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<SEC-DOCUMENT>0001137171-10-000166.txt : 20100319
<SEC-HEADER>0001137171-10-000166.hdr.sgml : 20100319
<ACCEPTANCE-DATETIME>20100319140711
ACCESSION NUMBER:		0001137171-10-000166
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100318
FILED AS OF DATE:		20100319
DATE AS OF CHANGE:		20100319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		10693847

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5
		BUSINESS PHONE:		(604) 687-4018

	MAIL ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO GOLD CORP                                      /FI
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k03182010.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>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</title>
</head>

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<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, 2010</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 19, 2010</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 18, 2010</a></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">&nbsp;</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">&nbsp;</p>
<hr>
<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">&nbsp;</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">&nbsp;</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 DATED MARCH 18, 2010
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="03/19/2010">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right><img src="newsrelease001.jpg" alt="[newsrelease001.jpg]" align=middle height=89.933 width=223></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>NEWS RELEASE &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>
<P style="line-height:13pt; margin:0px; text-indent:539.067px; font-size:11pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELD No. 10-06</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>TSX: ELD &nbsp;&nbsp;NYSE: EGO &nbsp;ASX: EAU &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>
<P style="line-height:14pt; margin:0px; text-indent:542.2px; font-size:12pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;March 18, 2010</B></P>
<P style="margin:0px"><BR><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>2009 Year End Financial Results</B></P>
<P style="line-height:15pt; margin:0px; font-size:13pt" align=center><B>Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 per share</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>(All figures in United States dollars, unless otherwise noted)</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><BR>
VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, (&quot;Eldorado&quot; the &quot;Company&quot; or &quot;we&quot;) is pleased to report on the Company's financial results for the fourth quarter and for the year ended December 31, 2009. Eldorado reported net income of $33.3 million or $0.08 per share for the quarter and for the year net income of $102.4 million or $0.26 per share. Eldorado reported cash generated from operating activities before changes in non-cash working capital of $56.6 million or $0.13 per share for the quarter and for the year of $146.9 million or $0.38 per share. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">"This was a very successful quarter and year for Eldorado," stated Paul Wright.
"We had record quarterly production with strong performance from both our Kisladag and Tanjianshan gold mines. And with the successful completion of our acquisition of Sino Gold and the continued development of our projects in Turkey, China and Greece, we are solidifying our position as one of the world's lowest cost gold producers. Our gold sales revenue increased by 29 percent to $358.5 million as we benefited from increased production and gold prices. Looking ahead, we anticipate 2010 production of 550,000 to 600,000 ounces of gold at a cash operating cost of between $385 and $400 per ounce."</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><BR>
<B>Q4 2009 Highlights</B></P>
<ul>
  <li>
    <p style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt">Produced 107,904 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $308 per ounce;</li>
  <li>
    <p style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt">Sold 131,068 ounces of gold at a realized average price of $1,103 per ounce;</li>
  <li>
    <p style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt">Reported earnings of $0.08 per share; and</li>
  <li>
    <p style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt">Completed our acquisition of Sino Gold Mining by purchasing all of Sino Gold's issued and outstanding shares
    - a transaction that values Sino Gold at approximately CDN$1.7 billion.</li>
</ul>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt">&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Financial Results<BR>
</B>Eldorado's consolidated net income for the fourth quarter of 2009 was $33.3 million or $0.08 per share, compared with $28.2 million or $0.08 per share (excluding the gain on the sale of Sao Bento mine) in the fourth quarter of 2008. Net income for the twelve-month period ended December 31, 2009 was $102.4 million or $0.26 per share, compared to $163.7 million or $0.46 per share in 2008. Net income in 2008 included a gain on the sale of Sao Bento of $72.5 million or $0.20 per share. Eldorado cash generated from operating activities before changes in non-cash working capital for the fourth quarter of 2009 was $56.6 million or $0.13 per share compared with $27.3 million or $0.07 per share in the fourth quarter of 2008. Cash generated from operating activities before changes in non-cash working capital for the twelve month period ended December 31, 2009 was $146.9 million or $0.38 per share compared to $125.9 million or $0.35 per share in 2008. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Over the quarter, we sold 64 per cent more ounces of gold at a 38 percent increase in price as compared to the same period in 2008. In Q4 2009 we sold 131,068 ounces of gold at an average price of $1,103 per ounce, compared to 79,965 ounces at an average price of $800 per ounce in the fourth quarter of 2008.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Corporate Activities</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><I>Completion of Sino Gold acquisition</I></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">On December 15, 2009, we acquired all the remaining shares of Sino Gold that had not previously been held by us. With this acquisition, we have acquired Sino Gold's interests in the Jinfeng Gold mine (the second-largest gold mine in China) as well as the White Mountain Gold mine and the Eastern Dragon Gold project. </P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><BR>
<B>Operating Performance</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><I>Kisladag<BR>
</I>During the quarter, we placed 3,679,685 tonnes of ore on the leach pad at an average grade of 0.86 grams of gold per tonne. We produced 70,131 ounces of gold at a cash cost of $296 per ounce, compared to production of 57,902 ounces of gold in the third quarter of 2009 and 60,753 ounces in the fourth quarter of 2008. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><I>Tanjianshan<BR>
</I>We produced 37,773 ounces of gold at a cash operating cost of $330 per ounce in the fourth quarter, up from 31,016 ounces in the third quarter and compared to 21,092 ounces in the fourth quarter of 2008. Gold production has increased with the commissioning of the roaster, and recoveries in the flotation circuit have increased from around 65 percent to over 80 percent. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><I>Jinfeng </I></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">For the month of December 2009, Jinfeng produced 14,541 ounces of gold at a cash operating cost of $472 per ounce. During the month 136,054 tonnes were milled at an average grade of 3.97 grams per tonne gold.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><I>White Mountain</I></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">For the month of December 2009, White Mountain produced 6,148 ounces of gold at a cash operating cost of $364 per ounce. The mine reported 58,074 tonnes were milled at an average grade of 4.26 grams per tonne gold. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Eldorado is a gold producing and exploration company actively growing businesses in Turkey, China, Brazil, Greece and the surrounding regions. We have four operating mines, two mines under construction, a project in the developing stages and an extensive exploration program with 125,000 meters of drilling planned for 2010. 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"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>ON BEHALF OF</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>ELDORADO GOLD CORPORATION</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><b><i>"</i></b><B><I>Paul N. Wright"</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Paul N. Wright</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>President and Chief Executive Officer</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Eldorado will host a conference call Friday March 19, 2010 to discuss the Year End 2009 Financial Results at 11:30 a.m. ET (8:30 a.m. PT). You may participate in the conference call by dialling 416-695-6622 in Toronto or 1-800-355-4959 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. The call will be available on Eldorado's website www.eldoradogold.com. A replay of the call will be available until March 26, 2010 by dialling 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 8574327.</B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<hr>
<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 applicable Canadian securities laws. Such forward-looking statements or information include, but are not limited to statements or information with respect to the Transaction and the impact of the implementation of the Transaction on Eldorado, its operations, financial position and gold production.</I></P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-lookin
g statements or information. These risks, uncertainties and other factors include, among others, the following: the number of shares issued is subject to certain adjustments; gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled
"Forward-Looking Statements" and &quot;Risk Factors&quot; in the Company's Annual Information Form &amp; Form 40-F dated March 31, 2009.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><I>There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Eldorado's CDIs trade on the Australian Securities Exchange (ASX: EAU). The TSX has neither approved nor disapproved the form or content of this release.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Contact:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>Nancy Woo, VP Investor Relations</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:345.6px; font-size:11pt" align=justify>Eldorado Gold Corporation</P>
<P style="line-height:13pt; margin:0px; text-indent:518.4px; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>Phone: 604.601-6650 or 1.888.353.8166 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:288px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0px; text-indent:345.6px; font-size:11pt" align=justify>1188, 550 Burrard Street </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>Fax: 604.687.4026 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:115.2px; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:172.8px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="line-height:13pt; margin:0px; text-indent:345.6px; font-size:11pt" align=justify>Vancouver, BC V6C 2B5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>Email: <FONT style="color:#0000FF"><U>nancyw@eldoradogold.com</U></FONT></P>
<P style="line-height:13pt; margin:0px; text-indent:345.6px; font-size:11pt" align=justify>Website www.eldoradogold.com</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Request for information packages:laurelw@eldoradogold.com</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:17.333px; margin-bottom:4.333px"><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:14pt; margin-top:16px; margin-bottom:4px; padding-right:-24px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:4px; padding-right:-24px" align=center><FONT style="font-family:Arial; font-size:12pt"><B>PRODUCTION HIGHLIGHTS</B></FONT></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=205.333></TD><TD width=71.2></TD><TD width=71.2></TD><TD width=71.267></TD><TD width=71.2></TD><TD width=71.267></TD><TD width=71.2></TD><TD width=71.267></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=center>First</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2009</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=center>Second</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2009</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=center>Third</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2009</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=center><B>Fourth</B></P>
<P style="margin:0px" align=center><B>Quarter</B></P>
<P style="margin:0px" align=center><B>2009</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=center>Fourth</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2008</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>2009</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>2008</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>61,426</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>84,572</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>88,918</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>128,593</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>81,845</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>363,509</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>308,802</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>1</SUP>,<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>296</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>300</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>297</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>329</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>298</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>309</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>257</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>315</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>322</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>326</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>364</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>319</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>337</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>289</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>375</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>387</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>430</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>486</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>404</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>430</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>370</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>909</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>927</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>957</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>1,103</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>800</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>995</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>876</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Kisladag Mine, Turkey</U></B><SUP>5</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>46,192</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>62,985</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>57,902</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>70,131</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>60,753</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>237,210</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>190,334</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px; padding-left:-9.4px" align=right>2,084,714</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px; padding-left:-13.2px" align=right>2,428,611</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>2,523,546</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>3,679,685</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>2,371,101</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px; padding-left:-7.2px" align=right><B>10,716,556</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px; padding-left:-7.2px" align=right>7,555,881</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>1.34</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>1.18</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>1.22</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>0.86</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>1.34</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>1.11</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>1.27</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>274</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>269</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>276</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>296</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>279</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>280</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>254</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>276</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>271</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>278</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>298</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>281</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>282</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>256</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>315</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>309</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>336</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>354</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>314</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>330</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>291</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Tanjianshan Mine, China</U></B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>15,234</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>21,587</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>31,016</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>37,773</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>21,092</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>105,610</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>118,468</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>228,066</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>231,874</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>257,730</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>256,828</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>216,273</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>974,498</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>858,829</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>3.97</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>5.63</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>5.73</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>5.81</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>4.33</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>5.31</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>5.31</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>362</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>390</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>338</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>330</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>352</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>349</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>261</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>432</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>470</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>414</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>424</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>429</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>432</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" 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=205.333><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=71.2><P style="margin:0px" align=right>557</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>616</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>604</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>670</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>664</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>623</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>496</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>Jinfeng Mine, China</U></B><SUP>6</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>14,541</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>14,541</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>136,054</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>136,054</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>3.97</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>3.97</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>472</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>472</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>516</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>516</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,4</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>623</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>623</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><U>White Mountain Mine, China</U></B><SUP>6</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>6,148</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>6,148</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>58,074</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>58,074</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>4.26</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>4.26</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>364</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>364</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=205.333><P style="line-height:12.5pt; margin:0px; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,4</SUP></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>400</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>400</B></P>
</TD><TD style="border-right:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=205.333><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=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>535</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.2><P style="margin:0px" align=right><B>535</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=71.267><P style="margin:0px" align=right>-</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>1</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>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:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>2</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>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:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>3</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>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:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>4</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>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>AAP Measures&quot;</U></FONT> of this Review.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>5</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>The Kisladag mine temporarily ceased operations on August 18, 2007 and reopened on March 6, 2008.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:18px; text-indent:-24px; font-size:8pt" align=justify><SUP>6</SUP></P>
<P style="line-height:10pt; margin:0px; padding-left:18px; font-size:8pt" align=justify>Jinfeng and White Mountain production for the period December 4 to December 31, 2009 only.</P>
<P style="margin:0px" align=justify><BR>
</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:42px; font-size:11pt">&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Eldorado Gold Corporation</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" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=495.733></TD><TD width=23.667></TD><TD width=149.133></TD><TD width=34.933></TD><TD width=148.133></TD></TR>
<TR><TD valign=bottom width=495.733 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=23.667 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD><TD valign=bottom width=34.933 rowspan=3><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=149.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2009</B></P>
</TD><TD valign=bottom width=148.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2008</B></P>
</TD></TR>
<TR><TD valign=bottom width=149.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=148.133 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Assets</B></P>
</TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=21><P style="line-height:13pt; margin:0px; font-size:11pt">Current assets</P>
</TD><TD valign=bottom width=23.667 height=21><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=21><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=21><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;61,851&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted cash (note 5 and 13(g))</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 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=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Marketable securities (note 6)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,951&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;43,610&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts receivable and other (note 7)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;32,041&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;36,109&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Inventories (note 8)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;129,197&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;86,966&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Derivative contract (note 10)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 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=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 16)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 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=34.933 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;175&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;490,558&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;228,711&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt">Inventories (note 8)</P>
</TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;31,534&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Restricted assets and other (note 10) </P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,265&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;6,111&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Mining interests (note 11)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,580,816&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;668,309&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Goodwill (note 12)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;324,935&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><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=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,436,108&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;905,369&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=16><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=16><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=16><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=16><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=16><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Liabilities</B></P>
</TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Current liabilities</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;157,250&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;42,659&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - current (note 13)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;56,499&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;139&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 16)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,264&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,097&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;218,013&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;43,895&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Debt - long-term (note 13)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;134,533&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 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=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Contractual severance obligations</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 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=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Asset retirement obligations (note 14)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,566&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,812&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future income taxes (note 16)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;390,242&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;60,043&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;769,354&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;108,750&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=15><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=15><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=15><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=15><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=15><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Non-controlling interests</B></P>
</TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,144&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,799&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=15><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=15><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=15><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=15><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=15><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=22><P style="line-height:15pt; margin:0px; font-size:13pt"><B>Shareholders* Equity</B></P>
</TD><TD valign=bottom width=23.667 height=22><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=22><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=12><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=12><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=12><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=12><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=12><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Share capital (note 17(b))</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,671,634&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;931,933&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Contributed surplus (note 17(c))</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;17,865&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,378&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Accumulated other comprehensive income (note 17(d))</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,227&nbsp;</P>
</TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(5,971)</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Deficit</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(51,116)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(153,520)</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,640,610&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;791,820&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=23.667 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=149.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,436,108&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=34.933 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=148.133 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;905,369&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=495.733 height=21><P style="line-height:13pt; margin:0px; font-size:11pt">Subsequent events (note 13(g) and note 25)</P>
</TD><TD valign=bottom width=23.667 height=21><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=21><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=21><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=495.733 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Commitments and contingencies (note 20)</P>
</TD><TD valign=bottom width=23.667 height=20><P>&nbsp;</P></TD><TD valign=bottom width=149.133 height=20><P>&nbsp;</P></TD><TD valign=bottom width=34.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=148.133 height=20><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Approved on behalf of the Board of Directors</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:normal; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;<I>(Signed) Paul N. Wright &nbsp;&nbsp;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<I>(Signed) Robert R. Gilmore</I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director &nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-size:10.5pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-size:10.5pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT>&nbsp;</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>
<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="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:19pt; margin:0px; font-size:17pt"><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)<BR><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=451.533></TD><TD width=26.733></TD><TD width=103.867></TD><TD width=17.467></TD><TD width=101.8></TD></TR>
<TR><TD valign=bottom width=451.533 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.733 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=19><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2009</B></P>
</TD><TD valign=bottom width=17.467 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=19><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2008</B></P>
</TD></TR>
<TR><TD valign=bottom width=103.867 height=19><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=101.8 height=19><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Revenue</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=22.533><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Gold sales</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;358,467&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;277,723&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and other income</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,262&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;10,508&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;360,729&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;288,231&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=11><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=11><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=22.533><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Operating costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;132,464&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;92,004&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;38,658&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;25,995&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">General and administrative</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;32,530&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;38,299&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Exploration</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;11,970&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;12,316&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Mine standby costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,580&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,432&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Asset retirement obligation costs (note 14)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;291&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,108&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Foreign exchange (gain) loss</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,966)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;176&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;215,527&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;174,330&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=10><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=10><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=10><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=10><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=10><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Gain on disposal of assets</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(854)</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(70,774)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Gain on marketable securities</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(1,689)</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,475)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Interest and financing costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;824&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,940&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Loss on derivative contract (note 9)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,956&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Writedown of assets</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 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=17.467 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 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=451.533 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;213,808&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;106,977&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income before income taxes and non-controlling interests</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;146,921&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;181,254&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=11><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=11><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=11><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=11><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=11><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Income tax (expense) recovery (note 16)</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=22.533><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Current</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(44,862)</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(25,403)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Future</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,972&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;12,904&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(41,890)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(12,499)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=14><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=14><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=14><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Non-controlling interests</B></P>
</TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,627)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=22><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(5,099)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=16><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=16><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=16><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=16><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=16><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Net income for the year</B></P>
</TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;102,404&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=22><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=22><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;163,656&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=14><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=14><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=14><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, beginning of year</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(153,520)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">As previously reported</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Change in accounting policy</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 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=17.467 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 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=451.533 height=20.8><P style="line-height:14pt; margin:0px; font-size:12pt"><B>As adjusted</B></P>
</TD><TD valign=bottom width=26.733 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=103.867 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(153,520)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=17.467 height=20.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=101.8 height=20.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(317,176)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Deficit, end of year</B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=103.867 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(51,116)</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=101.8 height=22.533><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(153,520)</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=13><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=13><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=13><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=13><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=13><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=22.533><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Weighted average number of shares outstanding </B></P>
</TD><TD valign=bottom width=26.733 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=22.533><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=22.533><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Basic</P>
</TD><TD valign=bottom width=26.733 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;389,384&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;355,132&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted</P>
</TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;391,707&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;356,308&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=14><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=14><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=14><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=21><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Earnings per share</B></P>
</TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=21><P>&nbsp;</P></TD><TD valign=bottom width=17.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Basic income per share - US$</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.26&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.46&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=451.533 height=20><P style="line-height:13pt; margin:0px; font-size:11pt">Diluted income per share - US$</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=103.867 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.26&nbsp;</P>
</TD><TD valign=bottom width=17.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=101.8 height=20><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.46&nbsp;</P>
</TD></TR>
</TABLE>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</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>
<p style="margin: 0px">&nbsp;</p>
<p style="margin: 0px">&nbsp;</p>
<p style="margin: 0px">&nbsp;</p>
<p style="margin: 0px">&nbsp;</p>
<P style="line-height:19pt; margin:0px; font-size:17pt"><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></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=465.933></TD><TD width=26.733></TD><TD width=125.467></TD><TD width=26.733></TD><TD width=125.467></TD><TD width=26.733></TD></TR>
<TR><TD valign=bottom width=465.933 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=26.733 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2009</B></P>
</TD><TD valign=bottom width=26.733 rowspan=2><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2008</B></P>
</TD><TD valign=bottom width=26.733 rowspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=125.467 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=125.467 height=21><P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=465.933 height=21><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cash flows generated from (used in):</B></P>
</TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=14><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=14><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=21><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Operating activities</B></P>
</TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Net earnings for the year</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;102,404&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;163,656&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Items not affecting cash</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Asset retirement obligations costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;291&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;3,108&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance expense</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Depletion, depreciation and amortization</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;38,658&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,995&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Unrealized foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;281&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,950)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Future income taxes expense (recovery) </P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,972)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(12,904)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Gain on marketable securities</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,689)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,475)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Gain on disposal of assets</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(854)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(70,774)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Imputed interest and financing costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;39&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Stock-based compensation</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,091&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;11,866&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Fair value of bonus cash award units</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,543)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,815&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Pension expense</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,689&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,478&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Non-controlling interest</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,627&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;5,099&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Loss (gain) on derivative contract</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,956&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;146,983&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;125,909&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Property reclamation payments</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,225)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Contractual severance payments</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(953)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Changes in non-cash working capital (note 19)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;45,059&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(18,187)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;192,042&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;105,544&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=10><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=10><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=10><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=10><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=10><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=10><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Investing activities</B></P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Mining interests</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Acquisition of subsidiary net of cash received (note 4)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;54,179&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;7,479&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital expenditures</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(106,614)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(123,950)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Sales and disposals</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;5,214&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Marketable securities</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Purchases</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,967)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(20,462)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Proceeds on disposals</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;42,770&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,737&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Pension plan contributions (note 15)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,856)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,791)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 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=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Restricted cash</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,877&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;71,515&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,576)</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(38,258)</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=13><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=13><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=13><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=13><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=13><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=13><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=22><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Financing activities</B></P>
</TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=22><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=22><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Capital stock</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Share issuance costs</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Issuance of common shares for cash</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,201&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;14,730&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Dividend paid to non-controlling interest</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(149)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(300)</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Long-term and bank debt</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Proceeds</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;4,983&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;5,000&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=20><P style="line-height:14pt; margin:0px; font-size:12pt">Repayments</P>
</TD><TD valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(4,983)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(70,879)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,052&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(51,449)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 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=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;203,518&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;15,837&nbsp;</P>
</TD><TD valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 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=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;61,851&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.467 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:1px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 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=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD><TD style="border-bottom:4px solid #000000" valign=bottom width=125.467 height=26.8><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;61,851&nbsp;</P>
</TD><TD style="border-bottom:4px solid #000000" valign=bottom width=26.733 height=26.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=22><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=22><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=22><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=22><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=21><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Supplementary cash flow information</B> (note 19)</P>
</TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=21><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=21><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933><P>&nbsp;</P></TD><TD valign=bottom width=26.733><P>&nbsp;</P></TD><TD valign=bottom width=125.467><P>&nbsp;</P></TD><TD valign=bottom width=26.733><P>&nbsp;</P></TD><TD valign=bottom width=125.467><P>&nbsp;</P></TD><TD valign=bottom width=26.733><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=465.933 height=17><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=17><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=125.467 height=17><P>&nbsp;</P></TD><TD valign=bottom width=26.733 height=17><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</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>
<p style="margin: 0px">&nbsp;</p>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:19pt; margin:0px; font-size:17pt"><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; font-size:12pt"><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>
<TABLE style="font-size: 10pt" cellspacing=0 height="386"><TR height=0 style="font-size:0"><TD width=454.667 height="20"></TD><TD width=110 height="20"></TD><TD width=110 height="20"></TD></TR>
<TR><TD valign=bottom width=454.667 height="20"><P>&nbsp;</P></TD><TD valign=bottom width=110 align="right" height="20"><P style="line-height:11.5pt; margin:0px; text-indent:36.667px; font-size:11pt" align=right><B>2009</B></P>
</TD><TD valign=bottom width=110 align="right" height="20"><P style="line-height:11.5pt; margin:0px; text-indent:36.667px; font-size:11pt" align=right><B>2008</B></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="20"><P>&nbsp;</P></TD><TD valign=bottom width=110 align="right" height="20"><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align=right><B>$</B></P>
</TD><TD valign=bottom width=110 align="right" height="20"><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=110 align="right" height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=110 align="right" height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="29"><P style="line-height:11.5pt; margin-top:8px; margin-bottom:0px; font-size:12pt">Net earnings for the year ended December 31, </P>
</TD><TD valign=bottom width=110 height="29"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt" align="right">102,404</P>
</TD><TD valign=bottom width=110 height="29"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">163,656</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=110 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=110 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="32"><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 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=110 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="34"><P style="line-height:11.5pt; margin:0px; text-indent:-14.4px; font-size:11pt">Unrealized gains (losses) on available-for-sale investments
    - net of taxes &nbsp;of $320 (2008 - nil) (note 17(d))</P>
</TD><TD valign=bottom width=110 height="34"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt" align="right">129,098</P>
</TD><TD valign=bottom width=110 height="34"><P style="line-height: 11.5pt; text-indent: 38.733px; font-size: 11pt; margin: 0px" align="right">(6,431)</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:-14.4px; font-size:11pt">Reversal on acquisition of subsidiary (note 4 (a))</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height: 11.5pt; text-indent: 38.733px; font-size: 11pt; margin: 0px" align="right">(122,617)</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height: 11.5pt; text-indent: 38.733px; font-size: 11pt; margin: 0px" align="right">(153)</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:-14.4px; font-size:11pt">Realized losses (gains) on available-for-sale investments (note 17(d))</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height: 11.5pt; text-indent: 38.733px; font-size: 11pt; margin: 0px" align="right">1,717</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height: 11.5pt; text-indent: 38.733px; font-size: 11pt; margin: 0px" align="right">(61)</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:-14.4px; font-size:11pt">Other than temporary impairment charges</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt" align="right">-</P>
</TD><TD valign=bottom width=110 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt" align="right">460</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="31"><P>&nbsp;</P></TD><TD style="border-top: 1px solid #000000" valign=bottom width=110 height="31"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-top: 1px solid #000000" valign=bottom width=110 height="31"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Comprehensive income for the year ended December 31, </P>
</TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=110 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt" align="right">110,602</P>
</TD><TD style="border-bottom: 2px solid #000000" valign=bottom width=110 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt" align="right">157,471</P>
</TD></TR>
<TR><TD valign=bottom width=454.667 height="32"><P>&nbsp;</P></TD><TD valign=bottom width=110 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD valign=bottom width=110 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
</TABLE>
<P style="line-height:14.5pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px" align="right">&nbsp;</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>
<p style="margin: 0px">&nbsp;</p>
<P style="margin:0px">&nbsp;</P>
<p style="line-height:19pt; margin:0px; font-size:17pt">&nbsp;</p>
<p style="line-height:19pt; margin:0px; font-size:17pt">&nbsp;</p>
<p style="line-height:19pt; margin:0px; font-size:17pt"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>
<a NAME="_Ref159384272"></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>1.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Nature
of operations</b></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:6.133px; padding-left:28.733px; font-size:11pt">Eldorado
Gold Corporation ("Eldorado" or "the Company") is a gold exploration,
development, mining and production company. The Company has ongoing exploration
and development projects in Brazil, China, Turkey and Greece. Production
operations in Brazil ceased in the second quarter of 2007 and the Sao Bento mine
("Sao Bento") was sold to AngloGold Ashanti in December 2008. The Company
acquired control of Sino Gold Mining Ltd. ("Sino Gold") in December 2009 along
with its two producing mines, Jinfeng and White Mountain, as well as the Eastern
Dragon exploration project.</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:0px; padding-left:28.8px; font-size:12pt"><b>Significant
accounting policies</b></p>
<p style="line-height:13pt; 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"><i>(a)</i></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:0px; font-size:11pt">These consolidated
financial statements are prepared in accordance with Canadian generally accepted
accounting principles ("Canadian GAAP") and presented in United States dollars.
