<SEC-DOCUMENT>0001137171-11-000149.txt : 20110318
<SEC-HEADER>0001137171-11-000149.hdr.sgml : 20110318
<ACCEPTANCE-DATETIME>20110318172541
ACCESSION NUMBER:		0001137171-11-000149
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110318
DATE AS OF CHANGE:		20110318

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:		11699191

	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>eldorado6k03182011.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION 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, 2011</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><br>
      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 18th, 2011</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="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="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="financials.htm">Consolidated Financial Statements for December 31, 2010 and 2009</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;
<a href="mda.htm">Management's Discussion &amp; Analysis for December 31, 2010
and 2009</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.3&nbsp;&nbsp;&nbsp;
<a href="mdaamended.htm">Management's Discussion &amp; Analysis for December 31, 2010
and 2009 - Amended</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>

<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>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>financials.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS FOR DECEMBER 31, 2010 AND 2009
<TEXT>
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<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="03/16/2011">
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<P style="margin:0px; font-size:14pt">Consolidated Financial Statements</P>
<P style="margin:0px; font-size:14pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px; font-size:14pt">(Expressed in thousands of U.S. dollars)</P>
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<P style="margin:0px; font-size:11.5pt"><B>Management&#146;s Responsibility for Financial Reporting</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>The management of Eldorado Gold Corporation is responsible for the integrity and fair presentation of the financial information contained in this annual report. Where appropriate, the financial information, including financial statements, reflects amounts based on management&#146;s best estimates and judgments. The financial statements have been prepared in accordance with accounting principles generally accepted in Canada. Financial information presented elsewhere in the annual report is consistent with that disclosed in the financial statements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>Management is responsible for establishing and maintaining adequate internal control over financial reporting. Management has established and maintains a system of internal accounting control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, financial information is reliable and accurate and transactions are properly recorded and executed in accordance with management&#146;s authorization. This system includes established policies and procedures, the selection and training of qualified personnel and an organization providing for appropriate delegation of authority and segregation of responsibilities. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>Management has a process in place to evaluate internal control over financial reporting based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;) in <I>Internal Control &#150; Integrated Framework</I>. Based on this assessment, management has concluded that as at December 31, 2010, the Company&#146;s internal control over financial reporting was effective.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>The Board of Directors oversees management&#146;s responsibility for financial reporting and internal control systems through an Audit Committee, which is composed entirely of independent directors. The Audit Committee meets periodically with management, the Company&#146;s outside advisors and the independent auditors to review the scope and results of the annual audit and to review the financial statements and related financial reporting and internal control matters before the financial statements are approved by the Board of Directors and submitted to the Company&#146;s shareholders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>KPMG, an independent registered public accounting firm, appointed by the shareholders, has audited the Company&#146;s financial statements in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) and has expressed its opinion in the auditors&#146; report. The effectiveness of the Company&#146;s internal control over financial reporting as at December&nbsp;31, 2010 has also been audited by KPMG, and their opinion is included in their report.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:374.4px; font-size:10.5pt; float:left"><I>(Signed) Paul N. Wright</I></P>
<P style="margin:0px; text-indent:-2px; font-size:10.5pt" align=justify><I>(Signed) Edward Miu</I></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:374px; font-size:10.5pt; float:left">Paul N. Wright</P>
<P style="margin:0px; text-indent:-2px; font-size:10.5pt" align=justify>Edward Miu</P>
<P style="margin-top:0px; margin-bottom:-2px; width:374px; font-size:10.5pt; clear:left; float:left">President and Chief Executive Officer</P>
<P style="margin:0px; text-indent:-2px; font-size:10.5pt" align=justify>Chief Financial Officer</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:10.5pt" align=justify>March 16, 2011</P>
<P style="margin:0px; font-size:10.5pt" align=justify>Vancouver, British Columbia, Canada<FONT style="font-size:11pt"> </FONT></P>
<P style="line-height:14pt; margin-top:9.333px; margin-bottom:28px" align=justify><BR></P>
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<TABLE style="font-size: 10pt; page-break-before: always; margin-top: 0px" cellpadding=0 cellspacing=0 width="679"><TR height=0 style="font-size:0"><TD width=163 /><img src="financials002.gif" alt="[financials002.gif]" align=middle height=39.067 width=100.2><TD width=129 /><TD width=167 /><TD width=26 /><TD width=170 /><TD width=14 /></TR>
  <TR height=0 style="font-size:0"><TD width=163 /><TD width=129 /><TD width=167 /><P style="line-height:9.5pt; margin:0px; font-family:Univers 55,Times New Roman; font-size:7.5pt"><B>KPMG LLP</B></P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 55,Times New Roman; font-size:7.5pt"><B>Chartered Accountants</B></P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 45 Light,Times New Roman; font-size:7.5pt">PO Box 10426 777 Dunsmuir Street</P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 45 Light,Times New Roman; font-size:7.5pt">Vancouver BC V7Y 1K3<br>
Canada</P>
      <p>&nbsp;<TD width=26 /><TD width=170 /><FONT style="font-size:8pt">Telep</FONT><font style="font-size: 8pt">hone&nbsp;
      (604) 691-3000<FONT style="font-size:8pt"><br>
 </FONT>Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 691-3031<br>
      Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; www.kpmg.ca<br>
      <br>
      <br>
      <br>
      </font><TD width=14 /></TR>
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<P style="line-height:14pt; margin-top:8px; margin-bottom:24px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>To the Shareholders and Board of Directors of Eldorado Gold Corporation </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We have audited the accompanying consolidated financial statements of Eldorado Gold Corporation, which comprise the consolidated balance sheets as at December 31, 2010 and 2009, the consolidated statements of operations, cash flows, shareholders&#146; equity and comprehensive income for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><I>Management's Responsibility for the Consolidated Financial Statements</I></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><I>Auditors&#146; Responsibility</I></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><I>Opinion</I></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Eldorado Gold Corporation as at December 31, 2010 and 2009 and its consolidated results of operations and its consolidated cash flows for the years then ended in accordance with Canadian generally accepted accounting principles.</P>
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<P style="margin-top:3.533px; margin-bottom:0px; padding-left:198px; padding-right:144px; font-family:Univers 45 Light,Times New Roman; font-size:4pt">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International Cooperative <BR>
(&#147;KPMG International&#148;), a Swiss entity. <BR>
KPMG Canada provides services to KPMG LLP. </P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:9pt">Eldorado Gold <FONT style="font-size:10pt">Corporation<BR>
Page 2</FONT></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><I>Other Matter</I></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Eldorado Gold Corporation's internal control over financial reporting as of December 31, 2010, based on the criteria established in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 16, 2011<I> </I>expressed an unmodified opinion on the effectiveness of Eldorado Gold Corporation&#146;s internal control over financial reporting.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><B>KPMG LLP (signed)</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Chartered Accountants </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Vancouver, Canada</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>March 16, 2011</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px" align=justify><BR></P>
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  <TR height=0 style="font-size:0"><TD width=163 /><TD width=129 /><TD width=167 /><P style="line-height:9.5pt; margin:0px; font-family:Univers 55,Times New Roman; font-size:7.5pt"><B>KPMG LLP</B></P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 55,Times New Roman; font-size:7.5pt"><B>Chartered Accountants</B></P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 45 Light,Times New Roman; font-size:7.5pt">PO Box 10426 777 Dunsmuir Street</P>
<P style="line-height:9.5pt; margin:0px; font-family:Univers 45 Light,Times New Roman; font-size:7.5pt">Vancouver BC V7Y 1K3<br>
Canada</P>
      <p>&nbsp;<TD width=26 /><TD width=170 /><FONT style="font-size:8pt">Telep</FONT><font style="font-size: 8pt">hone&nbsp;
      (604) 691-3000<FONT style="font-size:8pt"><br>
 </FONT>Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (604) 691-3031<br>
      Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; www.kpmg.ca<br>
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<P style="line-height:14pt; margin-top:8px; margin-bottom:16px; font-family:Arial,Times New Roman; font-size:12pt" align=justify><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>To the Board of Directors of Eldorado Gold Corporation</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We have audited Eldorado Gold Corporation&#146;s (the Company) internal control over financial reporting as of December&nbsp;31, 2010, based on criteria established in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#146;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#146;s Report on Controls and Procedures. Our responsibility is to express an opinion on the Company&#146;s internal control over financial reporting based on our audit.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2010, based on criteria established in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:3.533px; margin-bottom:0px; padding-left:198px; padding-right:144px; font-family:Univers 45 Light,Times New Roman; font-size:4pt">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International Cooperative <BR>
(&#147;KPMG International&#148;), a Swiss entity. <BR>
KPMG Canada provides services to KPMG LLP. </P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:9pt">Eldorado Gold <FONT style="font-size:10pt">Corporation<BR>
Page 2</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>The Company acquired Brazauro Resources Corporation (Brazauro) during the year ended December 31, 2010, and management excluded from its assessment of the effectiveness of the Company&#146;s internal controls over financial reporting as of December 31, 2010, Brazauro&#146;s internal controls over financial reporting associated with $160.0 million of total assets and nil revenue included in the consolidated financial statements of the Company as of and for the year ended December 31, 2010. &nbsp;Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Brazauro.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December&nbsp;31, 2010 and 2009, and the related consolidated statements of operations, cash flows, shareholder&#146; equity, and comprehensive income for each of the years in the two-year period ended December&nbsp;31, 2010, and our report dated March 16, 2011 expressed an unqualified opinion on those consolidated financial statements.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify><B>KPMG LLP (signed)</B></P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Chartered Accountants </P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>Vancouver, Canada</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman" align=justify>March 16, 2011</P>
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<A NAME="_1361173885"></A><P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Consolidated Balance Sheets </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<div align="left">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=495.733 /><TD width=23.667 /><TD width=149.133 /><TD width=34.933 /><TD width=148.133 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 rowspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 rowspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 rowspan=3><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>December 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; font-size:13pt"><B>Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; padding:0px; font-size:13pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=21><P style="margin:0px; font-size:11pt">Current assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;314,344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Restricted cash (note 5 and 12(e))</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;52,425&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Marketable securities (note 6)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,027&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,951&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Accounts receivable and other (note 7)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;42,437&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,434&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Inventories (note 8)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;147,263&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;129,197&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Derivative contract (note 10)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Future income taxes (note 15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;606&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;565,102&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;484,951&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; font-size:11pt">Inventories (note 8)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;29,627&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;31,534&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=21><P style="margin:0px; font-size:11pt">Investment in significantly influenced company (note 4(c))</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;6,202&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Restricted assets and other (note 9) </P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,328&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,872&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Mining interests (note 10)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,793,722&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,580,816&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Goodwill (note 11)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;365,928&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;324,935&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,779,909&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,436,108&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; font-size:13pt"><B>Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; padding:0px; font-size:13pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Current liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;152,781&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;157,250&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Debt - current (note 12)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;98,523&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;56,499&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Future income taxes (note 15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,915&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;4,264&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;254,219&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;218,013&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Debt - long-term (note 12)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;68,140&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;134,533&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Contractual severance obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Asset retirement obligations (note 13)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;24,275&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,566&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Future income taxes (note 15)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;430,020&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;390,242&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;776,654&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;769,354&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; font-size:13pt"><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;36,021&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;26,144&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=22><P style="margin:0px; font-size:13pt"><B>Shareholders* Equity</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Share capital (note 16(b))</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,814,679&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,671,634&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;22,967&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;17,865&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;998&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,227&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Retained earnings (deficit)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;128,590&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(51,116)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,967,234&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,640,610&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.667 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=149.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,779,909&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=34.933 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=148.133 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;3,436,108&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=21><P style="margin:0px; font-size:11pt">Subsequent events (note 12)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=495.733 height=20><P style="margin:0px; font-size:11pt">Commitments and contingencies (note 19)</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.667 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=149.133 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=34.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=148.133 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
</TABLE>
</div>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<A NAME="_1361173894"></A><P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Consolidated Statements of Operations</P>
<P style="margin:0px; font-size:12pt"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars except per share amounts)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<div align="left">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=451.533 /><TD width=26.733 /><TD width=103.867 /><TD width=17.467 /><TD width=101.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=19><P style="margin:0px; font-size:11pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 rowspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=19><P style="margin:0px; font-size:11pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=103.867 height=19><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=101.8 height=19><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22.533><P style="margin:0px; font-size:12pt"><B>Revenue</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Gold sales</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;782,850&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;358,467&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Iron ore sales</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,325&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;791,175&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;358,467&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22.533><P style="margin:0px; font-size:12pt"><B>Expenses</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Operating costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;282,465&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;132,464&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;106,791&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;38,658&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">General and administrative</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;59,769&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;32,530&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Exploration</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;23,181&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;11,970&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Mine standby costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,335&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,580&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Accretion of asset retirement obligations (note 13)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;1,564&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;291&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Foreign exchange loss (gain) &nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;14,792&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,966)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;489,897&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;215,527&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=10><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=10><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=10><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=10><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=10><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Gain on disposal of assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(592)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(854)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Gain on marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(6,572)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(1,689)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Interest and financing costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,089&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;824&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Interest and other income</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(12,937)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,262)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Writedown of assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;477,885&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;211,546&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22.533><P style="margin:0px; font-size:12pt"><B>Income before income taxes and non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=22.533><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;313,290&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=22.533><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;146,921&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22.533><P style="margin:0px; font-size:12pt"><B>Income tax (expense) recovery (note 15)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Current</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(95,022)</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(44,862)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Future</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;5,252&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;2,972&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(89,770)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=26.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(41,890)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22><P style="margin:0px; font-size:12pt"><B>Non-controlling interests in income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(17,457)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;(2,627)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=16><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22><P style="margin:0px; font-size:12pt"><B>Net income for the year</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;206,063&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=17.467 height=22><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=22><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;102,404&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=22.533><P style="margin:0px; font-size:12pt"><B>Weighted average number of shares outstanding </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=22.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 rowspan=2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;542,861&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;389,384&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;545,850&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;391,707&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=14><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=21><P style="margin:0px; font-size:12pt"><B>Earnings per share</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Basic income per share</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.38&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.26&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; font-size:11pt">Diluted income per share</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.38&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;0.26&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=451.533 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.467 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
</div>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="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-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<A NAME="_1361173900"></A><P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Consolidated Statements of Cash Flows</P>
<P style="margin:0px; font-size:12pt"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<div align="left">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432 /><TD width=26.733 /><TD width=125.467 /><TD width=26.733 /><TD width=125.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; font-size:12pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 rowspan=2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; font-size:12pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=21><P style="margin:0px; font-size:12pt"><B>Cash flows generated from (used in):</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=14><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=21><P style="margin:0px; font-size:12pt"><B>Operating activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Net earnings for the year</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;206,063&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;102,404&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Items not affecting cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Accretion on asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,564&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;291&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Contractual severance expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;106,791&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;38,658&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Unrealized foreign exchange loss (gain)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,974&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;281&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Future income taxes (recovery) expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(5,252)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,972)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Gain on disposal of assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(592)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(854)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Gain on marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(6,572)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,689)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Stock-based compensation (note 17(b))</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;16,557&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;9,091&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Fair value of bonus cash award units</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,543)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Pension expense (note 14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,517&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,689&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Non-controlling interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,457&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,627&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;356,507&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;146,983&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Changes in non-cash working capital (note 18)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(64,432)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;45,059&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;292,075&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;192,042&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=10><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=10><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=10><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=10><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=10><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt"><B>Investing activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Acquisition of subsidiaries net of cash received (note 4)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(6,083)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;54,179&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Mining interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Capital expenditures</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(226,296)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(106,614)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Sales and disposals</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;23,756&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Purchases</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(11,983)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(3,967)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Proceeds on disposals</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;15,611&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;42,770&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Equity investment puchase</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(6,727)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Pension plan contributions (note 14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,856)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Value added taxes recoverable on mining interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(2,463)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Restricted asset and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(7,007)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,877&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(221,192)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(13,576)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=22><P style="margin:0px; font-size:12pt"><B>Financing activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Capital stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Share issuance costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Issuance of common shares for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35,907&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,201&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Dividend paid to non-controlling interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,287)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(149)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Dividend paid to shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(26,357)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Long-term and bank debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Proceeds</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;59,839&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;4,983&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=20><P style="margin:0px; font-size:12pt">Repayments</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(90,010)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(4,983)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(21,908)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,052&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; font-size:12pt"><B>Net increase in cash and cash equivalents</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;48,975&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;203,518&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; font-size:12pt"><B>Cash and cash equivalents - beginning of year</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;61,851&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=26.8><P style="margin:0px; font-size:12pt"><B>Cash and cash equivalents - end of year</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;314,344&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=26.733 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:4px solid #000000" valign=bottom width=125.467 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=21><P style="margin:0px; font-size:12pt"><B>Supplementary cash flow information</B> (note 18)</P>
</TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=26.733 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.467 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
</div>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="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-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Consolidated Statements of Shareholders&#146; Equity</P>
<P style="margin:0px; font-size:12pt"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<div align="left">
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=404.2 /><TD width=19.533 /><TD width=115.2 /><TD width=51.4 /><TD width=101.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=21><P style="margin:0px; font-size:12pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 rowspan=2><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; font-size:12pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=115.2 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; font-size:12pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=21><P style="margin:0px; font-size:12pt"><B>Share capital </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Balance beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,671,634&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;931,933&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Shares issued upon exercise of share options,</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;35,895&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;25,201&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Estimated fair value of share options exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;12,020&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;10,045&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Share issued in consideration for interests </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquired</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;95,118&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;1,704,455&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Shares issued for cash upon exercise of warrants</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;12&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Balance end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,814,679&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,671,634&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=21><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt"><B>Contributed surplus</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Balance beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,865&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;19,378&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Non-cash stock-based compensation</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;16,557&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;8,532&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Non-cash stock-based compensation on</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazauro warrants &amp; options converted</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;565&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Options exercised, credited to share capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(12,020)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(10,045)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=26.8><P style="margin:0px; font-size:12pt">Balance end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;22,967&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=26.8><P style="margin:0px; font-size:12pt" align=right></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;17,865&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=22><P style="margin:0px; font-size:12pt"><B>Retained earnings (deficit)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Balance beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(51,116)</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(153,520)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Dividends paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(26,357)</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Net income for the year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;206,063&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;102,404&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=26.8><P style="margin:0px; font-size:12pt">Balance end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=115.2 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;128,590&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=51.4 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(51,116)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt"><B>Accumulated other comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Balance beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,227&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(5,971)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=20><P style="margin:0px; font-size:12pt">Other comprehensive (loss) income</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;(1,229)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=20><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=20><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;8,198&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=26.8><P style="margin:0px; font-size:12pt">Balance end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=115.2 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;998&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=51.4 height=26.8><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.8 height=26.8><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,227&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=13><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=22><P style="margin:0px; font-size:12pt"><B>Total shareholders' equity</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=22><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=115.2 height=22><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,967,234&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=51.4 height=22><P style="margin:0px; padding:0px; font-size:12pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=101.8 height=22><P style="margin:0px; font-size:12pt" align=right>&nbsp;&nbsp;2,640,610&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=404.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=115.2 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51.4 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
</div>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="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-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Consolidated Statements of Comprehensive Income</P>
<P style="margin:0px; font-size:12pt"><B>For the years ended December 31,</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=454.8 /><TD width=109.933 /><TD width=109.933 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height:11.5pt; margin:0px; text-indent:36.667px; font-size:11pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height:11.5pt; margin:0px; text-indent:36.667px; font-size:11pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align="right"><b><BR></b></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 36.667px; font-size: 11pt; margin: 0px" align="right"><b><BR></b></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin-top:7.333px; margin-bottom:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Net earnings for the year ended December 31, </P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height:11.5pt; margin:0px; text-indent:45.667px; font-size:11pt" align="right">206,063</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">102,404</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Unrealized gains on available-for-sale investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">13,480</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">129,418</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Reversal of unrealized gains on available-for-sale investments on acquisition of subsidiary (note 4 (a)(b))</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">(11,424)</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">(122,617)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Realized (gains) losses on available-for-sale investments transferred to net income</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">(3,245)</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">1,717</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-14.4px; font-size:11pt">Future income taxes on changes in available-for-sale investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">(40)</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">(320)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="line-height:11.5pt; margin:0px; padding-left:14.4px; text-indent:-14.4px; font-size:11pt">Other comprehensive (loss) income</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=109.933><P style="line-height: 11.5pt; font-size: 11pt; text-indent: 45.667px; margin: 0px" align="right">(1,229)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=109.933><P style="line-height: 11.5pt; font-size: 11pt; text-indent: 45.667px; margin: 0px" align="right">8,198</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><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="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=109.933><P style="line-height:11.5pt; margin:0px; text-indent:45.667px; font-size:11pt" align="right">204,834</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right">110,602</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=109.933><P style="line-height: 11.5pt; text-indent: 45.667px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="_Ref159384272"></A><P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="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-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>1.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Nature of operations</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">Eldorado Gold Corporation (&#147;Eldorado&#148; or the &#147;Company&#148;) is a gold exploration, development, mining and production company. The Company has ongoing exploration and development projects in Turkey, China, Greece and Brazil. The Company acquired control of Sino Gold Mining Ltd. (&#147;Sino Gold&#148;) in December 2009, along with its two producing mines, Jinfeng and White Mountain, as well as the Eastern Dragon development project. It also completed in July 2010 the acquisition of Brazauro Resources Corporation (&#147;Brazauro&#148;), whose main asset is the Tocantinzinho exploration and development project in <FONT style="font-family:TimesNewRomanPSMT,Times New Roman">Tapaj&#243;s, Brazil.</FONT></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<A NAME="_Ref159386246"></A><P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Significant accounting policies</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Basis of presentation and principles of consolidation</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt; clear:left">These consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles (&#147;Canadian GAAP&#148;) and presented in United States dollars. As disclosed in note 23, Canadian GAAP differs in certain material respects from accounting principles generally accepted in the United States (&#147;US GAAP&#148;). 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"><BR><BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="1019"><TR height=0 style="font-size:0"><TD width=351 /><TD width=112 /><TD width=126 /><TD width=132 /><TD width=288 /></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=353 height=42><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center><B>Subsidiary</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=114 height=42><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center><B>Location</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=128 height=42><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center><B>Ownership interest</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=134 height=42 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center><B>Status</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=290 height=42><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center><B>Operations and development projects owned</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Qinghai Dachaidan Mining Ltd (QDML)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;China</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>90%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align="center">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;TJS Gold Mine</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">T&#252;prag Metal Madencilik Sanayi ve Ticaret AS</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;Turkey</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>100%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Ki&#351;lada&#287;
    Gold Mine</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Efemcukuru Project</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Unamgen Minera&#231;&#227;o e Metalurgia S/A</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;Brazil</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>100%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Vila Nova Iron Ore Mine</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Thracean Gold Mining SA</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;Greece</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>100%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Perama Hill Project</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Sino Guizhou Jinfeng Mining Limited</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;China</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>82%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Jinfeng </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Sino Gold Jilin BMZ Mining Limited</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;China</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>95%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;White Mountain </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=351 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Heihe Rockmining Limited</P>
</TD><TD style="margin-top: 0px" valign=bottom width=112 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;China</P>
</TD><TD style="margin-top: 0px" valign=bottom width=126 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt" align=center>95%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=132 height=20 align="center"><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Consolidated</P>
</TD><TD style="margin-top: 0px" valign=bottom width=288 height=20><P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;&nbsp;&nbsp;Eastern Dragon </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">All material inter-company balances and transactions have been eliminated.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; 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; clear:left">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, asset impairment analysis, 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, the provision for income tax liabilities, future income taxes 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Cash and cash equivalents</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible to cash and that have maturity dates of three months or less from the date of acquisition. Cash and cash equivalents and restricted cash are designated as held-for-trading and measured at fair value.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(d)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Inventories</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:57.6px; width:86.4px; font-size:11pt; clear:left; float:left">i.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; text-indent:-2px; 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, dor&#233; 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; padding-left:86.4px; font-size:11pt; clear:left">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; padding-left:86.4px; 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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:57.6px; width:86.4px; font-size:11pt; float:left">ii.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:86.4px; text-indent:-2px; 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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; clear:left; float:left"><I>(e)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Investments</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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; padding-left:57.6px; 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 until a decline in fair value is determined to be other than temporary. Factors that contribute to an other than temporary decline include a significant and prolonged period during which fair value is below cost, and the existence of a significant adverse change in the market and economic environment 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-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">Investments classified as held-for-trading are reported at fair value with unrealized gains or losses included in earnings in &#147;Gain on marketable securities&#148;. </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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Investments in significantly influenced companies are accounted for using the equity method. Under the equity method, the original cost of the shares is adjusted for the Company&#146;s share of post-acquisition earnings or losses less dividends. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(f)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Deposits</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Deposits, such as those required by governmental authorities for possible environmental liabilities, are classified as held-for-trading and measured at fair value.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(g)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Financial instruments</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Fair value estimates are made at the balance sheet date, based on relevant market information and other information about the financial instruments.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">Derivative financial instruments are reported at fair value with unrealized gains or losses included in earnings. Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from the markets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(h)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Mining interests</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt; clear:left">Mining interests include acquisition costs, 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; padding-left:57.6px; 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 the mine&#146;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&#146;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; padding-left:57.6px; 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:0px; padding-left:57.467px; 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:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(i)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Goodwill</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(j)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Exploration and development</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt; clear:left">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. After the property is placed into production, costs incurred 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; padding-left:57.6px; 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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:105.6px; text-indent:-2px; font-size:11pt">There is a probable future benefit that will contribute to future cash inflows;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">ii.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:105.6px; text-indent:-2px; font-size:11pt">The Company can obtain the benefit and control access to it, and;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">The transaction or event giving rise to the benefit has already occurred.</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(k)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Deferred financing charges</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Deferred financing costs represent the issuance costs of the Company&#146;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 term of the related liability.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(l)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Foreign currency translation</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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="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><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(m)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Capital lease obligations</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(n)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Asset retirement obligations</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Asset retirement obligations (&#147;AROs&#148;) 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; padding-left:57.6px; 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. The amount is amortized to 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; padding-left:57.6px; font-size:11pt">Over the life of the asset, imputed interest on the ARO liability is charged to operations as &#147;accretion of asset retirement obligations&#148; using the discount rate used to establish the ARO. The offset of accretion expense is added to the balance of the ARO. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">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 included in earnings.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(o)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Stock-based compensation</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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 recognized 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; padding-left:57.6px; 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. Deferred share units are liability awards recorded at the quoted market price at the grant date.&nbsp; The corresponding liability is marked to market at each reporting date.</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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(p)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Income taxes</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(q)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Revenue recognition</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(r)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Earnings (loss) per share</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">Basic earnings per share is computed by dividing net income or loss by the weighted average number of outstanding common shares for the year.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(s)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Capitalization of interest</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(t)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Stripping costs</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>2.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Significant accounting policies</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(u)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Mine standby and restructuring costs</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(v)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Defined benefit pension plan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">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; padding-left:57.6px; 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; padding-left:57.6px; 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:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(w)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Comparative figures</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt; clear:left">Certain comparative figures have been reclassified to conform to the current year&#146;s presentation.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>3.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Changes in accounting policies and new accounting developments</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="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="margin:0px; padding-left:29.333px; font-size:11pt" align=justify>In January 2009, the Canadian Institute of Chartered Accountants (&#147;CICA&#148;) 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 consideration and contingencies will also be recorded at fair value at the acquisition date. The standard also requires that acquisition-related costs be expensed as incurred and that restructuring charges 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" 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>3.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="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="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="margin:0px; padding-left:29.733px; font-size:11pt"><I>International Financial Reporting Standards</I></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:7.333px; padding-left:29.867px; 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 Accounting Standards 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></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>4.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Acquisitions</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Sino Gold </I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:15.867px; padding-left:28.4px; 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 &#147;Scheme Deed&#148;), with Sino Gold, by way of schemes of arrangement (the &#147;Schemes&#148;) under the laws of Australia (the &#147;Transaction&#148;).</P>
<P style="margin-top:0px; margin-bottom:15.867px; padding-left:28.4px; font-size:11pt">Pursuant to the Schemes, Eldorado acquired all of the outstanding ordinary shares of Sino Gold (&#147;the Sino Gold Shares&#148;) 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="margin-top:0px; margin-bottom:15.867px; padding-left:28.4px; font-size:11pt">Consideration for the Sino Gold Shares acquired was common shares of Eldorado (&#147;Eldorado Shares&#148;), 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 &#147;in the money&#148; or not. </P>
<P style="margin-top:0px; margin-bottom:15.867px; padding-left:28.4px; 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 (&#147;CDIs&#148;), 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="margin-top:0px; margin-bottom:15.867px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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:0px; font-size:12pt"><B>4. &nbsp;&nbsp;&nbsp;Acquisitions </B><I>(continued)</I></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.4px; 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 &#147;Share Purchase Agreement&#148;) dated June 3, 2009, as amended on July 10, 2009, with Gold Fields Australasia (BVI) Limited (&#147;GFA&#148;) 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:28.4px; 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="margin:0px; padding-left:28.4px; 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&#146;s transaction costs of $24,010, for total consideration of $1,728,465. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.4px; font-size:11pt" align=justify>Eldorado received net cash proceeds from the Sino Gold Transaction of $53,771. &nbsp;Net cash proceeds result from the cash balance acquired of $77,781 less acquisition costs incurred of $23,602 in the year 2009 and $408 in the year 2010 for total acquisition costs incurred of $24,010.</P>
<P style="margin-top:11px; margin-bottom:0px; padding-left:28.4px; font-size:11pt" align=justify>The allocation of the purchase price is as follows:</P>
<P style="margin-top:11px; margin-bottom:0px; padding-left:28.4px; font-size:11pt" align=justify>&nbsp;</P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="928" height="227">
  <tr>
    <TD width=795 height="17" /><TD width=125 height="17" />
      <p align="right"><b><font size="3">$</font></b>
  </tr>
  <tr>
    <TD width=795 height="17" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">131,772,777 common shares of Eldorado issued as CDIs<TD width=125 height="17" align="right" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">1,398,109&nbsp;
  </tr>
  <tr>
    <TD width=795 height="17" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">4,057,762 common shares of Eldorado issued to GFA<TD width=125 height="17" align="right" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">43,053&nbsp;
  </tr>
  <tr>
    <TD width=795 height="17" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">27,824,654 common shares of Eldorado issued to
      GFA, being the cost of 57,968,029 &nbsp;Sino Gold shares previously acquired<TD width=125 height="17" align="right" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">24,010&nbsp;
  </tr>
  <tr>
    <TD width=795 height="17" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">Transaction costs<TD width=125 height="17" align="right" style="border-bottom: 1 solid #000000" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">24,010&nbsp;
  </tr>
  <tr>
    <TD width=795 height="17" />
      <p style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left"><TD width=125 height="17" style="border-bottom: 3 solid #000000" align="right" />
      <p align="right" style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px">1,728,465
  </tr>
  <tr>
    <TD width=795 height="17" /><TD width=125 height="17" />
  </tr>
  <tr>
    <TD width=795 height="17" /><TD width=125 height="17" />
  </tr>
  <tr>
    <TD width=795 height="17" /><TD width=125 height="17" />
  </tr>
  <tr>
    <TD width=795 height="17" /><TD width=125 height="17" />
  </tr>
</TABLE>
<P style="margin-top:11px; margin-bottom:0px; padding-left:28.4px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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:0px; font-size:12pt"><B>4. &nbsp;&nbsp;&nbsp;Acquisitions </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:7.333px; margin-bottom:7.333px; padding-left:28.4px; font-size:11pt">The above purchase price has been allocated as follows: </P>
