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Other comprehensive income (loss)</P>
</TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Net unrealized gains (loss) on available-for-sale investments (note 13(c))</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:62px; font-size:11pt">(61)</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Comprehensive income for the period ended December 31, 2007</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=110><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,360</P>
</TD></TR>
<TR><TD valign=bottom width=528.333><P>&nbsp;</P></TD><TD valign=bottom width=110><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
</TABLE>
  </center>
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<P style="line-height:13pt; margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>1.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Nature of operations</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>Eldorado Gold Corporation (&#147;Eldorado&#148; or &#147;the Company&#148;) is a gold exploration, development, mining and production company. The Company has ongoing exploration and development projects in Brazil, China and Turkey. On July 1, 2006, the Company began production in Turkey, and on February 1, 2007, the Company began production in China. Production at the Ki&#351;lada&#287; mine in Turkey was suspended in August 2007 as a result of a court injunction and the mine remained shut down throughout the rest of the year. The court injunction was removed in February 2008 and the mine restarted production on March 6, 2008 (see subsequent event note 19). Production operations in Brazil ceased in the second quarter of 2007 and the mine is in reclamation.</P>
<P style="margin:0px"><BR></P>
<A NAME="_Ref159386246"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>2.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Significant accounting policies</B></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Basis of presentation and principles of consolidation</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>These consolidated financial statements include the accounts of the Company and its subsidiaries prepared in accordance with Canadian generally accepted accounting principles (&#147;Canadian GAAP&#148;) and presented in United States dollars. As disclosed in note 18, Canadian GAAP differs in certain material respects from accounting principles generally accepted in the United States (&#147;US GAAP&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>All material inter-company balances and transactions have been eliminated.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Use of estimates</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The preparation of financial statements in accordance with Canadian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined ore bodies, reserves value beyond proven and probable mine life, fair values for purposes of impairment analysis and valuation of derivative contracts, reclamation obligations, non-cash stock-based compensation and warrants, valuation allowances for future income tax assets, and future income tax liabilities. Actual results could differ from these estimates.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Cash and cash equivalents</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Cash and cash equivalents consist of cash and highly liquid investments having maturity dates of three months or less from the date of acquisition that are readily convertible to cash.</P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Inventories</I></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt" align=justify>i.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; font-size:11pt" align=justify>In-process inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations and dor&#233; awaiting refinement, all valued at the lower of average cost or net realizable value. In-process inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation, depletion and amortization of mining interests. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; font-size:11pt" align=justify>Inventory costs are charged to operations on the basis of ounces of gold sold. The Company regularly evaluates and refines estimates used in determining the costs charged to operations and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt" align=justify>ii.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; font-size:11pt" align=justify>Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, valued at the lower of average cost and replacement cost and, where appropriate, less a provision for obsolescence.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Investments</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>On January 1<SUP>st</SUP>, 2007, the Company adopted the new accounting standard related to financial instruments. Under the new accounting policy investments classified as available for sale are reported at fair value with unrealized gains or losses excluded from earnings and reported as other comprehensive income or loss. Investments classified as held for trading are reported at fair value with unrealized gains or losses included in earnings. Prior to January 1, 2007 marketable securities were valued at the lower of original cost and quoted market value.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Deposits</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Deposits, such as those required by governmental authorities for possible environmental liabilities, are classified as held for trading.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Fair value of financial instruments</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Fair value estimates are made at the balance sheet date, based on relevant market information and other information about the financial instruments.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Derivative financial instruments are reported at fair value with unrealized gain or losses included in earnings. Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from the markets</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Unless otherwise noted, it is management&#146;s opinion that the Company is not exposed to significant interest, currency or credit risks arising from the financial instruments. The Company is exposed to currency risk from foreign currency fluctuations. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company has foreign exchange investments and liabilities and, as a result, the Company is subject to foreign exchange risk from fluctuations in foreign exchange rates. The Company is not currently using derivative instruments to manage these risks.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><I>Mining interests</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt" align=justify>Mining interests include development expenditures and property, plant and equipment recorded at cost. Cost includes expenditures made on properties under development and the estimated fair value of any related asset retirement obligation at the time the obligation is originally recorded. Revenues realized during the pre-operating period are recorded as a reduction of deferred expenditures.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt" align=justify>Mineral properties, capitalized development costs, buildings, plant and equipment, and other assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine&#146;s estimated life using the units of production method calculated on the basis of proven and probable reserves. Furniture and fixtures, vehicles, computers and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful life of the assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Where events or changes in circumstances suggest impairment of long-lived assets, estimated undiscounted future net cash flows are calculated using estimated future gold prices, proven and probable reserves, value beyond proven and probable reserves, and estimated net proceeds from the disposition of assets on retirement less operating and sustaining capital and reclamation costs. If projected undiscounted future cash flows are less than the carrying value, the estimated fair value is calculated using discounted future net cash flows and the asset is written down to fair value with an impairment charge to operations. Where future net cash flows cannot be estimated and other events or changes in circumstances suggest impairment, management determines whether the carrying cost is recoverable and at fair value using best estimates and comparative situations in the marketplace.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><I>Exploration and development</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Exploration costs are charged against operations as incurred until a mineral resource having economic potential is identified on a property, from which time a property is considered to be a development project and such expenditures are capitalized as development costs. </P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(j)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Foreign currency translation</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Monetary assets and liabilities denominated in currencies other than the United States dollar are translated into United States dollars using rates of exchange in effect at the balance sheet date. Revenue and expense items denominated in foreign currencies are translated at average rates in effect at the time of the related transaction. Non-monetary items are translated at historical rates. Any gains and losses are reflected in earnings.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(k)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Capital lease obligations</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Leases that transfer substantially all of the benefits and risks of ownership to the Company are accounted for as capital leases. Assets recorded under capital leases are amortized on a straight-line basis over the term of the lease. Obligations recorded under capital leases are reduced by lease payments net of imputed interest.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(l)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Asset retirement obligations</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Asset retirement obligations (&#147;AROs&#148;) represent the estimated discounted net present value of statutory, contractual or other legal obligations relating to site reclamation and restoration costs that the Company will incur on the retirement of assets and abandonment of mine and exploration sites. AROs are added to the carrying value of property, plant, equipment and mining interests as such expenditures are incurred and amortized against income over the useful life of the related asset. AROs are determined in compliance with recognized standards for site closure and mine reclamation established by governmental regulation.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Over the life of the asset, imputed interest on the ARO liability is charged to operations as &#147;accretion of asset retirement obligations&#148; on the Consolidated Statements of Operations using the discount rate used to establish the ARO. The offset of accretion expense is added to the balance of the ARO. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Where information becomes available that indicates a recorded ARO is not sufficient to meet, or exceeds, anticipated obligations, the obligation is adjusted accordingly and added to, or deducted from, the ARO.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(m)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Stock-based compensation</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company has three share option plans, which are described in note 14. The Company records all stock-based compensation related to the option plans using the fair value method. Under the fair value method, stock-based compensation is measured at the estimated fair value of the consideration received or the estimated fair value of the equity instruments issued or liabilities incurred, whichever estimate is more reliable. Compensation expense is recognized on the graded method over the stock option vesting period. Adjustments to compensation expense due to not meeting employment vesting requirements or the expiry of unexercised options are accounted for in the period when the options expire or the vesting requirements are not met. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company also has a bonus cash awards unit plan, which is described in note 14. Bonus cash awards units are measured at the amount by which the quoted market value of the shares covered by the grant exceeds the option price.</P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies </B><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(n)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Income taxes</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Future income taxes are recognized for the future income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Future income tax assets and liabilities are measured using income tax rates expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on future tax assets and liabilities of a change in rates is included in operations. A future income tax asset is recorded when the probability of the realization is more likely than not.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(o)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Revenue recognition</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Revenue from the sale of bullion is recognized when persuasive evidence of an arrangement exists, the bullion has been shipped, title has passed to the purchaser, the price is fixed or determinable, and collection is reasonably assured. </P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(p)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Earnings (loss) per share</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Earnings or loss per share are presented for basic and diluted net income (loss). Basic earnings per share is computed by dividing net income or loss by the weighted average number of outstanding common shares for the year.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The computation of diluted earnings per share reflects the dilutive effect of the exercise of stock options and warrants outstanding as at year-end using the treasury stock method. Diluted loss per share information is not disclosed as it would be anti-dilutive.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(q)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Capitalization of interest</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Where the Company has secured debt financing to finance the cost of specific projects, interest is capitalized on the related construction and development project until the project begins commercial operation or the development ceases.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(r)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Stripping costs</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Stripping costs incurred during the production phase of a mine are considered production costs and included in the cost of inventory produced during the period in which stripping costs are incurred. To the extent that the commercial production has not commenced, pre-stripping costs are capitalized as mine development costs. Production is deemed to have commenced when saleable minerals, excluding removal of de minimus material, are extracted from an ore body.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(s)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Mine Standby and restructuring costs</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Mine Standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Examples of Mine Standby costs are labor, maintenance and mine support costs during anticipated temporary shutdowns of a mine due to suspension of its operating permit. Examples of restructuring costs are severance payments to employees laid off as a result of outsourcing the mining function.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(t)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Recent Canadian accounting pronouncements</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The CICA has issued three new standards which may affect the financial disclosures and results of operations of the Company for interim and annual periods beginning January 1, 2008. The company will adopt the requirements commencing in the interim period ended March 31, 2008 and is considering the impact this will have on the company's financial statements.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:81.6px; text-indent:-24px; font-size:11pt" align=justify>a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:81.6px; font-size:11pt" align=justify>Capital Disclosures, Section 1535</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88px; font-size:11pt" align=justify>This Section establishes standards for disclosing information about an entity's capital and how it is managed. &nbsp;Under this standard the Company will be required to disclose the following, based on the information provided internally to the entity's key management personnel:</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:110px; text-indent:-24px; font-family:Wingdings; font-size:11pt" align=justify>&#167;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 110px" align=justify>qualitative information about its objectives, policies and processes for managing capital, </P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:110px; text-indent:-24px; font-family:Wingdings; font-size:11pt" align=justify>&#167;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 110px" align=justify>summary quantitative data about what it manages as capital,</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:110px; text-indent:-24px; font-family:Wingdings; font-size:11pt" align=justify>&#167;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 110px" align=justify>whether during the period it complied with any externally imposed capital requirements to which it is subject,</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:110px; text-indent:-24px; font-family:Wingdings; font-size:11pt" align=justify>&#167;</P>