As disclosed in note 24, Canadian GAAP differs in certain material respects from
accounting principles generally accepted in the United States ("US GAAP"). The
consolidated financial statements include the wholly owned and partially owned
subsidiaries of the Company, the most significant of which are presented below:</p>
<p style="line-height:13pt; margin:0px; font-size:11pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr>
    <td valign="top" width="297.267">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="63.733">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="86.4">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="91.533">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="202.6">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="297.267" height="42">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Subsidiary</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" height="42">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Location</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="86.4" height="42">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Ownership
      interest</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="91.533" height="42">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Status</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="202.6" height="42">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Operations
      and development projects owned</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Qinghai Dachaidan
      Mining Ltd (QDML)</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;China</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">90%</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Consolidated</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;TJS
      Gold Mine</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Tuprag Metal
      Madencilik Sanayi ve Ticaret AS</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Turkey</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">100%</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Consolidated</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Ki*lada*
      Gold Mine</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Efemcukuru
      Project</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Unamgen Mineracao
      e Metalurgia S/A</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Brazil</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">100%</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Consolidated</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Vila
      Nova Iron Ore Mine</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Thracean Gold
      Mining SA</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Greece</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">100%</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Consolidated</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Perama
      Hill Project</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Sino Gold Mining
      Ltd.</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;China</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">100%</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Consolidated</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Jinfeng
      (82% owned)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;White
      Mountain (95% owned)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="297.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="91.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="202.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;Eastern
      Dragon (95% owned)</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px" align="center"><br>
</p>
<p style="line-height:13pt; margin:0px" align="center"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">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"><i>(b)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Use
of estimates</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.467px; font-size:11pt">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.</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Significant
areas requiring the use of management estimates include assumptions and
estimates relating to determining defined ore bodies, value beyond proven and
probable reserves, fair values for purposes of purchase price allocations for
business acquisitions, impairment analysis and valuation of derivative
contracts, determination of recoverable metal on leach pads, reclamation
obligations, non-cash stock-based compensation and warrants, pension benefits,
valuation allowances for future income tax assets and the provision for income
tax liabilities and assessing and evaluating contingencies. Actual results could
differ from these estimates.</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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">&nbsp;</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"><i>(c)</i></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; font-size:11pt">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. Cash and cash equivalents and restricted cash are
designated as held-for-trading and measured at fair value.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(d)</i></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">i.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; font-size:11pt">Product
inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit
material at properties with milling or processing operations, dore awaiting
refinement and unsold bullion, all of which are valued at the lower of average
cost and net realizable value. Product 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; font-size:11pt">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:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Inventories
for which processing and sale is not expected to complete within one year is
classified as non-current.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; font-size:11pt">Materials
and supplies inventory consists of consumables used in operations, such as fuel,
chemicals, reagents and spare parts, which are 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"><i>(e)</i></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; font-size:11pt">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 until such gains or losses are realized or an other than
temporary decline in fair value has been determined to have occurred. Factors
that contribute to an other than temporary decline include a significant and
prolonged decline in fair value below its cost, and the existence of factors
such as significant adverse changes in the market and economic environments in
which the Company operates, which indicate the prospects for recovery in the
fair value of the investment are compromised in the near term.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Investments
classified as held-for-trading are reported at fair value with unrealized gains
or losses included in earnings in "Gain/loss on marketable securities".
Marketable securities and investments in equity securities held for the purpose
of trading are classified as held-for-trading and those that are not held for
the purpose of trading are classified as available-for-sale.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>
<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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(f)</i></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; font-size:11pt">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"><i>(g)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Financial
instruments</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">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; font-size:11pt">Derivative
financial instruments are reported at fair value with unrealized gains or losses
included in earnings in "Gain/loss on derivative contract". 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:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(h)</i></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; font-size:11pt">Mining
interests include development expenditures and property, plant and equipment
recorded at cost. Cost includes expenditures incurred on properties under
development and the estimated fair value of any related asset retirement
obligation at the time the obligation is originally recorded. Significant
payments related to the acquisition of land and mineral rights are capitalized
as incurred.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Mineral
properties, 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's estimated life using the units of
production method calculated based on proven and probable reserves. Capitalized
development costs related to a multi-pit operation are amortized on a pit-by-pit
basis over the pit's estimated life using the unit of production method
calculated based on proven and probable reserves related to each pit. Furniture
and fixtures, vehicles, computers and other plant and equipment 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; font-size:11pt">When
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, sustaining capital and reclamation costs.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">&nbsp;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.
Management assesses the asset for impairment by comparing its fair value,
determined using best estimates of fair value based on the information
available.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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:15.867px"><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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(i)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><i>Goodwill</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Goodwill
is the excess of the cost of an acquired business over the net amounts assigned
to assets acquired and liabilities assumed. Goodwill is not amortized. It is
tested for impairment annually or more frequently if events or changes in
circumstances indicate that it is impaired. Goodwill is allocated to a reporting
unit and any potential goodwill impairment is identified by comparing the
carrying amount of the reporting unit with its fair value. If any potential
impairment is identified, the impairment loss is quantified by comparing the
carrying amount to its fair value and is recognized in earnings.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(j)</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:0px; font-size:11pt">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. Costs incurred after the property is placed into production that increase
production volume or extends the life of the mine are capitalized.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">A
mineral resource is considered to have economic potential when it is expected
that proven and probable reserves can be economically developed considering
long-term metal prices. Therefore, prior to capitalizing such costs, management
determines that the following conditions have been met:</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:105.6px; font-size:11pt">There
is a probable future benefit that will contribute to future cash inflows;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:105.6px; font-size:11pt">The
Company can obtain the benefit and control access to it, and;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">The
transaction or event giving rise to the benefit has already occurred.</p>
<p style="line-height:13pt; 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"><i>(k)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Deferred
financing charges</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Deferred
financing costs represent the issuance costs of the Company's long-term debt.
Deferred costs are netted against the carrying value of long-term debt on the
consolidated balance sheet and amortized using the effective interest rate
method over the expected life of the related liability.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(l)</i></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; font-size:11pt">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. Non-monetary items are
translated at historical rates. Any gains and losses are reflected in earnings.</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; font-size:12pt"><b>December 31, 2009 and
2008</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>
<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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(m)</i></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; font-size:11pt">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 lesser of the term of the
lease and the life of the asset. 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"><i>(n)</i></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; font-size:11pt">Asset
retirement obligations ("AROs") represent the estimated 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.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">The
carrying value of property, plant, equipment and mining interests are increased
by the same amount as the ARO liability recognized, as such obligations 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 government regulation.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Over
the life of the asset, imputed interest on the ARO liability is charged to
operations as "accretion of asset retirement obligations" 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; font-size:11pt">Where
information becomes available that indicates a recorded ARO is not sufficient to
meet, or exceeds, anticipated obligations, the ARO obligation is adjusted
accordingly and the adjustment is added to, or deducted from, the carrying value
of property, plant and equipment and mining interest. In the event that the
adjustment occurs after the mine in question has closed, the adjustment is added
to or deducted from earnings.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(o)</i></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; font-size:11pt">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. The
fair values attributable to unvested stock options that are forfeited are
credited to earnings as they occur.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Bonus
cash award units are considered liability awards and are measured at the amount
by which the quoted market value of the shares covered by the grant exceeds the
option price.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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"><br>
</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)</i></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; font-size:11pt">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
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"><i>(q)</i></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; font-size:11pt">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"><i>(r)</i></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; font-size:11pt">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; font-size:11pt">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.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(s)</i></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; font-size:11pt">Where
the Company has secured debt financing to finance the cost of specific capital
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"><i>(t)</i></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; font-size:11pt">Stripping
costs incurred during the production phase of a mine are considered production
costs and are included in the cost of inventory produced during the period in
which stripping costs are incurred, unless the stripping activity can be shown
to be a betterment of the mineral property, in which case the stripping costs
are capitalized. Betterment occurs when stripping activity increases future
output of the mine by providing access to additional reserves. Stripping costs
incurred to prepare the ore body for extraction are capitalized as mine
development costs (pre-stripping). Capitalized stripping costs are amortized on
a unit-of production basis over the economically recoverable proven and probable
reserves tonnes to which they relate. Production is deemed to have commenced
when saleable minerals are extracted from an ore body.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(u)</i></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; font-size:11pt">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
labour, maintenance and mine support costs during temporary shutdowns of a mine.
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"><i>(v)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Defined
benefit pension plan</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Defined
benefit pension plan obligations and expense are based on actuarial
determinations. The projected benefit method prorated on service is used to
determine the accrued benefit obligation and expense. Actuarial assumptions used
to determine defined benefit pension plan liabilities are based upon best
estimates of expected plan investment performance, salary escalation rates and
retirement dates of employees. The expected return on plan assets is estimated
based on the fair value of plan assets, asset allocation and expected long-term
returns on these components.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">Past
service costs are amortized on a straight-line basis over the expected average
remaining service period of active members at the time of the past service
event.</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Differences between the
actuarial liabilities and the amounts recorded in the financial statements will
arise from changes in plan assumptions, changes in benefits or through
experience as results differ from actuarial assumptions. Cumulative differences
that are greater than 10% of either the fair value of the plan assets or the
accrued benefit obligation, whichever is greater, are amortized over the
expected average remaining service period of active members.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; font-size:11pt">Certain
comparative figures have been reclassified to conform to the current year's
presentation.</p>
<p style="line-height:13pt; 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>3.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Changes
in accounting policies and new accounting developments</b></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Goodwill
and Intangible Assets (Section 3064)</i></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.867px; font-size:11pt" align="justify">In
February 2008, the CICA issued Section 3064, <i>Goodwill and Intangible Assets</i>,
which replaces Section 3062, <i>Goodwill and Other Intangible Assets</i>. This
new standard provides guidance on recognizing, measuring, presenting and
disclosing goodwill and intangible assets and is effective beginning January 1,
2009 and applies retrospectively.</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
adoption of this new accounting policy did not have a material impact on
Eldorado's consolidated financial statements.</p>
<p style="margin:0px" align="justify"><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>
</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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:0px; text-indent:28.8px; font-size:12pt"><b>Changes
in accounting policies and new accounting developments </b><font style="font-size:11pt">(continued)</font></p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Business
Combinations (Section 1582)</i></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
January 2009, the CICA issued Section 1582, <i>Business Combinations,</i> which
requires that all assets and liabilities of an acquired business be recorded at
fair value at acquisition. Obligations for contingent considerations and
contingencies will also be recorded at fair value at the acquisition date. The
standard also states that acquisition-related costs will be expensed as incurred
and that restructuring charges will be expensed in the periods after the
acquisition date. The Section applies prospectively to business combinations for
which the acquisition date is on or after the beginning of the first annual
reporting period on or after January 1, 2011. The Company has not yet adopted
this standard.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Consolidations
(Section 1601) and Non-Controlling Interest (Section 1602)</i></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
January 2009, the CICA issued Section 1601, <i>Consolidations</i>, and Section
1602, <i>Non-Controlling Interests</i>. Section 1601 establishes standards for
preparing consolidated financial statements and Section 1602 establishes
standards for accounting for a non-controlling interest in a subsidiary in
consolidated financial statements subsequent to a business combination. These
standards apply to interim and annual consolidated financial statements relating
to fiscal years beginning on or after January 1, 2011. The Company has not yet
adopted these standards.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Credit
Risk and the Fair Value of Financial Assets and Financial Liabilities (EIC
Abstract 173)</i></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">In
January 2009, the CICA issued EIC Abstract 173, "Credit Risk and the Fair Value
of Financial Assets and Financial Liabilities". The EIC requires the Company to
take into account the Company's own credit risk and the credit risk of the
counterparty in determining the fair value of financial assets and financial
liabilities, including derivative instruments. This abstract applies to interim
and annual consolidated financial statements relating to fiscal years beginning
on or after January 20, 2009. The adoption of this new accounting policy did not
have a material impact on Eldorado's consolidated financial statements.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Mining
Exploration Costs (EIC Abstract 174)</i></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">In
March 2009, the CICA issued EIC Abstract 174, <i>Mining Exploration Costs</i>.
The EIC provides guidance on the accounting and the impairment review of
exploration costs. This abstract is effective for financial statements issued
after March 27, 2009. The adoption of this new accounting policy did not have a
material impact on Eldorado's consolidated financial statements.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Financial
Instruments - Disclosures (Section 3862)</i></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">In
June 2009, the Accounting Standards Board ("AcSB") amended CICA Section 3862, <i>Financial
Instruments - Disclosures,</i> to enhance disclosure requirements for fair value
measurement of financial instruments and liquidity risks. The amendments require
additional disclosure for fair value measurements including the fair value
hierarchy into which the fair value measurements are categorized in their
entirety. Disclosures must be made for any significant transfers between the
Level of the fair value hierarchy and the reasons for those transfers.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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:0px; text-indent:28.8px; font-size:12pt"><b>Changes
in accounting policies and new accounting developments </b><font style="font-size:11pt">(continued)</font></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">The
standard now requires reconciliation of the beginning balances to the ending
balances for those fair value measurements that result from the use of
significant unobservable inputs in valuation techniques, disclosing separately
changes during the period. It also requires disclosures of the risk related to
financial liabilities that are settled by delivering cash or other financial
assets and a maturity analysis disclosure for derivative financial liabilities
based on how an entity manages liquidity risk. The amendments to Section 3862
apply for interim and annual financial statements relating to fiscal years
beginning on or after September 30, 2009. The Company adopted this amended
standard in 2009 and the required disclosures are included in note 22.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Accounting
Changes (Section 1506)</i></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">In
June 2009, the CICA issued an amendment to CICA 1506, <i>Accounting Changes</i>,
to exclude from its scope changes in accounting policies upon the complete
replacement of an entity's primary basis of accounting. The amendment is
effective for annual and interim financial statements relating to fiscal years
beginning on or after July 1, 2009. The adoption of the International Financial
Reporting Standards ("IFRS") is not expected to qualify as an accounting change
under CICA 1506. The amendment to this standard did not have a material impact
on Eldorado's consolidated financial statements.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>Financial
Instruments - Recognition and Measurement (Section 3855) and Impaired Loans
(Section 3025)</i></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">In
July 2009, the AcSB amended Section 3855, <i>Financial Instruments - Recognition
and Measurement</i>, and Section 3025, <i>Impaired Loans</i>, to converge with
IFRS for impairment of debt instruments by enabling debt securities to be
included in the loans and receivables category. The main features of the
amendments are: i) to eliminate the distinction between debt securities and
other debt instruments and adopt the definition of loans and receivables from
IAS 39, <i>Financial Instruments - Recognition and Measurement</i>, ii) to
permit reclassification of financial assets from the held-for-trading and
available-for-sale categories into the loans and receivables category and
specifying the circumstances in which such transfers can be made and the
accounting for those transfers, iii) to reclassify to net income, foreign
exchange gains and losses associated with assets transferred out of the
available-for-sale category, that were previously recognized in other
comprehensive income, immediately upon transfer, iv) to change the impairment
model for held-to-maturity investments to the incurred credit loss model in
accordance with Section 3025, and v) to require the reversal of an impairment
loss relating to an available-for-sale debt instrument when, in a subsequent
period, the fair value of the instrument increases and the increase can be
objectively related to an event occurring after the loss was recognized.</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">The
new changes are effective for annual financial statements for fiscal years
beginning on or after November 1, 2008. The adoption of this new accounting
policy did not have a material impact on Eldorado's consolidated financial
statements.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt"><i>International
Financial Reporting Standards</i></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt" align="justify">Canadian
public companies will be required to prepare their financial statements in
accordance with IFRS, as issued by the International Standard Board, for
financial years beginning on or after January 1, 2011. Effective January 1,
2011, the Company will adopt IFRS as the basis for preparing its consolidated
financial statements. The Company will issue its financial results for the
quarter ended March 31, 2011 prepared on an IFRS basis and provide comparative
data on an IFRS basis as required.</p>
<p style="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>4.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Acquisitions
and divestitures</b></p>
<p style="line-height:13pt; 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"><i>(a)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Sino
Gold</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt">Eldorado
acquired all of the outstanding Sino Gold Securities not previously held by
Eldorado on December 15, 2009, pursuant to a Scheme Implementation Deed dated
August 26, 2009, as amended October 27, 2009 (the "Scheme Deed"), with Sino
Gold, by way of schemes of arrangement (the "Schemes") under the laws of
Australia (the "Transaction").</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt">Pursuant
to the Schemes, Eldorado acquired all of the outstanding ordinary shares of Sino
Gold ("the Sino Gold Shares") not previously held by Eldorado that, together
with the Sino Gold Shares already held by Eldorado, constituted 100% of the
issued and outstanding Sino Gold Securities following the implementation of the
Transaction. All outstanding options to purchase Sino Gold Shares were cancelled
pursuant to the Schemes in connection with the implementation of the
Transaction.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt">Consideration
for the Sino Gold Shares acquired was common shares of Eldorado ("Eldorado
Shares"), with the number issued based on a share exchange ratio of 0.55
Eldorado Share for each Sino Gold Share. Consideration for cancellation of Sino
Gold Options was Eldorado Shares, with the number issued calculated with
reference to the share exchange ratio, the exercise price and time value for
such Sino Gold Options and whether the Sino Gold Options were "in the money" or
not.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt">Eldorado
issued an aggregate of 131,772,777 common shares in the capital of Eldorado,
either directly or indirectly as CHESS Depository Interests ("CDIs"), through
CHESS Depository Nominees Pty Limited, to former shareholders and option holders
of Sino Gold pursuant to the Scheme Deed in connection with the implementation
of the Schemes.</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Eldorado
previously acquired 57,968,029 Sino Gold Shares (19.8%) on July 27, 2009,
pursuant to a Share Purchase and Sale Agreement (the "Share Purchase Agreement")
dated June 3, 2009, as amended on July 10, 2009, with Gold Fields Australasia (BVI)
Limited ("GFA") in consideration for 27,824,654 Eldorado Shares and a purchase
price adjustment right. In connection with the implementation of the Schemes,
Eldorado has issued a further 4,057,762 Eldorado Shares to GFA pursuant to the
purchase price adjustment provisions of the Share Purchase Agreement. A total of
135,830,539 Eldorado Shares (including those issued to GFA) were issued in
connection with the implementation of the Schemes. &nbsp;</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">The
business combination has been accounted for as a purchase transaction, with
Eldorado being identified as the acquirer and Sino Gold as the acquiree. For
accounting purposes, Eldorado acquired control of Sino Gold on December 4, 2009
and these consolidated financial statements include the results of Sino Gold
from December 4, 2009.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">The
cost of acquisition comprises the fair value of Eldorado shares issued, based on
the issuance of 135,830,539 Eldorado shares at $10.61 per share based on the
share price around the announcement date of the Transaction, for a total of
$1,441,162, the original cost of the Sino Gold common shares previously acquired
of $263,293 based on the share price at their acquisition date of July 27, 2009,
which amount is net of the reversal of the unrealized gain of $122,617 included
in other comprehensive income, plus Eldorado's estimated transaction costs of
$23,602, for a total consideration of $1,728,057.</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; font-size:12pt"><b>December 31, 2009 and
2008</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:0px; text-indent:28.8px; font-size:12pt"><b>Acquisitions
and divestitures </b><font style="font-size:11pt">(continued) &nbsp;</font></p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="justify">Eldorado
received net cash proceeds from the Sino Gold Transaction of $54,179. &nbsp;Net
cash proceeds result from the cash balance acquired of $77,781 less acquisition
costs incurred of $23,602.</p>
<p style="line-height:13pt; margin-top:11px; margin-bottom:0px; padding-left:56.733px; font-size:11pt" align="justify">A
preliminary allocation of the purchase price, which is subject to final
adjustments, is as follows:</p>
<p style="margin:0px" align="justify"><br>
</p>
<a NAME="_1329727240"></a>
<table style="font-size: 10pt" cellspacing="0" width="714">
  <tr height="0" style="font-size:0">
    <td width="548"></td>
    <td width="3"></td>
    <td width="3"></td>
    <td width="144"></td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Preliminary
      purchase price</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="8">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">131,772,777
      common shares of Eldorado issued as CDIs</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">1,398,109&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">4,057,762
      common shares of Eldorado issued to GFA</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">43,053&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">27,824,654
      common shares of Eldorado issued to GFA, being cost of 57,968,029</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="525" height="19.267" colspan="3">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Sino
      Gold shares previously acquired</p>
    </td>
    <td valign="bottom" width="144" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Transaction
      costs</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="146" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">23,602&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="146" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">1,728,057&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="548" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="144" height="17">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin-top:7.333px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt">The
above preliminary purchase price has been allocated as follows:</p>
<a NAME="_1329727225"></a><a NAME="_1330253593"></a><a NAME="_1330253613"></a><a NAME="_1330337863"></a>
<table style="font-size: 10pt" cellspacing="0" width="725">
  <tr height="0" style="font-size:0">
    <td width="560"></td>
    <td width="3"></td>
    <td width="6"></td>
    <td width="140"></td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Fair
      value of net assets acquired</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="8">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Cash</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;77,781&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;50,000&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts
      receivable and other</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;21,171&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Inventory</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;38,791&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Mining
      interests and property, plant and equipment,</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including
      value beyond proven and probable reserves</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,857,900&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Goodwill</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;322,697&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;(76,201)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Asset
      retirement obligations</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;(19,249)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Debt</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;(191,121)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Future
      income taxes</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;(335,860)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;Non-controlling
      interests</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="140" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;(17,852)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="560" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="142" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,728,057&nbsp;</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:11px; margin-bottom:0px; padding-left:56.733px; font-size:11pt">For
the purposes of these consolidated financial statements, the purchase
consideration has been allocated on a preliminary basis to the fair value of
assets acquired and liabilities assumed, with goodwill assigned to a specific
reporting unit, based on management's best estimates and taking into account all
available information at the time of acquisition as well as applicable
information at the time these consolidated financial statements were prepared.