<A NAME="_1329727225"></A><A NAME="_1330253593"></A><A NAME="_1330253613"></A><A NAME="_1330337863"></A><A NAME="_1357736725"></A><A NAME="_1357994351"></A><A NAME="_1361003511"></A><A NAME="_1361003590"></A><A NAME="_1361009439"></A><A NAME="_1361009522"></A><A NAME="_1361009783"></A><A NAME="_1361009794"></A><A NAME="_1361173921"></A><TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="658"><TR height=0 style="font-size:0"><TD width=419 /><TD width=24 /><TD width=67 /><TD width=140 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">Fair value of net assets acquired</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=8><P>&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=24 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=140 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Cash</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Accounts receivable and other</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Inventory</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Mining interests and property, plant and equipment, </P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=140 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including value beyond proven and probable reserves</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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;1,799,377&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Goodwill</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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;363,690&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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;(74,737)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Asset retirement obligations</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Debt</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Future income taxes</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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;(319,386)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=419 height=19.267><P style="line-height: 13pt; font-size: 11pt; margin: 0px; padding-left: 56.733px" align="left">&nbsp;&nbsp;&nbsp;Non-controlling interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=419 height=19.267><P>&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=24 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" 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;1,728,465&nbsp;</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.4px; font-size:11pt">The acquired goodwill of $363,690 relates to the China reporting segment (note 22) and none of it is expected to be deductible for tax purposes.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.4px; font-size:11pt">The preliminary purchase price allocation was finalized as at December 31, 2010. Changes from that originally reported include a reduction of $58,523 to mining interest, an increase of $40,993 to goodwill, a reduction of $1,464 to accounts payable and accrued liabilities, a reduction of $16,474 to future income taxes and an increase in the purchase price of $408. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.4px; 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 respectively. The Company also has a major development project, Eastern Dragon, which is planned to commence commercial production in 2011. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Brazauro</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt; clear:left">Eldorado completed the acquisition of all of the issued and outstanding common shares of Brazauro that it did not already own on July 20, 2010. As a result, Eldorado acquired a 100% interest in the Tocantinzinho exploration and development project in Tapaj&#243;s, Brazil as well as the option agreements on two early-stage exploration projects, Piranhas and &#193;gua Branca, also located in the Tapaj&#243;s district of Brazil.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt">Under the terms of the arrangement, former Brazauro shareholders received 0.0675 of an Eldorado common share for each Brazauro share held, as well as 1/3 of a share of TriStar Gold Inc. (&#147;TriStar&#148;), a new exploration company that Eldorado agreed to fund with C$10 million. TriStar holds certain exploration properties owned by Brazauro prior to the arrangement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt">The Company issued 5,993,898 common shares and paid the C$10 million in connection with this transaction. &nbsp;Eldorado incurred acquisition costs of $3,474.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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:0px; font-size:12pt"><B>4. &nbsp;&nbsp;&nbsp;Acquisitions </B><I>(continued)</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">As at the date of the transaction, Eldorado held 14,326,000 common shares of Brazauro with a total cost of $7,071, net of the reversal of the unrealized gain of $11,424 included in other comprehensive income at the date of the acquisition.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:28.8px; font-size:11pt">This transaction has been accounted for as an acquisition of assets and liabilities because Brazauro was in the development stage. These consolidated financial statements include 100% of Brazauro results commencing July 20, 2010.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.733px; font-size:11pt">The allocation of the purchase price to the assets and liabilities of Brazauro is as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=454.667 /><TD width=58.667 /><TD width=110.533 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Purchase price:</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; padding-right:7.867px; font-size:11pt" align=right>&nbsp;<B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Share consideration </P>
<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;Brazauro warrants and options converted</P>
<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;Brazauro warrants previously held</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:62.867px; font-size:11pt">95,118</P>
<P style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">565</P>
<P style="line-height:11.5pt; margin:0px; text-indent:81.2px; font-size:11pt">294</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 consideration</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">9,479</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="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 style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">7,071</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Transaction costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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">3,474</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Total purchase price</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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">116,001</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><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 style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">7,278</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 receivables and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:88.533px; font-size:11pt">73</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:55.533px; font-size:11pt">155,964</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:71.467px; font-size:11pt">(560)</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Future income taxes payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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">(46,754)</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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">116,001</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:28.8px; font-size:11pt">Eldorado paid net cash of $5,675 as a result of the Brazauro transaction. &nbsp;This net reduction of cash was a result of an acquired cash balance of $7,278 less cash consideration of $9,479 and transaction costs of $3,474.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Serabi Mining Plc (&#147;Serabi&#148;)</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">In June 2010, the Company acquired 120,000,000 common shares of Serabi for $5,375. This represents a 26.8% interest in Serabi. &nbsp;The investment in Serabi is being accounted for under the equity method as follows:</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=454.667 /><TD width=58.667 /><TD width=110.533 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:95.867px; font-size:11pt">$</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Original purchase</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">5,375</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional purchase during the year</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:70.2px; font-size:11pt">1,352</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding-left:72px; text-indent:-42.667px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity loss</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=110.533><P style="line-height:11.5pt; margin:0px; text-indent:71.467px; font-size:11pt">(525)</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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;Balance at December 31, 2010</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000; 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">6,202</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:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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:0px; font-size:12pt"><B>4. &nbsp;&nbsp;&nbsp;Acquisitions </B><I>(continued)</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">Additionally, the Company acquired 2,500,000 special warrants for $1,352 in December 2010 in order to maintain its 26.8% ownership percentage. &nbsp;Each special warrant is convertible to one ordinary common share and one half of one purchase warrant with no further action by the Company upon Serabi obtaining a share listing on the TSX or TSX-V. &nbsp;If those conditions are not met by March 31, 2011, each special warrant is automatically convertible to 1.1 of an ordinary common share and 0.55 of one purchase warrant with no further action by the Company. </P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; padding-left:28.733px; font-size:11pt">The Company initially purchased 120,000,000 common shares of Serabi, however, in anticipation of a listing application to a Canadian stock exchange Serabi consolidated the existing ordinary shares on the basis of 1 New Ordinary Share for every 10 Existing Ordinary Shares. &nbsp;Therefore, the Company&#146;s investment was revised to 12,000,000 new ordinary shares at the date of consolidation.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:28.733px; font-size:11pt">Serabi is a gold mining company that is focused on the Tapajos region of Northern Brazil.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(d)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Vila Nova Iron Ore project</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:28.4px; font-size:11pt">On August 5, 2009, the Company acquired the remaining 25% interest in its Vila Nova Iron Ore Project (&quot;Vila Nova&quot;) from Minera&#231;&#227;o Amapari SA (&#147;Amapari&#148;), 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. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><BR></P>
<A NAME="_Ref159383530"></A><P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>5.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Restricted cash</B></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt; clear:left">Restricted cash represents short-term interest-bearing money market securities and funds held on deposit as collateral for the following loans: </P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 height="137"><TR height=0 style="font-size:0"><TD width=453.6 height="17" /><TD width=12 height="17" /><TD width=96 height="17" /><TD width=28.8 height="17" /><TD width=96 height="17" /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=453.6 height="62"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=12 height="62"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="62"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="62"><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="62"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=453.6 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Eastern Dragon CMB standby letter of credit loan &#150; (note 12 (e))</P>
</TD><TD style="margin-top: 0px" valign=bottom width=12 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt" align="right">52,425</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt" align="right">-</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=453.6 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-57.067px; font-size:11pt">Eastern Dragon CCB loan &#150; (note 12 (e))</P>
</TD><TD style="margin-top: 0px" valign=bottom width=12 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt" align="right">-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19">
    <p style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt" align="right">50,000</p>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=453.6 height="20"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=12 height="20"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 height="20"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt" align="right">52,425</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="20"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 height="20"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt" align="right">50,000</P>
</TD><A NAME="_Ref161141083"></A></TR>
</TABLE>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:4px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>6.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Marketable securities</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432.667 /><TD width=29.333 /><TD width=95.333 /><TD width=29.333 /><TD width=102.667 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Marketable securities &#150; Available-for-sale</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,027</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,470</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Marketable securities &#150; Held-for-trading</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">399</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Warrants &#150; Held-for-trading</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=29.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">82</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">8,027</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=29.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,951</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>7.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Accounts receivable and other</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432.667 /><TD width=29.333 /><TD width=95.333 /><TD width=29.333 /><TD width=102.667 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Value added and other taxes recoverable</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">4,196</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">5,956</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Other receivables and advances</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">16,223</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.667><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">9,123</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Prepaid expenses and deposits</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=95.333><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">22,018</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.667><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">11,355</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=432.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=95.333><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">42,437</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=29.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=102.667><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">26,434</P>
</TD><A NAME="_Ref159383539"></A></TR>
</TABLE>
<P style="margin-top:3.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:3.667px; margin-bottom:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>8.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Inventories</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8 /><TD width=28.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><U>Current:</U></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Ore stockpiles</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">39,483</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">37,503</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">In-process inventory including dor&#233;</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">62,366</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">56,098</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Materials and supplies</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">45,414</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">35,596</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">147,263</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">129,197</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt"><U>Non-current: </U><SUP>(1)</SUP></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Ore stockpiles</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">15,659</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">15,987</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">In-process inventory </P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">13,968</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">15,547</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">29,627</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">31,534</P>
</TD><A NAME="_Ref159383554"></A></TR>
</TABLE>
<P style=margin-top:3.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:52.8px; float:left"><SUP>(1)</SUP></P>
<P style="line-height:13pt; margin:0px; padding-left:52.8px; text-indent:-2px">Non-current inventories represent material not scheduled for processing within the next twelve months at the Company&#146;s TJS mine.</P>
<P style="line-height:13pt; margin-top:3.333px; margin-bottom:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:3.333px; margin-bottom:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>9.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Restricted assets and other</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8 /><TD width=28.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 &#150; SERP (note 14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">7,872</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">7,066</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">656</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">618</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">156</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">352</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">2,477</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">10,448</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">3,442</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 14)</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">113</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">19,328</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">13,872</P>
</TD></TR>
</TABLE>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:8px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:4px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>10.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Mining interests</B></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 height="328"><TR height=0 style="font-size:0"><TD width=308 height="17" /><TD width=32.8 height="17" /><TD width=96 height="17" /><TD width=28.8 height="17" /><TD width=96 height="17" /><TD width=28.8 height="17" /><TD width=96 height="17" /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=345.6 colspan=5 height="19"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="92"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="92"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="92"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Cost</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="92"><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="92"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Accumulated</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>depreciation,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>depletion and</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>amortization</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="92"><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="92"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Net book</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>&nbsp;value</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="32"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="32"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="32"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="32"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="32"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Producing properties<SUP> </SUP></P>
</TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,671,989</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">263,982</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,408,007</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Properties under development</P>
</TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,319,358</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">867</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,318,491</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Iron ore property</P>
</TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">49,588</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">2,828</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">46,760</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="33"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="33"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="33"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="33"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="33"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="33"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="33"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">3,040,935</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">267,677</P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,773,258</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="1"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="1"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="1"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="1"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="1"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="1"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="1"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:29.333px; font-size:11pt">Other mineral interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">24,511</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">4,047</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">20,464</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="34"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="34"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="34"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="34"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=28.8 height="34"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="34"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=308 height="19"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=32.8 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">3,065,446</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">271,724</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=28.8 height="19"><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 height="19"><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,793,722</P>
</TD><A NAME="_Ref159383584"></A></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=308 /><TD width=32.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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 style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Cost</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Accumulated</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>depreciation,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>depletion and</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>amortization</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Net book</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>&nbsp;value</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Producing properties </P>
</TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,616,794</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">159,361</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,457,433</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Properties under development</P>
</TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,021,981</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">516</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">1,021,465</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Iron ore property</P>
</TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">47,464</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">252</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">47,212</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,686,239</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">160,129</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,526,110</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">57,496</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt" align="right">2,790</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">54,706</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=308><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=32.8><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,743,735</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">162,919</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 53.4px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 53.4px; font-size: 11pt; margin: 0px" align="right">2,580,816</P>
</TD><A NAME="_Ref159383634"></A></TR>
</TABLE>
<P style="line-height:13pt; margin-top:7.333px; margin-bottom:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Included in producing properties and other mineral interest is $473,495 (2009 &#150; $339,242) and $16,975 (2009 &#150; $52,163) 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:13pt; margin:0px; font-size:11pt">The amount of capitalized interest during the year ended December 31, 2010 included in mining interest was $2,897 (2009 &#150; nil).</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style=margin-top:4px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>11.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Goodwill</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=432.467 /><TD width=120 /><TD width=103.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align=right><B>December 31, 2010</B></P>
<P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align=right><B>December 31, 2009</B></P>
<P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding-left:28.4px; font-size:11pt">Balance at beginning of year</P>
</TD><TD style="margin-top:0px" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>324,935</P>
</TD><TD style="margin-top:0px" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>2,238</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding-left:28.4px; font-size:11pt">Acquisitions during the year (note 4 (a))</P>
</TD><TD style="margin-top:0px" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>322,697</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding-left:28.4px; font-size:11pt">Adjustments to preliminary purchase price allocation (note 4 (a))</P>
</TD><TD style="margin-top:0px" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>40,993</P>
</TD><TD style="margin-top:0px" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=432.467><P style="margin:0px; padding-left:28.4px; font-size:11pt">Balance at end of year </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=120><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>365,928</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=103.2><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align=right>324,935</P>
</TD></TR>
</TABLE>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="line-height: 14.5pt; font-size: 12pt; margin: 0px"><B>Debt</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=396.933 /><TD width=25.6 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>December 31,</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt"><U>Current:</U></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Jinfeng construction loan (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">21,139</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">White Mountain fixed asset project loan (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">9,749</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">3,633</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">White Mountain working capital project loan (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">6,176</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">5,991</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">White Mountain working capital loan (d)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">7,549</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Eastern Dragon CMB standby letter of credit loan (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">48,317</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Eastern Dragon HSBC revolving loan facility (f)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">5,593</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Eastern Dragon CCB loan (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">46,875</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">98,523</P>
</TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">56,499</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt"><U>Long-term:</U></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Jinfeng construction loan (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">52,951</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">97,867</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">White Mountain fixed asset project loan (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">15,189</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">24,214</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding-left:37.8px; font-size:11pt">Jinfeng working capital loan (b)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">12,452</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=396.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=25.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">68,140</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">134,533</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:37.8px; font-size:11pt">Principal debt repayments are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=340.2 /><TD width=9.467 /><TD width=56.667 /><TD width=7.333 /><TD width=58.8 /><TD width=7.333 /><TD width=58.867 /><TD width=9.467 /><TD width=56.667 /><TD width=7.333 /><TD width=62.4 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>2011</B></P>
<P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>2012</B></P>
<P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2013</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>2014</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Total</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:10.5pt">Jinfeng construction loan (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; text-indent:6.933px; font-size:11pt" align="right">21,139</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">21,139</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">21,139</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; text-indent:6.933px; font-size:11pt" align="right">12,079</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">75,496</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:10.5pt">White Mountain fixed asset project loan (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">9,749</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">9,981</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">5,208</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">24,938</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:10.5pt">White Mountain working capital project loan (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">6,176</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">6,176</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:11pt">White Mountain working capital loan (d)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">7,549</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">7,549</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:10.5pt">Eastern Dragon CMB standby letter of credit loan (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; text-indent:6.933px; font-size:11pt" align="right">48,317</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">48,317</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="margin:0px; padding-left:28.8px; text-indent:-0.467px; font-size:10.5pt">Eastern Dragon HSBC revolving loan facility (f)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">5,593</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=56.667><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">5,593</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=340.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=9.467><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; text-indent:6.933px; font-size:11pt" align="right">98,523</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=58.8><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">31,120</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=58.867><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">26,347</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=9.467><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=56.667><P style="line-height:11.5pt; margin:0px; text-indent:6.933px; font-size:11pt" align="right">12,079</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333><P style="font-size: 11pt; line-height: 11.5pt; text-indent: 6.933px; margin: 0px" align="right">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=62.4><P style="line-height: 11.5pt; text-indent: 6.933px; font-size: 11pt; margin: 0px" align="right">168,069</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:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<A NAME="_Ref159383776"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Jinfeng construction loan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">In 2009, Guizhou Jinfeng Mining Ltd. (&#147;Jinfeng&#148;), our &nbsp;82% owned subsidiary, entered into a RMB 680.0 million ($102,674) construction loan facility (&#147;the construction loan&#148;) with China Construction Bank (&#147;CCB&#148;). </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&#146;s Bank of China for similar loans with a 5% discount. &nbsp;The applicable interest rate as at December 31, 2010 is 6.08% (after 5% discount). The construction loan is secured against the following:</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Sino Gold corporate guarantee; </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">pledge of 82% shares held by Sino Gold in Jinfeng;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">mortgage on all fixed assets of Jinfeng with a value above $100; </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iv.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">mortgage on Jinfeng mining license and exploration license; and </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">v.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">mortgage on land use right. </P>