<P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 110px" align=justify>when the company has not complied with such externally imposed capital requirements, the consequences of such non-compliance.</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:88.333px; text-indent:-24px; font-size:11pt" align=justify>b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88.333px; text-indent:-6.733px; font-size:11pt" align=justify>Inventories, Section 3031</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88px; font-size:11pt" align=justify>This Section prescribes the accounting treatment for inventories and provides guidance on the determination of costs and its subsequent recognition as an expense, including any write-down to net realizable value. It also provides guidance on the cost formulas that are used to assign costs to inventories. </P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:88.333px; text-indent:-24px; font-size:11pt" align=justify>c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88.333px; text-indent:-6.733px; font-size:11pt" align=justify>Financial Instruments - Disclosures, Section 3862</P>
<P style="line-height:13pt; margin:0px; padding-left:88.333px; font-size:11pt" align=justify>This Section requires entities to provide disclosure of quantitative and qualitative information in their financial statements that enable users to evaluate (a) the significance of financial instruments for the entity's financial position and performance; and (b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the balance sheet date, and management&#146;s objectives, policies and procedures for managing such risks. </P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>2.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:17.333px; text-indent:28.8px; font-size:12pt"><B>Significant accounting policies </B><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(u)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>International Financial Reporting Standards (&#147;IFRS&#148;)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt" align=justify>In 2006, the Canadian Accounting Standards Board (&quot;AcSB&quot;) published a new strategic plan that will significantly affect financial reporting requirements for Canadian companies. &nbsp;The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five year transitional period. &nbsp;In February 2008 the AcSB announced that 2011 is the changeover date for publicly-listed companies to use IFRS, replacing Canada's own GAAP. &nbsp;The date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. &nbsp;The transition date of January 1, 2011 will require the restatement for comparative purposes of amounts reported by the Company for the year ended December 31, 2010. &nbsp;While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS cannot be r
easonably estimated at this time.</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>3.</B></P>
<P style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><B>Changes in accounting policies</B></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=justify>On January 1, 2007, the Company adopted three new accounting standards and accounting policy changes related to financial instruments that were issued by the Canadian Institute of Chartered Accountants in 2005 (the &#147;new CICA standards&#148;). These changes were adopted on a prospective basis with no restatement of prior years&#146; financial statements. The new CICA standards and accounting policy changes are as follows:</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify><I>Financial instruments &#150; recognition and measurement</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>This standard requires that all financial assets, except for those classified as held to maturity, and derivative financial instruments, must be measured at fair value. All financial liabilities must be measured at fair value when they are classified as held for trading; otherwise, they are measured at fair value when they are recognized initially and subsequently measured at amortized cost. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>Investments classified as available for sale are reported at fair value with unrealized gains or losses excluded from earnings and reported as other comprehensive income or loss. Investments classified as held for trading and derivative financial instruments are reported at fair value with unrealized gains or losses included in earnings. Fair values are determined directly by reference to published price quotations in an active market when available, or by using a valuation technique that uses inputs observed from the markets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>As required by the standard, on January 1, 2007, the company evaluated its energy supply contract (see note 7). With the closure of the S&#227;o Bento mine, the energy contracted for the remaining of 2007 and 2008 exceeds the estimated consumption for such period and, accordingly, this contract was classified as a derivative financial instrument. Previously, this contract was not considered a financial instrument, as the contracted energy was in accordance with the company&#146;s purchase and usage requirements. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>On January 1, 2007, the Company had an investment in a public company classified as available-for-sale. Previously, investments in public companies were carried at cost, less provision for other than temporary declines in value.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>3.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:17.333px; text-indent:28.8px; font-size:12pt"><B>Changes in accounting policies</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>This change in accounting policy resulted in the recognition of a derivative financial asset and a decrease in deficit of $873 representing the fair value of the energy contract as at January 1, 2007 and a $275 increase in the carrying value of the investment as at January 1, 2007, representing the cumulative unrealized gain at that time (note 13(c)).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify><I>Comprehensive income</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>Comprehensive income is the change in the Company&#146;s net assets that results from transactions, events and circumstances other than with the Company&#146;s shareholders. In accordance with the new CICA standards, the Company&#146;s financial statements now include a Consolidated Statements of Comprehensive Income and a new category, &#147;accumulated other comprehensive income,&#148; has been added to the shareholders&#146; equity section of the Consolidated Balance Sheets. The components of this new category include the holding gains and losses from available-for-sale securities that are not included in net earnings (loss) until realized. The components of &#147;accumulated other comprehensive income&#148; for the year 2007 are disclosed in note 13(c).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify><I>Hedges</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>The new CICA standard specifies the criteria under which hedge accounting can be applied and how hedge accounting can be executed. The Company is not currently engaged in any hedging activity. As a result, the adoption of this new accounting policy did not have any impact on the Company&#146;s consolidated financial statements.</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<A NAME="_Ref159383530"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>4.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><B>Restricted cash</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>Restricted cash represents short-term interest-bearing money market securities and funds held on deposit as collateral:</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Current:</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Collateral account against the HSBC bank loan &#150; Turkey (10(b))</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">55,000</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Collateral account against the HSBC bank loan &#150; China (note 10(a))</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,500</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">Electricity deposit</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">210</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:13pt; margin:0px; padding-left:51.333px; text-indent:-22px; font-size:11pt">Collateral account against HSBC Bank USA</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">21,250</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">65,710</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">21,250</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Non-current:</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Collateral account against the HSBC bank loan &#150; Turkey (10(b))</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">50,000</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Environmental guarantee deposit</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,300</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,300</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,300</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">58,300</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:17.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:17.333px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>4.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:17.333px; text-indent:28.8px; font-size:12pt"><B>Restricted cash</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>The environmental guarantee deposit is held on account with a Turkish bank pursuant to environmental and pollution guarantees required by the Turkish Ministry of the Environment. The funds are invested at prevailing bank rates. Interest earned on these deposits is included in interest and other income as presented in the Consolidated Statements of Operations.</P>
<P style="margin-top:0px; margin-bottom:7.333px"><BR></P>
<A NAME="_Ref161141083"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>5.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Accounts receivable and other</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=432.667></TD><TD width=29.333></TD><TD width=95.333></TD><TD width=29.333></TD><TD width=102.667></TD></TR>
<TR><TD valign=bottom width=432.667><P>&nbsp;</P></TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P>&nbsp;</P></TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P>&nbsp;</P></TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Value added and other taxes recoverable</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">19,829</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">19,907</P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Other receivables and advances</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,986</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,024</P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Prepaid expenses and deposits</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,905</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,074</P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Available-for-sale securities</P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,615</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=29.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">301</P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P>&nbsp;</P></TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=432.667><P>&nbsp;</P></TD><TD valign=bottom width=29.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">30,335</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=29.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">28,306</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt" align=justify>On January 1, 2007, we recognized an adjustment of $275 to opening balance of accumulated other comprehensive income pursuant to adoption of the new Financial Instruments standard. The amount represents the unrealized gain on available-for-sale marketable securities held by us at January 1, 2007.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt" align=justify>For the year ended December 31, 2007, the Company recognized an unrealized loss of $61 on marketable securities designated as available-for-sale in other comprehensive income.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Ref159383539"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>6.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><B>Inventories</B></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Ore Stockpiles</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,484</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,604</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">In-process inventory including dor&#233;</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">33,573</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,298</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Materials and supplies</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">15,468</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,695</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">57,525</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,697</P>
</TD><A NAME="_Ref159383554"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>7.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><B>Derivative contract</B></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>In December 2004, S&#227;o Bento Minera&#231;&#227;o SA entered into an energy supply contract with Companhia Energetica de Minas Gerais (&#147;CEMIG&#148;). With the closure of the S&#227;o Bento mine in 2007, the energy contracted for 2007 and 2008 exceeds the estimated consumption for that period and accordingly, this contract has been accounted as a derivative financial instrument, which is measured at fair value with unrealized gains or losses reported in earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>In accordance with the transitional provision of the new financial instrument standard, the asset fair value of this contract of $873 as at January 1, 2007 has been recorded with a credit directly to deficit. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>The fair value as at December 31, 2007 was calculated based on a capital asset pricing model (&#147;CAPM&#148;) to estimate the forward price of Brazilian electricity for 2008, adjusted by the Brazilian real and US dollar forward exchange rates and then discounted for time value.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>This resulted in a fair value of the asset of $2,956 and the recognition of an unrealized gain for the year of $2,083.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>CAPM estimates the risk-adjustment applied to spot electricity prices as a means to deriving a forward price.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align=justify>Assumptions used in the calculation of the fair value of this contract as at December 31, 2007 are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=269.867></TD><TD width=280.133></TD></TR>
<TR><TD valign=top width=269.867><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Quantity of energy to purchase</P>
</TD><TD valign=bottom width=280.133><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>78,880.20 MWh</P>
</TD></TR>
<TR><TD valign=top width=269.867><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Set price per contract</P>
</TD><TD valign=bottom width=280.133><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>$24.50/MWh</P>
</TD></TR>
<TR><TD valign=top width=269.867><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Spot price in Brazilian reals</P>
</TD><TD valign=bottom width=280.133><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>R$502.45/MWh</P>
</TD></TR>
<TR><TD valign=top width=269.867><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Forward price of energy (range)</P>
</TD><TD valign=bottom width=280.133><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>$111.78/MWh &#150; $54.75/MWh</P>
</TD></TR>
<TR><TD valign=top width=269.867><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>US treasury yield (range)</P>