Eldorado will continue to review information and perform further analysis with
respect to these assets, prior to finalizing the allocation of the purchase
price in 2010. Although the results of this review are presently unknown, it is
anticipated that it may result in a change to the amount assigned to goodwill
and a change to the value attributable to tangible assets and future income tax
liabilities.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">The
acquired goodwill of $322,697 relates to the Chinese reporting segment (note 23)
and none of it is expected to be deductible for tax purposes.</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; font-size:12pt"><b>December 31, 2009 and
2008</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:0px; text-indent:28.8px; font-size:12pt"><b>Acquisitions
and divestitures </b><font style="font-size:11pt">(continued) &nbsp;</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Sino
Gold is a gold exploration and mining company in China. The Company operates the
Jinfeng and White Mountain Gold Mines in the Guizhou Province and Jilin
Province. The Company also has a major development project, Eastern Dragon,
which is planned to commence commercial production in 2011.</p>
<p style="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"><i>(b)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Vila
Nova Iron Ore project</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">On
August 5, 2009, the Company announced the acquisition of the remaining 25%
interest in its Vila Nova Iron Ore Project (the &quot;Project&quot;) from Mineracao
Amapari SA ("Amapari"), a Brazilian private company, in exchange for a Net
Profits Interest royalty of 10% plus a sliding scale royalty based on the
operating margin of the Project. The transaction took place between Amapari and
Unamgen Mineracao - a wholly owned subsidiary of Eldorado in Brazil. Under the
terms of the agreement, Eldorado has to pay $750 on start of commercial
production plus variable payments tied to total production or sales of assets.</p>
<p style="line-height:13pt; 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"><i>(c)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Frontier
Pacific Mining Corporation</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Eldorado
completed the acquisition of all of the issued and outstanding common shares of
Frontier Pacific Mining Corporation ("Frontier") on July 7, 2008. As a result,
Eldorado acquired a 100% interest in the Perama Hill gold project in Greece and
other exploration projects in Peru and Colombia.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Under
the terms of the offer, each Frontier common share was exchanged for 0.122
common shares of Eldorado, C$0.0001 in cash and one Exchange Receipt. Each
Exchange Receipt entitled the holder to receive an additional 0.008 Eldorado
common shares if, prior to July 1, 2009, a Joint Ministerial Resolution was
issued in Greece by the Joint Ministerial Council (comprised of the ministries
of the Environment, Agriculture, Development and Health), accepting the
Environmental Terms of Reference drafted by the Ministry of Environment
regarding the Perama Hill project.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">The
Company issued 20,339,334 common shares and paid $16 in cash in connection with
this transaction. No value was assigned to the Exchange Receipts as the Company
considered it highly unlikely that the condition for their exchange into
Eldorado shares would be met. As the joint Ministerial Resolution was not issued
by July 1, 2009, the entitlement to receive additional Eldorado shares has
expired. Eldorado incurred acquisition costs of $3,935.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">As
at the date of the transaction, Eldorado held 4,871,300 common shares of
Frontier with a total cost of $3,412, net of the reversal of the unrealized gain
of $153 included in other comprehensive income.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">This
transaction has been accounted for as an asset acquisition because Frontier was
in the development stage. These consolidated financial statements include 100%
of Frontier results from July 7, 2008 to present.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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:0px; text-indent:28.8px; font-size:12pt"><b>Acquisitions
and divestitures </b><font style="font-size:11pt">(continued) &nbsp;</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt">The
allocation of the purchase price of the shares of Frontier was as follows:</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="425.267"></td>
    <td width="58.667"></td>
    <td width="110.533"></td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.867px; font-size:11pt" align="right">&nbsp;<b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Purchase
      price:</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.867px; font-size:11pt" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
      consideration</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.533px; font-size:11pt">158,574</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      consideration</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:88.533px; font-size:11pt">16</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
      of shares previously acquired</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">3,412</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction
      costs</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1.333px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">3,935</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      purchase price</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.533px; font-size:11pt">165,937</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </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="425.267"></td>
    <td width="58.667"></td>
    <td width="110.533"></td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.6px; font-size:11pt" align="right">&nbsp;&nbsp;<b>&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Fair
      value of net assets acquired:</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.867px; font-size:11pt">11,947</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivables and other</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">1,135</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      assets</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">154</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining
      interests</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.533px; font-size:11pt">207,091</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.467px; font-size:11pt">(2,434)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
      to Eldorado</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:71.467px; font-size:11pt">(517)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
      income taxes payable</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1.333px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.133px; font-size:11pt">(51,439)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="425.267">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="58.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.533px; font-size:11pt">165,937</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt">As
at July 6, 2008, Frontier had borrowed $517 from the Company to fund ongoing
administration costs. Amounts owing are eliminated on consolidation from July 7,
2008 forward.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt">Eldorado
received net cash proceeds from the Frontier transaction of $7,479, made up of
an acquired cash balance of $11,947 less cash consideration of $16, transaction
costs of $3,935 and intercompany debt outstanding of $517.</p>
<p style="line-height:13pt; 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"><i>(d)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Sale
of Sao Bento Gold Ltd. and Sao Bento Mineracao S.A.</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Effective
December 15, 2008, Eldorado sold its wholly owned Bermudian subsidiary, Sao
Bento Gold Ltd. and its wholly owned Brazilian subsidiary Sao Bento Mineracao
S.A. to AngloGold Ashanti. The Company received $70,000 payable by the issuance
of 2,701,660 common shares of AngloGold Ashanti.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Costs
of disposition totalled $426. There were no taxes payable as a result of the
transaction. The gain on sale is calculated as follows:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<hr style="margin-top:9.6px; margin-bottom:9.6px" noshade size="1.333">
<p style="line-height:19pt; margin:0px; font-size:17pt; page-break-before:always"><b>Eldorado
Gold Corporation</b></p>
<p style="line-height:15pt; margin:0px; font-size:13pt">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</b></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">(Expressed in thousands
of U.S. dollars, unless otherwise stated)</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><b>4.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Acquisitions
and divestitures </b><font style="font-size:11pt">(continued) &nbsp;</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="454.667"></td>
    <td width="110.533"></td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.867px; font-size:11pt" align="right"><b>&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt"><b>Assets</b></p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Current
      assets</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">104</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">341</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">733</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
      receivable</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">1,653</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">2,831</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Mining
      interest</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">6,611</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt"><b>Total
      Assets</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">9,442</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt"><b>Liabilities</b></p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">Current
      liabilities</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account
      payable</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">4,453</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual
      severance obligations</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">526</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current
      portion of asset retirement obligations</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">1,603</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">6,582</p>
    </td>
    <a NAME="_Ref159383530"></a>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Asset
      retirement obligations</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">4,489</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">Future
      income taxes</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">1,252</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="454.667">
      <p style="line-height:13pt; margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt"><b>Total
      Liabilities</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.867px; font-size:11pt">12,323</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="110.533">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.467px; font-size:11pt">(2,881)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Consideration
      received - shares</p>
    </td>
    <td valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.867px; font-size:11pt">70,000</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Costs
      of disposition</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:71.467px; font-size:11pt">(426)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="110.533">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:29.333px; font-size:11pt">Gain
      on disposition of subsidiary</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="110.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.867px; font-size:11pt">72,455</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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>5.</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:0px; font-size:11pt">Restricted cash
represents short-term interest-bearing money market securities and funds held on
deposit as collateral:<br>
<br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="453.6"></td>
    <td width="12"></td>
    <td width="96"></td>
    <td width="28.8"></td>
    <td width="96"></td>
  </tr>
  <tr>
    <td valign="bottom" width="453.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="453.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="12">
      <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="453.6">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Collateral
      account against Eastern Dragon CCB loan - (note 13 (g))</p>
    </td>
    <td valign="bottom" width="12">
      <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>
    <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="453.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="12">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">50,000</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="28.8">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</p>
    </td>
    <a NAME="_Ref161141083"></a>
  </tr>
</table>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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:0px"><br>
<br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="453.6"></td>
    <td width="12"></td>
    <td width="96"></td>
    <td width="28.8"></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>6.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:6.667px; padding-left:28.8px; font-size:12pt"><b>Marketable
securities</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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="29.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</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; font-size:11pt">Marketable
      securities - Available-for-sale</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">13,470</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">12,084</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="432.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Marketable
      securities - Held-for-trading</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:64.4px; font-size:11pt">399</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">31,514</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="432.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Warrants
      - Held-for-trading</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:71.733px; font-size:11pt">82</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:71.733px; font-size:11pt">12</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">13,951</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">43,610</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; 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:6.667px; 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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="29.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</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; 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:53.4px; font-size:11pt">5,956</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">8,454</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="432.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; 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:46.067px; font-size:11pt">11,288</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">20,535</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="432.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Prepaid
      expenses and deposits</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:46.067px; font-size:11pt">14,797</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:53.4px; font-size:11pt">7,120</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">32,041</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">36,109</p>
    </td>
    <a NAME="_Ref159383539"></a>
  </tr>
</table>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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>8.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:6.667px; padding-left:28.8px; font-size:12pt"><b>Inventories</b></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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></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"><u>Current:</u></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">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:46.067px; font-size:11pt">37,503</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">24,199</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">In-process
      inventory including dore</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">56,098</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">43,825</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">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">35,596</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">18,942</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:38.733px; font-size:11pt">129,197</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">86,966</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"><u>Long-term:
      </u><sup>(1)</sup></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">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:46.067px; font-size:11pt">15,987</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:57.6px; font-size:11pt">In-process
      inventory</p>
    </td>
    <td 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">15,547</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:81.533px; font-size:11pt">-</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">31,534</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:81.533px; font-size:11pt">-</p>
    </td>
    <a NAME="_Ref159383554"></a>
  </tr>
</table>
<p style="line-height:15pt; margin-top:10px; margin-bottom:-20px; padding-left:52.8px; text-indent:-24px"><sup>(1)</sup></p>
<p style="line-height:13pt; margin:0px; padding-left:52.8px">Long-term
inventories represent material not scheduled for processing within the next
twelve months at the Company's TJS mine.</p>
<p style="line-height:13pt; margin-top:10px; margin-bottom: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:0px; padding-left:28.8px; font-size:12pt"><b>Derivative
contract</b></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="justify">In
December 2004, Sao Bento Mineracao SA entered into an energy supply contract
with Companhia Energetica de Minas Gerais ("CEMIG"). With the closure of Sao
Bento in 2007, the energy contracted for 2007 and 2008 exceeded the estimated
consumption for that period and, accordingly, this contract was accounted for 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="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>9.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Derivative
contract</b><font style="font-size:11pt"><b> </b>(continued)</font></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 ("CAPM") 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">CAPM
estimates the risk-adjustment applied to spot electricity prices as a means to
deriving a forward price.</p>
<p style="line-height:13pt; margin-top:9.8px; margin-bottom:0px; padding-left:29.467px; font-size:11pt" align="justify">Assumptions
used to calculate the fair value of this contract as at December 31, 2007 was as
follows:</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="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
      - $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%
      - 3.31%</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:11px; margin-bottom:0px; padding-left:29.467px; font-size:11pt" align="justify">As
a result of the sale of the mine on December 15, 2008, the balance of the
derivative contract at December 31, 2008 was nil and a loss on derivative
contract was recognized that year in the amount of $2,956.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><b>10.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><b>Restricted
assets and other</b></p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="436.8"></td>
    <td width="28.8"></td>
    <td width="96"></td>
    <td width="28.8"></td>
    <td width="96"></td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><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:-57.067px; font-size:11pt">Restricted
      long-term asset - SERP (note 15)</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">7,066</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">3,505</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">Restricted
      credit card deposits</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">618</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">Restricted
      marketable securities long-term</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">156</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">Accounts
      receivable long-term</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">311</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">Environmental
      guarantee 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: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">2,495</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">Accrued
      pension benefit asset (note 15)</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">113</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">111</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; border-bottom:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,265</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="28.8">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">6,111</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><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>11.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; 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="308"></td>
    <td width="32.8"></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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="345.6" colspan="5">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Cost</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Accumulated</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>depreciation,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>depletion and</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>amortization</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Net book</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>&nbsp;value</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Producing
      properties<sup> (1)</sup></p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,616,794</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">159,361</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">1,457,433</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Properties
      under development</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">306,199</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">516</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">305,683</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Iron
      ore property</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">47,464</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">252</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">47,212</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,970,457</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">160,129</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">1,810,328</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:29.333px; font-size:11pt">Other
      mineral interests</p>
    </td>
    <td valign="bottom" width="32.8">
      <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:38.733px; font-size:11pt">773,278</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">2,790</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:38.733px; font-size:11pt">770,488</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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:27.733px; font-size:11pt">2,743,735</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">162,919</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:27.733px; font-size:11pt">2,580,816</p>
    </td>
    <a NAME="_Ref159383584"></a>
  </tr>
</table>
<p style="line-height:14.5pt; margin-top:3.667px; margin-bottom:7.333px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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:8px"><br>
<br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="308"></td>
    <td width="32.8"></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>11.</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>(continued)</font></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:4px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="308"></td>
    <td width="32.8"></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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="345.6" colspan="5">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>December
      31, 2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Cost</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Accumulated</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>depreciation,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>depletion and</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>amortization</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Net book</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>&nbsp;value</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Producing
      properties <sup>(1)</sup></p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">412,239</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">58,201</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">354,038</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Properties
      under development</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">262,073</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">288</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">261,785</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Iron
      ore property</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">39,192</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">206</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">38,986</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">713,504</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">58,695</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">654,809</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p style="line-height:11.5pt; margin:0px; padding-left:29.333px; font-size:11pt">Other
      mineral interests</p>
    </td>
    <td valign="bottom" width="32.8">
      <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">15,385</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">1,885</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">13,500</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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="308">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="32.8">
      <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">728,889</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">60,580</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">668,309</p>
    </td>
    <a NAME="_Ref159383634"></a>
  </tr>
</table>
<p style="line-height:15pt; margin-top:7.333px; margin-bottom:-20px; padding-left:52.8px; text-indent:-24px; font-size:11pt"><sup>(1)</sup></p>
<p style="line-height:13pt; margin:0px; padding-left:52.8px; font-size:11pt">Included
in producing properties and other mineral interest is $805,494 (2008 - $55,269)
and $767,945 (2008 - $12,010) respectively, related to assets that are not being
depreciated, including value beyond proven and probable, and construction in
progress.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:16.5pt; margin-top:4px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><b>12.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><b>Goodwill</b></p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="367.2"></td>
    <td width="120"></td>
    <td width="103.2"></td>
  </tr>
  <tr>
    <td valign="top" width="367.2">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="120">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>December
      31, 2009</b></p>
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="top" width="103.2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>December
      31, 2008</b></p>
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="367.2">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="120">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="103.2">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="367.2">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Balance
      at beginning of year</p>
    </td>
    <td valign="top" width="120">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">2,238</p>
    </td>
    <td valign="top" width="103.2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">2,238</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="367.2">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Current
      year acquisitions (note 4 (a))</p>
    </td>
    <td valign="top" width="120">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">322,697</p>
    </td>
    <td valign="top" width="103.2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="367.2">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Balance
      at end of year</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="top" width="120">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">324,935</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="top" width="103.2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">2,238</p>
    </td>
  </tr>
</table>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:6.667px"><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>13.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:6.667px; 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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="440">
      <p style="line-height:13pt; margin:0px; padding-left:37.8px; font-size:11pt"><u>Current:</u></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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">White
      Mountain working capital project loan (f)</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:53.4px; font-size:11pt">5,991</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:81.533px; font-size:11pt">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="440">
      <p style="line-height:13pt; margin:0px; padding-left:37.8px; font-size:11pt">Eastern
      Dragon CCB loan (g)</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">46,875</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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">White
      Mountain fixed asset project loan (f)</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:53.4px; font-size:11pt">3,633</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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">Sino
      Gold loan (c)</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:81.533px; font-size:11pt">-</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">139</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:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">56,499</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:64.4px; font-size:11pt">139</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="440">
      <p style="line-height:13pt; margin:0px; padding-left:37.8px; font-size:11pt"><u>Long-term:</u></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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">White
      Mountain fixed asset project loan (f)</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">24,214</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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">Jinfeng
      construction loan (d)</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">97,867</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:13pt; margin:0px; padding-left:37.8px; font-size:11pt">Jinfeng
      working capital loan (e)</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">12,452</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:81.533px; font-size:11pt">-</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:2px solid #000000" valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">134,533</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:81.533px; font-size:11pt">-</p>
    </td>
  </tr>
</table>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:6.133px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>
<br>
</p>
<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>Debt</b><font style="font-size:11pt"><b>
</b>(continued)</font></p>
<p style="line-height:13pt; 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"><i>(a)</i></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; font-size:11pt">HSBC
has authorized advances of up to $65,000 to Tuprag Metal Madencilik Sanayi Ve
Ticaret Limited Surketi ("Tuprag"), a wholly owned subsidiary of the Company,
under the terms of a term revolving credit facility due February 28, 2010 (the "Credit
Facility"). As at December 31, 2008, the Company repaid all amounts previously
drawn on the facility, and no amounts were drawn during 2009.</p>
<p style="line-height:15pt; margin-top:14.667px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(b)</i></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; font-size:11pt">In
November 2007, Qinghai Dachaidan Mining Limited ("QDML"), our 90% owned
subsidiary, entered into a $15,000 revolving facility ("the Facility) with HSBC
Bank (China). As at December 31, 2008, the Company repaid all amounts previously
drawn on the Facility. 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's Bank of China with a 10%
markdown. The Facility has a term of one year and is subject to annual review
and renewal. In November 2009, the Facility was renewed for a third year and the
interest rate was fixed at 1.2 times the prevailing lending rate stipulated by
the People's Bank of China.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">The
facility is collateralized by way of irrevocable letter of credit drawn on HSBC
Bank USA, National Association ("HSBC"). Eldorado must maintain at all times a
security coverage ratio of 110% of the amounts drawn down.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">As
at December 31, 2009 no amounts were drawn under the Facility.</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(c)</i></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; font-size:11pt">The
consideration paid for the Tanjianshan property in 2003 included a
non-interest-bearing loan from Sino Gold (the "Loan"). Imputed interest has been
calculated using a discount rate of 8%.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; font-size:11pt">The
Loan was repayable in equal annual instalments of $400 on December 31 of each
year until 2008, with a final instalment of $150 due on December 31, 2009. This
balance was eliminated upon acquisition of Sino Gold.</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="436.8"></td>
    <td width="28.8"></td>
    <td width="96"></td>
    <td width="28.8"></td>
    <td width="96"></td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><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; font-size:11pt">Fair
      value of loan outstanding</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">150</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; 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: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:71.733px; font-size:11pt">11</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:77.867px; font-size:11pt">&nbsp;-</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;139</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>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>13.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Debt</b><font style="font-size:11pt"><b>
</b>(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"><i>(d)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Jinfeng
construction loan</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">In
2009, Guizhou Jinfeng Mining Ltd. ("Jinfeng"), our &nbsp;82% owned subsidiary
acquired as part of the Sino Gold acquisition, entered into a RMB 680.0 million
($99,610) construction loan facility ("the construction loan") with China
Construction Bank ("CCB').</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
construction loan has a term of 6 years commencing from February 27, 2009 and is
subject to a floating interest rate adjusted annually at the prevailing lending
rate stipulated by the People's Bank of China for similar loans with a 5%
discount. &nbsp;The applicable interest rate as at December 31, 2009 is 5.64%
(after 5% discount). The construction loan is secured against the following:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Sino
Gold corporate guarantee;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">pledge
of 82% shares held by Sino Gold in Jinfeng;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">mortgage
on all fixed assets of Jinfeng with a value above $100;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iv.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">mortgage
on Jinfeng mining license and exploration license; and</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">v.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">mortgage
on land use right.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">While
the construction loan is outstanding, Jinfeng is required to obtain written
consent from CCB before transferring funds to Sino Gold or any of its
subsidiaries and must have a leverage ratio of 64% or lower in order to
distribute dividends to its shareholders.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Principal
repayment of this loan is as follows: for the years 2011, 2012 and 2013 -
quarterly payments of RMB 35.0 million ($5,127); for the year 2014 - quarterly
payments of RMB 32.5 million ($4,761); and for the year 2015 a final payment of
RMB 130.0 million ($19,043).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Deferred
financing costs in the amount of $1,743 have been included as an offset in the
balance of the loan in the financial statements and are being amortized using
the effective interest method.</p>
<p style="line-height:13pt; 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"><i>(e)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Jinfeng
working capital loan</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
2009, Jinfeng entered into a RMB 85.0 million ($12,452) working capital loan ("the
working capital loan") with CCB.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
working capital loan has a term of 3 years and is due on August 17, 2012. This
loan is subject to a floating interest rate adjusted annually at the prevailing
lending rate stipulated by the People's Bank of China for similar loans with a
5% discount. The applicable interest rate as at December 31, 2009 is 5.13%
(after 5% discount).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">While
the working capital loan is outstanding, Jinfeng is required to obtain written
consent from CCB before transferring funds to Sino Gold or any of its
subsidiaries and must have a leverage ratio of 64% or lower in order to
distribute dividends to its shareholders.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>13.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Debt</b><font style="font-size:11pt"><b>
</b>(continued)</font></p>
<p style="line-height:13pt; 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"><i>(f)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>White
Mountain project loan</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
2008, Sino Gold Jilin BMZ Mining Limited (White Mountain"), our 95% owned
subsidiary acquired as part of the Sino Gold acquisition, entered into a project
loan ("project loan") with CCB. The project loan has two components:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">A
fixed asset loan of RMB 190.1 million ($27,847) with final payment due on
September 2013; and</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">a
working capital loan of RMB 40.9 million ($5,991) due in November 2010.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
interest rate on the project loan is the prevailing lending rate stipulated by
the People's Bank of China, adjusted annually for the fixed asset loan and twice
a year for the working capital loan. The applicable interest rates as at
December 31, 2009 are 5.76% and 5.31%<font style="font-family:Arial"> </font>respectively.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
project loan is secured by a Sino Gold corporate guarantee and the project's
fixed assets with a value above $100. &nbsp;</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Principal
repayment of the fixed asset loan is as follows: September 2010 - RMB 24.8
million ($3,633); September 2011 - RMB 64.5 million ($9,448); September 2012 -
RMB 66.1 million ($9,683); September 2013 - RMB 34.7 million ($5,083).</p>
<p style="line-height:13pt; 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"><i>(g)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Eastern
Dragon facilities</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt"><u>CCB
loan</u></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
2008, Heihe Rock Mining Industry Development Company Limited ("Eastern Dragon"),
our 95% owned subsidiary acquired as part of the Sino Gold acquisition, entered
into a RMB 320.0 million ($46,875) Standby letter of credit loan ("LC loan")
with CCB. The interest rate on this loan as at December 31, 2009 is 5.4%.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
LC loan is collateralized by way of irrevocable letter of credit drawn on CCB.