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<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>
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<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 &#150; quarterly payments of RMB 35.0 million ($5,285); for the year 2014 &#150; quarterly payments of RMB 32.5 million ($4,907); and for the year 2015 a final payment of RMB 130.0 million ($19,626). Any pre-payments are applied to reduce future payments starting from the final payment. During 2010, Jinfeng pre-paid RMB 180.0 million ($27,178) on the outstanding balance of this loan, leaving a balance owing of RMB 500.0 million ($75,496) at December 31, 2010.</P>
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<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 for net deferred financing costs at December 31, 2010 of $1,406.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Jinfeng working capital loan</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt; clear:left">In 2009, Jinfeng entered into a RMB 85.0 million ($12,834) working capital loan (&#147;the working capital loan&#148;) with CCB. </P>
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<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 was due on August 17, 2012. This loan was subject to a floating interest rate adjusted annually at 95% of the prevailing lending rate stipulated by the People&#146;s Bank of China for similar loans. </P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
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<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">While the working capital loan was outstanding, Jinfeng was required to obtain written consent from CCB before transferring funds to Sino Gold or any of its subsidiaries and was required to have a leverage ratio of 64% or lower in order to distribute dividends to its shareholders.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">During 2010, Jinfeng pre-paid the full amount on this loan.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>White Mountain project loan</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt; clear:left">In 2008, Sino Gold Jilin BMZ Mining Limited (White Mountain&#148;), our 95% owned subsidiary, entered into a project loan (&#147;project loan&#148;) with CCB. The project loan has two components:</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">A fixed asset loan of RMB 190.1 million ($28,703) with final payment due on September 2013; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">a working capital loan of RMB 40.9 million ($6,176) due in November 2010.</P>
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<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&#146;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, 2010 are 5.76% and 5.81%<FONT style="font-family:Arial"> </FONT>respectively.</P>
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<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 White Mountain&#146;s fixed assets with a value above $100. &nbsp;</P>
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<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 &#150; RMB 24.8 million ($3,765) (paid); September 2011 &#150; RMB 64.5 million ($9,749); September 2012 &#150; RMB 66.1 million ($9,981); September 2013 &#150; RMB 34.7 million ($5,208).</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">During 2010, White Mountain made the first payment on the fixed asset loan and extended the working capital loan for one additional year to November 15, 2011.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(d)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>White Mountain working capital loan</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt; clear:left">In 2010, White Mountain entered into a RMB 50.0 million ($7,549) working capital loan with China Merchants Bank (&#147;CMB&#148;). </P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The working capital loan has a term of one year and is due on September 1, 2011. This loan is subject to a floating interest rate adjusted annually to the prevailing lending rate stipulated by the People&#146;s Bank of China for similar loans. The applicable interest rate as at December 31, 2010 is 5.31%.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">This loan is secured by a letter of guarantee issued by Eldorado.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In January 2011, White Mountain pre-paid the full amount of this loan.</P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
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<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(e)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Eastern Dragon facilities</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt; clear:left"><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 (&#147;Eastern Dragon&#148;), our 95% owned subsidiary, entered into a RMB 320.0 million ($48,317) Standby letter of credit loan (&#147;LC loan&#148;) with CCB. The interest rate on this loan as at December 31, 2009 was 5.40%.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The LC loan was collateralized by way of irrevocable letter of credit drawn on CCB. The letter of credit is collateralized by Sino Gold&#146;s funds held by Bank of China Sydney Branch as restricted cash.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">During the 2010 year, the LC loan was repaid and the restricted cash was released.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt"><U>China Merchants Bank &#150; 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 ($67,946) project-financing loan (&#147;project-financing loan&#148;) with China Merchants Bank (&#147;CMB&#148;). The project-financing loan has three components:</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">A 5 year term, RMB 320.0 million &nbsp;($48,317) long term loan (&#147;the long term loan&#148;) to replace the LC loan with CCB; </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">a 4 year term RMB 100.0 million ($15,099) fixed asset loan (&#147;the fixed asset loan&#148;); and </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">a one year term RMB 30.0 million ($4,530) working capital loan (&#147;the working capital loan&#148;).</P>
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<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 to 90% of the prevailing lending rate stipulated by the People&#146;s Bank of China for similar loans. &nbsp;The applicable interest rates as at December 31, 2010 are 5.60% for the long term loan and 5.23% for the fixed asset loan after discount.</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 are required to be met before the first drawdown:</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:172.8px; width:196.8px; font-size:11pt; float:left">1.</P>
<P style="line-height:13pt; margin:0px; padding-left:196.8px; text-indent:-2px; font-size:11pt">Obtain project approval from the Heilongjiang Provincial Development and Reform Commission;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:172.8px; width:196.8px; font-size:11pt; clear:left; float:left">2.</P>
<P style="line-height:13pt; margin:0px; padding-left:196.8px; text-indent:-2px; font-size:11pt">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:172.8px; width:196.8px; font-size:11pt; clear:left; float:left">3.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:196.8px; text-indent:-2px; font-size:11pt">The aggregate of the amount deposited in the offshore account, Eastern Dragon registered capital and shareholder loan is at least $84,660 (this threshold has been reached as at December 31, 2009). </P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt; clear:left">In addition, before the drawdown on the fixed asset loan, Eastern Dragon should obtain the gold operation permit.</P>
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<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>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">The project obtains the mining license;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">the project has been developed and in production;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">the gold operation permit has been granted; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; clear:left; float:left">iv.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">the safety production permit and environmental protection permit have been granted.</P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
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<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
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<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 to asset ratio of 70% or lower, excluding shareholder loan and total banking debt cannot exceed RMB 550.0 million ($83,045).</P>
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<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>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">No amounts were drawn down under the project-financing loan as at December 31, 2010.</P>
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<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 ($48,317) 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 90% of the prevailing lending rate stipulated by the People&#146;s Bank of China for working capital loans. This loan is collateralized by way of a $52,200 irrevocable letter of credit issued by Sino Gold to CMB.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">On February 5, 2010, Eastern Dragon made a drawdown on this loan which was used to repay the LC loan with CCB.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">In February 2011, this loan was extended for another year.</P>
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<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">This loan is to be repaid 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. The interest rate on this loan as at December 31, 2010 is 5.23%.</P>
<P style=margin-top:14.667px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(f)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>HSBC revolving loan facility</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">In May 2010, Eastern Dragon entered into a RMB 80.0 million ($12,079) revolving facility (&#147;the Facility) with HSBC Bank (China). The Facility can be drawn down in minimum tranches of RMB 1.0 million ($151) or its multiples. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People&#146;s Bank of China on the date of drawdown. The Facility has a term of up to one year. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">In December 2010, the Facility was reviewed by the bank and was extended to November 30, 2011. &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">The Facility is secured by a letter of Guarantee issued by Eldorado. Eldorado must maintain at all times a security coverage ratio of 110% of the amounts drawn down. As at December 31, 2010, the security coverage is $6,141.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">As at December 31, 2010, RMB 37.0 million ($5,593) had been drawn under this Facility.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">This Facility is to be repaid when Eastern Dragon obtains the required project approval that will allow it to complete the second drawdown on the project-financing loan.</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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>12.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Debt</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">Subsequent to December 31, 2010, Eastern Dragon drew RMB 11.6 million ($1,752) under this Facility and the security coverage was increased to $8,080.</P>
<P style=margin-top:14.667px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(g)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Entrusted loan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">In November 2010, Eastern Dragon, HSBC Bank (China) and QDML, entered into a RMB 12.0 million ($1,812) entrusted loan agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">Under the terms of the entrusted loan, QDML with its own funds entrusts HSBC Bank (China) to provide a loan facility in the name of QDML to Eastern Dragon.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">The entrusted loan can be drawn down in tranches. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People&#146;s Bank of China on the date of drawdown. Each draw down has a term of three months and can be rolled forward at the discretion of QDML.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">As at December 31, 2010, RMB 7.9 million ($1,193) has been drawn under the entrusted loan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">Subsequent to December 31, 2010, the entrusted loan was increased to RMB 50.0 million ($7,550) and an additional RMB 21.1 million ($3,186) was drawn down.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt">The entrusted loan has been recorded on a net settlement basis.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>13.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Asset retirement obligations</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=271.333 /><TD width=17.2 /><TD width=92.8 /><TD width=14.4 /><TD width=88.267 /><TD width=14.4 /><TD width=88.267 /><TD width=14.4 /><TD width=88.267 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>China</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>Turkey</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt" align="right"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px" align="right"><b>&nbsp;</b></P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>Total</B></P>
<P style="line-height: 11.5pt; font-size: 11pt; margin: 0px" align="right"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt" align="right">1,062</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">20,560</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">4,944</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">26,567</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:63.467px; font-size:11pt" align="right">53</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">1,264</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:51.6px; font-size:11pt">247</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:53.4px; font-size:11pt">1,564</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt" align="right">1,129</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:30.867px; font-size:11pt">(9,216)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">4,232</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40px; font-size:11pt">&nbsp;(3,856)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">2,244</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">12,608</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">9,423</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">24,275</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">3,805</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">22,127</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">39,533</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:46.067px; font-size:11pt">65,465</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>13.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Asset retirement obligations</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=271.333 /><TD width=17.2 /><TD width=92.8 /><TD width=14.4 /><TD width=88.267 /><TD width=14.4 /><TD width=88.267 /><TD width=14.4 /><TD width=88.267 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>Turkey</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">753</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">1,286</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">2,773</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:73.267px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">19,249</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:68.733px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:63.467px; font-size:11pt">51</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:58.933px; font-size:11pt">71</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:51.6px; font-size:11pt">169</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:56.133px; font-size:11pt">258</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:49.2px; font-size:11pt">(46)</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">2,002</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><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 style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:45.133px; font-size:11pt">1,062</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:33.267px; font-size:11pt">20,560</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:7.333px; text-indent:40.6px; font-size:11pt">4,944</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88.267 align="right"><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 style="margin-top:0px" valign=bottom width=271.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=92.8 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:2px solid #000000" valign=bottom width=88.267 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=17.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=92.8 align="right"><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="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><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="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><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="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.267 align="right"><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="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:28.8px; font-size:11pt">The net present values are computed using credit-adjusted risk-free interest rates of between 5% and 7%.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">Revisions to the estimate of the discounted obligations in 2010 include $1,129 related to Vila Nova, $1,073 related to TJS, ($3,257) related to Jinfeng, ($3,425) related to White Mountain, ($3,608) related to Eastern Dragon, $3,423 related to Ki&#351;lada&#287; and $809 related to Efem&#231;ukuru. Revisions for 2009 include $258 related to Vila Nova, ($80) related to TJS, $34 related to Jinfeng, $1,972 related to Ki&#351;lada&#287; and $30 related to Efem&#231;ukuru. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>14.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><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; clear:left">During the year ended December 31, 2008, the company implemented a defined benefit pension program with two components: a registered pension plan (&#147;the Pension Plan&#148;) and a non-registered supplementary pension plan (&#147;the SERP&#148;). These plans, which are only available to certain qualifying employees, provide benefits based on an employee&#146;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&#146;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, 2010 and 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; padding-left:28.8px; 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 2010, including cash contributed to the Pension Plan and the SERP and payments made directly to beneficiaries were $167 (2009 &#150; $1,856). Based on minimum funding requirements, the Company may not need to make a contribution to the Pension Plan or to the SERP in 2011.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>14.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Defined benefit plans</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></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 thereafter are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=242 /><TD width=7.333 /><TD width=53.067 /><TD width=7.333 /><TD width=58.8 /><TD width=7.333 /><TD width=66 /><TD width=7.333 /><TD width=66 /><TD width=7.333 /><TD width=66 /><TD width=7.333 /><TD width=73.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=242><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.067 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 style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:34px; font-size:11pt"><B>2012</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:56px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2013</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2015</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2016 and later</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=242><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=53.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:21.6px; font-size:11pt">211</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.8 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.4px; font-size:11pt">820</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:35.6px; font-size:11pt">820</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt">820</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt">820</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">4,966</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">The details of the Company&#146;s benefit plans are as follows:</P>
<P style="line-height:13pt; margin:0px"><BR></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><A NAME="_1357932329"></A><A NAME="_1357932367"></A><A NAME="_1357932387"></A><A NAME="_1357932397"></A><A NAME="_1357932428"></A><A NAME="_1357932473"></A><A NAME="_1358015285"></A><A NAME="_1358623458"></A><A NAME="_1358623473"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=283.867 /><TD width=11.333 /><TD width=94.6 /><TD width=72 /><TD width=11.333 /><TD width=94.6 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=166.6 height=19.267 colspan=2><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1 solid #000000; margin-top: 0px" valign=bottom width=166 height=19.267 colspan="2"><P style="margin:0px; padding:0px; font-size:11pt" align="center">&nbsp;<B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt"><B><U>Accrued benefit obligation</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Balance at beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;1,263&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;7,652&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;753&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;4,037&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Benefits paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;(167)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Current service cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;122&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;681&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;102&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;484&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Past service costs (net of qualifying transfer)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Qualifying transfer</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Interest cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;81&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;483&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;69&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;369&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Actuarial losses (gains)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;62&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;2,483&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;219&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;2,121&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt">Foreign exchange</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;132&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;740&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;120&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 height=19.267><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;641&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.867 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt"><B>Balance at end of year</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=21><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;1,660&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;11,872&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=11.333 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;1,263&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=72 height=21><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=right>&nbsp;&nbsp;7,652&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></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><A NAME="_1357932506"></A><A NAME="_1358015310"></A><A NAME="_1358015338"></A><A NAME="_1358623533"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=281.8 /><TD width=11.333 /><TD width=94.6 /><TD width=75.067 /><TD width=11.333 /><TD width=94.6 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=166.6 height=19.267 colspan=2><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1 solid #000000; margin-top: 0px" valign=bottom width=166 height=19.267 colspan="2"><P style="margin:0px; padding:0px; font-size:11pt" align="center">&nbsp;<B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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;76&nbsp;</P>
</TD><TD style="margin-top:0px" 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="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Qualifying transfer</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Foreign exchange</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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;126&nbsp;</P>
</TD><TD style="margin-top:0px; 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="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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;1,339&nbsp;</P>
</TD><TD style="margin-top:0px; 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;-&nbsp;</P>
</TD><TD style="margin-top:0px; 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="margin-top:0px; 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="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=281.8 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.067 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.067 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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;1,339&nbsp;</P>
</TD><TD style="margin-top:0px" 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="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Accrued benefit obligation</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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;1,660&nbsp;</P>
</TD><TD style="margin-top:0px; 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;11,872&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; 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;7,652&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Plan (deficit) surplus </P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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;(321)</P>
</TD><TD style="margin-top:0px" 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;(11,872)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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;(7,652)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Unamortized actuarial losses (gains)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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;60&nbsp;</P>
</TD><TD style="margin-top:0px" 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;4,426&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" 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;1,995&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Unamortized past service cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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;166&nbsp;</P>
</TD><TD style="margin-top:0px; 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;1,805&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; 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;2,418&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.8 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 style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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;(95)</P>
</TD><TD style="margin-top:0px; 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;(5,641)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; 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;(3,239)</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>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>14.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Defined benefit plans</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">The Company has $7,872 (2009 &#150; $7,066) in an investment account to fund its SERP obligation. The breakdown of the investment is provided in note 23(g). This amount is included in restricted assets and other (note 9). </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">The accrued benefit asset (liability) is included in the Company&#146;s balance sheet as follows:</P>
<P style="line-height:13pt; margin:0px"><BR></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><A NAME="_1357932568"></A><A NAME="_1358015074"></A><A NAME="_1358623652"></A><A NAME="_1361016994"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258.133 /><TD width=18.533 /><TD width=94.6 /><TD width=79.2 /><TD width=19.533 /><TD width=94.6 /><TD width=83.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=166.6 height=19.267 colspan=2><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1 solid #000000; margin-top: 0px" valign=bottom width=166 height=19.267 colspan="2"><P style="margin:0px; padding:0px; font-size:11pt" align="center">&nbsp;<B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=83.333 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=83.333 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt">Restricted assets and other (note 9)</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=79.2 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;113&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=83.333 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(95)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=79.2 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(5,641)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=83.333 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(3,239)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt">Total</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(95)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=79.2 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(5,641)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.533 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;113&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=83.333 height=19.267><P style="margin:0px; padding-left:29.467px; font-size:11pt" align=right>&nbsp;&nbsp;(3,239)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.533 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=79.2 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.533 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=83.333 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px; padding-left:29.467px; font-size:11pt">The net expense recognized for the Company&#146;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><A NAME="_1357932582"></A><A NAME="_1357932592"></A><A NAME="_1358623702"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=240.667 /><TD width=21.6 /><TD width=94.6 /><TD width=89.467 /><TD width=16.467 /><TD width=94.6 /><TD width=88.467 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=166.6 height=19.267 colspan=2><P style="margin:0px; padding-left:28.4px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1 solid #000000; margin-top: 0px" valign=bottom width=166 height=19.267 colspan="2"><P style="margin:0px; padding:0px; font-size:11pt" align="center">&nbsp;<B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Current service cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;122&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;681&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;94&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;445&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Interest cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;81&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;483&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;63&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;340&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Expected gains on plan assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;(76)</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;(62)</P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Amortization of net actuarial gains</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;269&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;(54)</P>