</TD><TD valign=bottom width=280.133><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>2.90% &#150; 3.31%</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:16.5pt; margin-top:4px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>8.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><B>Mining interests</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=312></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=5><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>December 31, 2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Cost</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Accumulated</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>depreciation,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>depletion and</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>amortization</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Net book</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;value</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:36.667px; text-indent:-28.8px; font-size:11pt">Operating assets and mines under construction</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Deferred development cost</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">75,488</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">7,054</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">68,434</P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Mining and processing equipment</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">202,335</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,907</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">176,428</P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Assets under construction </P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">89,168</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">89,168</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">366,991</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">32,961</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">334,030</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:36.667px; text-indent:-28.8px; font-size:11pt">Non-producing properties under development</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">43,675</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">43,675</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">410,666</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">32,961</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">377,705</P>
</TD></TR>
</TABLE>
<P style="line-height:14.5pt; margin-top:3.667px; margin-bottom:11px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:4px; margin-bottom:12px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=312></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>8.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Mining interests</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=312></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=5><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>December 31, 2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Cost</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Accumulated</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>depreciation,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>depletion and</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>amortization</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Net book</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;value</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:36.667px; text-indent:-28.8px; font-size:11pt">Operating assets and mines under construction</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Deferred development cost</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">72,726</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">761</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">71,965</P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Mining and processing equipment</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">113,526</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">7,269</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">106,257</P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Assets under construction</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">102,660</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">102,660</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">288,912</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,030</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">280,882</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P style="line-height:11.5pt; margin:0px; padding-left:36.667px; text-indent:-28.8px; font-size:11pt">Non-producing properties under development</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">30,198</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">30,198</P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=312><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">319,110</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,030</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">311,080</P>
</TD><A NAME="_Ref159383584"></A></TR>
</TABLE>
<P style="line-height:14.5pt; margin:0px"><BR></P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>9.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><B>Bank indebtedness</B></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=justify>During 2006, Qinghai Dachaidan Mining Limited (&#147;QDML&#148;), a 90% owned subsidiary of the Company and the operator of the Tanjianshan project, secured working capital loans from the China Construction Bank in the amount of 120 million Chinese Renminbi. These loans were paid in full in 2007. </P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<A NAME="_Ref159383634"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>10.</B></P>
<P style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><B>Debt</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=440></TD><TD width=25.6></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=440><P>&nbsp;</P></TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Current:</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Current portion of HSBC term revolving credit facility</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">55,000</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">HSBC revolving credit facility due November 30, 2008</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,062</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Current portion of Sino Gold Limited, net of imputed interest</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">360</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">333</P>
</TD></TR>
<TR><TD valign=bottom width=440><P>&nbsp;</P></TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=440><P>&nbsp;</P></TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">65,422</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">333</P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Long-term:</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">&nbsp;&nbsp;&nbsp;HSBC term revolving credit facility due February 28, 2010</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">50,000</P>
</TD></TR>
<TR><TD valign=bottom width=440><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px; font-size:11pt">Sino Gold Limited due December 31, 2009, net of imputed interest</P>
</TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">139</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">499</P>
</TD></TR>
<TR><TD valign=bottom width=440><P>&nbsp;</P></TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=440><P>&nbsp;</P></TD><TD valign=bottom width=25.6><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">139</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">50,499</P>
</TD></TR>
</TABLE>
<P style="line-height:15pt; margin-top:11px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><I>HSBC term revolving credit facility</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>HSBC has authorized advances of up to $65,000 to T&#252;prag Metal Madencilik Sanayi Ve Ticaret Limited Surketi (&#147;T&#252;prag&#148;), a wholly owned subsidiary of the Company, under the terms of a term revolving credit facility due February 28, 2010 (the &#147;Credit Facility&#148;). As at December 31, 2007, HSBC had advanced $55,000. The Credit Facility can be drawn down in minimum tranches of $1,000 plus multiples of $250. Each drawdown bears interest fixed at the prevailing LIBOR plus 0.50% on the date each tranche is drawn down. To date, the Credit Facility has been drawn in six tranches bearing a weighted average interest rate of 5.52%. The Credit Facility is renewable at the Company&#146;s option for the term of the loan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>10.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:12px; text-indent:28.8px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Under the terms of the Credit Facility, Eldorado is required to fully collateralize any HSBC advances to T&#252;prag with funds of an equal amount deposited on account with HSBC as represented by $55,000&nbsp;included in restricted cash (note 4), held on deposit in a collateral account with HSBC.</P>
<P style="line-height:15pt; margin-top:14.667px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>HSBC revolving credit facility</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>In November 2007, Qinghai Dachaidan Mining Limited (&#147;QDML&#148;), our 90% owned subsidiary, entered into a $15,000 revolving facility (&#147;the Facility) with HSBC Bank (China). As at December 31, 2007, HSBC had advanced $10,062 (RMB 73.5 million). The Facility can be drawn down in minimum tranches of $100 or in integral multiples of $10. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People&#146;s Bank of China with a 10% markdown. To date, the Facility has been drawn in two tranches bearing a weighted average interest rate of 5.994%. The Facility has a term of one year and is subject to review and renewal annually. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The facility is collateralized by way of irrevocable letter of credit drawn on HSBC Bank USA, National Association (&#147;HSBC&#148;). Eldorado should maintain at all times a security coverage ratio of 105% of the amounts drawn down. The letter of credit has an expiry date of November 8, 2008 and is collateralized by Eldorado&#146;s funds held by HSBC as restricted cash.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Sino Gold loan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The consideration paid for the Tanjianshan property in 2003 included a non-interest-bearing loan from Sino Gold Limited (the &#147;Loan&#148;). On acquisition of Afcan in September 2005, the balance of the Loan then outstanding was included in the determination of net assets acquired. Imputed interest has been calculated using a discount rate of 8%.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt" align=justify>The Loan is repayable in equal annual instalments of $400 on December 31 of each year until 2008, with a final instalment of $150 due on December 31, 2009.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Balance outstanding on the stated Loan balance</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">550</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">950</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Less: imputed interest</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">51</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">118</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">&nbsp;499</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">&nbsp;832</P>
</TD><A NAME="_Ref159383776"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>11.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><B>Asset retirement obligations</B></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=242></TD><TD width=17.2></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=7><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>December 31, 2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>China</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Turkey</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Total</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Balance at beginning of year</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,595</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,155</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,941</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,691</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px; font-size:11pt">Accretion during the year</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">364</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">63</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">177</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">604</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Revisions to estimate</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">ARO liability paid</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(5,496)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(5,496)</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Balance at end of year</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,463</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,219</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,117</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,799</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Less: current portion</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">509</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">509</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Long-term portion</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,954</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,219</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,117</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,290</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Estimated undiscounted value</P>
</TD><TD valign=bottom width=17.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,149</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,775</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,919</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">12,843</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=242></TD><TD width=2.8></TD><TD width=14.4></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD><TD width=14.4></TD><TD width=96></TD></TR>
<TR><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=7><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>December 31, 2006</B></P>
</TD></TR>
<TR><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>China</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Turkey</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Total</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Balance at beginning of year</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,055</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">627</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,461</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">11,143</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px; font-size:11pt">Net present value of estimated future obligations arising on revision of prior year&#146;s estimates</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">495</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,392</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,887</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Accretion expense</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">540</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">33</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">88</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">&nbsp;661</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Balance at end of year</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,595</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,155</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,941</P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,691</P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Less: current portion</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,271</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,271</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Long-term portion</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,324</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,155</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,941</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,420</P>
</TD></TR>
<TR><TD valign=bottom width=242><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.4><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=242><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Estimated undiscounted value</P>
</TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,822</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,775</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,919</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.4><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">17,516</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=justify>The ARO estimates attributable to our mines have been determined with reference to independent studies recently obtained by the Company (Brazil &#150; 2006, Turkey and China &#150; 2007) that assumed a closure in the first quarter of 2007 in Brazil, in 2014 in China and in 2018 in Turkey. </P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:28.8px; font-size:11pt" align=justify>The net present values contemplate credit-adjusted risk-free interest rates between 5% and 7%.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<A NAME="_Ref159383808"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>12.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><B>Income taxes</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.8px; font-size:11pt" align=justify>The significant components within the Company&#146;s future tax liability are as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Future income tax assets</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Mineral properties</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,106</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,688</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Capital assets</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">12,003</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,622</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Loss carry forwards</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">113,807</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">86,843</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Other</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,630</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,864</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Liabilities </P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,000</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">6,057</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">144,546</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">125,074</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Valuation allowance</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:29px; font-size:11pt">(137,919)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:29px; font-size:11pt">(112,098)</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">6,627</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">12,976</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Future income tax liabilities</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Mineral properties</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,648</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,656</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Capital assets</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">14,273</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,001</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-14.4px; font-size:11pt">Unrealized gains on foreign exchange translation and other</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">15,528</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,879</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">32,449</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">21,536</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Net future income tax liabilities</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,822</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,560</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:11px; margin-bottom:0px; padding-left:28.8px; font-size:11pt" align=justify>This is represented on the balance sheet as:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Current future income tax assets</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(959)</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(10,182)</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:58.667px; font-size:11pt">Long-term future income tax liabilities</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">26,781</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">18,742</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,822</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,560</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:11px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>Income tax expense differs from the amount that would result from applying the statutory Canadian federal and provincial tax rates to income (loss) before income taxes. These differences result from the following items:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Net income(loss) before income taxes</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">57,505</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,889</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(48,631)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Statutory tax rate</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">34.12%</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">34.12%</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">34.86%</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Tax expense at the statutory income tax rate</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">19,620</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,327</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(16,953)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Tax effect of:</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Losses not recognized</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">6,265</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,070</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">14,069</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Difference in foreign tax rates</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(2,105)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(1,895)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(1,007)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Foreign exchange</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(2,738)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,239</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,351</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Future income tax assets not previously recognized</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(7,010)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(238)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Non-deductible expense and other items</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,042</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,858</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,273</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Income tax expense</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:42.4px; font-size:11pt">&nbsp;22,084</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">&nbsp;589</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">&nbsp;495</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:18px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:12px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>12.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Income taxes</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>With the changes in the Chinese tax law the Company understands that it may not be eligible for the two-year tax holiday and reduced tax rate of 15% for six years previously given to our project. Based on discussions to date, Chinese tax authorities have indicated that our Tanjianshan mine can qualify as an &#147;Encouraged Project,&#148; resulting in a 15% tax rate for the years 2007 to 2010 instead of the normal rate of 33% (25% for the years 2011 forward). The impact of this change in tax rates was an increase in current and future income tax expense of $7,098.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>At December 31, 2007, the Company and its subsidiaries, excluding Brazil, had available losses for income tax purposes of approximately $53,066 in Canada expiring in various years from 2008 to 2027.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>In addition, the Company&#146;s Brazilian subsidiaries have losses of $268,000 (December 31, 2006 &#150; $208,000) that can be used to offset taxable income, and $243,000 (December 31, 2006 &#150; $188,000) that can be used to offset income for social contribution tax. These losses have no expiry date and can be used to offset 30% of taxable income in any one year. </P>
<A NAME="_Ref159383829"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>13.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><B>Shareholders&#146; equity</B></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><I>Authorized share capital</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company&#146;s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt" align=justify><B>Voting common shares</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Number of shares</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Amount</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt"><B>Balance, January 1, 2005</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">276,263,776</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">508,373</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,282,666</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,070</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued for acquisition of Afcan</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:20.4px; font-size:11pt">23,045,151</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">56,235</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of Afcan warrants, for cash</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,985,785</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,114</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Warrants reallocated to share capital upon exercise</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">303</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Estimated fair value of share options exercised</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,626</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt"><B>Balance, December 31, 2005</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">302,577,378</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">573,721</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Financing, February 2006, net of issue costs</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:20.4px; font-size:11pt">34,500,000</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">154,406</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,476,075</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,234</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of Afcan warrants, for cash</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,594,778</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">5,496</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Warrants reallocated to share capital upon exercise</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">902</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Estimated fair value of share options exercised</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,302</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt"><B>Balance, December 31, 2006</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">341,148,231</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">740,061</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Estimated fair value of share options exercised</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,497</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">3,060,309</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,500</P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt"><B>Balance, December 31, 2007</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">344,208,540</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">753,058</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:17.333px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8></TD><TD width=28.8></TD><TD width=96></TD><TD width=28.8></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>13.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Shareholders&#146; equity</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin-top:12.2px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>At December 31, 2007, there were no non-voting common shares outstanding.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>Contributed surplus</I></P>
<A NAME="OLE_LINK6"></A><A NAME="OLE_LINK7"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The continuity of contributed surplus on the Consolidated Balance Sheet is as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=352></TD><TD width=28.8></TD><TD width=96></TD><TD width=14.533></TD><TD width=80.667></TD><TD width=21.333></TD><TD width=70.267></TD><TD width=3.733></TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=6><P style="line-height:11.5pt; margin:0px; padding-left:39.733px; padding-right:9.6px; font-size:11pt" align=center><B>&nbsp;Contributed surplus attributable to:</B></P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Stock-based </B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;compensation</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Other</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Total</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt"><B>Balance, January 1, 2005</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">5,138</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.2px; font-size:11pt">1,094</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">6,232</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Attributed to the market value of Afcan warrants outstanding on acquisition</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.2px; font-size:11pt">1,204</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">1,204</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Credited to share capital on Afcan warrants exercised after acquisition</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:59.467px; font-size:11pt">(302)</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:54.667px; font-size:11pt">(302)</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Value attributed to Afcan options on Afcan acquisition</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:76.533px; font-size:11pt">41</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:71.733px; font-size:11pt">41</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Non-cash stock-based compensation</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">2,426</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">2,426</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Options exercised, credited to share capital</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:48.467px; font-size:11pt">(1,625)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:43.667px; font-size:11pt">(1,625)</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt"><B>Balance, December 31, 2005</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">5,980</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.2px; font-size:11pt">1,996</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">7,976</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Credited to share capital on Afcan warrants exercised after acquisition</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:59.467px; font-size:11pt">(902)</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:54.667px; font-size:11pt">(902)</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Non-cash stock-based compensation</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">3,542</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">3,542</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Options exercised, credited to share capital</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:48.467px; font-size:11pt">(1,302)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:43.667px; font-size:11pt">(1,302)</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt"><B>Balance, December 31, 2006</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">8,220</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.2px; font-size:11pt">1,094</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">9,314</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Non-cash stock-based compensation</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:58.2px; font-size:11pt">7,267</P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">7,267</P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt">Options exercised, credited to share capital</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:48.467px; font-size:11pt">(3,498)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=14.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:86.333px; font-size:11pt">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:43.667px; font-size:11pt">(3,498)</P>
</TD></TR>
<TR><TD valign=bottom width=352><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=14.533><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=21.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=352><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-85.867px; font-size:11pt"><B>Balance, December 31, 2007</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:50.867px; font-size:11pt">11,989</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=14.533><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=80.667><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.2px; font-size:11pt">1,094</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=21.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">13,083</P>