The letter of credit is collateralized by Sino Gold's funds held by Bank of
China Sydney Branch as restricted cash.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Subsequent
to year end the LC loan was repaid and the restricted cash was released.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt"><u>China
Merchants Bank - project-financing loan</u></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
2009, Eastern Dragon entered into a RMB 450.0 million ($65,919)
project-financing loan ("project-financing loan") with China Merchants Bank ("CMB").
The Project financing loan has three components:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">A
5 year term, RMB 320.0 million &nbsp;($46,875) long term loan ("the long term
loan") to replace the LC loan with CCB;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">a
4 year term RMB 100.0 million ($14,649) fixed asset loan ("the fixed asset loan");
and</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">a
one year term RMB 30.0 million ($4,395) working capital loan ("the working
capital loan").</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; font-size:12pt"><b>December 31, 2009 and
2008</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>13.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Debt</b><font style="font-size:11pt"><b>
</b>(continued)</font></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.467px; font-size:11pt">The
project-financing loan is subject to a floating interest rate adjusted quarterly
at the prevailing lending rate stipulated by the People's Bank of China for
similar loans with a 10% discount. &nbsp;The applicable interest rates as at
December 31, 2009 are 5.18% and 4.78% after discount respectively<font style="font-family:Arial">
</font>if a drawdown had been made.</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
project-financing loan is secured by an irrevocable letter of Guarantee issued
by Sino Gold. Under the terms of the agreement, the following conditions shall
be fulfilled before the first drawdown:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height: 15pt; text-indent: -24px; font-size: 11pt; margin-top: 0px; margin-bottom: -20px; padding-left: 105.6px">1.</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 105.6px">Obtain
project approval from the Heilongjiang Provincial Development and Reform
Commission;</p>
<p style="line-height: 15pt; text-indent: -24px; font-size: 11pt; margin-top: 0px; margin-bottom: -20px; padding-left: 105.6px">2.</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 105.6px">Sino
Gold to open an offshore banking business bank<font style="font-family:Arial"> </font>account
with CMB and deposit $40,000;</p>
<p style="line-height: 15pt; text-indent: -24px; font-size: 11pt; margin-top: 0px; margin-bottom: -20px; padding-left: 105.6px">3.</p>
<p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 105.6px">The
aggregate of the amount deposited in the offshore account, Eastern Dragon
registered capital and shareholder loan shall not be less than $84,660 (this
threshold has been reached as at December 31, 2009).<br>
<br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
addition, before the second drawdown, Eastern Dragon should obtain the gold
operation permit.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
working capital loan can be drawn down once the following conditions are
satisfied:</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">The
project obtains the mining license;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">the
project has been developed and in production;</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">the
gold operation permit has been granted; and</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iv.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">the
safety production permit and environmental protection permit have been granted.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
project-financing loan requires Eastern Dragon to maintain a liability asset
ratio of 70% or lower, excluding shareholder loan and total banking debt should
not exceed RMB 550.0 million ($80,567).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
project-financing loan is subject to an annual management fee of 10% of the
annual interest on the drawn down amount.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">No
amounts were drawn down under the project facility loan as at December 31, 2009.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt"><u>CMB
Standby letter of Credit loan</u></p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In
January 2010, Eastern Dragon entered into a RMB 320.0 million ($46,875) Standby
letter of credit loan with CMB. This loan has a one year term and is subject to
a floating interest rate adjusted quarterly at the prevailing lending rate
stipulated by the People's Bank of China for working capital loans with 10%
discount. &nbsp;This loan is collateralized by way of a $52,200 irrevocable
letter of credit issued by Sino Gold to CMB.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">On
February 5, 2010, Easter Dragon made a drawdown on this loan which was used to
repay the LC loan with CCB.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>13.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Debt</b><font style="font-size:11pt"><b>
</b>(continued)</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">This
loan is to be prepaid when Eastern Dragon obtains the required project approval
that will allow it to complete the first drawdown on the project-financing loan.
This loan is subject to an annual management fee of 10% of the interest accrued
on the drawn down and outstanding amount. This management fee is paid in advance
quarterly.</p>
<p style="line-height:13pt; 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>14.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Asset
retirement obligations</b></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="271.333"></td>
    <td width="17.2"></td>
    <td width="92.8"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="400.8" colspan="7">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Brazil</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>China</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Turkey</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; font-size:11pt"><b>Total</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Balance
      at beginning of year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">753</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">1,286</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">2,773</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">4,812</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:28.4px; font-size:11pt">Additions
      resulting from acquisition (note 4 (a))</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:73.267px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">19,249</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">19,249</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px; text-indent:-13.867px; font-size:11pt">Accretion
      during the year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:63.467px; font-size:11pt">51</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.933px; font-size:11pt">71</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:51.6px; font-size:11pt">169</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:64.4px; font-size:11pt">291</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Revisions
      to estimate of final obligation</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">258</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:49.2px; font-size:11pt">(46)</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">2,002</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">2,214</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Balance
      at end of year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">1,062</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">20,560</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">4,944</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">26,566</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Estimated
      undiscounted amount</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">1,730</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">77,758</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">14,687</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">94,175</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="271.333"></td>
    <td width="17.2"></td>
    <td width="92.8"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
    <td width="14.4"></td>
    <td width="88.267"></td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="400.8" colspan="7">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>December
      31, 2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Brazil</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>China</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Turkey</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="14.4" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; font-size:11pt"><b>Total</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Balance
      at beginning of year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">4,463</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">1,218</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">3,118</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">8,799</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px; text-indent:-13.867px; font-size:11pt">Accretion
      during the year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">377</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.933px; font-size:11pt">68</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:51.6px; font-size:11pt">187</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:64.4px; font-size:11pt">632</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Revisions
      to estimate of final obligation</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">3,229</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:41.867px; font-size:11pt">(532)</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">2,697</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Payments</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:35.4px; font-size:11pt">(1,225)</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:43.667px; font-size:11pt">(1,225)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Disposal
      (note 4 (d))</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:35.4px; font-size:11pt">(6,091)</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; 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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; 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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:43.667px; font-size:11pt">(6,091)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <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="88.267">
      <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="88.267">
      <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="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Balance
      at end of year</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">753</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">1,286</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">2,773</p>
    </td>
    <td valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">4,812</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="14.4">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:2px solid #000000" valign="bottom" width="88.267">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="271.333">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.267px; font-size:11pt">Estimated
      undiscounted amount</p>
    </td>
    <td valign="bottom" width="17.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="92.8">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">1,350</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; 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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">6,823</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="88.267">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">9,948</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The
net present values contemplate credit-adjusted risk-free interest rates of
between 5% and 7%.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; font-size:11pt">Revisions
to the estimate of final obligations in 2009 include $258 related to Vila Nova
project ("Vila Nova"), ($80) related to TJS, $34 related to Sino Gold, $1,972
related to Ki&#351;lada&#287; and $30 related to Efemcukuru. Revisions for 2008
include $2,476 related to Sao Bento and $753 related to Vila Nova. ARO costs
included in the Statement of Operations and Deficit for 2008 include the Sao
Bento revision of $2,476 and accretion during the year of $632.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>15.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:8px; padding-left:28.8px; font-size:12pt"><b>Defined
benefit plans</b></p>
<p style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; padding-left:28.733px; font-size:11pt">During
the year ended December 31, 2008, the company implemented a defined benefit
pension program with two components: a registered pension plan ("the Pension
Plan") and a non-registered supplementary pension plan ("the SERP"). These
plans, which are only available to certain qualifying employees, provide
benefits based on an employee's years of service and final average earnings at
retirement. There are no indexation features. Annual contributions to these
plans are actuarially determined and made at or in excess of minimum
requirements prescribed by legislation.</p>
<p style="line-height:13pt; margin-top:11px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
Company's plans are actuarially evaluated for funding purposes on a three-year
cycle. The Pension Plan and the SERP were last actuarially evaluated on January
1, 2008 and January 1, 2009 respectively for funding purposes and the next
required valuation will be as of January 1, 2011 for the Pension Plan and
January 1, 2012 for the SERP. The measurement date used to determine all of the
accrued benefit obligation and plan assets for accounting information was
December 31, 2009.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
SERP is designed to provide supplementary pension benefits to qualifying
employees affected by the maximum pension limits under the <i>Income Tax Act</i>
and the Company is not required to pre-fund any benefit obligation under the
SERP.</p>
<p style="line-height:13pt; margin:0px; font-size:11pt"><i>Total cash payments</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">Total
cash payments for pension benefits for 2009, including cash contributed to the
Pension Plan and the SERP were $1,856 (2008 - $3,791). No cash payments were
made directly to beneficiaries during the year. The Company expects to
contribute $113 to the Pension Plan and $93 to the SERP in 2010 based on minimum
funding requirements.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
estimated future pension payments for the next five years and five years
thereafter are as follows:</p>
<table style="font-size: 10pt" cellspacing="0" width="739">
  <tr height="0" style="font-size:0">
    <td width="242"></td>
    <td width="7"></td>
    <td width="64"></td>
    <td width="3"></td>
    <td width="69"></td>
    <td width="3"></td>
    <td width="77"></td>
    <td width="3"></td>
    <td width="66"></td>
    <td width="7"></td>
    <td width="66"></td>
    <td width="7"></td>
    <td width="73"></td>
  </tr>
  <tr>
    <td valign="bottom" width="242">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="64" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:34px; font-size:11pt"><b>2010</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:56px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:34px; font-size:11pt"><b>2011</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:56px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2012</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2013</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2014</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2015 and
      later</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="242">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="64">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73">
      <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:-38.667px; font-size:11pt">Estimated
      future pension payments</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="64" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:21.6px; font-size:11pt">123</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.4px; font-size:11pt">148</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:35.6px; font-size:11pt">642</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt">642</p>
    </td>
    <td valign="bottom" width="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt">642</p>
    </td>
    <td valign="bottom" width="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">3,599</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:11px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
details of the Company's benefit plans are as follows:</p>
<a NAME="_1329738351"></a><a NAME="_1329738361"></a><a NAME="_1329738386"></a><a NAME="_1329738441"></a><a NAME="_1329738452"></a><a NAME="_1329738549"></a><a NAME="_1329738760"></a><a NAME="_1330156153"></a><a NAME="_1330338139"></a><a NAME="_1330413878"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="283.867"></td>
    <td width="11.333"></td>
    <td width="94.6"></td>
    <td width="72"></td>
    <td width="11.333"></td>
    <td width="94.6"></td>
    <td width="72"></td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="166.6" height="19.267" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt"><b><u>Accrued
      benefit obligation</u></b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Balance
      at beginning of year</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;753&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;4,037&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Current
      service cost</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;102&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;484&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;104&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;378&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Past
      service costs (net of qualifying transfer)</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;326&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;3,570&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Qualifying
      transfer</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;561&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Interest
      cost</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;69&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;369&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;49&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;197&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Actuarial
      losses (gains)</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;219&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;2,121&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;(287)</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;(108)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt">Foreign
      exchange</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;120&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;641&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.867" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt"><b>Balance
      at end of year</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;1,263&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;7,652&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="11.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;753&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.4px; font-size:11pt" align="right">&nbsp;&nbsp;4,037&nbsp;</p>
    </td>
  </tr>
</table>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>15.</b></p>
<p style="line-height:normal; margin-top:0px; margin-bottom:7.333px; text-indent:28.8px; font-size:12pt"><b>Defined
benefit plans</b><font style="font-size:11pt"><b> </b>(continued)</font></p>
<a NAME="_1329716123"></a><a NAME="_1329716214"></a><a NAME="_1329738311"></a><a NAME="_1329738581"></a><a NAME="_1329738635"></a><a NAME="_1329738644"></a><a NAME="_1329738664"></a><a NAME="_1329738718"></a><a NAME="_1329738778"></a><a NAME="_1329739241"></a><a NAME="_1330156107"></a><a NAME="_1330156179"></a><a NAME="_1330338155"></a><a NAME="_1330413864"></a><a NAME="_1330413915"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="288"></td>
    <td width="11.333"></td>
    <td width="94.6"></td>
    <td width="75.067"></td>
    <td width="11.333"></td>
    <td width="94.6"></td>
    <td width="72"></td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="169.667" height="19.267" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><b><u>Plan
      assets</u></b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Fair
      value at beginning of year</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;848&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Actual
      return on plan assets</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;48&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;17&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Employer's
      contribution<sup> (1)</sup></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;270&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Qualifying
      transfer</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;107&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;561&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Foreign
      exchange</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;134&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><b>Fair
      value at end of year</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,137&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="11.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;848&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><b><u>Funded
      status</u></b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Fair
      value of plan assets</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,137&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;848&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Accrued
      benefit obligation</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,263&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;7,652&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;753&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;4,037&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Plan
      (deficit) surplus</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(126)</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(7,652)</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;95&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(4,037)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Unamortized
      actuarial losses (gains)</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;17&nbsp;</p>
    </td>
    <td valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,995&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(243)</p>
    </td>
    <td valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(108)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Unamortized
      past service cost</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;222&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;2,418&nbsp;</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;259&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;2,828&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="288" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><b>Net
      accrued benefit asset (liability)</b></p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;113&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="75.067" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(3,239)</p>
    </td>
    <td valign="bottom" width="11.333" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;111&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="72" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align="right">&nbsp;&nbsp;(1,317)</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><sup>(1)</sup>
The Company has $7,066 in an investment account to fund its SERP obligation. The
breakdown of the investment is provided in note 24(g). This amount is included
in restricted assets and other (note 10).</p>
<p style="line-height:13pt; margin-top:11px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
accrued benefit asset (liability) is included in the Company's balance sheet as
follows:</p>
<a NAME="_1329739031"></a><a NAME="_1329739065"></a><a NAME="_1329739075"></a><a NAME="_1329739216"></a><a NAME="_1330413797"></a><a NAME="_1330413953"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="258.133"></td>
    <td width="18.533"></td>
    <td width="94.6"></td>
    <td width="79.2"></td>
    <td width="19.533"></td>
    <td width="94.6"></td>
    <td width="83.333"></td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="173.8" height="19.267" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="83.333" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="79.2" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="83.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="79.2" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="83.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt">Restricted
      assets and other (note 10)</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;113&nbsp;</p>
    </td>
    <td valign="bottom" width="79.2" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;111&nbsp;</p>
    </td>
    <td valign="bottom" width="83.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt">Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="79.2" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;(3,239)</p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="83.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;(1,317)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt">Total</p>
    </td>
    <td valign="bottom" width="18.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;113&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="79.2" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;(3,239)</p>
    </td>
    <td valign="bottom" width="19.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;111&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="83.333" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.467px; font-size:11pt" align="right">&nbsp;&nbsp;(1,317)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="258.133" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="79.2" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="83.333" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:29.467px; font-size:11pt">The
net expense recognized for the Company's defined benefit plans is as follows:</p>
<a NAME="_1329739086"></a><a NAME="_1329739174"></a><a NAME="_1329739248"></a><a NAME="_1330413850"></a><a NAME="_1330413990"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="213.933"></td>
    <td width="21.6"></td>
    <td width="94.6"></td>
    <td width="89.467"></td>
    <td width="16.467"></td>
    <td width="94.6"></td>
    <td width="88.467"></td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="184.067" height="19.267" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Current
      service cost</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;94&nbsp;</p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;445&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;104&nbsp;</p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;378&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Interest
      cost</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;63&nbsp;</p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;340&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;49&nbsp;</p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;194&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Expected
      gains on plan assets</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;(62)</p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;(45)</p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Amortization
      of net actuarial gains</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;(54)</p>
    </td>
    <td valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Amortization
      of past service costs</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;72&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;791&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;66&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;732&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="213.933" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Net
      pension expense</p>
    </td>
    <td valign="bottom" width="21.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;113&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="89.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;1,576&nbsp;</p>
    </td>
    <td valign="bottom" width="16.467" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;174&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="88.467" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;1,304&nbsp;</p>
    </td>
  </tr>
</table>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>15.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Defined
benefit plans</b><font style="font-size:11pt"><b> </b>(continued)</font></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt"><i>Plan Assets</i></p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The assets of the
Pension Plan and the amounts deposited in the SERP account are managed by a
major investment management company and are invested only in conformity with the
investment requirements of applicable pension laws.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The following table
summarizes the defined benefit plans' weighted average asset allocation
percentages by asset category at December 31:</p>
<p style="margin:0px"><br>
</p>
<a NAME="_1329738934"></a><a NAME="_1329738959"></a><a NAME="_1329738993"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="135.733"></td>
    <td width="14.4"></td>
    <td width="104.933"></td>
    <td width="14.4"></td>
    <td width="101.8"></td>
    <td width="18.533"></td>
    <td width="104.933"></td>
    <td width="14.4"></td>
    <td width="101.8"></td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="221.133" height="19" colspan="3">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="18.533" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="19">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="18.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="29">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Cash
      and equivalents</p>
    </td>
    <td valign="bottom" width="14.4" height="29">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="29">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">1%</p>
    </td>
    <td valign="bottom" width="14.4" height="29">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="29">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">3%</p>
    </td>
    <td valign="bottom" width="18.533" height="29">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="29">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">6%</p>
    </td>
    <td valign="bottom" width="14.4" height="29">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="29">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">5%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Fixed
      income</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">99%</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">49%</p>
    </td>
    <td valign="bottom" width="18.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">94%</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">52%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Equity</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">0%</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">48%</p>
    </td>
    <td valign="bottom" width="18.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">0%</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">43%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="21">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Total</p>
    </td>
    <td valign="bottom" width="14.4" height="21">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="104.933" height="21">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">100%</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="14.4" height="21">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="101.8" height="21">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">100%</p>
    </td>
    <td valign="bottom" width="18.533" height="21">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="104.933" height="21">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">100%</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="14.4" height="21">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="101.8" height="21">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">100%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="135.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.933" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="101.8" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:7.333px; margin-bottom:0px; padding-left:28.733px; font-size:11pt"><i>Significant
assumptions</i></p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The significant
assumptions used are as follows:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<a NAME="_1329738949"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="301.333"></td>
    <td width="14.4"></td>
    <td width="94.6"></td>
    <td width="62.733"></td>
    <td width="15.4"></td>
    <td width="94.6"></td>
    <td width="62.733"></td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="157.333" height="20" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Pension
      Plan</b></p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.4" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="62.733" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="15.4" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="62.733" height="12">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Expected
      long term rate of return on plan assets</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.50%</p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.50%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Discount
      rate beginning of year</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">7.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">7.50%</p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5.25%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5.25%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Discount
      rate end of year</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.00%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">6.00%</p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">7.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">7.50%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Rate
      of salary escalation</p>
    </td>
    <td valign="bottom" width="14.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">4.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">4.50%</p>
    </td>
    <td valign="bottom" width="15.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">4.50%</p>
    </td>
    <td valign="bottom" width="62.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">4.50%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="301.333" height="37">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Average
      remaining service period of active employees expected to receive benefits</p>
    </td>
    <td valign="bottom" width="14.4" height="37">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="37">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5
      years</p>
    </td>
    <td valign="bottom" width="62.733" height="37">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5
      years</p>
    </td>
    <td valign="bottom" width="15.4" height="37">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="37">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5
      years</p>
    </td>
    <td valign="bottom" width="62.733" height="37">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center">5
      years</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The assumptions for the
expected long-term rate of return on plan assets for the purposes of the
actuarial valuation are based on the asset mix of the portfolio, historical data
from similar plans and the review of projected returns by asset class.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>16.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Income
taxes</b></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">The
significant components within the Company'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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; 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">Mining
      interests</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">10,800</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">3,824</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:46.067px; font-size:11pt">46,240</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">30,655</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">3,156</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">2,367</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">9,394</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">1,897</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:46.067px; font-size:11pt">69,590</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">38,743</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:36.333px; font-size:11pt">(54,885)</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:36.333px; font-size:11pt">(35,946)</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">14,705</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">2,797</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; 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">Mining
      interests</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">397,076</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">61,149</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">12,135</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">2,613</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:38.733px; font-size:11pt">409,211</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">63,762</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; 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:38.733px; font-size:11pt">394,506</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">60,965</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:11px; margin-bottom:0px; font-size:11pt">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" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>December 31,</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><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; 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: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:54.667px; font-size:11pt">(175)</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">Current
      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; text-indent:53.4px; font-size:11pt">4,264</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">1,097</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:38.733px; font-size:11pt">390,242</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">60,043</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:38.733px; font-size:11pt">394,506</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">60,965</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:9.8px; margin-bottom:0px; padding-left:28.733px; font-size:11pt">Income
tax expense differs from the amount that would result from applying the
statutory Canadian federal and provincial tax rates to income before income
taxes. These differences result from the following items:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="388.667"></td>
    <td width="14.667"></td>
    <td width="97.533"></td>
    <td width="19.2"></td>