</TD><TD style="margin-top:0px" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Amortization of past service costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;80&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;877&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;72&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;791&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=240.667 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt">Net pension expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=21.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;207&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=89.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;2,310&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;113&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=88.467 height=19.267><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>&nbsp;&nbsp;1,576&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt"><I>Plan Assets</I></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; 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; padding-left:28.8px; font-size:11pt">The following table summarizes the defined benefit plans&#146; 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><A NAME="_1357932647"></A><A NAME="_1358623666"></A><A NAME="_1358623710"></A><A NAME="_1358623744"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=161.467 /><TD width=14.4 /><TD width=104.933 /><TD width=14.4 /><TD width=101.8 /><TD width=18.533 /><TD width=104.933 /><TD width=14.4 /><TD width=101.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=221.133 height=19 colspan=3><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1 solid #000000; margin-top: 0px" valign=bottom width=219 height=19 colspan="3"><P style="margin:0px; padding:0px; font-size:11pt" align="center"><B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=29><P style="margin:0px; padding-left:29.333px; font-size:11pt">Cash and equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=29><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=29><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>4%</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=29><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=29><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>4%</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=29><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=29><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>1%</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=29><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=29><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>3%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Fixed income</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>96%</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>51%</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>99%</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>49%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Equity</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>45%</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>48%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=21><P style="margin:0px; padding-left:29.333px; font-size:11pt">Total</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.4 height=21><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=104.933 height=21><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>100%</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 height=21><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=101.8 height=21><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>100%</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.533 height=21><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=104.933 height=21><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>100%</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=14.4 height=21><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=101.8 height=21><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=161.467 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.533 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.933 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.4 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.8 height=20><P style="margin:0px; padding:0px">&nbsp;</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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>14.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Defined benefit plans</B><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt"><I>Significant assumptions</I></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">The significant assumptions used are as follows:</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<A NAME="_1329738949"></A><A NAME="_1357932676"></A><TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="682"><TR height=0 style="font-size:0"><TD width=301 /><TD width=14 /><TD width=94 /><TD width=79 /><TD width=3 /><TD width=94 /><TD width=83 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=177 height=20 colspan=2><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px; font-size:11pt"></P></TD><TD style="margin-top: 0px" valign=bottom width=179 height=20 colspan="2"><P style="margin:0px; padding:0px; font-size:11pt" align="center">&nbsp;<B>December 31,
    2009</B></P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>Pension Plan</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>SERP</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=96 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>Pension Plan</B></P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=85 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=14 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=3 height=12><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=83 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Expected long term rate of return on plan assets</P>
</TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.50%</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Discount rate beginning of year</P>
</TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.00%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.00%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>7.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>7.50%</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Discount rate end of year</P>
</TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>5.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>5.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.00%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>6.00%</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt">Rate of salary escalation</P>
</TD><TD style="margin-top: 0px" valign=bottom width=14 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>4.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>4.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>4.50%</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 height=20><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>4.50%</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=301 height=37><P style="margin:0px; padding-left:29.333px; font-size:11pt">Average remaining service period of active employees expected to receive benefits</P>
</TD><TD style="margin-top: 0px" valign=bottom width=14 height=37><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=37><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>5 years</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=37><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>5 years</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 height=37><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=94 height=37><P style="margin:0px; padding-left:29.333px; font-size:11pt" align=center>5 years</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 height=37><P style="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; padding-left:28.8px; 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>
<A NAME="_Ref159383808"></A><P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>15.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Income taxes</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><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&#146;s future tax liability are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8 /><TD width=28.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Future income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,972</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,800</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">68,179</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">46,240</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,250</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">3,156</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,241</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,394</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">91,642</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">69,590</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(71,368)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(54,885)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">20,274</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">14,705</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Future income tax liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">443,287</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">397,076</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">9,316</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">12,135</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">452,603</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">409,211</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Net future income tax liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">432,329</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">394,506</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>15.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Income taxes </B><FONT style="font-size:11pt">(continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">This is represented on the balance sheet as:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8 /><TD width=28.8 /><TD width=96 align="right" /><TD width=28.8 align="right" /><TD width=96 align="right" /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Current future income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(606)</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,915</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">4,264</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">430,020</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">390,242</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">432,329</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">394,506</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 combined 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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=434.733 /><TD width=28.333 /><TD width=97.533 /><TD width=25.333 /><TD width=94.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; text-indent:43.067px; font-size:11pt"><B>2010</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 style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Net income before taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24.733px; font-size:11pt">313,290</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24.733px; font-size:11pt">146,921</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Statutory tax rate</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.533 align="right"><P style="line-height: 11.5pt; text-indent: 24.733px; font-size: 11pt; margin: 0px; padding-left: 14px; padding-right: 7.333px">28.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.2 align="right"><P style="line-height: 11.5pt; text-indent: 24.733px; font-size: 11pt; margin: 0px; padding-left: 14px; padding-right: 7.333px">30.00%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Tax expense at the statutory income tax rate</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:32.067px; font-size:11pt">89,288</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Tax effect of:</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><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 style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">9,859</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><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 style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:24px; font-size:11pt">(23,532)</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Foreign exchange</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">3,316</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-5.733px; font-size:11pt">Withholding tax </P>
</TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">3,278</P>
</TD><TD style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:69.2px; font-size:11pt">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><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 style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533 align="right"><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 style="margin-top:0px" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><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 style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:41.067px; font-size:11pt">7,561</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.2 align="right"><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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=434.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=97.533 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14px; padding-right:7.333px; text-indent:30.067px; font-size:11pt">&nbsp;89,770</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=25.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=94.2 align="right"><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></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">At December 31, 2010, the Company had available losses for income tax purposes of approximately $111,014 (2009 &#150; $83,185) in Canada and Greece expiring in various years from 2011 to 2030.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">The Company&#146;s Australian subsidiaries have losses for income tax purposes of $26,384 that do not expire.</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">In addition, the Company&#146;s Brazilian subsidiaries have losses of $60,842 (December 31, 2009 &#150; $41,702) that can be used to offset taxable income, and $74,913 (December 31, 2009 &#150; $41,600) 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"><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>
<A NAME="_Ref159383829"></A><P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>16.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Shareholders&#146; equity</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Authorized share capital</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The Company&#146;s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value. At December 31, 2010 there were no non-voting common shares outstanding.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Issued and outstanding share capital</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=436.8 /><TD width=28.8 /><TD width=96 /><TD width=28.8 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:13pt; margin:0px; padding-left:57.6px; font-size:11pt"><B>Voting common shares</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; font-size:11pt"><B>Balance, January 1, 2009</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">368,278,029</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">931,933</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,203,013</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">25,201</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Estimated fair value of share options exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">10,045</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued for acquisition of Sino Gold</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">163,655,193</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">1,704,455</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt"><B>Balance, December 31, 2009</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">537,136,235</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,671,634</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,056,216</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">35,895</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Estimated fair value of share options exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.533px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">12,020</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued for acquisition of Brazauro</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,993,898</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">95,118</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:100.8px; text-indent:-28.8px; font-size:11pt">Shares issued for cash upon exercise of warrants</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">843</P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:71.733px; font-size:11pt">12</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=436.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=436.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt"><B>Balance, December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=28.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:13.067px; font-size:11pt">548,187,192</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=28.8 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,814,679</P>
</TD></TR>
</TABLE>
<P style="margin-top:8px; margin-bottom:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Accumulated other comprehensive income (loss)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; font-size:11pt; clear:left">Accumulated other comprehensive income includes the following:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=454.667 /><TD width=95.333 /><TD width=22 /><TD width=95.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2009</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Balance, beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,227</P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(5,971)</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 on available-for-sale investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">13,480</P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">129,418</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 (b))</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(11,424)</P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29px; font-size:11pt">(122,617)</P>
</TD></TR>
<TR><TD style="margin-top:0px" 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 investments transferred to net income</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.667px; font-size:11pt">(3,245)</P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">1,717</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="line-height:11.5pt; margin:0px; padding-left:72px; text-indent:-14.4px; font-size:11pt">Future income tax on changes in available-for-sale investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62px; font-size:11pt">(40)</P>
</TD><TD style="margin-top:0px" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:54.667px; font-size:11pt">(320)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.667><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Balance, end of year</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:64.4px; font-size:11pt">998</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=22 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=95.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53.4px; font-size:11pt">2,227</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="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>17.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Stock-based compensation</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px">&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; clear:left; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Share option plans</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">The Company has two share option plans (&#147;Plans&#148;) approved by the shareholders under which share purchase options (&#147;Options&#148;) can be granted to directors, officers, employees and consultants.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">The Company&#146;s Employee Plan, as amended from time to time, was established in 1994. Subject to a 10-year maximum, Employee Plan Options generally have a five-year term. Employee Plan Options vest at the discretion of the Board of Directors at the time an Option is granted, typically in three separate tranches over two years. As at December 31, 2010, a total of 5,424,669 Options (December&nbsp;31, 2009 &#150; 4,810,000) were available to grant to employees, consultants or advisors under the Employee Plan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt">The Company&#146;s Directors and Officers Plan (&#147;D&amp;O Plan&#148;) was established in 2003 and amended in 2005. Subject to a 10-year maximum, D&amp;O Plan Options generally have a five-year term. D&amp;O Options vest at the discretion of the Board of Directors at the time an Option is granted, typically in three separate tranches over two years. As at December 31, 2010, a total of 4,990,394 Options (December 31, 2009 &#150; 4,760,000) 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; margin-top: 0px" cellpadding=0 cellspacing=0 height="445"><TR height=0 style="font-size:0"><TD width=340.8 height="17" /><TD width=19.2 height="17" /><TD width=96 height="17" /><TD width=19.2 height="17" /><TD width=96 height="17" /><TD width=19.2 height="17" /><TD width=96 height="17" /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="83"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="83"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="83"><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 style="margin-top: 0px" valign=bottom width=19.2 align="right" height="83"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="83"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>Number of options</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="83"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="83"><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 style="margin-top: 0px" valign=bottom width=340.8 height="16"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="16"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="16"><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px; padding-right: 8.667px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="16"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="16"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="16"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="16"><P style="font-size: 11pt; line-height: 11.5pt; margin: 0px; padding-right: 11.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance, December 31, 2008</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">5.71</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height:11.5pt; margin:0px; text-indent:20.4px; font-size:11pt">13,438,914</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">3.9</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Granted</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;9.80</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">748,000</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Exercised</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;5.59</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:18px; font-size:11pt">(5,203,013)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Forfeited</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;6.46</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:36.333px; font-size:11pt">(55,000)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; font-size:11pt">Balance, December 31, 2009</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">6.11</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">8,928,901</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right">3.3</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Granted</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;13.30</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,448,842</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Exercised</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;7.37</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:18px; font-size:11pt">(5,056,216)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-14.4px; font-size:11pt">Forfeited</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;11.76</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px; text-indent:29px; font-size:11pt">(601,003)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="34"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="34"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align="right"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=340.8 height="19"><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">Balance, December 31, 2010</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height:11.5pt; margin:0px; padding-right:8.667px; font-size:11pt" align=right>&nbsp;9.49</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">8,720,524</P>
</TD><TD style="margin-top: 0px" valign=bottom width=19.2 align="right" height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 align="right" height="19"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 8.667px" align=right>&nbsp;3.5</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, 2010, 5,423,758 share purchase options (December 31, 2009 &#150; 5,528,557) with a weighted average exercise price of Cdn$7.32 (December 31, 2009 &#150; Cdn$6.16) 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>17.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Stock based compensation</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:57.467px; font-size:11pt">Options outstanding at December 31, 2010 are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=187.2 /><TD width=9.6 /><TD width=105.6 /><TD width=9.6 /><TD width=96 /><TD width=9.6 /><TD width=76.8 /><TD width=9.6 /><TD width=96 /><TD width=9.6 /><TD width=76.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=489.6 colspan=9><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center><B>&nbsp;December 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=297.6 colspan=5><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=center><B>&nbsp;Total options outstanding</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=182.4 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 style="margin-top:0px" valign=bottom width=187.2><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 style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><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 style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><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$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:47.267px; font-size:11pt"><B>Shares</B></P>
<P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:10.133px; font-size:11pt"><B>Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:21.533px; font-size:11pt"><B>average</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:19.067px; font-size:11pt"><B>exercise</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:37.867px; font-size:11pt"><B>price</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:35.4px; font-size:11pt"><B>Cdn$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$4.00 to $4.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">2,584,473</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">3.1</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>4.88</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">2,584,473</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>4.88</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$5.00 to $5.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:55.667px; font-size:11pt">97,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">1.9</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>5.26</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">97,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>5.26</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$6.00 to $6.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">866,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">2.4</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>6.44</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">866,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>6.44</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$7.00 to $7.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">570,900</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">1.8</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>7.26</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">570,900</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>7.26</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:115.2px; text-indent:-28.8px; font-size:11pt">$9.00 to $9.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">403,200</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">3.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>9.61</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">237,199</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>9.69</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:94.533px; text-indent:-28.8px; font-size:11pt">&nbsp;$11.00 to $11.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:55.667px; font-size:11pt">30,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">3.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>11.40</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">20,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>11.40</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:94.533px; text-indent:-28.8px; font-size:11pt">&nbsp;$12.00 to $12.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">251,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">4.4</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>12.67</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">97,667</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>12.53</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:94.533px; text-indent:-28.8px; font-size:11pt">&nbsp;$13.00 to $13.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">3,683,845</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">4.3</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>13.23</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">738,817</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>13.23</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:94.533px; text-indent:-28.8px; font-size:11pt">&nbsp;$15.00 to $15.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:48.333px; font-size:11pt">200,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">2.1</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>15.53</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:38.733px; font-size:11pt">200,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>15.53</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:94.533px; text-indent:-28.8px; font-size:11pt">&nbsp;$16.00 to $16.99</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:55.667px; font-size:11pt">33,606</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">1.4</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>11.40</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:46.067px; font-size:11pt">11,202</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>19.16</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; width: 67.2px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px" align="right"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=105.6><P style="line-height:11.5pt; margin:0px; text-indent:37.333px; font-size:11pt">8,720,524</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height: 11.5pt; font-size: 11pt; width: 67.2px; float: left; margin-top: 0px; margin-bottom: -2px" align="right">3.5</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>9.49</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:27.733px; font-size:11pt">5,423,758</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:67.2px; font-size:11pt; float:left" align=right>7.32</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:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Stock-based compensation expense</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><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:0px; 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>