</TD></TR>
</TABLE>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><I>Accumulated other comprehensive income</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt" align=justify>Accumulated other comprehensive income is comprised as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=491.333></TD><TD width=3.6></TD><TD width=96></TD><TD width=28.8></TD></TR>
<TR><TD valign=bottom width=491.333><P>&nbsp;</P></TD><TD valign=bottom colspan=2><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P>&nbsp;</P></TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Balance, beginning of period</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Unrealized gain recognized on change in accounting policy</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">275</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">As adjusted</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">275</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Unrealized gains (losses) on available-for-sale investment</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">209</P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Realized (gains) losses on sale of available-for-sale investment transferred to net income</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(270)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P>&nbsp;</P></TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=491.333><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Balance, end of period</P>
</TD><TD valign=bottom width=3.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">214</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=28.8><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=491.333></TD><TD width=3.6></TD><TD width=96></TD><TD width=28.8></TD></TR>
</TABLE>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>14.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Stock-based compensation</B></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><I>Share option plans</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company has three share option plans (&#147;Plans&#148;) approved by the shareholders under which share purchase options (&#147;Options&#148;) can be granted to directors, officers, employees and consultants.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company&#146;s Employee Plan, as amended from time to time, was established in 1994. Subject to a 10-year maximum, Employee Plan Options generally have a five-year term. Employee Plan Options vest at the discretion of the Board of Directors at the time an Option is granted, typically in three separate tranches over two years. As at December 31, 2007, a total of 1,618,511 Options (December&nbsp;31, 2006 &#150; 1,873,380) were available to grant to employees, consultants or advisors under the Employee Plan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company&#146;s Directors and Officers Plan (&#147;D&amp;O Plan&#148;) was established in 2003 and amended in 2005. Subject to a 10-year maximum, D&amp;O Plan Options generally have a five-year term. D&amp;O Options vest at the discretion of the Board of Directors at the time an Option is granted, typically in three separate tranches over two years. As at December 31, 2007, a total of 2,999,850 Options (December 31, 2006 &#150; 3,783,350) were available to grant to directors and officers under the D&amp;O Plan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>On acquisition, Afcan had an incentive stock option plan (the &#147;Afcan Plan&#148;) under which three Afcan employees who continued to be employed by Eldorado had been granted options (&#147;Old Afcan Options&#148;) that were fully vested. Under the terms of the Afcan transaction, the Old Afcan Options were converted into New Afcan Options on the basis of one New Afcan Option for every 6.5 Old Afcan Options. Under this arrangement, the Toronto Stock Exchange approved 91,538 New Afcan Options to continue to be held under the Afcan Plan until exercised or expired. No further New Afcan Options are permitted to be granted under the Afcan Plan. As at December 31, 2007, 46,154 New Afcan Options (December 31, 2006 &#150; 68,462) remain unexercised.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt" align=justify>The continuity of share purchase options outstanding, including the New Afcan Options, is as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Weighted average exercise price</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Cdn$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Number of options</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Contractual weighted average remaining life</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>(years)</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Balance, December 31, 2005</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.35</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">7,176,872</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.4</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Granted</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">5.43</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">1,589,000</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Exercised</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.30</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">(1,476,075)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Cancelled</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.37</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">(13,334)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance, December 31, 2006</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.82</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">7,276,463</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">2.8</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Granted</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">6.67</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">4,108,125</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Exercised</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.10</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">(3,060,309)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Cancelled</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">5.25</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">(100,000)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Balance, December 31, 2007</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">5.36</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">8,224,279</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 14px" align="right">3.1</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:8px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>14.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:14.667px; text-indent:28.8px; font-size:12pt"><B>Stock-based compensation </B><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>At December 31, 2007, 5,064,193 share purchase options (December 31, 2006 &#150; 5,327,129) with a weighted average exercise price of Cdn$4.64 (December 31, 2006 &#150; Cdn$3.59) had vested and were exercisable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Options outstanding at December 31, 2007 are as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=187.2></TD><TD width=9.6></TD><TD width=105.6></TD><TD width=9.6></TD><TD width=96></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=96></TD><TD width=9.6></TD><TD width=76.8></TD></TR>
<TR><TD valign=bottom width=187.2><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=9><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>&nbsp;December 31, 2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=5><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>&nbsp;Total options outstanding</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=3><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=center><B>&nbsp;Exercisable options</B></P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; padding-right:9.6px; font-size:11pt" align=right><B>Range of</B></P>
<P style="line-height:11.5pt; margin:0px; padding-left:86.4px; padding-right:9.6px; font-size:11pt" align=right><B>exercise price</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>Cdn$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Shares</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;average</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;remaining</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;contractual</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;life</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;(years)</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;average</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;exercise</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;price</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Cdn$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Shares</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;average</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;exercise</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;price</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;Cdn$</B></P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$1.00 to $1.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">146,154</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">0.4</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">1.75</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">146,154</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">1.75</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$2.00 to $2.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$3.00 to $3.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">2,692,000</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">1.6</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">3.52</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,692,000</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">3.52</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$4.00 to $4.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">325,000</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">2.0</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">4.61</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">233,333</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">4.52</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$5.00 to $5.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">1,758,625</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">3.8</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">5.40</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">858,540</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">5.47</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$6.00 to $6.99</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">175,000</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">3.8</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.21</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">91,666</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.16</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$7.00 to $7.12</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">3,127,500</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">4.2</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">7.12</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,042,500</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">7.12</P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=187.2><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">8,224,279</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">3.1</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">5.36</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,064,193</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">4.64</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Stock-based compensation expense</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The exercise prices of all Options granted during the period were at or above the market price at the grant date. Stock-based compensation expense is calculated using a Black-Scholes option pricing model to determine the estimated fair values of all Options granted. The value determined on the date an Option is granted is recorded over the vesting period of each respective option. This expense has been included in the undernoted expenses in the Consolidated Statements of Operations as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Operating costs</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,504</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">359</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">171</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Exploration</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,009</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">170</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">294</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Administrative</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,754</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,013</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,961</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Total compensation cost recognized in operations, credited to contributed surplus</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">7,267</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,542</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,426</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>14.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:14.667px; text-indent:28.8px; font-size:12pt"><B>Stock-based compensation </B><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt" align=justify>The assumptions used to estimate the fair value of Options granted during the years ended December 31, 2007, 2006 and 2005 were:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Risk-free interest rate (range)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=top width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">3.53% &#150; 4.25%</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;&nbsp;4.0% &#150; 4.5%</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;&nbsp;3.5% &#150; 4.0%</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Expected volatility (range)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">42% &#150; 53%</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">42% &#150; 50%</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">50%</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Expected life (range)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">4 years</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">4-5 years</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">4 years</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Expected dividends</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">Nil</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">Nil</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right">Nil</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Bonus Cash Award Units plan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>In August 2007, the directors adopted a Bonus Cash Award Units (&#147;BCAU&#148;) plan with an effective date of August 2, 2007. The plan provides for the Board of Directors (the &#147;Directors&#148;) to grant BCAUs to officers, employees and consultants subject to vesting and other conditions as determined by the Directors; however, the vesting period may not exceed five years from the grant date, but may be accelerated at the discretion of the Directors. The settlement of BCAUs must be made in cash and is calculated at the average closing price of the Company&#146;s common shares on the Toronto Stock Exchange for the five trading days preceding the date of settlement. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>As of December 31, 2007, the Company had awarded 587,500 BCAUs with a vesting date of February 8, 2008 and 587,500 BCAUs with a vesting date of February 8, 2009. The carrying value of BCAUs at December 31, 2007 was $487, and is reflected in accrued liabilities on the balance sheet. The related cost in the amount of $487 is reflected in &#147;general and administrative expense&#148; in the Consolidated Statements of Operations.</P>