    <td width="94.2"></td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; text-indent:43.067px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; text-indent:65.067px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; text-indent:43.067px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; text-indent:65.067px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <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="94.2">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Net
      income before taxes</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24.733px; font-size:11pt" align="right">146,921</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24.733px; font-size:11pt" align="right">181,254</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Statutory
      tax rate</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height: 11.5pt; text-indent: 24.733px; font-size: 11pt; margin: 0px; padding-left: 14px; padding-right: 7.333px" align="right">30.00%</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height: 11.5pt; text-indent: 24.733px; font-size: 11pt; margin: 0px; padding-left: 14px; padding-right: 7.333px" align="right">31.00%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Tax
      expense at the statutory income tax rate</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:33.733px; font-size:11pt">44,076</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:30.4px; font-size:11pt">56,189</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <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="94.2">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Tax
      effect of:</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <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="94.2">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <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="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">8,455</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:37.733px; font-size:11pt">4,249</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <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="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24px; font-size:11pt">(16,135)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:20.667px; font-size:11pt">(17,792)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <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="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:31.333px; font-size:11pt">(3,895)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:28px; font-size:11pt">(3,364)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Sale
      of Sao Bento</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:69.2px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:20.667px; font-size:11pt">(22,462)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Change
      in Greek tax rate</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:69.2px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:20.667px; font-size:11pt">(10,287)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Adjustment
      due to change in tax rates</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">5,638</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:65.867px; font-size:11pt">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <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="14.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">3,751</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="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:37.733px; font-size:11pt">5,966</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="388.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Income
      tax expense</p>
    </td>
    <td valign="bottom" width="14.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="97.533">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:30.067px; font-size:11pt">&nbsp;41,890</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="94.2">
      <p style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:26.733px; font-size:11pt">&nbsp;12,499</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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:0px"><br>
<br>
</p>
<p style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><b>16.</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:0px; padding-left:28.733px; font-size:11pt">At
December 31, 2009, the Company had available losses for income tax purposes of
approximately $83,185 in Canada and Greece expiring in various years from 2010
to 2030.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">In
addition, the Company's Brazilian subsidiaries have losses of $41,702 (December
31, 2008 - $24,000) that can be used to offset taxable income, and $41,600
(December 31, 2008 - $24,000) 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>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">The
Company acquired Australian tax losses on the acquisition of Sino. The amount of
these tax losses is uncertain due to various tax filing options available in
Australia on an acquisition. Due to this uncertainty, we have not disclosed a
potential future income tax asset related to these losses. This would not affect
the net income or assets recorded as these losses would be offset by a full
valuation allowance.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><br>
</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>17.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:12px; padding-left:28.8px; font-size:12pt"><b>Shareholders'
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"><i>(a)</i></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; font-size:11pt">The
Company'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. At December 31, 2009 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"><i>(b)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Issued
and outstanding share capital</i></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; font-size:11pt"><b>Voting common
      shares</b></p>
    </td>
    <td valign="bottom" width="28.8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Number of
      shares</b></p>
    </td>
    <td valign="bottom" width="28.8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Amount</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><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; font-size:11pt"><b>Balance,
      January 1, 2008</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">344,208,540</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">753,058</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; 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">3,730,155</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">14,730</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:100.8px; 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">5,571</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:100.8px; font-size:11pt">Shares
      issued for acquisition of Frontier</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">20,339,334</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">158,574</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; font-size:11pt"><b>Balance,
      December 31, 2008</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">368,278,029</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">931,933</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; 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">5,203,013</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">25,201</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:100.8px; 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:46.067px; font-size:11pt">10,045</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="436.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:100.8px; font-size:11pt">Shares
      issued for acquisition of Sino Gold</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">163,655,193</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">1,704,455</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; font-size:11pt"><b>Balance,
      December 31, 2009</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">537,136,235</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:27.733px; font-size:11pt">2,671,634</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>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>Shareholders'
equity</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"><i>(c)</i></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; font-size:11pt">The
continuity of contributed surplus on the Consolidated Balance Sheet is as
follows:</p>
<table style="font-size: 10pt" cellspacing="0" width="706">
  <tr height="0" style="font-size:0">
    <td width="352"></td>
    <td width="28"></td>
    <td width="110"></td>
    <td width="3"></td>
    <td width="105"></td>
    <td width="3"></td>
    <td width="70"></td>
    <td width="3"></td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="306" colspan="6">
      <p style="line-height:11.5pt; margin:0px; padding-left:39.733px; 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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:15.8px; font-size:11pt"><b>Stock-based</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:9.667px; font-size:11pt"><b>compensation</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:83.867px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.8px; font-size:11pt"><b>Other</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:83.867px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Total</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" 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, 2008</b></p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:41.933px; font-size:11pt">11,989</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:18.4px; font-size:11pt">13,083</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" 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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:41.933px; font-size:11pt">11,866</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:18.4px; font-size:11pt">11,866</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">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="112">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:39.533px; font-size:11pt">(5,571)</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="107">
      <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="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="79" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:16px; font-size:11pt">(5,571)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" 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, 2008</b></p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:41.933px; font-size:11pt">18,284</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:18.4px; font-size:11pt">19,378</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" 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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:49.267px; font-size:11pt">8,532</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:25.733px; font-size:11pt">8,532</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">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="112">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:32.2px; font-size:11pt">(10,045)</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="107">
      <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="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="79" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:8.667px; font-size:11pt">(10,045)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="110">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="77" 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, 2009</b></p>
    </td>
    <td valign="bottom" width="28">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="112">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:41.933px; font-size:11pt">16,771</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="107">
      <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="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="79" colspan="2">
      <p style="line-height:11.5pt; margin:0px; padding-right:7.467px; text-indent:18.4px; font-size:11pt">17,865</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"><i>(d)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Accumulated
other comprehensive income (loss)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; font-size:11pt">Accumulated
other comprehensive income includes the following:</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="454.667"></td>
    <td width="95.333"></td>
    <td width="22"></td>
    <td width="95.333"></td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="22" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="22">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95.333">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance,
      beginning of year</p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(5,971)</p>
    </td>
    <td valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">214</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <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 - &nbsp;net of taxes of
      $320 (2008 - nil)</p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">129,098</p>
    </td>
    <td valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(6,431)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Reversal
      on acquisition of subsidiary (note 4 (a) and (c))</p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:29px; font-size:11pt">(122,617)</p>
    </td>
    <td valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(153)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Realized
      losses (gains) on sale of available-for-sale investment transferred to net
      income</p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,717</p>
    </td>
    <td valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:62px; font-size:11pt">(61)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Other
      than temporary impairment charges</p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">460</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="454.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance,
      end of year</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,227</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="22">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="95.333">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(5,971)</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>18.</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"><i>(a)</i></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; font-size:11pt">The
Company has two share option plans ("Plans") approved by the shareholders under
which share purchase options ("Options") can be granted to directors, officers,
employees and consultants.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">The
Company'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, 2009, a total of 4,810,000 Options (December&nbsp;31,
2008 - 662,701) 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; font-size:11pt">The
Company's Directors and Officers Plan ("D&amp;O Plan") 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, 2009, a total of 4,760,000 Options
(December 31, 2008 - 1,138,041) were available to grant to directors and
officers under the D&amp;O Plan.</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
continuity of share purchase options outstanding is as follows:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size: 10pt" cellspacing="0" width="720">
  <tr height="0" style="font-size:0">
    <td width="363"></td>
    <td width="3"></td>
    <td width="96"></td>
    <td width="19"></td>
    <td width="96"></td>
    <td width="19"></td>
    <td width="96"></td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Weighted
      average exercise price</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Cdn$</b></p>
    </td>
    <td valign="bottom" width="19" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Number of
      options</b></p>
    </td>
    <td valign="bottom" width="19" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Contractual
      weighted average remaining life</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>(years)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance,
      December 31, 2007</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">5.36</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">8,224,279</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right">3.1</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;5.50</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">8,960,000</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;3.95</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:18px; font-size:11pt">(3,730,155)</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Forfeited</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;6.55</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98">
      <p style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(15,210)</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height: 11.5pt; text-indent: -14.4px; font-size: 11pt; margin: 0px; padding-left: 115.2px">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><br>
      </p>
    </td>
    <td valign="bottom" width="19">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height: 11.5pt; font-size: 11pt; text-indent: -14.4px; margin: 0px; padding-left: 115.2px">Balance,
      December 31, 2008</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">5.71</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:20.4px; font-size:11pt">13,438,914</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right">3.9</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;9.80</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">748,000</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <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="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;5.59</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:18px; font-size:11pt">(5,203,013)</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Forfeited</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;6.46</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98">
      <p style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(55,000)</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height: 11.5pt; text-indent: -14.4px; font-size: 11pt; margin: 0px; padding-left: 115.2px">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><br>
      </p>
    </td>
    <td valign="bottom" width="19">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 11.733px" align="right"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="363">
      <p style="line-height: 11.5pt; font-size: 11pt; text-indent: -14.4px; margin: 0px; padding-left: 115.2px">Balance,
      December 31, 2009</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align="right">&nbsp;6.11</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="98">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">8,928,901</p>
    </td>
    <td valign="bottom" width="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; padding-right:11.733px; font-size:11pt" align="right">&nbsp;3.3</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">At
December 31, 2009, 5,528,557 share purchase options (December 31, 2008 -
6,119,729) with a weighted average exercise price of Cdn$6.16 (December 31, 2008
- - Cdn$5.69) had vested and were exercisable.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>Stock
based compensation</b><font style="font-size:11pt"> (continued)</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">Options
outstanding at December 31, 2009 are as follows:</p>
<table style="font-size: 10pt" cellspacing="0" width="741">
  <tr height="0" style="font-size:0">
    <td width="217"></td>
    <td width="3"></td>
    <td width="103"></td>
    <td width="3"></td>
    <td width="96"></td>
    <td width="9"></td>
    <td width="76"></td>
    <td width="9"></td>
    <td width="96"></td>
    <td width="9"></td>
    <td width="76"></td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="504" colspan="9">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>&nbsp;December
      31, 2009</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="298" colspan="5">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>&nbsp;Total
      options outstanding</b></p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="191" colspan="3">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>&nbsp;Exercisable
      options</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt"><b>Range
      of</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt"><b>exercise
      price</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>Cdn$</b></p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.867px; font-size:11pt"><b>Shares</b></p>
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:29.333px; font-size:11pt"><b>Weighted</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:40.733px; font-size:11pt"><b>average</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:26.933px; font-size:11pt"><b>remaining</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:21.2px; font-size:11pt"><b>contractual</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:66.867px; font-size:11pt"><b>life</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:45.667px; font-size:11pt"><b>(years)</b></p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:10.133px; font-size:11pt"><b>Weighted</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:21.533px; font-size:11pt"><b>average</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:19.067px; font-size:11pt"><b>exercise</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt"><b>price</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:35.4px; font-size:11pt"><b>Cdn$</b></p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.267px; font-size:11pt"><b>Shares</b></p>
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:10.133px; font-size:11pt"><b>Weighted</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:21.533px; font-size:11pt"><b>average</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:19.067px; font-size:11pt"><b>exercise</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt"><b>price</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:35.4px; font-size:11pt"><b>Cdn$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="9">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$3.00
      to $3.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.667px; font-size:11pt">25,000</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">0.2</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">3.76</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,000</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">3.76</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$4.00
      to $4.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">4,081,458</p>
    </td>
    <td valign="bottom" width="3">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">4.88</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,181,124</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">4.88</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$5.00
      to $5.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">275,143</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">2.6</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">5.20</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">270,143</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">5.20</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$6.00
      to $6.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">1,787,800</p>
    </td>
    <td valign="bottom" width="3">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.44</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">838,458</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.44</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$7.00
      to $7.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">2,075,500</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">2.3</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">7.18</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,961,833</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">7.14</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:115.2px; font-size:11pt">$9.00
      to $9.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">594,000</p>
    </td>
    <td valign="bottom" width="3">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">9.54</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">221,999</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">9.66</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p style="line-height:11.5pt; margin:0px; padding-left:94.533px; font-size:11pt">&nbsp;
      $11.00 to $11.99</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103">
      <p style="line-height:11.5pt; margin:0px; text-indent:55.667px; font-size:11pt">90,000</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">4.6</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:34.2px; font-size:11pt">11.83</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">30,000</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:34.2px; font-size:11pt">11.83</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="3">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="98">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="217">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="105">
      <p style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">8,928,901</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p style="line-height:11.5pt; margin:0px; text-indent:115.2px; font-size:11pt">3.3</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.11</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="98">
      <p style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,528,557</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:11.5pt; margin:0px; text-indent:41.533px; font-size:11pt">6.16</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; 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"><i>(b)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Stock-based
compensation expense</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">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.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">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="293"></td>
    <td width="19.2"></td>
    <td width="112.533"></td>
    <td width="19.2"></td>
    <td width="113.067"></td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Operating costs</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">1,830</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.667px; font-size:11pt">1,526</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Exploration</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.067px; font-size:11pt">958</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.667px; font-size:11pt">1,401</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p style="line-height:11.5pt; margin:0px; 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="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">5,744</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="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.667px; font-size:11pt">8,939</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="293">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Total</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">8,532</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="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:63.333px; font-size:11pt">11,866</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
assumptions used to estimate the fair value of Options granted during the years
ended December 31, 2009 and 2008 were:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size: 10pt" cellspacing="0" width="615">
  <tr height="0" style="font-size:0">
    <td width="344"></td>
    <td width="3"></td>
    <td width="126"></td>
    <td width="3"></td>
    <td width="119"></td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:18.933px; font-size:11pt" align="center"><b>2009</b></p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="119" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="center"><b>2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="119">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="344">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Risk-free
      interest rate (range)</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="126" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">1.40%
      - 2.11%</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="top" width="119" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">2.39%
      - 3.48%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Expected
      volatility (range)</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">64%
      - 76%</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="119" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">40%
      - 53%</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Expected life
      (range)</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">1.5
      - 3.8 years</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="119" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">3.4
      years</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Expected
      dividends</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align="right">Nil</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="119" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align="right">Nil</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="344">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt">Weighted average
      fair value per stock option (CAD$)</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="126" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align="right">$
      4.80</p>
    </td>
    <td valign="bottom" width="3" align="right">
      <p style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 9.467px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="119" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align="right">$2.03</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>
<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>Stock
based compensation</b><font style="font-size:11pt"> (continued)</font></p>
<p style="line-height:13pt; 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"><i>(c)</i></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; font-size:11pt">In
August 2007, the directors adopted a Bonus Cash Award Units ("BCAU") plan with
an effective date of August 2, 2007. The plan provides for the Board of
Directors (the "Directors") 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 as the excess of trading price
of Eldorado shares traded on the Toronto Stock Exchange ("TSX") on the trading
day on which the designated participant elects to exercise their BCAU over the
trading price of Eldorado shares traded on the TSX on the grant day.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; font-size:11pt">As
of December 31, 2009, all Bonus Cash Award Units ("BCAUs") awarded by the
Company were exercised (December 31, 2008 - 587,500 BCAUs outstanding). The
Company paid $2,543 in bonus cash award units in the 2009 year (2008 - $1,658).
The related expense in the amount of $559 (2008 - $2,059) is included in general
and administrative expense in the Consolidated Statements of Operations and
Deficit. The carrying value of the BCAUs at December 31, 2008 was $2,059, and is
reflected in accrued liabilities on the balance sheet.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<a NAME="_Ref161141313"></a>
<p style="line-height:16.5pt; margin-top:0px; margin-bottom:-22px; padding-left:28.8px; text-indent:-28.8px; font-size:12pt"><b>19.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Supplementary
cash flow information</b></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="359.133"></td>
    <td width="19.2"></td>
    <td width="112.533"></td>
    <td width="19.2"></td>
    <td width="113.067"></td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; 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="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Accounts
      receivable and prepaids</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">25,386</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.667px; font-size:11pt">7,504</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Inventories</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(19,799)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.6px; font-size:11pt">(26,057)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; 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="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">39,472</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="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.667px; font-size:11pt">366</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">45,059</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="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:53.6px; font-size:11pt">(18,187)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Supplementary
      cash flow information</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Income
      taxes paid</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">46,317</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:70.667px; font-size:11pt">3,952</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Interest
      paid</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.067px; font-size:11pt">839</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:63.333px; font-size:11pt">24,971</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt">Non-cash
      investing and financing activities</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <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="113.067">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Shares
      issued on acquisition of Sino Gold/Frontier</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:44.4px; font-size:11pt">1,704,455</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:56px; font-size:11pt">158,574</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="359.133">
      <p style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Shares
      received on sale of Sao Bento</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112.533">
      <p style="line-height:11.5pt; margin:0px; text-indent:98.2px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="113.067">
      <p style="line-height:11.5pt; margin:0px; text-indent:63.333px; font-size:11pt">70,000</p>
    </td>
    <a NAME="_Ref159383846"></a><a NAME="_Ref161229136"></a>
  </tr>
</table>
<p style="line-height:18pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>20.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><b>Commitments
and contingencies</b></p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:76.8px; text-indent:-24px; font-size:11pt"><i>a)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:76.8px; font-size:11pt"><i>Commitments</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">The
Company's contractual obligations, not disclosed on the balance sheet, at
December 31, 2009, 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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:34px; font-size:11pt"><b>2010</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:56px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2011</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2012</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2013</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="7.333" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73.333" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2014 and
      later</b></p>
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>$</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"><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>&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; 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">3,281</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">2,815</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">2,157</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">2,020</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:40.4px; font-size:11pt">543</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.067">
      <p style="line-height:11.5pt; margin:0px; padding-left:57.6px; 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">90,236</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">14,094</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">12,504</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:57.533px; font-size:11pt">-</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:57.533px; font-size:11pt">-</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; 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">93,517</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">16,909</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">14,661</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:29.4px; font-size:11pt">2,020</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:40.4px; font-size:11pt">543</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Purchase obligations
from<b> </b>2011 forward relate solely to Ki&#351;lada&#287; operations,
including the estimated payments under unhedged diesel fuel purchase commitments
for 2011 through 2012.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:76.8px; text-indent:-24px; font-size:11pt"><i>b)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:76.8px; font-size:11pt"><i>Contingencies</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Due
in part to the size, complexity and nature of the Company's operations, various
social, political, environmental, land title, legal, permitting and tax matters
are outstanding from time to time. In the opinion of management, these matters
are not expected to have an adverse effect on the Company's consolidated
financial position or operations.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">In
December 2008, the Jinfeng mine received a notice from the Ministry of Land and
Resources ("Ministry") advising that the Ministry concluded that the mine should
not receive an exemption from payment of the Resource Compensation Fee ("RCF").
An exemption from the RCF had been part of the conditions for the mine being
approved as an "encouraged" project in January 2005. The mine has received legal
advice that its qualification for the exemption is strong and has sought a
formal review of the Ministry's notice. The Ministry's review process has been
underway over the past few months. The mine has received a notice from the
Ministry advising that the review process has been adjourned in order to allow
the Ministry additional time to investigate the issues. During the adjournment,
the mine does not anticipate any change in the status quo, although the ultimate
outcome of the review process remains uncertain.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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>21.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px; padding-left:28.8px; font-size:12pt"><b>Capital
disclosure</b></p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">Eldorado's
objectives when managing capital are to:</p>
<p style="line-height:13pt; margin-top:7.333px; margin-bottom:-17.333px; padding-left:73.333px; text-indent:-24px; font-size:11pt">a)</p>
<p style="line-height:13pt; margin:0px; padding-left:73.333px; font-size:11pt">safeguard
our ability to continue as a going concern,</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:73.333px; text-indent:-24px; font-size:11pt">b)</p>
<p style="line-height:13pt; margin:0px; padding-left:73.333px; font-size:11pt">have
sufficient capital to develop our mining projects and take them into production,
and</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:73.333px; text-indent:-24px; font-size:11pt">c)</p>
<p style="line-height:13pt; margin:0px; padding-left:73.333px; font-size:11pt">meet
external capital requirements on our credit facilities.</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; font-size:12pt"><b>December 31, 2009 and
2008</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>21.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Capital
disclosure</b><font style="font-size:11pt"> (continued)</font></p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">The
Company monitors capital based on the debt to adjusted capital ratio. Debt is
defined as the total of current and long-term debt shown on the balance sheet.