<P style="line-height:13pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=293 /><TD width=19.2 /><TD width=112.533 /><TD width=19.2 /><TD width=113.067 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Operating costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">4,491</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">1,830</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Exploration</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.067px; font-size:11pt">680</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.067px; font-size:11pt">958</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Administrative</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">11,386</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">5,744</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=293><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">16,557</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:70.067px; font-size:11pt">8,532</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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>17.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Stock based compensation</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><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, 2010 and 2009 were:</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=321.333 /><TD width=19.2 /><TD width=103.067 /><TD width=19.2 /><TD width=103.6 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.067 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:18.933px; font-size:11pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.6 align="right"><P style="line-height: 11.5pt; font-size: 11pt; margin: 0px; padding-right: 18.933px" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.067 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.6 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=321.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Risk-free interest rate (range)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.067 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>1.69% &#150; 1.99%</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=103.6 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>1.40% &#150; 2.11%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Expected volatility (range)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.067 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>38% &#150; 73%</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.6 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>64% &#150; 76%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Expected life (range)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.067 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>0.8 - 2.8 years</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.6 align="right"><P style="line-height:11.5pt; margin-top:0px; margin-bottom:-2px; width:93.6px; font-size:11pt; float:left" align=right>1.5 - 3.8 years</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px; font-size:11pt">Expected dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.067 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align=right>Nil</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.6 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.467px; font-size:11pt" align=right>Nil</P>
</TD></TR>
</TABLE>
<P style="line-height:18pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">The weighted average fair value per stock option (CAD$) was $4.12 (2009 &#150; $4.80).</P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Bonus Cash Award Units plan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; font-size:11pt; clear:left">In August 2007, the directors adopted a Bonus Cash Award Units (&#147;BCAU&#148;) plan with an effective date of August 2, 2007. The plan provides for the Board of Directors (the &#147;Directors&#148;) to grant BCAUs to officers, employees and consultants subject to vesting and other conditions as determined by the Directors; however, the vesting period may not exceed five years from the grant date, but may be accelerated at the discretion of the Directors. The settlement of BCAUs must be made in cash and is calculated as the excess of trading price of Eldorado shares traded on the Toronto Stock Exchange (&#147;TSX&#148;) 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:0px; padding-left:57.467px; font-size:11pt">As of December 31, 2009, all Bonus Cash Award Units (&#147;BCAUs&#148;) awarded by the Company were exercised. The Company paid $2,543 in bonus cash award units in the 2009 year. The related expense in the amount of $559 is included in general and administrative expense in the Consolidated Statements of Operations. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(d)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Deferred Share Units plan</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:57.467px; font-size:11pt; clear:left">On July 15, 2010 the Company adopted the Independent Directors Deferred Share Unit (&#147;DSU&#148;) Plan under which DSU&#146;s will be granted by the Board from time to time to independent directors (&#147;participants&#148;). The performance period of each DSU commences on the Grant Date and expires on the Termination Date of the participant. On redemption each unit entitles the participant to receive a cash payment equal to the market value of the Company&#146;s shares on the date of redemption. At December 31, 2010, 29,970 DSU&#146;s were outstanding with a value of $573, which is included in accounts payable and accrued liabilities.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<A NAME="_Ref161141313"></A><P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>18.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Supplementary cash flow information</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=415.8 /><TD width=19.2 /><TD width=112.533 /><TD width=19.2 /><TD width=113.067 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Changes in non-cash working capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(14,307)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">25,386</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(12,452)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(19,799)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(37,673)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">39,472</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:53px; font-size:11pt">(64,432)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">45,059</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Supplementary cash flow information</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">93,056</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">46,317</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:86.4px; text-indent:-28.8px; font-size:11pt">Interest paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">10,415</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.067px; font-size:11pt">839</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Non-cash investing and financing activities</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:75.6px; text-indent:-18px; font-size:11pt">Shares, options and warrants &nbsp;issued on acquisition of subsidiaries</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:62.733px; font-size:11pt">95,683</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:44.4px; font-size:11pt">1,704,455</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=415.8><P style="line-height:11.5pt; margin:0px; padding-left:75.6px; text-indent:-18px; font-size:11pt">Increased in mineral interest financed by accounts payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.533 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:98.2px; font-size:11pt">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=113.067 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.667px; font-size:11pt">750</P>
</TD><A NAME="_Ref159383846"></A><A NAME="_Ref161229136"></A></TR>
</TABLE>
<P style="line-height:18pt; margin-top:0px; margin-bottom:12px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>19.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Commitments and contingencies</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:76.8px; font-size:11pt; clear:left; float:left"><I>a)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:76.8px; text-indent:-2px; font-size:11pt"><I>Commitments</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:28.733px; font-size:11pt">The Company&#146;s contractual obligations, not recorded on the balance sheet, at December 31, 2010, include:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=283.067 /><TD width=7.333 /><TD width=73.333 /><TD width=7.333 /><TD width=73.333 /><TD width=7.333 /><TD width=73.333 /><TD width=7.333 /><TD width=73.333 /><TD width=7.333 /><TD width=73.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 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 style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2013</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 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>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2015 and later</B></P>
<P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Operating leases and property expenditures</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:30.333px; font-size:11pt">2,921</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:30.333px; font-size:11pt">3,208</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">2,639</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.4px; font-size:11pt">673</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Purchase obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:15.667px; font-size:11pt">114,487</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">23,853</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">1,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">1,501</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.533px; font-size:11pt">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.067><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; text-indent:-28.8px; font-size:11pt">Totals</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:15.667px; font-size:11pt">117,408</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:23px; font-size:11pt">27,061</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">4,106</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:29.4px; font-size:11pt">2,174</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=7.333 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=73.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.533px; font-size:11pt">-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:76.8px; font-size:11pt; float:left"><I>b)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:76.8px; text-indent:-2px; font-size:11pt"><I>Contingencies</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><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&#146;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&#146;s consolidated financial position or operations.</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="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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>20.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Capital disclosure</B></P>
<P style="margin:0px; padding-left:29.333px; font-size:11pt; clear:left">Eldorado&#146;s objectives when managing capital are to:</P>
<P style=margin-top:7.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:49.333px; width:73.333px; font-size:11pt; float:left">a)</P>
<P style="margin:0px; padding-left:73.333px; text-indent:-2px; font-size:11pt">safeguard our ability to continue as a going concern, </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:49.333px; width:73.333px; font-size:11pt; clear:left; float:left">b)</P>
<P style="margin:0px; padding-left:73.333px; text-indent:-2px; font-size:11pt">have sufficient capital to develop our mining projects and take them into production, and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:49.333px; width:73.333px; font-size:11pt; clear:left; float:left">c)</P>
<P style="margin:0px; padding-left:73.333px; text-indent:-2px; font-size:11pt">meet external capital requirements on our credit facilities.</P>
<P style="line-height:13pt; margin-top:8.533px; margin-bottom:0px; padding-left:28.733px; font-size:11pt; clear:left">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&#146; equity, which includes accumulated comprehensive income, share capital, contributed surplus and deficit. Eldorado&#146;s strategy is to keep the debt to adjusted capital ratio below 40%. The debt to adjusted capital ratio at December 31, 2010 and December 31, 2009 was 5.62% and 7.23% respectively. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>21.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Financial instruments</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:76.8px; font-size:11pt; clear:left; float:left"><I>a)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:76.8px; text-indent:-2px; font-size:11pt"><I>Recognition, measurement and presentation</I></P>
<P style="line-height:13pt; margin-top:7.333px; margin-bottom:0px; padding-left:56.733px; font-size:11pt; clear:left">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 available-for-sale financial assets are measured on the balance sheet at fair value.</P>
<P style=margin-top:11px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:76.8px; font-size:11pt; float:left"><I>b)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:76.8px; text-indent:-2px; font-size:11pt"><I>Fair value</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:56.733px; font-size:11pt; clear:left">The following table provides the carrying value and the fair value of financial instruments at December 31, 2010 and December 31, 2009:</P>
<A NAME="_1278311800"></A><A NAME="_1329716453"></A><A NAME="_1330255199"></A><A NAME="_1330338442"></A><A NAME="_1330414241"></A><A NAME="_1358104085"></A><A NAME="_1358233757"></A><A NAME="_1358233990"></A><A NAME="_1358234633"></A><A NAME="_1358235007"></A><A NAME="_1358321471"></A><A NAME="_1358321580"></A><A NAME="_1358321630"></A><A NAME="_1358321803"></A><A NAME="_1358624968"></A><A NAME="_1358767429"></A><A NAME="_1359976213"></A><A NAME="_1359978726"></A><A NAME="_1361011038"></A><A NAME="_1361011084"></A><A NAME="_1361173964"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258.133 /><TD width=126.533 /><TD width=81.267 /><TD width=16.467 /><TD width=121.333 /><TD width=81.267 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=207.8 height=19 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=202 height=19 colspan="2"><P style="margin:0px; font-size:11pt" align=center><B>December 31,
    2009</B></P>
  </TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=19 align="right"><P style="margin:0px; font-size:11pt" align=center><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=19 align="right"><P style="margin:0px; font-size:11pt"><B>Fair value</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=121.333 height=19 align="right"><P style="margin:0px; font-size:11pt"><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=81.267 height=19 align="right"><P style="margin:0px; font-size:11pt" align=center><B>Fair value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=126.533 height=19 align="right"><P style="margin:0px; font-size:11pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.267 height=19 align="right"><P style="margin:0px; font-size:11pt" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=19 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=121.333 height=19 align="right"><P style="margin:0px; font-size:11pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.267 height=19 align="right"><P style="margin:0px; font-size:11pt" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt"><B>Financial Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=11><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=11 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=11 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=11 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=11 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=11 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt"><I>Held-for-trading</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;314,344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;314,344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;265,369&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Restricted cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;52,425&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;52,425&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;50,000&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;481&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;481&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,328&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;19,328&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,603&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,603&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt"><I>Available-for-sale </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,027&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;8,027&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,626&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;13,626&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=13><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=13 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt"><I>Loans and receivables</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;38,241&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;38,241&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;20,478&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;20,478&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=9><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt"><B>Financial Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=9><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=126.533 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.467 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.267 height=9 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;147,045&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;147,045&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;154,011&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;154,011&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.133 height=20><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;Debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=126.533 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;166,663&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;166,663&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.467 height=20 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=121.333 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;191,032&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.267 height=20 align="right"><P style="margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;191,032&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>21.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Financial instruments</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; 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; padding-left:28.8px; font-size:11pt">The fair value hierarchy established by CICA Handbook Section 3862 &#150; Financial Instruments &#150; Disclosures</P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">(&#145;&#145;Section 3862&#146;&#146;) 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; padding-left:28.8px; font-size:11pt">Level 1 &#150; 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:28.8px; font-size:11pt">Level 2 &#150; 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; padding-left:28.8px; font-size:11pt">Level 3 &#150; 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; padding-left:28.8px; font-size:11pt">Assets and liabilities measured at fair value on a recurring basis as at December 31, 2010 include:</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<A NAME="_1329716593"></A><A NAME="_1329740288"></A><A NAME="_1330414286"></A><A NAME="_1358233985"></A><A NAME="_1358234674"></A><A NAME="_1358234859"></A><A NAME="_1358234965"></A><A NAME="_1358236588"></A><A NAME="_1358237386"></A><A NAME="_1358625029"></A><A NAME="_1358627457"></A><A NAME="_1358627488"></A><A NAME="_1358627551"></A><A NAME="_1359980145"></A><A NAME="_1361011260"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=211.867 /><TD width=93.6 /><TD width=9.267 /><TD width=96.667 /><TD width=9.267 /><TD width=86.4 /><TD width=9.267 /><TD width=85.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=79><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.6 height=79><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Balance at December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=79><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=79><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Quoted Prices in Active Markets for Identical Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=79><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=79><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Other Observable Inputs</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=79><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=79><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Unobservable inputs</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.6 height=17><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.267 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.667 height=17><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.4 height=17><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.267 height=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=85.333 height=17><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=center><B>(Level 1)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=center><B>(Level 2)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=center><B>(Level 3)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt"><B>Financial Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.6 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=15><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt"><I>Held for trading</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>314,344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>314,344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">&nbsp;&nbsp;Restricted cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>52,425&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>52,425&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">&nbsp;&nbsp;Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">&nbsp;&nbsp;Restricted asset and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>19,328&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>19,328&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.6 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=12><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt"><I>Available for sale </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=211.867 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">&nbsp;&nbsp;Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>8,027&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.667 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>7,871&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.4 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.267 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.333 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;156&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:0px; padding-left:28.733px; font-size:11pt">The table below sets forth a summary of changes in the fair value of the Company&#146;s Level 3 financial assets and liabilities for the year ended December 31, 2010.</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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>21.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Financial instruments</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<A NAME="_1329720567"></A><A NAME="_1329724713"></A><A NAME="_1329740320"></A><A NAME="_1329825086"></A><A NAME="_1329825118"></A><A NAME="_1358237418"></A><A NAME="_1358237797"></A><A NAME="_1358237896"></A><A NAME="_1358237929"></A><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=315.733 /><TD width=91.533 /><TD width=94.6 /><TD width=73 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=20><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt"><B>Assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=186.133 height=20 colspan=2><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=center><B>Marketable Securities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=20><P style="line-height: 13pt; margin: 0px; padding-left: 28.8px" align="right"><b>&nbsp;</b></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=32><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.533 height=32><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Held-for-trading</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=32><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>Available-for-sale</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=32><P style="line-height: 13pt; margin: 0px; padding-left: 28.8px" align="right"><b>&nbsp;Total</b></P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=20><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.533 height=20><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.6 height=20><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73 height=20><P style="line-height:13pt; margin:0px; padding-left:28.8px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Beginning balance</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;174&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;344&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;518&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Total gains or losses (realized/unrealized)</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Included in earnings (or changes in net assets)</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Included in other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Purchases, issuances and settlements</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;(174)</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;(174)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Transfers in and/or out of Level 3</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.533 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.6 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;(188)</P>
</TD><TD style="margin-top:0px" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;(188)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=315.733 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt">Ending Balance</P>
</TD><TD style="margin-top:0px; 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; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top:0px; 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; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;156&nbsp;</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=73 height=19.267><P style="line-height:13pt; margin:0px; padding-left:28.8px; font-size:11pt" align=right>&nbsp;&nbsp;156&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:-2px; text-indent:52.8px; width:76.8px; font-size:11pt; float:left"><I>c)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:76.8px; text-indent:-2px; font-size:11pt"><I>Financial risk management</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">Eldorado&#146;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"><BR></P>
<P style="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 and environmental guarantee deposit. 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, 2010, approximately 44% of the Company&#146;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:0px"><BR></P>
<P style="line-height:13pt; margin:0px; 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, 2010.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px; padding-left:29.333px; font-size:11pt"><U>Foreign exchange risk</U></P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; 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:11px; margin-bottom:0px; padding-left:28.733px; font-size:11pt">Eldorado&#146;s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt are denominated in several currencies (mainly Canadian dollars, Turkish liras, Chinese renminbi and Brazilian real) which are subject to fluctuation against the US dollar. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:28.733px; font-size:11pt">As a result of the Company&#146;s acquisitions, Eldorado has recorded $424,239 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:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>21.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Financial instruments</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="line-height:13pt; margin:0px; clear:left"><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, 2010:</P>
<A NAME="_1329824975"></A><A NAME="_1330414315"></A><A NAME="_1358244830"></A><A NAME="_1358247856"></A><A NAME="_1358248348"></A><A NAME="_1358248422"></A><A NAME="_1358322147"></A><A NAME="_1358625259"></A><A NAME="_1358625272"></A><A NAME="_1358681475"></A><A NAME="_1358681484"></A><A NAME="_1358681580"></A><A NAME="_1359980169"></A><A NAME="_1359982269"></A><A NAME="_1361011988"></A><A NAME="_1361012253"></A><A NAME="_1361173972"></A><TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="782"><TR height=0 style="font-size:0"><TD width=235 /><TD width=79 /><TD width=87 /><TD width=91 /><TD width=90 /><TD width=90 /><TD width=96 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Canadian dollar</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=87><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Australian dollars</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=91><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Euro</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Turkish &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lira</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Chinese renminbi</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=96><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=center><B>Brazilian real</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=87 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=91 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px">Cash and cash equivalents</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;24,587&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;134&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;102&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;1,386&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;536,644&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;1,269&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px">Marketable securities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;7,984&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px">Accounts receivable and other</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;2,078&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;516&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;16,837&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;137,174&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;10,898&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px">Future income tax receivable</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;659&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;1,192&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(13,682)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(13)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(124)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(36,940)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(567,629)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(6,548)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px">Loan</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(1,103,790)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px">Future income tax liabilities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(26,334)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(16,851)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(2,211,552)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(85,188)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 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; margin-top: 0px" valign=bottom width=81 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;20,967&nbsp;</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=89 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;121&nbsp;</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=93 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(25,840)</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=92 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(34,909)</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=92 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(3,207,961)</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=98 height=18><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;&nbsp;(79,569)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=87 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=91 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=235 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px">Equivalent in US dollars</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ 21,081&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=87 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ 125&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=91 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ (34,601)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ (22,581)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ (484,373)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=17><P style="line-height:13pt; margin:0px; padding-left:28.733px" align=right>&nbsp;$ (47,755)</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px; padding-left:29.867px; font-size:11pt" align=justify>Based on the balances as at December 31, 2010, a 1% increase/decrease in the exchange rates on that date would have resulted in a decrease/ increase of approximately $5,681 in earnings before income taxes. There would be no effect in other comprehensive income.</P>