<A NAME="_Ref161141313"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>15.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><B>Supplementary cash flow information</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Changes in non-cash working capital</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Accounts receivable and prepaids</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,754</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(3,589)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(1,892)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Inventories</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(16,900)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(26,222)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(2,867)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">16,411</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(1,857)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,237</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,265</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(31,668)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,478</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Supplementary cash flow information</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Income taxes paid</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,887</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">434</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">262</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Interest paid</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,078</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,566</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">16</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Non-cash transactions</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Shares issued on acquisition of Afcan</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">56,235</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Warrants issued in exchange for those of Afcan</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,204</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Options issued in exchange for those of Afcan</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">41</P>
</TD><A NAME="_Ref159383846"></A><A NAME="_Ref161229136"></A></TR>
</TABLE>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:12px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>16.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Commitments</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>The Company&#146;s contractual obligations, not disclosed on the balance sheet, at December 31, 2007, include:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=283.067></TD><TD width=7.333></TD><TD width=73.333></TD><TD width=7.333></TD><TD width=73.333></TD><TD width=7.333></TD><TD width=73.333></TD><TD width=7.333></TD><TD width=73.333></TD><TD width=7.333></TD><TD width=73.333></TD></TR>
<TR><TD valign=bottom width=283.067><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;2008</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;2009</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2011</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>2012 and later</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=283.067><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; padding-right:9.6px; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Operating leases and property expenditures</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:30.333px; font-size:11pt">2,410</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:30.333px; font-size:11pt">1,660</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">1,660</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">1,660</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">3,887</P>
</TD></TR>
<TR><TD valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Purchase obligations</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">48,383</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">16,952</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">15,498</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">15,498</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">15,447</P>
</TD></TR>
<TR><TD valign=bottom width=283.067><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Totals</P>
</TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">50,793</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">18,612</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">17,158</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">17,158</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=73.333><P style="line-height:11.5pt; margin:0px; text-indent:22.067px; font-size:11pt">19,334</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>Purchase obligations from<B> </B>2009 forward relate solely to Ki&#351;lada&#287; operations, including the estimated commitments under the current external mining contractor agreement and unhedged diesel fuel purchase commitments for 2008 through 2012.</P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>17.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Segmented information</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt" align=justify>During the year ended December 31, 2007, the Company had four reporting segments. The Brazil reporting segment includes the operations of the S&#227;o Bento mine and exploration activity in Brazil. The Turkey reporting segment includes the operations of the Ki&#351;lada&#287; mine and exploration and development activities in Turkey. The China reporting segment includes the operations of the Tanjianshan mine and exploration activities in China. The Tanjianshan mine in China began commercial production on February 1, 2007. The corporate reporting segment includes the operations of the Company&#146;s corporate office.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=254.4></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom colspan=9><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=center><B>&nbsp;December 31, 2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Turkey</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;China</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Corporate</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Total</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net mining interests</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:11.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Producing or under construction</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;175,888</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;149,267</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;7,919</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;956</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;334,030</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Non-producing</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;38,358</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;5,317</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;43,675</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;214,246</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;149,267</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;13,236</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;&nbsp;956</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;377,705</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=254.4></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=9><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=center><B>&nbsp;December 31, 2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Turkey</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;China</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Corporate</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Total</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net mining interests</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Producing or under construction</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;130,145</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;140,749</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;9,020</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;968</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;280,882</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Non-producing</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;28,570</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,628</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;30,198</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;158,715</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;140,749</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;10,648</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;&nbsp;968</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;311,080</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>17.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Segmented information</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Operations</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 height="353"><TR height=0 style="font-size:0"><TD width=254.4 height="18"></TD><TD width=9.6 height="18"></TD><TD width=76.8 height="18"></TD><TD width=9.6 height="18"></TD><TD width=76.8 height="18"></TD><TD width=9.6 height="18"></TD><TD width=76.8 height="18"></TD><TD width=9.6 height="18"></TD><TD width=76.8 height="18"></TD><TD width=9.6 height="18"></TD><TD width=76.8 height="18"></TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom colspan=9 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=center><B>&nbsp;2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=top width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="32"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Turkey</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="32"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;China</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="32"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6 height="32"><P>&nbsp;</P></TD><TD valign=top width=76.8 height="32"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Corporate</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=top width=9.6 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="32"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Total</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="17"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Revenue</P>
</TD><TD valign=bottom width=9.6 height="17"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="17"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="17"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="17"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="17"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="17"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="17"><P>&nbsp;</P></TD><TD valign=top width=76.8 height="17"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6 height="17"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="17"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Gold sales</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;94,219</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;78,176</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;6,907</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;-</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;179,302</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Interest and other income</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,869</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;137</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,639</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;4,752</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;9,397</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;96,088</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;&nbsp;&nbsp;78,313</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;9,546</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;4,752</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;188,699</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Expenses except the undernoted</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;39,630</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;45,399</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(1,286)</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;15,776</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;99,519</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;4,248</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;15,502</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;291</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;20,041</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Exploration</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;6,500</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;102</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;3,588</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;1,444</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;11,634</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; padding-right:9.6px; text-indent:-28.8px">Income (loss) before tax</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;45,710</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;17,310</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;7,244</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;(12,759)</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;57,505</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income tax recovery (expense)</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(9,325)</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(7,941)</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(4,786)</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;(32)</P>
</TD><TD style="border-bottom: 1px solid #000000" valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;(22,084)</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4 height="18"><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net income (loss)</P>
</TD><TD valign=bottom width=9.6 height="18"><P>&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;36,385</P>
</TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;9,369</P>
</TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,458</P>
</TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000" valign=top width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;(12,792)</P>
</TD><TD style="border-bottom: 2px solid #000000" valign=top width=9.6 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=76.8 height="18"><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align=right>&nbsp;35,421</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=254.4></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=9><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=center><B>&nbsp;2006</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Turkey</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;China</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Corporate</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Total</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Revenue</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Gold sales</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;39,232</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;38,409</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;-</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;77,641</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Interest and other income</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;310</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;82</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,154</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;5,502</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;7,048</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;39,542</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;&nbsp;&nbsp;82</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;39,563</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;5,502</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;84,689</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Expenses except the undernoted</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;19,248</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;465</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;36,514</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;10,091</P>
</TD><TD valign=bottom width=9.6><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;66,318</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,489</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;39</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;235</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,763</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Exploration</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;4,845</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;172</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;7,702</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;12,719</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; padding-right:9.6px; text-indent:-28.8px">Income (loss) before tax</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;13,960</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;(594)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;(4,653)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;(4,824)</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;3,889</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income tax recovery (expense)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,113</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(2,636)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;(66)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;(589)</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=top width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net income (loss)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;16,073</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(594)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(7,289)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=top width=76.8><P style="margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;(4,890)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=top width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;3,300</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>17.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Segmented information</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=254.4></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD><TD width=9.6></TD><TD width=76.8></TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom colspan=9><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=center><B>&nbsp;2005</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;</B></P>
</TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Turkey</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;China</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Corporate</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;Total</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>&nbsp;$</B></P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Revenue</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Gold sales</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;29,680</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;29,680</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Interest and other income</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;876</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;31</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;776</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;2,434</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;4,117</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;876</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;31</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;30,456</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;2,434</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px; text-indent:-28.8px" align=right>&nbsp;33,797</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Expenses except the undernoted</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(448)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;214</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;37,079</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;8,862</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;45,707</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;171</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;9,463</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;164</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;9,798</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Impairment write-down</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;662</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;18,875</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;-</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;19,537</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Exploration</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,032</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;6,354</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;7,386</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income (loss) before tax</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;&nbsp;121</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(845)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(41,315)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;(6,592)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(48,631)</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income tax recovery (expense)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(585)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;90</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;&nbsp;(495)</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P>&nbsp;</P></TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=254.4><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net income (loss)</P>
</TD><TD valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;&nbsp;121</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(845)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(41,900)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px; text-indent:-3.333px" align=right>&nbsp;(6,502)</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=9.6><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=76.8><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(49,126)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Ref159384249"></A><P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>18.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>These consolidated financial statements have been prepared in accordance with Canadian GAAP. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt" align=justify>&nbsp;The material differences between Canadian GAAP and US GAAP affecting the Company are summarized below:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Statement of operations</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net income (loss) reported under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">35,421</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">3,300</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(49,126)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Add (deduct) items subject to US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Exploration costs (a)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(7,585)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(4,662)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(650)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Capitalized interest expense (g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">2,009</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,586</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation on capitalized interest (g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(198)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Bonus cash awards units (h)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(385)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Deferred start-up costs and revenues (b)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">771</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Unrealized gain (loss) on derivative contracts (c)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">873</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Future income taxes (d) </P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">654</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">607</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net income (loss)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">31,560</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">831</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(49,776)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Other comprehensive income (loss) for the year</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(61)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">228</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">284</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Comprehensive income (loss) under US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">31,499</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,059</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(49,492)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net basic and diluted gain (loss) per share - US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">0.09</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">0.00</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(0.18)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:10px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px"><B>Accumulated other comprehensive income (loss)<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;under US GAAP</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Beginning of year</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">275</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;&nbsp;47</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(237)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:43.2px">Net unrealized gain (loss) on investments (f)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(61)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">228</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">284</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">End of year</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">214</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;275</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;&nbsp;47</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Assets</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Total assets reported under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">591,742</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">527,020</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">320,735</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Exploration costs (a)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(28,771)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(21,186)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(16,524)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Future income taxes (d)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,261</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">607</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Deferred start-up costs and revenues (b)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">771</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Unrealized gain (loss) on investments (f) </P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">275</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">47</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Capitalized interest expense &#150; net (g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">3,397</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,586</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:40px">Total assets under US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">568,400</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">508,302</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">304,258</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Liabilities</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Total liabilities reported under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">142,563</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">131,115</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">95,808</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Bonus cash awards units (h)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">385</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:40px">Total liabilities under US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">142,948</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">131,115</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">95,808</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:10.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:28.8px"><B>Shareholders&#146; equity</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:43.2px">Shareholders&#146; equity reported under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">449,179</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">395,905</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">224,927</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:43.2px">Cumulative adjustments to shareholders&#146; equity</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:72px; text-indent:-14.4px">Exploration costs (a)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(28,771)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(21,186)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(16,524)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Future income taxes (d)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,261</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">607</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Deferred start-up costs and revenues (b)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">771</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Bonus cash awards units (h)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(385)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Unrealized gain (loss) on investments (f) </P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">275</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">47</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Interest expense capitalized &#150; net &nbsp;(g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">3,397</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,586</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1.333px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1.333px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:43.2px">Shareholders&#146; equity under US GAAP</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">425,452</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">377,187</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">208,450</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:7.333px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=340.8></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD><TD width=19.2></TD><TD width=96></TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Cash flows (used in) generated from:</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2007</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2006</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>2005</B></P>
<P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Operating activities under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">69,805</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(22,508)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(10,486)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration costs (a)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(7,585)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(4,662)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(650)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Deferred start-up costs and revenues (b)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">5,159</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized interest expense (g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">2,009</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">1,586</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Operating activities under US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">69,388</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(25,584)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(11,136)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Investing activities under Canadian GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(91,757)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(130,454)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(147,276)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration costs (a)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">7,585</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">4,662</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">650</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Deferred start-up costs and revenues (b)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(5,159)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized interest expense (g)</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(2,009)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(1,586)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">-</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Investing activities under US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(91,340)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(127,378)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(146,626)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Financing activities under Canadian and US GAAP</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">7,999</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">179,103</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">56,198</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Net increase (decrease) in cash and cash equivalents for Canadian and US purposes</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(13,953)</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">26,141</P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">(101,564)</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and cash equivalents <FONT style="font-size:11pt">&#150;</FONT> beginning of period</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">59,967</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">33,826</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">135,390</P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P>&nbsp;</P></TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD><TD valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=340.8><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and cash equivalents <FONT style="font-size:11pt">&#150;</FONT> end of period</P>