Adjusted capital includes all components of shareholders' equity, which includes
accumulated comprehensive income, share capital, contributed surplus and
deficit. Eldorado's strategy is to keep the debt to adjusted capital ratio below
40%. The debt to adjusted capital ratio at December 31, 2009 and December 31,
2008 was 7.23% and nil respectively.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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>22.</b></p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:16px; padding-left:28.8px; font-size:12pt"><b>Financial
instruments</b></p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:76.8px; text-indent:-24px; font-size:11pt"><i>a)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:76.8px; font-size:11pt"><i>Recognition,
measurement and presentation</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Financial
instruments are either measured at amortized cost or fair value.
Held-to-maturity investments, loans and receivables and other financial
liabilities are measured at amortized cost. Held-for-trading financial assets
and liabilities and available-for-sale financial assets and liabilities are
measured on the balance sheet at fair value.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:76.8px; text-indent:-24px; font-size:11pt"><i>b)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:76.8px; font-size:11pt"><i>Fair
value</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt">The
following table provides the carrying value and the fair value of financial
instruments at December 31, 2009 and December 31, 2008:</p>
<a NAME="_1278311800"></a><a NAME="_1329716453"></a><a NAME="_1330255199"></a><a NAME="_1330338442"></a><a NAME="_1330414241"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="270.533"></td>
    <td width="81.267"></td>
    <td width="81.267"></td>
    <td width="26.733"></td>
    <td width="81.267"></td>
    <td width="81.267"></td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="162.533" height="19" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>December
      31, 2009</b></p>
    </td>
    <td valign="bottom" width="26.733" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="19">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" rowspan="2" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Carrying
      amount</b></p>
    </td>
    <td valign="bottom" width="81.267" rowspan="2" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Fair
      value</b></p>
    </td>
    <td valign="bottom" width="26.733" height="19" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="81.267" rowspan="2" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Carrying
      amount</b></p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="81.267" rowspan="2" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>Fair
      value</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="19" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="81.267" height="19">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="81.267" height="19">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td valign="bottom" width="26.733" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="81.267" height="19">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="81.267" height="19">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><b>Financial
      Assets</b></p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><i>Held-for-trading</i></p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Cash
      and cash equivalents</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">265,369&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">265,369&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">61,851&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">61,851&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;50,000&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;50,000&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Marketable
      securities</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">481&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">481&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">31,526&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">31,526&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Restricted
      assets and other</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">8,152&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">8,152&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">6,000&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">6,000&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><i>Available-for-sale</i></p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Marketable
      securities</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">13,626&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">13,626&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">12,084&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">12,084&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><i>Loans
      and receivables</i></p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">26,085&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">26,085&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">27,655&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">27,655&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><b>Financial
      Liabilities</b></p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="15">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">154,011&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">154,011&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">41,342&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">41,342&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="270.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt">&nbsp;&nbsp;Debt</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">191,032&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">191,032&nbsp;</p>
    </td>
    <td valign="bottom" width="26.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">139&nbsp;</p>
    </td>
    <td valign="bottom" width="81.267" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt" align="right">139&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>22.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Financial
instruments</b><font style="font-size:11pt"> (continued)</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">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 relevant markets.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The fair value hierarchy
established by CICA Handbook Section 3862 - Financial Instruments - Disclosures</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">("Section 3862")
establishes three levels to classify the inputs to valuation techniques used to
measure fair value and is harmonized with disclosure requirements included in
ASC Subtopic 820-10 on financial instruments under US GAAP. The three levels of
the fair value hierarchy are described below:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Level 1 - Unadjusted
quoted prices in active markets that are accessible at the measurement date for
identical, unrestricted assets or liabilities.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Level 2 - Inputs that
are observable, either directly or indirectly, but do not qualify as Level 1
inputs (i.e., quoted prices for similar assets or liabilities).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Level 3 - Prices or
valuation techniques that require inputs that are both significant to the fair
value measurement and unobservable (i.e., supported by little or no market
activity).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; font-size:11pt">Assets and liabilities
measured at fair value on a recurring basis as at December 31, 2009 include:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<a NAME="_1329716593"></a><a NAME="_1329740288"></a><a NAME="_1330414286"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="211.867"></td>
    <td width="93.6"></td>
    <td width="9.267"></td>
    <td width="96.667"></td>
    <td width="9.267"></td>
    <td width="86.4"></td>
    <td width="9.267"></td>
    <td width="85.333"></td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" rowspan="2">
      <p style="line-height:13pt; margin:0px" align="right"><b>Balance at
      December 31, 2009</b></p>
    </td>
    <td valign="bottom" width="9.267" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" rowspan="2">
      <p style="line-height:13pt; margin:0px" align="right"><b>Quoted Prices in
      Active Markets for Identical Assets</b></p>
    </td>
    <td valign="bottom" width="9.267" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" rowspan="2">
      <p style="line-height:13pt; margin:0px" align="right"><b>Significant Other
      Observable Inputs</b></p>
    </td>
    <td valign="bottom" width="9.267" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" rowspan="2">
      <p style="line-height:13pt; margin:0px" align="right"><b>Significant
      unobservable inputs</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="68.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="68.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="68.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="68.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="17">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="93.6" height="17">
      <p style="line-height:13pt; margin:0px" align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.267" height="17">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96.667" height="17">
      <p style="line-height:13pt; margin:0px" align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td valign="bottom" width="9.267" height="17">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="86.4" height="17">
      <p style="line-height:13pt; margin:0px" align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.267" height="17">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="85.333" height="17">
      <p style="line-height:13pt; margin:0px" align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px" align="center"><b>(Level 1)</b></p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px" align="center"><b>(Level 2)</b></p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px" align="center"><b>(Level 3)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt"><b>Financial
      Assets</b></p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="15">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="15">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt"><i>Held for
      trading</i></p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Cash
      and cash equivalents</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">265,369&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">265,369&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">50,000&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">50,000&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Marketable
      securities</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">481&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">307&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;174&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Restricted
      asset and other</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">8,152&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">8,152&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="12">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="12">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt"><i>Available for
      sale</i></p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Marketable
      securities</p>
    </td>
    <td valign="bottom" width="93.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">13,626&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">13,282&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;344&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt"><b>Financial
      Liabilities</b></p>
    </td>
    <td valign="bottom" width="93.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="93.6" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="211.867" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;Debt</p>
    </td>
    <td valign="bottom" width="93.6" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">191,032&nbsp;</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96.667" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="86.4" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="9.267" height="20">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="85.333" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;191,032&nbsp;</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The
table below sets forth a summary of changes in the fair value of the Company's
Level 3 financial assets and liabilities for the year ended December 31, 2009.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; 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; font-size:12pt"><b>December 31, 2009 and
2008</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>22.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Financial
instruments</b><font style="font-size:11pt"> (continued)</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<a NAME="_1329720567"></a><a NAME="_1329724713"></a><a NAME="_1329740320"></a><a NAME="_1329825086"></a><a NAME="_1329825118"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="315.733"></td>
    <td width="91.533"></td>
    <td width="94.6"></td>
    <td width="73"></td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="20">
      <p style="line-height:13pt; margin:0px; font-size:11pt"><b>Assets</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="186.133" height="20" colspan="2">
      <p style="line-height:13pt; margin:0px" align="center"><b>Marketable
      Securities</b></p>
    </td>
    <td valign="bottom" width="73" height="20">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="91.533" height="32">
      <p style="line-height:13pt; margin:0px" align="right"><b>Held-for-trading</b></p>
    </td>
    <td valign="bottom" width="94.6" height="32">
      <p style="line-height:13pt; margin:0px" align="right"><b>Available-for-sale</b></p>
    </td>
    <td valign="bottom" width="73" height="32">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="20">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="91.533" height="20">
      <p style="line-height:13pt; margin:0px" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="94.6" height="20">
      <p style="line-height:13pt; margin:0px" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="73" height="20">
      <p style="line-height:13pt; margin:0px" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Beginning balance</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Total gains or
      losses (realized/unrealized)</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Included in
      earnings (or changes in net assets)</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Included in other
      comprehensive income</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Purchases,
      issuances and settlements</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;563&nbsp;</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;563&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Transfers in
      and/or out of Level 3</p>
    </td>
    <td valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;174&nbsp;</p>
    </td>
    <td valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;(219)</p>
    </td>
    <td valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;(45)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="315.733" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Ending Balance</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="91.533" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;174&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="94.6" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;344&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="73" height="19.267">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;518&nbsp;</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:76.8px; text-indent:-24px; font-size:11pt"><i>c)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:76.8px; font-size:11pt"><i>Financial
risk management</i></p>
<p style="line-height:13pt; margin-top:9.8px; margin-bottom:9.8px; padding-left:28.733px; font-size:11pt">Eldorado's
activities expose it to a variety of financial risks, including credit risk,
foreign exchange risk, interest rate risk, gold price risk and liquidity risk.</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><u>Credit
risk</u></p>
<p style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Credit
risk is the risk that one party to a financial instrument will fail to discharge
an obligation and cause the other party to incur a financial loss. Financial
instruments that potentially subject the Company to credit risk consist of cash
and cash equivalents, restricted cash and accounts receivable. Eldorado deposits
its cash and cash equivalents, including restricted cash, with high credit
quality financial institutions as determined by rating agencies. As at December
31, 2009, approximately 43% of the Company's cash and cash equivalents,
including restricted cash, are held with one financial institution. The Company
considers this to be its only significant credit risk exposure.</p>
<p style="line-height:13pt; margin-top:8.533px; margin-bottom:8.533px; padding-left:28.733px; font-size:11pt">The
Company sells its gold bullion exclusively to large international financial
institutions or on the Istanbul and Shanghai Gold Exchanges. Payment is normally
in advance or within one week of receipt of shipment. The historical level of
customer defaults is negligible which reduces the credit risk associated with
trade receivables at December 31, 2009.</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><u>Currency
risk</u></p>
<p style="line-height:13pt; margin:0px; font-size:11pt">The Company operates
principally in Canada, Turkey, China, Brazil and Greece, and is therefore
exposed to foreign exchange risk arising from transactions denominated in
foreign currencies.</p>
<p style="line-height:13pt; margin-top:7.333px; margin-bottom:0px; padding-left:28.733px; font-size:11pt">Eldorado's
cash and cash equivalents, accounts receivable, accounts payable and accrued
liabilities are denominated in several currencies (mainly Canadian dollars,
Turkish liras, Chinese renminbi and Brazilian real) and are therefore subject to
fluctuation against the US dollar.</p>
<p style="line-height:13pt; margin-top:9.8px; margin-bottom:9.8px; padding-left:28.733px; font-size:11pt">As
a result of the acquisitions of Afcan, Frontier and Sino Gold assets in 2005,
2008 and 2009 respectively, the Company has recorded $392,419 of future income
tax liabilities on mining interests which are recorded in local currencies. The
future income tax liabilities are monetary items that are revalued each
period-end at current exchange rates, with the gain or loss recorded in net
earnings in the period.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>22.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Financial
instruments</b><font style="font-size:11pt"> (continued)</font></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">The
Company is exposed to currency risk through the following financial assets and
liabilities, value added tax and other taxes recoverable and future income tax
asset and liabilities denominated in currencies other than US dollars at
December 31, 2009:</p>
<a NAME="_1329824975"></a><a NAME="_1330414315"></a>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="235.533"></td>
    <td width="68.933"></td>
    <td width="72"></td>
    <td width="58.6"></td>
    <td width="66.867"></td>
    <td width="76.133"></td>
    <td width="63.733"></td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68.933" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Canadian
      dollar</b></p>
    </td>
    <td valign="bottom" width="72" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Australian
      dollars</b></p>
    </td>
    <td valign="bottom" width="58.6" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Euro</b></p>
    </td>
    <td valign="bottom" width="66.867" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Turkish
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lira</b></p>
    </td>
    <td valign="bottom" width="76.133" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Chinese
      renminbi</b></p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right"><b>Brazilian
      real</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68.933" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="6">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Cash and
      cash equivalents</p>
    </td>
    <td valign="bottom" width="68.933" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;51,379&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;6,299&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;237&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;2,019&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;393,885&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;809&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Marketable
      securities</p>
    </td>
    <td valign="bottom" width="68.933" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;5,550&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Accounts
      receivable and other</p>
    </td>
    <td valign="bottom" width="68.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;1,197&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;169&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;475&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;13,889&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;92,855&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;575&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="68.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(17,715)</p>
    </td>
    <td valign="bottom" width="72" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(3,242)</p>
    </td>
    <td valign="bottom" width="58.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(111)</p>
    </td>
    <td valign="bottom" width="66.867" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(22,915)</p>
    </td>
    <td valign="bottom" width="76.133" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(596,994)</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(4,214)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Loan</p>
    </td>
    <td valign="bottom" width="68.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(1,305,433)</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Future
      income tax liabilities</p>
    </td>
    <td valign="bottom" width="68.933" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(26,288)</p>
    </td>
    <td valign="bottom" width="66.867" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(14,981)</p>
    </td>
    <td valign="bottom" width="76.133" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(2,357,511)</p>
    </td>
    <td valign="bottom" width="63.733" height="20">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Net balance</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="68.933" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;40,411&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="72" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;3,226&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="58.6" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(25,687)</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="66.867" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(21,988)</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="76.133" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(3,773,198)</p>
    </td>
    <td style="border-top:1px solid #000000; border-bottom:2px solid #000000" valign="bottom" width="63.733" height="18">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(2,830)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68.933" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.867" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76.133" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" height="7">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="235.533" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px">Equivalent
      in US dollars</p>
    </td>
    <td valign="bottom" width="68.933" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;38,448&nbsp;</p>
    </td>
    <td valign="bottom" width="72" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;2,893&nbsp;</p>
    </td>
    <td valign="bottom" width="58.6" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(36,723)</p>
    </td>
    <td valign="bottom" width="66.867" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(14,604)</p>
    </td>
    <td valign="bottom" width="76.133" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(552,683)</p>
    </td>
    <td valign="bottom" width="63.733" height="17">
      <p style="line-height:13pt; margin:0px; padding-left:28.733px" align="right">&nbsp;&nbsp;(1,626)</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</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">Based
on the balances as at December 31, 2009, a 1% increase (decrease) in the
exchange rates on that date would have resulted in a (decrease) increase of
approximately $5,643 in earnings before income. There would be no effect in
other comprehensive income.</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">Our
cash flows from our operations are exposed to foreign exchange risk, as
commodity sales are set in US dollars and a certain amount of our operating
expenses are in the currency of the country in which our mining operations take
place. We have elected not to actively manage our exposure to currency risk at
this time.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><u>Interest
rate risk</u></p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt" align="justify">Interest
rate risk is the risk that the fair value of future cash flows of a financial
instrument will fluctuate due to changes in market interest rates. Current
financial assets and financial liabilities are generally not exposed to interest
rate risk because of their short-term nature. Eldorado's debt is exposed to
interest rate risk as it is subject to floating interest rates. As at December
31, 2009 the average interest rate in Eldorado's debt was 5.45%. A 1% increase
or decrease in the interest rate on debt held at December 31, 2009 would result
in a $1.4 million increase or decrease in the Company's after-tax net earnings.</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">The
approximate average interest rate earned by the Company in 2009 on its cash and
cash equivalents was 0.83% (2008 - 2.36%). A 1% increase or decrease in the
interest earned from financial institutions on deposits and money market
investments held at December 31, 2009 would result in a $2.4 million increase or
decrease in the Company's after-tax net earnings.</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">We
have elected not to actively manage our exposure to interest rate risk at this
time.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><u>Gold
price risk and other price risk</u></p>
<p style="line-height:13pt; margin:0px; padding-left:29.733px; font-size:11pt" align="justify">Eldorado
is subject to price risk for fluctuations in the market price of gold. Gold
prices are affected by numerous factors beyond our control, including central
bank sales, producer hedging activities, the relative exchange rate of the US
dollar with other major currencies, global and regional demand and political and
economic conditions.</p>
<p style="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>22.</b></p>
<p style="line-height:normal; margin:0px; text-indent:28.8px; font-size:12pt"><b>Financial
instruments</b><font style="font-size:11pt"> (continued)</font></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">Worldwide
gold production levels also affect gold prices, and the price of gold is
occasionally subject to rapid short-term changes due to speculative activities.