<P style="margin-top:0px; margin-bottom:9.8px; padding-left:29.867px; 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; padding-left:29.333px; font-size:11pt"><U>Interest rate risk</U></P>
<P style="margin-top:0px; margin-bottom:9.8px; padding-left:29.867px; 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&#146;s debt is exposed to interest rate risk as it is subject to floating interest rates. As at December 31, 2010 the average interest rate in Eldorado&#146;s debt was 5.94%. A 1% increase or decrease in the interest rate on debt held at December 31, 2010 would result in a $48 decrease or increase in the Company&#146;s after-tax net earnings.</P>
<P style="margin:0px; padding-left:29.733px; font-size:11pt" align=justify>The approximate average interest rate earned by the Company in 2010 on its cash and cash equivalents was 0.51% (2009 &#150; 0.83%). A 1% increase or decrease in the interest earned from financial institutions on deposits and money market investments held at December 31, 2010 would result in a $28 increase or decrease in the Company&#146;s after-tax net earnings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px; padding-left:29.867px; 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; padding-left:29.333px; font-size:11pt"><U>Metal price risk and other price risk</U></P>
<P style="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 and iron ore. Gold and iron ore 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>21.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Financial instruments</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:29.733px; font-size:11pt" align=justify>Worldwide gold and iron ore production levels also affect their prices, and the prices of these metals are occasionally subject to rapid short-term changes due to speculative activities. We have elected not to actively manage our exposure to metal 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 and iron ore. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="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&#146;s other price risk includes equity price risk, whereby the Company&#146;s investments in marketable securities are subject to market price fluctuation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:29.333px; font-size:11pt"><U>Liquidity risk </U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; 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 12.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>22.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin: 0px"><B>Segmented information</B></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:29.733px; font-size:11pt" align=justify>During the year ended December 31, 2010, Eldorado had five reporting segments. The Brazil reporting segment includes the development activities of Vila Nova, Tocantinzinho and exploration activities in Brazil. The Turkey reporting segment includes the operations of the Ki&#351;lada&#287; mine, development activities of the Efem&#231;ukuru development project and exploration activities in Turkey. The China reporting segment includes the operations of the Tanjianshan mine, Jinfeng mine, White Mountain mine, the Eastern Dragon development project and exploration activities in China. The Greece reporting segment includes development activities on the Perama Hill development project. The Other reporting segment includes the operations of the Company&#146;s corporate office and exploration activities in other countries.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:33.267px; font-size:11pt">Interest and other income for the year 2010 of $1,173 (2009 &#150; $981) pertaining to the center of domicile are reflected in the &#147;Other&#148; segment of operations.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="705"><TR height=0 style="font-size:0"><TD width=226 /><TD width=9 /><TD width=74 /><TD width=3 /><TD width=68 /><TD width=9 /><TD width=67 /><TD width=3 /><TD width=74 /><TD width=3 /><TD width=70 /><TD width=71 /><TD width=2 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=451 colspan=11><P style="line-height:10.5pt; margin:0px" align=center><B>&nbsp;2010</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><P style="line-height:10.5pt; margin:0px; text-indent:28.667px" align="right"><B>Turkey</B></P>
<P style="line-height:10.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" 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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:10.5pt; margin:0px; text-indent:34.533px"><B>Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=72><P style="line-height:10.5pt; margin:0px; text-indent:36.8px"><B>Other</B></P>
<P style="line-height:10.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=77 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 style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:11.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:11.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;246,039</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,161,968</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,408,007</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;170,555</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;754,754</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;181,406</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;211,776</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,318,491</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;46,760</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;46,760</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;11,580</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;5,150</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;245</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=72><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;3,489</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=77 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;20,464</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=76><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;428,174</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=70><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,921,872</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;228,411</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=76><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;211,776</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=72><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;3,489</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=77 colspan=2><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;2,793,722</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="706"><TR height=0 style="font-size:0"><TD width=226 /><TD width=9 /><TD width=74 /><TD width=3 /><TD width=68 /><TD width=9 /><TD width=67 /><TD width=3 /><TD width=74 /><TD width=3 /><TD width=71 /><TD width=75 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;365,928</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=71><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=75><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;365,928</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>22.</B></P>
<P style="margin-top:0px; margin-bottom:7.333px; text-indent:-2px; font-size:12pt"><B>Segmented information</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="702"><TR height=0 style="font-size:0"><TD width=226 /><TD width=9 /><TD width=74 /><TD width=3 /><TD width=68 /><TD width=9 /><TD width=67 /><TD width=3 /><TD width=74 /><TD width=3 /><TD width=59 /><TD width=4 /><TD width=73 /><TD width=2 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=448 colspan=12><P style="line-height:10.5pt; margin:0px" align=center><B>&nbsp;2009</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><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; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" 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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:10.5pt; margin:0px; text-indent:34.533px"><B>Brazil</B></P>
<P style="line-height:10.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=67 colspan=2><P style="line-height:10.5pt; margin:0px; text-indent:27.2px"><B>Canada</B></P>
<P style="line-height:10.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=79 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 style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:11.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=65 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=77 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;196,066</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,261,367</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=65 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=77 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,457,433</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;96,275</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;715,782</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;209,408</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=65 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=77 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;1,021,465</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;47,212</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=65 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=77 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;47,212</P>
</TD></TR>
<TR><TD style="margin-top: 0px" 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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76 align="right"><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; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=70 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;29,405</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><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; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=76 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=67 colspan=2 align="right"><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; margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;54,706</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=65 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=77 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=76 align="right"><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; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=70 align="right"><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; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><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; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=76 align="right"><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; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=67 colspan=2 align="right"><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; margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;2,580,816</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=226><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=68 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;324,935</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=74 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=59 align="right"><P style="line-height:10.5pt; margin:0px; padding-right:7.333px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=83 colspan=3 align="right"><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>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="756"><TR height=0 style="font-size:0"><TD width=254 /><TD width=9 /><TD width=79 /><TD width=9 /><TD width=67 /><TD width=3 /><TD width=67 /><TD width=3 /><TD width=77 /><TD width=12 /><TD width=73 /><TD width=74 /><TD width=3 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding-left:28.333px; font-size:11pt"><B>Operations</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=465 colspan=11><P style="line-height:11.5pt; margin:0px; text-indent:178.533px"><B>&nbsp;2010</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81><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; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:11.5pt; margin:0px; text-indent:34.533px"><B>Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75><P style="line-height:11.5pt; margin:0px; text-indent:33.467px"><B>Other<SUP> </SUP></B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 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 style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Revenue</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Gold sales</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;339,151</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;443,699</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;782,850</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Iron ore sales</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;8,325</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;8,325</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;339,151</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;443,699</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;8,325</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;791,175</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Expenses except the undernoted</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;102,498</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;212,638</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;7,952</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(2,274)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=12 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;39,293</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;360,107</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;14,419</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;89,938</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,031</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,403</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;106,791</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Exploration</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;13,181</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;3,464</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;3,063</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;3,473</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;23,181</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Mine standby costs</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,335</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,335</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other (income) expense</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(10,271)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(1,887)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(8)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(771)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(12,937)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Gain on disposal of assets</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(384)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(206)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:53px">(2)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:39.667px">(592)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; padding-right:9.6px; text-indent:-28.8px">Income (loss) before tax</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;219,324</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;139,930</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(4,842)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:38.6px">2,274</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(43,396)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;313,290</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income tax expense</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(45,790)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(43,708)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:64.133px">-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;(272)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(89,770)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Non-controlling interest</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(17,457)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(17,457)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net income (loss)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;173,534</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;78,765</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(4,842)</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="margin:0px; padding-left:0.6px; padding-right:7.333px">2,274</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px"><BR></P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="margin:0px; padding-left:0.6px; padding-right:7.333px">(43,668)</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;206,063</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="756"><TR height=0 style="font-size:0"><TD width=254 /><TD width=9 /><TD width=79 /><TD width=9 /><TD width=67 /><TD width=3 /><TD width=67 /><TD width=3 /><TD width=77 /><TD width=12 /><TD width=73 /><TD width=74 /><TD width=3 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding-left:28.333px; font-size:11pt"><B>Operations</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=465 colspan=11><P style="line-height:11.5pt; margin:0px; text-indent:181.867px"><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81><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; margin-top: 0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69><P style="line-height:11.5pt; margin:0px; text-indent:34.533px"><B>Brazil</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79><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>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75><P style="line-height:11.5pt; margin:0px; text-indent:33.467px"><B>Other<SUP> </SUP></B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:60.533px"><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 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 style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Revenue</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Gold sales</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;233,133</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;125,334</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;358,467</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;233,133</P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;125,334</P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-top: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;358,467</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Expenses except the undernoted</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;71,902</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;68,643</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;169</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;519</P>
</TD><TD style="margin-top: 0px" valign=bottom width=12 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;20,221</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;161,454</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;12,015</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;25,665</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;73</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;905</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;38,658</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Exploration</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;6,074</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;1,001</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,284</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,611</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;11,970</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Mine standby costs</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,580</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;2,580</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:28.8px; text-indent:-28.8px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(999)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(278)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(2)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(983)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(2,262)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><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 style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;501</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(1,355)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:39.667px">(854)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:11.5pt; margin:0px; padding-left:57.6px; padding-right:9.6px; text-indent:-28.8px">Income (loss) before tax</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;144,141</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;29,802</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(5,104)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:39.667px">(519)</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(21,399)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;146,921</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Income tax (expense) &nbsp;recovery</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;(29,752)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(12,362)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:46.333px">(96)</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;320</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:23px">(41,890)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Non-controlling interest</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(2,627)</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;-</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(2,627)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=79 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=67 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=3 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=77 align="right"><P style="margin:0px; padding-left:14.667px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=top width=12 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=73 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=79 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=254><P style="line-height:10.5pt; margin:0px; padding-left:43.2px; text-indent:-14.4px">Net income (loss)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=9><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=81 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;114,389</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=11 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:9.6px" align=right>&nbsp;14,813</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=69 align="right"><P style="line-height:11.5pt; margin:0px; padding-left:0.6px; padding-right:7.333px; text-indent:29.667px">(5,104)</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=5 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=top width=79 align="right"><P style="margin:0px; padding-left:0.6px; padding-right:7.333px"><br>
    (615)</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=top width=14 align="right"><P style="margin:0px"><BR></P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=75 align="right"><P style="margin:0px; padding-left:0.6px; padding-right:7.333px" align="right">(21,079)</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=81 colspan=2 align="right"><P style="margin:0px; padding-left:28.8px; padding-right:9.6px" align=right>&nbsp;102,404</P>
</TD><A NAME="_Ref159384249"></A></TR>
</TABLE>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="text-indent: -2px; font-size: 12pt; margin-top: 0px; margin-bottom: 7.333px"><B>Differences between Canadian and United States GAAP</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt; clear:left">These consolidated financial statements have been prepared in accordance with Canadian GAAP. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:28.8px; font-size:11pt">The material differences between Canadian GAAP and US GAAP affecting the Company are summarized below:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=406.333 /><TD width=19.2 /><TD width=96 /><TD width=19.2 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Statement of operations</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net earnings reported under Canadian GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">206,063</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">102,404</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Add (deduct) items subject to US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Exploration costs (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(8,814)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(7,768)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Capitalized interest expense (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">228</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation on capitalized interest (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(402)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(418)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Bonus cash award units (f)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">198</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation related to start-up period (b)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">125</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">225</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Loss on fair value of warrants issued on acquisition of Brazauro (i)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:64.133px">(81)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Transaction costs on Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(408)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Sino Gold step acquisition gains (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">110,644</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(4,898)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(304)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-13.533px">Foreign exchange loss on future income taxes increment relating to Sino (j) </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,464)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Future income taxes (c) </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:70.8px">(5)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">343</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Non-controlling interest (h) </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">17,457</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Net earnings under US GAAP attributable to the Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">207,573</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">184,577</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable to non-controlling interest </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">12,559</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable to common shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">195,014</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,254</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,229)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">8,198</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Add (deduct) items subject to US GAAP:</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension plans (net of tax) (g)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,805)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Comprehensive income under US GAAP attributable to the Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">191,980</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">188,536</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable to non-controlling interest </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Attributable to common shareholders</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">191,980</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">188,536</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Basic and diluted earnings per share - US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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">0.36</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=406.333 /><TD width=19.2 /><TD width=96 /><TD width=19.2 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px"><B>2010</B></P>
<P style="line-height:10.5pt; margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:28.8px"><B>Accumulated other comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Balance under Canadian GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px; text-indent:66.4px">998</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px; text-indent:56.4px">2,227</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension plans (net of tax) (g)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(6,457)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Balance under US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:10.5pt; margin:0px; text-indent:47.467px">(5,459)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
</TABLE>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=406.333 /><TD width=19.2 /><TD width=96 /><TD width=19.2 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:28.8px"><B>Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,779,909</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,436,108</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Exploration costs (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(46,714)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(37,900)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Future income taxes (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,879</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,884</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension plan (g)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(113)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Depreciation related to start-up period (b)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(876)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,001)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Capitalized interest expense &#150; net (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">3,733</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,135</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">165,039</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,247</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Goodwill adjustments related to Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">530,232</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">533,411</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Deferred financing costs (k)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,406</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,743</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Total assets under US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">4,437,608</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:28.4px"><B>Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">776,654</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">769,354</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Financial liability of warrants issued on acquisition of Brazauro (i)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">431</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Future income taxes related to Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">41,259</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">45,562</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-13.533px">Foreign exchange loss on future income taxes increment relating to Sino (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,464</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Pension plans (g)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">6,457</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,539</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:10.5pt; margin:0px; padding-left:57.6px; text-indent:-14.4px">Deferred financing costs (k)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,406</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">1,743</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Total liabilities under US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">827,671</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:28.4px"><B>Shareholders&#146; equity</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Shareholders&#146; equity reported under Canadian GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">2,967,234</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">2,640,610</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Cumulative adjustments to shareholders&#146; equity:</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Exploration costs (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(46,714)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(37,900)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Future income taxes (c)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">6,512</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,985</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Depreciation related to start-up period (b)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(876)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,001)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(6,457)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(4,652)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Financial liability of &nbsp;warrants issued on acquisition of Brazauro (i)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(431)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Transaction costs on Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(24,010)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Sino Gold step acquisition gains (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">110,644</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">110,644</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Share capital (j) </P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">400,706</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">400,706</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><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 (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">165,039</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">182,247</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:56.733px; text-indent:-18.933px">Foreign exchange loss on future income taxes increment relating to Sino (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(1,464)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Interest expense capitalized &#150; net &nbsp;(e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">3,733</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">4,135</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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="margin-top:0px; border-top:1.333px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Shareholders&#146; equity under US GAAP attributable to Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,573,916</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,276,162</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Non-controlling interest (h)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">36,021</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=406.333><P style="line-height:11.5pt; margin:0px; padding-left:40px">Total shareholders&#146; equity</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:33.067px">3,609,937</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=349.667 /><TD width=19.2 /><TD width=96 /><TD width=19.2 /><TD width=96 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><B>2010</B></P>