</TD><TD valign=bottom width=19.2><P>&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">46,014</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">59,967</P>
</TD><TD style="border-bottom:2px solid #000000" valign=bottom width=19.2><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">&nbsp;</P></TD><TD style="border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right">33,826</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:7.333px; padding-left:28.8px; font-size:11pt" align=justify>A description of US GAAP that results in material differences from Canadian GAAP is as follows:</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>Exploration costs</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Exploration costs are accounted for in accordance with Canadian GAAP as disclosed in note 2(i). For US&nbsp;GAAP purposes, exploration costs relating to unproven mineral properties are expensed as incurred until completion of a feasibility study, after which exploration and development costs are capitalized.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>Deferred Start-up costs and revenues</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>US GAAP requires that operating profits and losses from newly commissioned operations be recorded at the time the first product is shipped. Canadian GAAP records gains and losses from the date commercial production commences. Under Canadian GAAP deferred start-up costs and revenues are amortized over the life of the project.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>Derivative contracts</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:58.667px; font-size:11pt" align=justify>Under US GAAP, SFAS 133 requires that all derivatives be recorded on the balance sheet as either assets or liabilities at their fair value. Changes in the fair value of derivatives are recognized in income of the current period unless specific accounting criteria are met. Commencing January 1, 2007, under Canadian GAAP, the Company adopted the new Financial Instrument Standard as disclosed in note 3.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>Future income taxes</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Under US GAAP, the Company would recognize an additional $654 (2006 &#150; $607) in future income tax assets related to the reconciliation items described under items (a), (b) and (g) of this note.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.6px; font-size:11pt"><I>FASB Interpretation No. 48 &#150; Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (Accounting for Income Taxes) (FIN 48)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>In June 2006, the Financial Accounting Standard Board (FASB) issued Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in Income Taxes&#148; (FIN&nbsp;48), which supplements SFAS&nbsp;No.&nbsp;109 &#147;Accounting for Income Taxes&#148; (SFAS No.&nbsp;109), by defining the confidence level that a tax position must meet in order to be recognized in the financial statements. FIN&nbsp;48 requires that the tax effect(s) of a position be recognized only if it is &#147;more-likely-than-not&#148; to be sustained based solely on its technical merits as of the reporting date. The more-likely-than-not threshold represents a positive assertion by management that a company is entitled to the economic benefits of a tax position. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the tax position are to be recognized. The
 more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>With the adoption of FIN&nbsp;48, companies are required to adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained. The Company adopted FIN&nbsp;48 as of January&nbsp;1, 2007. As a result of this adoption, the Company did not recognized any further increases or decreases in the liability for unrecognized tax benefits other than positions arising in the year ended December 31, 2007. A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=440></TD><TD width=80.667></TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Balance at January 1, 2007</P>
</TD><TD valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>$8,537</P>
</TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Additions based on tax positions related to the current year</P>
</TD><TD valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>1,343</P>
</TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Additions for tax positions of prior years</P>
</TD><TD valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>154</P>
</TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Reductions for tax positions of prior years</P>
</TD><TD valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Settlements &nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=440><P style="line-height:13pt; margin:0px; font-size:11pt">Balance at December 31, 2007</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>$10,034</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>As at December 31, 2007, the Company has $10,034 unrecognized tax benefits. If recognized, none of the unrecognized tax benefit would affect the effective tax rate.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income taxes. During the years ended December 31, 2007, 2006 and 2005, the Company recognized approximately $236, $562 and $110 in interest and penalties. The Company had approximately $908 and $672 for the payment of interest and penalties accrued at December 31, 2007 and 2006 respectively.</P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>The Company is subject to taxes in Canada, Brazil, China and Turkey. The tax years that remain subject to examination as of December 31, 2007 for these jurisdictions are:</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>Canada</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:115.2px; font-size:11pt" align=justify>2001 to the present</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>Brazil</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:115.2px; font-size:11pt" align=justify>2003 to the present</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>China</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:115.2px; font-size:11pt" align=justify>2007 to the present</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>Turkey</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:115.2px; font-size:11pt" align=justify>2003 to the present</P>
<P style="line-height:15pt; margin-top:14.667px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><I>Investments</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt" align=justify>Under US GAAP, marketable securities are classified as &#147;held to maturity&#148;, &#147;held for trading&#148;, or &#147;available-for-sale&#148; in accordance with FASB Statement No. 115, <I>Accounting for Certain Investments in Debt and Equity Securities</I> (&#147;FAS 115&#148;). Certain securities held by the Company would be classified as &#147;available for sale&#148; under FAS 115 and would be recorded at market value, with any unrealized gain or loss recorded in other comprehensive income.</P>
<P style="line-height:13pt; margin:0px; padding-left:58.667px; font-size:11pt" align=justify>Under Canadian GAAP prior to January 1, 2007, the company carried its investments in public companies at cost, less provision for other than temporary declines in value. Effective January 1, 2007, with the adoption of the new financial instrument standard (note 3) the company carries these investments at fair value with unrealized gains or losses recorded in other comprehensive income.</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Interest expense</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:58.533px; font-size:11pt" align=justify>Under Canadian GAAP, where the Company has secured debt financing to finance the cost of specific projects, interest is capitalized on the related construction and development project until the project begins commercial operation or development ceases, at which time the interest is charged to operations. Under US GAAP, interest is capitalized on an interest avoidance basis. Under this method, regardless of the application of the loan proceeds, any interest incurred is capitalized to the cost of any development or construction project to the extent of the lesser of the interest cost incurred or the amount that can be attributed to the cost of any capital development or construction costs and any uncapitalized interest is charged to operations.</P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><I>Bonus cash awards units</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:58.533px; font-size:11pt" align=justify>Under Canadian GAAP, bonus cash awards units are measured at the amount by which the quoted market value of the shares covered by the grant exceeds the option price. Under US GAAP, Statement 123 (R) requires that awards classified as liabilities be measured at fair value at each reporting date. The fair value is estimated using an option pricing model.</P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:11px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><I>Recent United States accounting pronouncements</I></P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; font-size:11pt" align=justify>&nbsp;(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>Fair value measurements</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:88.333px; font-size:11pt" align=justify>In September 2006, the FASB issued SFAS&nbsp;No.&nbsp;157, &#147;Fair Value Measurements&#148; (SFAS&nbsp;No.&nbsp;157)&nbsp;which provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. SFAS&nbsp;No.&nbsp;157 requires expanded disclosures about fair value measurements. SFAS&nbsp;No.&nbsp;157 is effective for financial statements issued for fiscal years beginning after November&nbsp;15, 2007 and interim periods within those fiscal years. The provisions of SFAS&nbsp;No.&nbsp;157 will be applied prospectively. The Company is currently evaluating the effects, if any, that SFAS&nbsp;No.&nbsp;157 may have on its financial condition and results of operations. </P>
<P style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; font-size:11pt" align=justify>&nbsp;(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:57.6px; text-indent:28.8px; font-size:11pt" align=justify>Fair value option for Financial Assets and Financial Liabilities</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:88.333px; font-size:11pt" align=justify>In February 2007, the FASB issued SFAS&nbsp;No.&nbsp;159 &#147;The Fair Value Option for Financial Assets and Financial Liabilities&nbsp;&#151; including an Amendment of SFAS&nbsp;No.&nbsp;115&#148; (SFAS&nbsp;No.&nbsp;159), which permits an entity to measure certain financial assets and financial liabilities at fair value that are not currently required to be measured at fair value. Entities that elect the fair value option will report unrealized gains and losses in earnings at each subsequent reporting date. The fair value option may be elected on an instrument-by-instrument basis, with few exceptions. The Statement also establishes presentation and disclosure requirements to help financial statement users understand the effect of the election. SFAS&nbsp;No.&nbsp;159 is effective as of the beginning of the first fiscal year beginning after November&nbsp;15, 2007. The Company does not expect
 the adoption of this standard to have a material impact on its financial condition and results of operations.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:57.6px; font-size:11pt" align=justify>&nbsp;(iii) Business Combinations</P>
<P style="line-height:13pt; margin:0px; padding-left:88.333px; font-size:11pt" align=justify>In December 2007, the FASB issued SFAS&nbsp;No.&nbsp;141(R), &#147;Business Combinations&#148;, which retained the underlying concepts of SFAS&nbsp;No.&nbsp;141 in that all business combinations are still required to be accounted for at fair value under the acquisition method of accounting but SFAS&nbsp;No.&nbsp;141(R) changed the method of applying the acquisition method in a number of significant aspects.</P>
<P style="line-height:13pt; margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88px; font-size:11pt" align=justify>SFAS&nbsp;No.&nbsp;141(R) will require that: (1)&nbsp;for all business combinations, the acquirer records all assets and liabilities of the acquired business, including goodwill, generally at their fair values; (2)&nbsp;certain contingent assets and liabilities acquired be recognized at their fair values on the acquisition date; (3)&nbsp;contingent consideration be recognized at its fair value on the acquisition date and, for certain arrangements, changes in fair value will be recognized in earnings until settled; (4)&nbsp;acquisition-related transaction and restructuring costs be expensed rather than treated as part of the cost of the acquisition and included in the amount recorded for assets acquired; (5)&nbsp;in step acquisitions, previous equity interests in an acquiree held prior to obtaining control be re-measured to their acquisition-date fair values, with any gain or loss recognized in
 earnings; and (6)&nbsp;when making adjustments to finalize initial accounting, companies revise any previously issued post-acquisition financial information in future financial statements to reflect any adjustments as if they had been recorded on the acquisition date. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
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<P style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="line-height:14pt; margin:0px; padding-bottom:4px; font-size:12pt; border-bottom:1px solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>18.</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:11px; text-indent:28.8px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88px; font-size:11pt" align=justify>SFAS&nbsp;No.&nbsp;141(R) is effective on a prospective basis for all business combinations for which the acquisition date is on or after the beginning of the first annual period subsequent to December&nbsp;15, 2008, with the exception of the accounting for valuation allowances on deferred taxes and acquired tax contingencies. SFAS&nbsp;No.&nbsp;141(R) amends SFAS&nbsp;No.&nbsp;109 such that adjustments made to valuation allowances on deferred taxes and acquired tax contingencies associated with acquisitions that closed prior to the effective date of this statement should also apply the provisions of SFAS&nbsp;No.&nbsp;141(R). This standard will be applied to all future business combinations. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:10px; padding-left:58.533px; font-size:11pt" align=justify>(iv) <FONT style="font-size:10pt">Non-controlling interests in Consolidated Financial Statements</FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:88px; font-size:11pt" align=justify>In December 2007, the FASB issued SFAS&nbsp;No.&nbsp;160, &#147;Non-controlling Interests in Consolidated Financial Statements, an Amendment of ARB&nbsp;51&#148; (SFAS&nbsp;No.&nbsp;160) which amends ARB&nbsp;51 to establish new standards that will govern the accounting for and reporting of no controlling interests in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Also, SFAS&nbsp;No.&nbsp;160 requires that: (1)&nbsp;no controlling interest, previously referred to as minority interest, be reported as part of equity in the consolidated financial statements; (2)&nbsp;losses be allocated to the no controlling interest even when such allocation might result in a deficit balance, reducing the losses attributed to the controlling interest; (3)&nbsp;changes in ownership interests be treated as equity transactions if control is maintained; and, (4)&nbsp;upon a loss o
f control, any gain or loss on the interest sold be recognized in earnings. SFAS&nbsp;No.&nbsp;160 is effective on a prospective basis for all fiscal years, and interim periods within those fiscal years, beginning on or after December&nbsp;15, 2008, except for the presentation and disclosure requirements, which will be applied retrospectively. The Company is currently evaluating the effects, if any, that SFAS&nbsp;No.&nbsp;160 may have on its financial condition and results of operations. </P>
<P style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><B>19.</B></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><B>Subsequent events &#8211; reopening of the Ki&#351;lada&#287; mine</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:29.333px; font-size:11pt" align=justify>On February 6, 2008 a decision was rendered by the 6<SUP>th</SUP> Department of the High Administrative Court in Ankara on the appeal of a Lower Administrative Court judgement in favour of the Ministry of Environment&#8217;s awarding of the environment impact certificate for the Ki&#351;lada&#287; mine. The High Administrative Court concluded that the existing expert reports prepared for the Lower Administrative Court were insufficient to make either a positive or negative decision on the merits of the case. The case has been returned to the Lower Administrative Court. The temporary injunction automatically expired with the decision on the case. Subsequent to the High Court ruling, the Company obtained the necessary operating permits and on March 6, 2008 the Ki&#351;lada&#287; mine reopened and resumed production activities.</P>
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