We have elected not to actively manage our exposure to gold price risk at this
time. From time to time, we may use commodity price contracts to manage our
exposure to fluctuations in the price of gold.</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">Other
price risk is the risk that the value of a financial instrument will fluctuate
as a result of changes in market prices. Eldorado's other price risk includes
equity price risk, whereby the Company's investments in marketable securities
are subject to market price fluctuation.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:29.333px; font-size:11pt"><u>Liquidity
risk</u></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">Liquidity
risk is the risk that an entity will encounter difficulty in raising funds to
meet commitments associated with financial instruments. The Company manages
liquidity by maintaining adequate cash and cash equivalent balances and by using
its lines of credit as required. Our treasury department monitors and reviews
both actual and forecasted cash flows, and also matches the maturity profile of
financial assets and liabilities. Contractual maturities relating to debt are
included in note 13.</p>
<p style="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>23.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Segmented
information</b></p>
<p style="line-height:13pt; margin-top:14.667px; margin-bottom:14.667px; padding-left:28.733px; font-size:11pt">During
the period ended December 31, 2009, Eldorado had four reporting segments. The
Brazil reporting segment includes the development activities of Vila Nova and
exploration activities in Brazil. The Turkey reporting segment includes the
operations of the Ki&#351;lada&#287; mine, development activities of the Efemcukuru
project and exploration activities in Turkey. The China reporting segment
includes the operations of the Tanjianshan mine, Jinfeng mine, White Mountain
mine, other mining interests in the Eastern Dragon exploration project and
exploration activities in China. The Greece reporting segment includes
development activities on the Perama Hill project. The other reporting segment
includes the operations of the Company's corporate office and exploration
activities in other countries.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size: 10pt" cellspacing="0" width="737">
  <tr height="0" style="font-size:0">
    <td width="226"></td>
    <td width="9"></td>
    <td width="76"></td>
    <td width="3"></td>
    <td width="68"></td>
    <td width="9"></td>
    <td width="69"></td>
    <td width="3"></td>
    <td width="76"></td>
    <td width="3"></td>
    <td width="75"></td>
    <td width="66"></td>
    <td width="2"></td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="471" colspan="11">
      <p style="line-height:10.5pt; margin:0px" align="center"><b>&nbsp;December
      31, 2009</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="78">
      <p style="line-height:10.5pt; margin:0px; text-indent:28.667px"><b>Turkey</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="70">
      <p style="line-height:10.5pt; margin:0px; text-indent:35.333px"><b>China</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="11">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="71">
      <p style="line-height:10.5pt; margin:0px; text-indent:34.533px"><b>Brazil</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="78">
      <p style="line-height:10.5pt; margin:0px; text-indent:29.4px"><b>Greece</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="77">
      <p style="line-height:10.5pt; margin:0px; text-indent:27.2px"><b>Canada</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="74" colspan="2">
      <p style="line-height:10.5pt; margin:0px; text-indent:39px"><b>Total</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:11.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <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">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:11.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Producing
      properties</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;196,066</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;1,261,367</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;1,457,433</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Properties
      under development</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;96,275</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;209,408</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;305,683</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Iron
      ore property</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;47,212</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;47,212</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Other
      mining interests</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="78">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;7,214</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="70">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;745,187</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="11">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="71">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;15,544</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="78">
      <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="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="77">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;2,543</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="74" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;770,488</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="68">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="69">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="72" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="78">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;299,555</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="70">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;2,006,554</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="11">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="71">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;62,756</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="78">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;209,408</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="5">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="77">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;2,543</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="74" colspan="2">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;2,580,816</p>
    </td>
  </tr>
</table>
<p style="margin:0px">&nbsp;</p>
<table style="font-size: 10pt" cellspacing="0" width="737">
  <tr height="0" style="font-size:0">
    <td width="226"></td>
    <td width="9"></td>
    <td width="76"></td>
    <td width="3"></td>
    <td width="67"></td>
    <td width="7"></td>
    <td width="73"></td>
    <td width="3"></td>
    <td width="76"></td>
    <td width="3"></td>
    <td width="72"></td>
    <td width="74"></td>
  </tr>
  <tr>
    <td valign="bottom" width="226">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill</p>
    </td>
    <td valign="bottom" width="9">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="67">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;324,935</p>
    </td>
    <td valign="bottom" width="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="73">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="76">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="72">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;-</p>
    </td>
    <td valign="bottom" width="74">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;324,935</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>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>23.</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>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="245.733"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="9.6"></td>
    <td width="61.4"></td>
    <td width="2.333"></td>
    <td width="71"></td>
    <td width="2.333"></td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="415.733" colspan="12">
      <p style="line-height:10.5pt; margin:0px" align="center"><b>&nbsp;December
      31, 2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733">
      <p style="line-height:10.5pt; margin:0px; text-indent:28.667px"><b>Turkey</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></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="56.4">
      <p style="line-height:10.5pt; margin:0px; text-indent:35.333px"><b>China</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4">
      <p style="line-height:10.5pt; margin:0px; text-indent:34.533px"><b>Brazil</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733">
      <p style="line-height:10.5pt; margin:0px; text-indent:29.4px"><b>Greece</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="61.4">
      <p style="line-height:10.5pt; margin:0px; text-indent:27.2px"><b>Canada</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="75.667" colspan="3">
      <p style="line-height:10.5pt; margin:0px; text-indent:39px"><b>Total</b></p>
      <p style="line-height:10.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733">
      <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="56.4">
      <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="56.4">
      <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="63.733">
      <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="61.4">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3">
      <p style="line-height:10.5pt; margin:0px; padding-right:7.333px" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <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="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Producing
      properties</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;190,881</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;163,157</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;354,038</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Properties
      under development</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;54,378</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;207,407</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;261,785</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Iron
      ore property</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;38,986</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;38,986</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Other
      mining interests</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;4,151</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;7,359</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;1,990</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;13,500</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;249,410</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;163,157</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;46,345</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;207,407</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="61.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;1,990</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="75.667" colspan="3" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;668,309</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="245.733">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;2,238</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="73.333" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;2,238</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="margin:0px">&nbsp;</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="66"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="73.333"></td>
    <td width="3.467"></td>
  </tr>
  <tr>
    <td valign="bottom" width="254.4">
      <p style="line-height:13pt; margin:0px; padding-left:28.333px; font-size:11pt"><b>Operations</b></p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="421.467" colspan="11">
      <p style="line-height:11.5pt; margin:0px" align="center"><b>&nbsp;2009</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-bottom:1px solid #000000" valign="bottom" width="66">
      <p style="line-height:11.5pt; margin:0px; text-indent:28.667px"><b>Turkey</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></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="56.4">
      <p style="line-height:11.5pt; margin:0px; text-indent:35.333px"><b>China</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; text-indent:34.533px"><b>Brazil</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></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="63.733">
      <p style="line-height:11.5pt; margin:0px; text-indent:29.4px" align="right"><b><br>
      Greece</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733">
      <p style="line-height:11.5pt; margin:0px; text-indent:17.867px" align="right"><b><br>
      Other<sup> (1)</sup></b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2">
      <p style="line-height:11.5pt; margin:0px; text-indent:39px"><b>Total</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</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">Revenue</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;233,133</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;125,334</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;358,467</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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;999</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;278</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;983</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2,262</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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;234,132</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;125,612</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;983</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;360,729</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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;71,902</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;68,643</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;169</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;519</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;20,221</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;161,454</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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;12,015</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;25,665</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;73</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;905</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;38,658</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 valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;6,074</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;1,001</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2,284</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2,611</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;11,970</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">Mine
      standby costs</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2,580</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;2,580</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">Loss
      (gain) on disposal of assets</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;501</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(1,355)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(854)</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="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&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">Income
      (loss) before tax</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;144,141</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;29,802</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(5,104)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(519)</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(21,399)</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;146,921</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 valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(29,752)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(12,362)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(96)</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;320</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(41,890)</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">Non-controlling
      interest</p>
    </td>
    <td valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(2,627)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(2,627)</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="66">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&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="66">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;114,389</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;14,813</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(5,104)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px"><br>
      </p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px" align="right"><br>
      (615)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="9.6">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px"><br>
      </p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="63.733">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">(21,079)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="76.8" colspan="2">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;102,404</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="margin:0px">&nbsp;</p>
<p style="margin:0px">&nbsp;</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="66"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="56.4"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="9.6"></td>
    <td width="63.733"></td>
    <td width="73.333"></td>
    <td width="3.467"></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" width="421.467" colspan="11">
      <p style="line-height:11.5pt; margin:0px" align="center"><b>&nbsp;2008</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-bottom:1px solid #000000" valign="bottom" width="66">
      <p style="line-height:11.5pt; margin:0px; text-indent:28.667px"><b>Turkey</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></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="56.4">
      <p style="line-height:11.5pt; margin:0px; text-indent:35.333px"><b>China</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4">
      <p style="line-height:11.5pt; margin:0px; text-indent:34.533px"><b>Brazil</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></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="63.733">
      <p style="line-height:11.5pt; margin:0px; text-indent:29.4px"><b>Greece</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733">
      <p style="line-height:11.5pt; margin:0px; text-indent:36.8px"><b>Other</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2">
      <p style="line-height:11.5pt; margin:0px; text-indent:39px"><b>Total</b></p>
      <p style="line-height:11.5pt; margin:0px; text-indent:60.533px"><b>$</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">Revenue</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="margin:0px; padding-right:9.6px" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="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:57.6px; text-indent:-14.4px">Gold
      sales</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;161,442</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;116,281</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;277,723</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;765</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;387</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;7,661</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;1,695</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;10,508</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="254.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;162,207</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;116,668</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;7,661</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;1,695</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;288,231</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;63,506</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;47,652</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;13,399</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(4,543)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;19,426</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;139,440</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;8,190</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;17,201</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;206</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;398</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;25,995</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;5,865</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;1,897</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;1,235</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;3,319</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;12,316</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">Loss
      (gain) on disposal of assets</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;1,665</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(72,455)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;16</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(70,774)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="254.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&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">Income
      (loss) before tax</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;84,646</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;48,253</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;65,276</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;4,543</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(21,464)</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;181,254</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(17,866)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(10,311)</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;5,473</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;10,288</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;(83)</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;(12,499)</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">Non-controlling
      interest</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;(5,099)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;(5,099)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="254.4">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&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" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;66,780</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;32,843</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="56.4" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:9.6px">&nbsp;70,749</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;14,831</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="9.6" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="63.733" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;(21,547)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="76.8" colspan="2" align="right">
      <p style="line-height: 11.5pt; margin: 0px; padding-right: 9.6px">&nbsp;163,656</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:7.333px; margin-bottom:-17.333px; padding-left:33.467px; text-indent:-24px; font-size:11pt"><sup>(1)</sup></p>
<p style="line-height:13pt; margin:0px; padding-left:33.467px; font-size:11pt">Interest
and other income for the year 2009 of $981 (2008 - $1,640) pertaining to the
center of domicile are reflected in the Revenue section of the "Other" segment
of operations.</p>
<a NAME="_Ref159384249"></a>
<p style="margin-top:7.333px; margin-bottom: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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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-top:0px; margin-bottom:11px; font-size:11pt">These
consolidated financial statements have been prepared in accordance with Canadian
GAAP.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; font-size:11pt">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>
  </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:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px"><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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px"><b>Statement of operations</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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
      earnings reported under Canadian GAAP</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">102,404</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">163,656</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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Exploration
      costs (a)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(7,768)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,361)</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 (e)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">228</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,368</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 (e)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(418)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(440)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Bonus cash
      award units (f)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">198</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">187</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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(2,172)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation
      related to start-up period (b)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">225</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">175</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Transaction
      costs on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Sino Gold
      step acquisition gains (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">110,644</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-13.533px">Depreciation
      related to recording 100% of fair value of Sino Gold assets (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(304)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</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 (c)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">343</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">3,280</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Non-controlling
      interest (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">2,627</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">5,099</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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net
      earnings under US GAAP attributable to Company</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">184,577</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">169,792</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable
      to non-controlling interest</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">2,323</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">5,099</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable
      to common shareholders</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,254</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">164,693</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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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:56.733px; text-indent:-13.533px">Other
      comprehensive income (loss) for the year under Canadian GAAP</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">8,198</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(6,185)</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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Pension
      plans (net of tax) (g)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,916)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(2,736)</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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Comprehensive
      income under US GAAP attributable to Company</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">188,536</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">155,772</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable
      to non-controlling interest</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable
      to common shareholders</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">188,536</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">155,772</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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Basic and
      diluted earnings 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" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:11.8px; text-indent:68.067px">0.47</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:11.8px; text-indent:68.067px">0.46</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="340.8"></td>
    <td width="19.2"></td>
    <td width="96" align="right"></td>
    <td width="19.2" align="right"></td>
    <td width="96" align="right"></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:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px"><b>2009</b></p>
      <p style="line-height:10.5pt; margin:0px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px"><b>2008</b></p>
      <p style="line-height:10.5pt; margin:0px"><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" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:10.5pt; margin:0px"><b>Accumulated other
      comprehensive income (loss)</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Balance
      under Canadian GAAP</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px; text-indent:56.4px">2,227</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px; text-indent:47.467px">(5,971)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="340.8">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension
      plans (net of tax) (g)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(4,652)</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(2,736)</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" align="right">
      <p style="line-height:10.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <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">Balance
      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" align="right">
      <p style="line-height:10.5pt; margin:0px; text-indent:47.467px">(2,425)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:10.5pt; margin:0px; text-indent:47.467px">(8,707)</p>
    </td>
  </tr>
</table>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>
<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>
  </tr>
</table>
<p style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><b>24.</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="349.667"></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="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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="349.667">
      <p style="line-height:11.5pt; margin:0px"><b>Assets</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,436,108</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">905,369</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(37,900)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(30,132)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Future
      income taxes (c)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,884</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,541</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension
      plan (g)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(113)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation
      related to start-up period (b)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,001)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,226)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Capitalized
      interest expense - net (e)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,135</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,325</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Adjust
      non-controlling interest to fair value on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,247</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill
      adjustments related to Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">533,411</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Deferred
      financing costs (j)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,743</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:33.067px">4,123,514</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">882,877</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:28.4px"><b>Liabilities</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">769,354</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">108,750</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Future
      income taxes related to Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">45,562</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension
      plans (g)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,539</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">2,736</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Deferred
      financing costs (j)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,743</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Bonus cash
      award units (f)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">198</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <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" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">821,198</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">111,684</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:28.4px"><b>Shareholders'
      equity</b></p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Shareholders'
      equity reported under Canadian GAAP</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:33.067px">2,640,610</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">791,820</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Cumulative
      adjustments to shareholders' equity:</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Exploration
      costs (a)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(37,900)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(30,132)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Future income
      taxes (c)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,985</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,541</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Depreciation
      related to start-up period (b)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,001)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,226)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-16.733px">Accumulated
      other comprehensive income - pension plans (g)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(4,652)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(2,736)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Bonus cash
      award units (f)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(198)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Transaction
      costs on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Sino Gold
      step acquisition gains (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">110,644</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Share capital
      (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">400,706</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-16.733px">Adjust
      non-controlling interest to fair value on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,247</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Interest
      expense capitalized - net &nbsp;(e)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,135</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,325</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1.333px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top:1.333px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top:1.333px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Shareholders'
      equity under US GAAP attributable to Company</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,276,162</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">766,394</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Non-controlling
      interest (i)</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">26,144</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,799</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667">
      <p style="line-height:11.5pt; margin:0px; padding-left:40px">Total
      shareholders' equity</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,302,316</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="96" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">771,193</p>
    </td>
  </tr>
</table>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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" height="483">
  <tr height="0" style="font-size:0">
    <td width="349.667" height="18"></td>
    <td width="19.2" height="18"></td>
    <td width="96" height="18"></td>
    <td width="19.2" height="18"></td>
    <td width="96" height="18"></td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right" height="32">
      <p style="line-height:11.5pt; margin:0px"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.2" align="right" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" align="right" height="32">
      <p style="line-height:11.5pt; margin:0px"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="31">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="31">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="31">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="19.2" height="31">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="31">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <p style="line-height:10.5pt; margin:0px; padding-left:28.4px"><b>Cash
      flows (used in) generated from:</b></p>
    </td>
    <td valign="bottom" width="19.2" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" height="32" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <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" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">192,042</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">105,544</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration
      costs (a)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(7,768)</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,361)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Transaction
      costs on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized
      interest expense (e)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:66.4px">228</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,368</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Operating
      activities under US GAAP (k)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">160,900</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">105,551</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" height="32" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <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" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(13,576)</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(38,258)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration
      costs (a)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">7,768</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,361</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Transaction
      costs on Sino Gold acquisition (i)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">23,602</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <p style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized
      interest expense (e)</p>
    </td>
    <td valign="bottom" width="19.2" height="18">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:57.467px">(228)</p>
    </td>
    <td valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,368)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="31">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="31">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="31" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="19.2" height="31" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000" valign="bottom" width="96" height="31" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <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" height="18">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">17,566</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(38,265)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" height="32" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="18">
      <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" height="18">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">25,052</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="19.2" height="18" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="96" height="18" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:40.8px">(51,449)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" height="32" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="32">
      <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" height="32">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">203,518</p>
    </td>
    <td valign="bottom" width="19.2" height="32" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="32" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">15,837</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="19">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and
      cash equivalents <font style="font-size: 11pt">-</font> beginning of year</p>
    </td>
    <td valign="bottom" width="19.2" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1.333px solid #000000" valign="bottom" width="96" height="19" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">61,851</p>
    </td>
    <td style="border-bottom: 1.333px solid #000000" valign="bottom" width="19.2" height="19" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1.333px solid #000000" valign="bottom" width="96" height="19" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">46,014</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="1">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" height="1">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="1" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="19.2" height="1" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="1" align="right">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="349.667" height="19">
      <p style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and
      cash equivalents <font style="font-size: 11pt">-</font> end of year</p>
    </td>
    <td valign="bottom" width="19.2" height="19">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="96" height="19" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:43.067px">265,369</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="19.2" height="19" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="96" height="19" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px">61,851</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:14.667px; margin-bottom:15.867px; padding-left:28.733px; font-size:11pt">A
description of US GAAP that results in 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"><i>(a)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Exploration
costs</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Exploration
costs are accounted for in accordance with Canadian GAAP as disclosed in note
2(j). For US&nbsp;GAAP purposes, exploration costs relating to unproven mineral
properties are expensed as incurred until completion of an economic feasibility
study, after which exploration and development costs are capitalized.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">A
difference in classification on the cash flow also arises as expenditures
associated with capitalized exploration costs under Canadian GAAP are treated as
an investing activity whereas under US GAAP, such exploration costs are expensed
and shown in the operating section of the cash flow statement.</p>
<p style="line-height:13pt; 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"><i>(b)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Deferred
start-up costs and revenues</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; font-size:11pt">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 operating profits 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:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><i>(c)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Future
income taxes</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Under
US GAAP, the Company would record an increase of $343 (2008 - $3,280) in future
income tax recovery related to the reconciliation items described under items
(a), (b), (e) and (i) of this note.</p>
<p style="line-height:13pt; 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"><i>(d)</i></p>
<p style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><i>Tax
uncertainties</i></p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">US
GAAP requires that the tax effect(s) of a tax position be recognized only if it
is "more-likely-than-not" 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:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">As
a result of this adoption, the Company did not recognize any further increases
or decreases in the liability for unrecognized tax benefits. A reconciliation of
the beginning and ending amount of the unrecognized tax benefits is as follows:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="373.933"></td>
    <td width="70.2"></td>
    <td width="19.2"></td>
    <td width="75.333"></td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:2.267px"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:51.333px; padding-right:2.267px; text-indent:-51.333px"><b>$</b></p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:2.267px"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-right:2.267px"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="70.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="75.333">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Balance at January
      1,</p>
    </td>
    <td valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:25.8px">6,930</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:19.133px">10,034</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <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="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:42.467px">87</p>
    </td>
    <td valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Reductions based
      on tax positions related to the current year</p>
    </td>
    <td valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:26.867px">(266)</p>
    </td>
    <td valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:26.867px">(294)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Additions for tax
      positions of prior years</p>
    </td>
    <td valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:25.8px">1,059</p>
    </td>
    <td valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Reductions for tax
      positions of prior years</p>
    </td>
    <td valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</p>
    </td>
    <td valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:16.867px">(2,810)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Additions on
      acquisition of Sino Gold</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:25.8px">3,300</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="373.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Balance at
      December 31,</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="70.2" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:19.133px">11,110</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="19.2" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="top" width="75.333" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:25.8px">6,930</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">As
at December 31, 2009, the Company had $11,110 unrecognized tax benefits (2008 -
$6,930). If recognized, none of the unrecognized tax benefit would materially
affect the effective tax rate.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
Company recognizes accrued interest and penalties related to unrecognized tax
benefits in income taxes. During the years ended December 31, 2009 and 2008, the
Company recognized approximately $209 and $nil in interest and penalties
respectively. The Company had approximately $209 and $nil accrual for paying
interest and penalties at December 31, 2009 and 2008 respectively.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The
Company is subject to taxes in Canada, Brazil, China, Turkey and Australia. The
tax years that remain subject to examination as of December 31, 2009 for these
jurisdictions are:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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">Notes to the
Consolidated Financial Statements</p>
<p style="line-height:14pt; margin:0px; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; text-indent:28.8px; font-size:11pt">Canada</p>
<p style="line-height:13pt; margin:0px; text-indent:115.2px; font-size:11pt">2001
to the present</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; text-indent:28.8px; font-size:11pt">Brazil</p>
<p style="line-height:13pt; margin:0px; text-indent:115.2px; font-size:11pt">2005
to the present</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; text-indent:28.8px; font-size:11pt">China</p>
<p style="line-height:13pt; margin:0px; text-indent:115.2px; font-size:11pt">2007
to the present</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; text-indent:28.8px; font-size:11pt">Turkey</p>
<p style="line-height:13pt; margin:0px; text-indent:115.2px; font-size:11pt">2005
to the present</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; text-indent:28.8px; font-size:11pt">Australia</p>
<p style="line-height:13pt; margin:0px; text-indent:115.2px; font-size:11pt">2001
- - 2002 and 2006 to the present</p>
<p style="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"><i>(e)</i></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">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"><i>(f)</i></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</i></p>
<p style="line-height:13pt; margin:0px; padding-left:58.6px; font-size:11pt">Under
Canadian GAAP, bonus cash award units are measured at the amount by which the
quoted market value of the shares covered by the grant exceeds the option price.
US GAAP 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>
<p style="line-height:13pt; 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"><i>(g)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Pension
plans</i></p>
<p style="line-height:13pt; margin:0px; padding-left:58.6px; font-size:11pt">For
US GAAP purposes, the Company is required to report the overfunded net asset or
underfunded net liability of its defined benefit pension plans on its
consolidated balance sheet. Changes in the funded status are recorded through
other comprehensive income. The information set out below should be read in
conjunction with the information disclosed under Canadian GAAP requirements for
pension plans provided in note 15.</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:58.533px; font-size:11pt">The
funded status at the end of the year and the related amounts recognized on the
statement of financial position for US GAAP purposes are as follows:</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="281.6"></td>
    <td width="18.933"></td>
    <td width="103.867"></td>
    <td width="66.133"></td>
    <td width="18.133"></td>
    <td width="104.733"></td>
    <td width="66.133"></td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="center"><b>2009</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170.867" colspan="2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Funded
      status as at December 31,</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Fair
      value of plan assets</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,137</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">848</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Benefit
      obligations</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,263</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">7,652</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">753</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">4,037</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Funded
      status</p>
    </td>
    <td valign="bottom" width="18.933">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(126)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align="right">(7,652)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="18.133" align="right">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:68.067px; font-size:11pt">95</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align="right">&nbsp;(4,037)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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"><br>
<br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="281.6"></td>
    <td width="18.933"></td>
    <td width="103.867"></td>
    <td width="66.133"></td>
    <td width="18.133"></td>
    <td width="104.733"></td>
    <td width="66.133"></td>
  </tr>
</table>
<p style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><b>24.</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="281.6"></td>
    <td width="18.933"></td>
    <td width="103.867"></td>
    <td width="66.133"></td>
    <td width="18.133"></td>
    <td width="104.733"></td>
    <td width="66.133"></td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="center"><b>2009</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170.867" colspan="2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Amounts
      recognized in the balance sheet:</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Non-current
      assets</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:68.067px; font-size:11pt">95</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Current
      liabilities</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
    <td valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">-</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Non-current
      liabilities</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">126</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">7,652</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">-</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">4,037</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Funded
      status</p>
    </td>
    <td valign="bottom" width="18.933">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(126)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align="right">(7,652)</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="18.133" align="right">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:68.067px; font-size:11pt">95</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align="right">(4,037)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="281.6">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:11.5pt; margin:0px"><br>
      </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="283.467"></td>
    <td width="18.933"></td>
    <td width="103.867"></td>
    <td width="66.133"></td>
    <td width="18.133"></td>
    <td width="104.733"></td>
    <td width="66.133"></td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170" colspan="2">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="center"><b>2009</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="170.867" colspan="2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>2008</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; padding-right:2.267px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Amounts
      recognized in other comprehensive income:</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="18.133">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
    <td valign="bottom" width="66.133">
      <p style="line-height:11.5pt; margin:0px"><br>
      </p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Net
      actuarial loss (gain)</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:74.8px; font-size:11pt">17</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">1,995</p>
    </td>
    <td valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:2.2px; font-size:11pt" align="right">&nbsp;(243)</p>
    </td>
    <td valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:20px; font-size:11pt">(108)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Past
      service cost (credit)</p>
    </td>
    <td valign="bottom" width="18.933">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">222</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">2,418</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="18.133" align="right">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:2.2px; font-size:11pt" align="right">259</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:15.067px; font-size:11pt">2,828</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="283.467">
      <p style="line-height:13pt; margin:0px; padding-left:21.133px; font-size:11pt">Funded
      status</p>
    </td>
    <td valign="bottom" width="18.933">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="103.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">239</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">4,413</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="18.133" align="right">
      <p style="margin:0px; font-family:Arial"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="104.733" align="right">
      <p style="line-height:11.5pt; margin:0px; padding-right:2.2px; font-size:11pt" align="right">16</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="66.133" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">2,720</p>
    </td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:58.6px; font-size:11pt">The
projected benefit obligation, accumulated benefit obligation and fair value of
plan assets for pension plans with an accumulated benefit obligation in excess
of plan assets at December 31, 2009 are as follows:</p>
<p style="margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="352"></td>
    <td width="29.333"></td>
    <td width="102.667"></td>
    <td width="102.667"></td>
  </tr>
  <tr>
    <td style="border-bottom: 1 solid #000000" valign="bottom" width="352">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1 solid #000000" valign="bottom" width="29.333">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="102.667" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2009</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:51.333px; text-indent:-51.333px; font-size:11pt"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="102.667" align="right">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt"><b>2008</b></p>
      <p style="line-height:11.5pt; margin:0px; padding-left:51.333px; text-indent:-51.333px; font-size:11pt"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p style="line-height:13pt; margin:0px; font-size:11pt">Accumulated
      benefit obligation in excess of plan assets</p>
    </td>
    <td valign="bottom" width="29.333">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Projected
      benefit obligation at end of year</p>
    </td>
    <td valign="bottom" width="29.333">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;8,915</p>
    </td>
    <td valign="top" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;4,145</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated
      benefit obligation at end of year</p>
    </td>
    <td valign="bottom" width="29.333">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;7,778</p>
    </td>
    <td valign="top" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;4,037</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="352">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Fair
      value of plan assets at end of year</p>
    </td>
    <td valign="bottom" width="29.333">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;</p>
    </td>
    <td valign="bottom" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;1,137</p>
    </td>
    <td valign="top" width="102.667">
      <p style="line-height:11.5pt; margin:0px; font-size:11pt" align="right">&nbsp;-</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:58.533px; font-size:11pt">The
Company has $7,066 in an investment account to fund its SERP obligation. This
amount is included in restricted assets and other (note 10).</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:58.6px; font-size:11pt">The
estimated amounts that will be amortized from accumulated other comprehensive
income into net periodic benefit cost in 2010 are as follows:</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="205.933"></td>
    <td width="29.333"></td>
    <td width="105.733"></td>
    <td width="100.867"></td>
  </tr>
  <tr>
    <td valign="bottom" width="205.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="29.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105.733">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>Pension
      Plan</b></p>
    </td>
    <td valign="bottom" width="100.867">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>SERP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="205.933">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="29.333">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="105.733">
      <p style="line-height:13pt; margin:0px; font-family:Arial; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="100.867">
      <p style="line-height:13pt; margin:0px; font-family:Arial; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="205.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      actuarial loss (gain)</p>
    </td>
    <td valign="bottom" width="29.333">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="105.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</p>
    </td>
    <td valign="bottom" width="100.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">264</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="205.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past
      service cost (credit)</p>
    </td>
    <td valign="bottom" width="29.333">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="105.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:68.067px; font-size:11pt">78</p>
    </td>
    <td style="border-bottom:1px solid #000000" valign="bottom" width="100.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">859</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="205.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</p>
    </td>
    <td valign="bottom" width="29.333">
      <p style="margin:0px; font-size:11pt"><b>&nbsp;</b></p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="105.733" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:68.067px; font-size:11pt">78</p>
    </td>
    <td style="border-bottom:2px solid #000000" valign="bottom" width="100.867" align="right">
      <p style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,123</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Pension
plan asset information</i></p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:124.8px; font-size:11pt">Investment
objective and strategies &nbsp;</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">The
investment objectives are to satisfy the plans' financial liabilities, and to
achieve the highest long-term investment return that can be obtained within a
below average degree of risk.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">Target
asset allocations for aggregate of the plans' assets, which were established in
2009, are 40% public equity investments and 60% fixed income investments.
&nbsp;For tax efficiency, the registered plan assets are invested in fixed
income securities.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">The
investment objectives for the plan assets have been reviewed with regard to the
risk tolerance of the Company and characteristics of the plans, and their
financial condition. &nbsp;</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">All
assets are externally managed and invested in actively managed pooled funds.
&nbsp;Managers are not permitted to invest outside of the asset classes outlined
in the written agreements. &nbsp;Investment policies are established to ensure
investment managers invest solely within the investment context they have been
retained.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">Derivatives
are permitted investments as efficient substitutes for traditional securities
and to manage exposure to risks, in accordance with the investment policies of
the investment manager's pooled funds.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:124.8px; font-size:11pt">Significant
concentration of risk</p>
<p style="line-height:13pt; margin:0px; padding-left:124.733px; font-size:11pt">&nbsp;</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">Significant
concentration of risk in the plans' assets relate to equity, interest rate, and
operating risk. &nbsp;In order to increase investment return to satisfy
contribution requirements, a portion of plans assets is allocated to equity
investments that are expected to earn higher returns with more volatility than
fixed income investments over time. &nbsp;Within equities, risk is mitigated by
constructing a portfolio that is broadly diversified by geography, industry and
market capitalization.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">In
order to reduce asset volatility relative to the liabilities, a higher portion
of the plans' assets is allocated to fixed income investments that are exposed
to interest rate risk. &nbsp;Rate increases generally will result in decline in
fixed income assets while reducing the present value of liabilities. &nbsp;</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">Operating
risks include the risks of inadequate diversification and weak controls.
&nbsp;To mitigate these risks, the external fund manager's investments are
diversified across and within asset classes in support of investment objectives.
&nbsp;Policies to address operating risks include ongoing manager oversight,
investment guideline, and periodic compliance reviews to ensure adherence.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">The
plan assets were not loaned to or invested in securities of the Company or any
affiliated organization during 2009 or 2008.</p>
<p style="margin:0px" align="justify"><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"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:124.8px; font-size:11pt">Expected
long-term rate of return on assets. &nbsp;</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:75.6px; font-size:11pt" align="justify">The
long-term return assumption at year-end 2009 is 6.5% for the plans and was
developed based primarily inputs from advisors for long-term capital market
returns, inflation, bond yields and other variables, adjusted for specific
aspects for our investment strategy. &nbsp;Historical returns were considered
where appropriate.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:75.6px; font-size:11pt" align="justify">At
December 31, 2009, our actual one-year annual rate of return on pension plan
assets was 6.8% for the registered plan and 15.4% for the supplemental
retirement plan. &nbsp;As the plans were established in late 2008, the
contributions made in December 2008 were adjusted with the expected rate of
return on assets.</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Fair
value of plan assets</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt">The
fair value of our pension benefits plan assets at December 31, 2009 by asset
category is as follows:</p>
<a NAME="_1329717524"></a><a NAME="_1329720654"></a><a NAME="_1329722432"></a><a NAME="_1330414462"></a>
<p style="margin:0px" align="center"><br>
</p>
<p style="margin:0px" align="center"><br>
</p>
<table style="font-size: 10pt" cellspacing="0" width="757">
  <tr>
    <td valign="bottom" width="291">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="56">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="56">
      <p>&nbsp;</p>
    </td>
    <td valign="top" width="124" height="56">
      <p style="margin:0px; padding-left:56.733px" align="right"><b>Balance at
      December 31, 2009</b></p>
    </td>
    <td valign="bottom" width="124" height="56">
      <p style="margin:0px; padding-left:56.733px" align="right"><b>Level
      &nbsp;1</b></p>
    </td>
    <td valign="bottom" width="96" height="56">
      <p style="margin:0px; padding-left:56.733px" align="right"><b>Level 2</b></p>
    </td>
    <td valign="bottom" width="95" height="56">
      <p style="margin:0px; padding-left:56.733px" align="right"><b>Level 3</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><b><u>Pension
      Plan</u></b></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Fixed
      Income</i></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Canadian
      Government</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;748&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;748&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Corporate
      Bonds (a)</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Investment
      Grade</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;362&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;362&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">High
      Yield</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;11&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;11&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,121&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,121&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="11">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="11">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="11" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="11" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="11" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="11" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Cash
      and Cash Equivalents (b)</i></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;16&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;16&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,137&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,137&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><b><u>SERP</u></b></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Equity</i></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Canadian
      Companies</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,627&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,627&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">U.S.
      Companies</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;945&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;945&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">International
      Companies</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;828&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;828&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;3,400&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;3,400&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="8" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="8" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Fixed
      Income</i></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Canadian
      Government</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;2,301&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;2,301&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Corporate
      Bonds (a)</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Investment
      Grade</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,109&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;1,109&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">High
      Yield</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;36&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;36&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;3,446&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;3,446&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="7">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96" height="7" align="right">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95" height="7" align="right">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><i>Cash
      and Cash Equivalents (b)</i></p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;220&nbsp;</p>
    </td>
    <td valign="bottom" width="124" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;220&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 1px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;7,066&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="126" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;7,066&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="98" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
    <td style="border-bottom: 2px solid #000000" valign="bottom" width="97" height="19.267" align="right">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;-&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="291">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="124">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="96">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="95">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="677" height="34" colspan="6">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt"><br>
      (a) &nbsp;&nbsp;&quot;Investment Grade&quot; bonds are those rated
      Baa3/BBB or higher by at least two rating agencies; &quot;High Yield&quot;
      bonds are those rated below investment grade; &quot;Other Credit&quot;
      refers to non-rated bonds</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="733" height="20" colspan="6">
      <p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">(b)
      &nbsp;&nbsp;Primarily short-term investment funds to provide liquidity to
      plan investment managers.</p>
    </td>
  </tr>
</table>
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:148.8px; text-indent:-24px; font-size:9pt">(a)</p>
<p style="line-height:13pt; margin:0px; padding-left:148.8px; font-size:11pt">"Investment
Grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies;
"High Yield" bonds are those rated below investment grade.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:148.8px; text-indent:-24px; font-size:9pt">(b)</p>
<p style="line-height:13pt; margin:0px; padding-left:148.8px; font-size:11pt">Primarily
short-term investment funds to provide liquidity to plan investment managers.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">The
three levels of the fair value hierarchy are described below:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Level
1 - Unadjusted quoted prices in active markets that are accessible at the
measurement date for identical, unrestricted assets or liabilities.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Level
2 - Inputs that are observable, either directly or indirectly, but do not
qualify as Level 1 inputs (i.e., quoted prices for similar assets or
liabilities).</p>
<p style="margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt">Level
3 - Prices or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by little or no
market activity).</p>
<p style="line-height:13pt; 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"><i>(h)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt"><i>Non-controlling
interest</i></p>
<p style="line-height:13pt; margin:0px; padding-left:58.533px; font-size:11pt">For
US GAAP purposes, non controlling interest, previously referred to as minority
interest, should be reported as part of equity in the consolidated financial
statements; losses should be allocated to the non controlling interest even when
such allocation might result in a deficit balance, reducing the losses
attributed to the controlling interest; changes in ownership interests should be
treated as equity transactions if control is maintained and, upon a loss of
control, any gain or loss on the interest disposed of should be recognized in
earnings.</p>
<p style="line-height:13pt; 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"><i>(i)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Business
combination</i></p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The
Company has accounted for the 2009 acquisition of Sino Gold in accordance with
Section 1581 of the CICA Handbook as disclosed in note 4(a). For US GAAP
purposes, the Company adopted ASC805 (SFAS No. 141R - Business Combinations).
The effect of adopting the new requirements is outlined below with respect to
the Sino Gold acquisition. Adoption of the new requirements had no effect on
prior year numbers.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The
following provides an analysis of the significant accounting and disclosure
differences between Section 1581 and ASC 805 on the Sino Gold acquisition:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; 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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Purchase
price allocation</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">The
allocation of the purchase price of the shares of Sino Gold based on preliminary
estimates is summarized as follows:</p>
<p style="margin:0px" align="justify"><br>
</p>
<a NAME="_1329726974"></a><a NAME="_1329727013"></a><a NAME="_1329727206"></a><a NAME="_1330245980"></a>
<table style="font-size: 10pt" cellspacing="0" width="613">
  <tr height="0" style="font-size:0">
    <td width="461"></td>
    <td width="14"></td>
    <td width="10"></td>
    <td width="112"></td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="19">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right"><b>US
      GAAP</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Preliminary
      purchase price</p>
    </td>
    <td valign="bottom" width="14" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="8">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">131,772,777
      common shares of Eldorado issued as CDIs</p>
    </td>
    <td valign="bottom" width="14" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">1,786,842&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">4,057,762
      common shares of Eldorado issued to GFA</p>
    </td>
    <td valign="bottom" width="14" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">55,026&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fair
      value of the Sino Gold shares originally</p>
    </td>
    <td valign="bottom" width="14" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="493" height="19.267" colspan="3">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;acquired
      in July 2009</p>
    </td>
    <td valign="bottom" width="112" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="114" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">2,215,805&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="461" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="14" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="10" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="112" height="17">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px" align="justify"><br>
</p>
<p style="margin:0px" align="justify"><br>
</p>
<a NAME="_1329727125"></a><a NAME="_1329727179"></a><a NAME="_1330313208"></a><a NAME="_1330338564"></a>
<table style="font-size: 10pt" cellspacing="0" width="667">
  <tr height="0" style="font-size:0">
    <td width="537"></td>
    <td width="3"></td>
    <td width="3"></td>
    <td width="108"></td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fair
      value of net assets acquired based on preliminary allocation</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="8">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="8">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Cash</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;77,781&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;50,000&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts
      receivable and other</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;21,171&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Inventory</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;38,791&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Mining
      interests and property, plant and equipment,</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including
      value beyond proven and probable reserves</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;2,040,553&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Goodwill</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;856,108&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;(76,201)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Asset
      retirement obligations</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;(19,249)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Debt</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;(191,121)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Future
      income taxes</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;(381,523)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">&nbsp;&nbsp;&nbsp;Non-controlling
      interests</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;(200,505)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="19.267">
      <p>&nbsp;</p>
    </td>
    <td style="border-top: 1px solid #000000; border-bottom: 2px solid #000000" valign="bottom" width="110" height="19.267">
      <p style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align="right">&nbsp;&nbsp;2,215,805&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="537" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="3" height="17">
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" width="108" height="17">
      <p>&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0px" align="justify"><br>
</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Acquisition
consideration and costs</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">Under
existing Canadian GAAP, the value of shares issued in a business combination is
determined based on the announcement date. Under US GAAP the value of shares
issued in a business combination is determined based on the fair value of the
shares at the date of closing. The effect of this difference is to increase
share capital by $400,706 and increase goodwill by a similar amount.</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">Under
Canadian GAAP, step acquisitions are accounted for at original cost subject to
equity accounting adjustments. Under US GAAP, acquisitions of equity interests
prior to acquisition of control are included in the business combination
accounting at fair value at the date of acquisition with any gain or loss being
included within the determination of net income. Under US GAAP, net income and
goodwill would be higher by $110,644.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">Under
Canadian GAAP, non-controlling interests are carried at the pro-rata value of
the underlying assets and liabilities based on carrying values. Under US GAAP,
non-controlling interests at the date of the business combination are recorded
at fair value.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">Under
Canadian GAAP, transaction costs are included as a cost of an acquisition. Under
US GAAP, transaction costs, including restructuring costs, are expensed in the
statement of earnings. &nbsp;Under US GAAP, expenses would increase and goodwill
arising on the business combination would be $23,602 lower.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Goodwill</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The
$856,108 of goodwill resulting from the acquisition is currently assigned to the
China operating segment. The assignment is subject to change when this business
combination accounting is finalized. The goodwill recognized is attributable
primarily to the exposure to sustained increases in gold prices, over the long
term price expectations used in the Company's fair value estimates and other
factors. None of the goodwill is expected to be deductible for income tax
purposes.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">iv.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Deferred
tax liabilities</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The
deferred tax liabilities of $381,523 recognized upon acquisition under US GAAP
are related primarily to the difference between the book basis and fair value of
identifiable tangible assets. To the extent of any change to the provisional
fair values of tangible assets or other items, we would also expect to change
the related deferred tax liabilities that have been recorded at the date of
acquisition.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:105.6px; text-indent:-24px; font-size:11pt">v.</p>
<p style="line-height:13pt; margin:0px; padding-left:105.6px; font-size:11pt">Pro
forma information</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The
following supplemental pro forma information presents the financial results as
if the acquisition of Sino Gold had occurred January 1, 2009 for the year ended
December 31, 2009 and on January 1, 2008 for the year ended December 31, 2008.
This supplemental pro forma information has been prepared for comparative
purposes and does not purport to be indicative of what would have occurred had
the acquisition of Sino Gold been completed on January 1, 2008 or January 1,
2009, nor are they indicative of any future results.</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">
<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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">Pro
forma consolidated results, in thousands except per share date:</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<table style="font-size:10pt" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="283.533"></td>
    <td width="103.933"></td>
    <td width="103.933"></td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p>&nbsp;</p>
    </td>
    <td style="background-color:#FFFFFF; border-bottom:1px solid #000000" width="207.867" colspan="2">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center"><b>Year
      ended</b></p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p>&nbsp;</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933">
      <p style="line-height:13pt; margin:0px; padding-right:2.2px; font-size:11pt" align="right"><b>2009</b></p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>2008</b></p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p>&nbsp;</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933">
      <p style="line-height:13pt; margin:0px; padding-right:2.2px; font-size:11pt" align="right"><b>$</b></p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right"><b>$</b></p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p>&nbsp;</p>
    </td>
    <td style="background-color:#FFFFFF; border-top:1px solid #000000" width="103.933">
      <p>&nbsp;</p>
    </td>
    <td style="background-color:#FFFFFF; border-top:1px solid #000000" width="103.933">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p style="line-height:13pt; margin:0px; padding-left:2.267px; font-size:11pt">Revenue
      - gold sales</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,387</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446,600</p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p style="line-height:13pt; margin:0px; padding-left:2.267px; font-size:11pt">Net
      income</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63,327)</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,362</p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p style="line-height:13pt; margin:0px; padding-left:2.267px; font-size:11pt">Basic
      net (loss) income per shares</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">(0.12)</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07</p>
    </td>
  </tr>
  <tr>
    <td style="background-color:#FFFFFF" width="283.533">
      <p style="line-height:13pt; margin:0px; padding-left:2.267px; font-size:11pt">Diluted
      net (loss) income per share</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="right">(0.12)</p>
    </td>
    <td style="background-color:#FFFFFF" width="103.933" align="right">
      <p style="line-height:13pt; margin:0px; font-size:11pt" align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07</p>
    </td>
  </tr>
</table>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">These
amounts have been calculated after applying the Company's accounting policies
and adjusting the results of Sino Gold to reflect the additional depreciation
and amortization that would have been charged assuming the fair value
adjustments to property, plant and equipment and mineral interests, had been
applied on January 1, 2009 and 2008, as applicable, together with the
consequential tax effects.</p>
<p style="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"><i>(j)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Deferred
financing costs</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">Deferred
financing costs represent legal, other professional and bank underwriting fees
incurred in connection with the issuance of debt. Under Canadian GAAP,
unamortized deferred financing costs are included as an offset to debt in
liabilities. Under US GAAP such costs are included in assets as a deferred
asset. Such fees are amortized over the life of the related debt using the
interest method. Amortization of deferred financing costs is included in
interest expense, net.</p>
<p style="line-height:13pt; 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"><i>(k)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Presentation
of statement of cash flows</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">Under
Canadian GAAP, the presentation of the statement of cash flows includes a
subtotal in the operating activities section that is not allowed under US GAAP.</p>
<p style="line-height:13pt; 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"><i>(l)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt"><i>Adoption
of new other United States accounting pronouncements</i></p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">i.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; font-size:11pt">FASB
Accounting Standards Codification</p>
<p style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt" align="justify">In
July 2009, the Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") became the single source of authoritative U.S.
GAAP for non-governmental entities. The ASC hierarchy consists of two levels,
authoritative literature, and non-authoritative literature. &nbsp;The ASC does
not change GAAP, rather, it is designed to simplify access to and research on
authoritative GAAP. &nbsp;The authority of the rules and interpretive releases
of the Securities Exchange Commission have not changed as a result of the
implementation of the ASC. &nbsp;The ASC is effective for financial statements
issued for interim and annual periods ending after September 15, 2009. &nbsp;The
Company adopted the FASB ASC in the preparation of this US GAAP reconciliation
note.</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="margin:0px" align="justify"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">ii.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; font-size:11pt">Business
combinations</p>
<p style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt">In
December 2007, the FASB amended the Consolidation Topic of the ASC. The
amendments establish how an entity accounts for identifiable assets acquired,
liabilities assumed, and any non-controlling interests acquired, how to account
for goodwill acquired and determines what disclosures are required as part of a
business combination. &nbsp;The amendments apply prospectively to business
combinations for which the acquisition date is on or after the beginning of the
first annual reporting period beginning on or after December 15, 2008. The
Company adopted the amendments in the preparation of this US GAAP reconciliation
note (note 24(i)).</p>
<p style="margin:0px" align="justify"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">iii.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; font-size:11pt">Non-controlling
interests</p>
<p style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt">In
December 2007, the FASB amended the Consolidation Topic of the ASC as it relates
to the presentation and disclosure for entities that have equity investments
that are not attributable directly to the parent, called non-controlling
interests or minority interests. &nbsp;</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt">The
amendments establish where and how to report non-controlling interests in the
consolidated balance sheet and statement of earnings (loss), how to account for
changes in non-controlling interests and provides disclosure requirements.
&nbsp;The amendments are effective for fiscal years beginning on or after
December 15, 2008. &nbsp;The Company adopted the amendments in the preparation
of this US GAAP reconciliation note (note 24(i)(ii)).</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">iv.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; font-size:11pt">Post
retirement benefit plan</p>
<p style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt">In
December 2008, the FASB amended the Compensation-Retirement Benefits Topic of
the ASC. &nbsp;The amendments provide guidance on an employer's disclosures
about plan assets of a defined benefit pension or other post-retirement plan and
require disclosures surrounding how investment allocation decisions are made,
including the factors that are pertinent to an understanding of investment
policies and strategies. &nbsp;</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt">Additional
disclosures include (a) the major categories of plan assets, (b) the inputs and
valuation techniques used to measure the fair value of plan assets, and (c) the
effect of fair value measurements using significant unobservable inputs on
changes in plan assets for the period and the significant concentrations of risk
within plan assets. The disclosures are effective for fiscal years ending after
December 15, 2009. Upon initial application, the amendments to this Topic are
not required for earlier periods that are presented for comparative purposes.
The Company adopted the disclosure requirements of this Topic in the preparation
of this US GAAP reconciliation note (note 24(g)).</p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px"><br>
</p>
<p style="line-height:14.5pt; margin-top:0px; margin-bottom:19.333px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><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; font-size:12pt"><b>December 31, 2009 and
2008</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>24.</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"><br>
</p>
<p style="line-height:15pt; margin-top:0px; margin-bottom:-20px; padding-left:124.8px; text-indent:-24px; font-size:11pt">v.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; font-size:11pt">Subsequent
events</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:88.467px; font-size:11pt">In
May 2009, the FASB issued a new Subsequent Events Topic in the ASC, which
establishes general standards of accounting for and disclosure of subsequent
events. &nbsp;The Topic is based on the same principles as those that currently
exist in the auditing standards and requires disclosure of the date through
which an entity has evaluated subsequent events and is effective for interim or
annual financial periods ending after June 15, 2009. The adoption of this new
pronouncement had no impact on the preparation of this US GAAP reconciliation
note.</p>
<p style="line-height:13pt; 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>25.</b></p>
<p style="line-height:14.5pt; margin:0px; padding-left:28.8px; font-size:12pt"><b>Subsequent
events</b></p>
<p style="line-height:13pt; 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"><i>(a)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><i>White
Mountain mine</i></p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="justify">On
January 12, 2010 the Company announced that the mine has received all of the
necessary approvals and production has re-commenced. During the approximately 5
month shutdown period, the mine continued to work on underground access and
development and as a result it is expected that the mine will ramp up to full
production quickly. The mine is now able to discharge treated water under an
approved change to the Environmental Impact Assessment.</p>
<p style="line-height:13pt; 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"><i>(b)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><i>Acquisition
of Xunke project</i></p>
<p style="line-height:13pt; margin:0px; padding-left:56.733px; font-size:11pt" align="justify">In
January 2010, the Company acquired an additional 40% interest in the Xunke
project for $11,000. The Company now holds a 65% interest in the property. The
exploration license of Xunke is currently in the process of being transferred
into the Company's joint venture company in Heilongjiang.</p>
<p style="line-height:13pt; 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"><i>(c)</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; font-size:11pt"><i>Sale
of Beyinhar Joint-venture</i></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:56.733px; font-size:11pt" align="justify">On
February 6, 2010 the Company entered into a Share Purchase Agreement for the
sale of its interest in its Beyinhar Joint-venture in Inner Mongolian Autonomous
Region, China, through the sale of its wholly owned subsidiary Golden China Nei
Men Gold Exploration Corporation. The consideration of $20,000 was to be paid by
the buyer in two instalments. The first instalment of $2,000 was received on
February 26, 2010 and the second instalment of $18,000 is due on or before April
30, 2010. Beyinhar was included in the acquisition of Sino Gold but is
considered to be a non-core asset by Eldorado.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><br>
</p>
<p style="margin:0px"><br>
</p>
<hr>
<p style="margin:0px"><br>
</p>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>&nbsp;</P>
<p style="margin: 0px">&nbsp;</p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