<P style="line-height:11.5pt; margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:28.4px"><B>Cash flows (used in) generated from:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Operating activities under Canadian GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">292,075</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">192,042</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration costs (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(8,814)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:47.467px">(7,768)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Transaction costs on Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(408)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(23,602)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized interest expense (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">228</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Operating activities under US GAAP (l)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">282,853</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">160,900</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Investing activities under Canadian GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:34.133px">(221,192)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(13,576)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Exploration costs (a)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">8,814</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:56.4px">7,768</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Transaction costs on Sino Gold acquisition (j)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:66.4px">408</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">23,602</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:10.5pt; margin:0px; padding-left:57.6px">Capitalized interest expense (e)</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:81.933px">-</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:57.467px">(228)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; 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 style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Investing activities under US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:34.133px">(211,970)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">17,566</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Financing activities under Canadian and US GAAP</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:40.8px">(21,908)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">25,052</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><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 style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">48,975</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">203,518</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and cash equivalents <FONT style="font-size:11pt">&#150;</FONT> beginning of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">265,369</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:49.733px">61,851</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=349.667><P style="line-height:11.5pt; margin:0px; padding-left:43.2px">Cash and cash equivalents <FONT style="font-size:11pt">&#150;</FONT> end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">314,344</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=96 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:43.067px">265,369</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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(a)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Exploration costs</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(b)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Deferred start-up costs and revenues</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(c)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Future income taxes</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:57.467px; font-size:11pt">Under US GAAP, the Company would record an decrease of $5 (2009 &#150; increase of $343) 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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(d)</I></P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Tax uncertainties</I></P>
<P style="line-height:13pt; margin:0px; clear:left"><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 &#147;more-likely-than-not&#148; to be sustained based solely on its technical merits as of the reporting date. The more-likely-than-not threshold represents a positive assertion by management that a company is entitled to the economic benefits of a tax position. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the tax position are to be recognized. The more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit. </P>
<P style="line-height:13pt; margin: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 from that recorded under Canadian GAAP. 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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=373.933 /><TD width=70.2 /><TD width=19.2 /><TD width=75.333 /></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; padding-right:2.267px"><B>2010</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 style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.333 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-right:2.267px"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=70.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=75.333 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Balance at January 1, </P>
</TD><TD style="margin-top:0px" 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="margin-top:0px" valign=bottom width=19.2 align="right"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:25.8px">6,930</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Additions based on tax positions related to the current year</P>
</TD><TD style="margin-top:0px" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:35.8px">276</P>
</TD><TD style="margin-top:0px" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:42.467px">87</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Reductions based on tax positions related to the current year</P>
</TD><TD style="margin-top:0px" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</P>
</TD><TD style="margin-top:0px" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:26.867px">(266)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Additions for tax positions of prior years</P>
</TD><TD style="margin-top:0px" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:35.8px">443</P>
</TD><TD style="margin-top:0px" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:25.8px">1,059</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Reductions for tax positions of prior years</P>
</TD><TD style="margin-top:0px" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:16.867px">(2,857)</P>
</TD><TD style="margin-top:0px" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Additions on acquisition of Sino Gold </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:51.333px">-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:25.8px">3,300</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=373.933><P style="margin:0px; font-size:11pt">Balance at December 31,</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=70.2 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:25.8px">8,972</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=19.2 align="right"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=75.333 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:19.133px">11,110</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, 2010, the Company had $8,972 unrecognized tax benefits (2009 &#150; $11,110). 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, 2010 and 2009, the Company recognized approximately $nil and $209 in interest and penalties, respectively. The Company had approximately $209 and $209 accrual for paying interest and penalties at December 31, 2010 and 2009, 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, 2010 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="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:86.4px; width:172.8px; font-size:11pt; float:left">Canada</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt">2001 to the present</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:86.4px; width:172.8px; font-size:11pt; clear:left; float:left">Brazil</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt">2006 to the present</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:86.4px; width:172.8px; font-size:11pt; clear:left; float:left">China</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt">2008 to the present</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:86.4px; width:172.8px; font-size:11pt; clear:left; float:left">Turkey</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt">2006 to the present</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:86.4px; width:172.8px; font-size:11pt; clear:left; float:left">Australia</P>
<P style="line-height:13pt; margin:0px; padding-left:57.6px; text-indent:-2px; font-size:11pt">2001 &#150; 2002 and 2007 to the present</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(e)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; 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; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(f)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Bonus cash award units</I></P>
<P style="line-height:13pt; margin:0px; padding-left:58.6px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(g)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Pension plans</I></P>
<P style="line-height:13pt; margin:0px; padding-left:58.6px; font-size:11pt; clear:left">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 14.</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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=281.6 /><TD width=18.933 /><TD width=103.867 /><TD width=66.133 /><TD width=18.133 /><TD width=104.733 /><TD width=66.133 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170 colspan=2><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=center><B>2010</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170.867 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Funded status as at December 31, </P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Fair value of plan assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,339 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,137 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Benefit obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,660 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>11,872 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:49.733px; font-size:11pt">1,263 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>7,652 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Funded status</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(321) </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align=right>(11,872)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.133><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(126) </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align=right>(7,652)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt">&nbsp;</P>
<P style="margin:0px; font-size:17pt"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=281.6 /><TD width=18.933 /><TD width=103.867 /><TD width=66.133 /><TD width=18.133 /><TD width=104.733 /><TD width=66.133 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170 colspan=2><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=center><B>2010</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170.867 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Amounts recognized in the balance sheet:</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Non-current assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Current liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:77.867px; font-size:11pt">- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Non-current liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">321 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>11,872 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">126 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>7,652 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding-left:21.133px; font-size:11pt">Funded status</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(321) </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align=right>(11,872)</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.133><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:51px; font-size:11pt">(126) </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; padding-right:-2.933px; font-size:11pt" align=right>(7,652)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=281.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" 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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=283.467 /><TD width=18.933 /><TD width=103.867 /><TD width=66.133 /><TD width=18.133 /><TD width=104.733 /><TD width=66.133 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170 colspan=2><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=center><B>2010</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=170.867 colspan=2><P style="margin:0px; font-size:11pt" align=center><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; padding-right:2.267px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="margin:0px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding-left:21.133px; font-size:11pt">Amounts recognized in other comprehensive income:</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding-left:21.133px; font-size:11pt">Net actuarial loss (gain)</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:74.8px; font-size:11pt">60</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">4,426</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:74.8px; font-size:11pt">17</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">1,995</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding-left:21.133px; font-size:11pt">Past service cost (credit)</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">166 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">1,805</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=18.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">222 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">2,418</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=283.467><P style="margin:0px; padding-left:21.133px; font-size:11pt">Funded status</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=103.867><P style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">226 </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">6,231</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=18.133><P style="margin:0px; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=104.733><P style="line-height:11.5pt; margin:0px; text-indent:63.8px; font-size:11pt">239 </P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=66.133><P style="line-height:11.5pt; margin:0px; text-indent:18.733px; font-size:11pt">4,413</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, 2010 are as follows: </P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=352 /><TD width=29.333 /><TD width=102.667 /><TD width=102.667 /></TR>
<TR><TD valign=bottom width=352><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD valign=bottom width=29.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt"><B>2010</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="margin-top:0px; 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></TR>
<TR><TD style="margin-top:0px" valign=bottom width=352><P style="margin:0px; font-size:11pt">Accumulated benefit obligation in excess of plan assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=352><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Projected benefit obligation at end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;13,532</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;8,915</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=352><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation at end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;12,193</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;7,778 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=352><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets at end of year</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;1,339</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 align="right"><P style="line-height:11.5pt; margin:0px; font-size:11pt" align=right>&nbsp;1,137</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 $7,872 in an investment account to fund its SERP obligation. This amount is included in restricted assets and other (note 9).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:58.6px; font-size:11pt">The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2011 are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=205.933 /><TD width=29.333 /><TD width=105.733 /><TD width=100.867 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=205.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=105.733 align="right"><P style="margin:0px; font-size:11pt" align=right><B>Pension Plan</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=100.867 align="right"><P style="margin:0px; font-size:11pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=205.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.733 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=100.867 align="right"><P style="margin:0px; font-family:Arial; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=205.933><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial loss (gain)</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" 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 style="margin-top:0px" valign=bottom width=100.867 align="right"><P style="line-height:11.5pt; margin:0px; text-indent:60.733px; font-size:11pt">871 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=205.933><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past service cost (credit)</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; 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">82 </P>
</TD><TD style="margin-top:0px; 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">898 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=205.933><P style="margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.333><P style="margin:0px; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; 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">82 </P>
</TD><TD style="margin-top:0px; 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">1,769 </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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Pension plan asset information</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Investment objective and strategies &nbsp;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:75.6px; font-size:11pt" align=justify>The investment objectives are to satisfy the plans&#146; 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="margin:0px; padding-left:75.6px; font-size:11pt" align=justify>Target asset allocations for aggregate of the plans&#146; assets, which were established in 2010, 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="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="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="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&#146;s pooled funds.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Significant concentration of risk</P>
<P style="line-height:13pt; margin:0px; padding-left:124.733px; font-size:11pt; clear:left">&nbsp;</P>
<P style="margin:0px; padding-left:75.6px; font-size:11pt" align=justify>Significant concentration of risk in the plans&#146; 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="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&#146; 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="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&#146;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="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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Expected long-term rate of return on assets. &nbsp;</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:75.6px; font-size:11pt" align=justify>The long-term return assumption at year-end 2010 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="margin-top:0px; margin-bottom:11px; padding-left:75.6px; font-size:11pt" align=justify>At December 31, 2010, actual one-year annual rate of return on pension plan assets was 6.5% (2009 &#150; 6.8%) for the registered plan and 8.0% (2009 &#150; 15.4%) for the supplemental retirement plan. &nbsp;</P>
<P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Fair value of plan assets</I></P>
<P style="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, 2010 by asset category is as follows:</P>
<A NAME="_1329717524"></A><A NAME="_1329720654"></A><A NAME="_1329722432"></A><A NAME="_1330414462"></A><A NAME="_1360004938"></A><A NAME="_1360005190"></A><A NAME="_1360005238"></A><A NAME="_1360005260"></A><A NAME="_1360655096"></A><A NAME="_1360655152"></A><A NAME="_1360655276"></A><A NAME="_1361080231"></A><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 height="984" width="730">
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=77><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=77><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=top width=135 height=77 align="right"><P style="margin:0px; padding-left:56.733px" align=right>&nbsp;</P>
    <P style="margin:0px; padding-left:56.733px" align=right>&nbsp;</P>
    <P style="margin:0px; padding-left:56.733px" align=right><B>Balance at December 31, 2010</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=77 align="right"><P style="margin:0px; padding-left:56.733px" align=right><B>Level &nbsp;1</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=77 align="right"><P style="margin:0px; padding-left:56.733px" align=right><B>Level 2</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=77 align="right"><P style="margin:0px; padding-left:56.733px" align=right><B>Level 3</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt"><B><U>Pension Plan</U></B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=137 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=126 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Fixed Income</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">Canadian Government</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;752</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;752&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">US Government</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;77&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;77&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">Corporate Bonds (a)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Investment Grade</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;441&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;441&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    High Yield</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=137 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;14&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=126 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;14&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,284&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,284&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt">Bond Fund</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;17,289.15&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;17,289.15&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt">CDA EQUITY FUND</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt">INT EQUITY FUND</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt">U.S. EQUITY FUND</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=20><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=36><P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Cash and Cash Equivalents (b)</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=36><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=36><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;55&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=36><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;55&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=36><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=36><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=137 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,339&nbsp;</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=126 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,339&nbsp;</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=109 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=98 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt"><B><U>SERP</U></B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Equity</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">Canadian Companies</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,610&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,610&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">U.S. Companies</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;979&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;979&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">International Companies</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=137 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;948&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=126 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;948&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;3,537&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;3,537&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Fixed Income</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">Canadian Government</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;2,355&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;2,355&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">US Government</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;240&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;240&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">Corporate Bonds (a)</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;
    Investment Grade</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,383&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;1,383&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;
    High Yield</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=137 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;42&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=126 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;42&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;4,020&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;4,020&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=107 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=96 height=19><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=7><P style="margin:0px; padding-left:56.733px; font-size:11pt"><I>Cash and Cash Equivalents (b)</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=7><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height=7><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;315&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=124 height=7><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;315&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=109 height=7><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=98 height=7><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=20><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=137 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;7,872&nbsp;</P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=126 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;7,872&nbsp;</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=109 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD><TD style="border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=98 height=20><P style="margin:0px; padding-left:56.733px; font-size:11pt" align="right">&nbsp;&nbsp;-&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=252 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height="19"><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=135 height="19"><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=124 height="19"><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=107 height="19"><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=96 height="19"><P style="font-size: 11pt; margin: 0px; padding-left: 56.733px" align="right">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=704 height=87 colspan=6><P style="margin:0px; padding-left:56.733px; font-size:11pt">(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>
    <P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=700 height=70 colspan="6"><P style="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>
    <P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt"><B>Differences between Canadian and United States GAAP</B><FONT style="font-size:11pt"> (continued)</FONT></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:124.8px; width:148.8px; font-size:9pt; float:left">(a)</P>
<P style="line-height:13pt; margin:0px; padding-left:148.8px; text-indent:-2px; font-size:11pt">&#147;Investment Grade&#148; bonds are those rated Baa3/BBB or higher by at least two rating agencies; &#147;High Yield&#148; bonds are those rated below investment grade.</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:124.8px; width:148.8px; font-size:9pt; float:left">(b)</P>
<P style="line-height:13pt; margin:0px; padding-left:148.8px; text-indent:-2px; font-size:11pt">Primarily short-term investment funds to provide liquidity to plan investment managers.</P>
<P style="line-height:13pt; margin:0px; clear:left"><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 &#150; 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 &#150; 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 &#150; 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-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(h)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Non-controlling interest</I></P>
<P style="line-height:13pt; margin:0px; padding-left:58.533px; font-size:11pt; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(i)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Fair value of warrants</I></P>
<P style="line-height:13pt; margin:0px; padding-left:58.533px; font-size:11pt; clear:left">Under Canadian GAAP, share purchase warrants are accounted for as equity and recorded at their historical cost. For US GAAP purposes, Eldorado&#146;s share purchase warrants issued as part of the Brazauro acquisition, which are priced in Canadian dollars, must be classified as liabilities at their fair value with any resulting gains or losses being included in the calculation of US GAAP earnings. In these circumstances, a loss (gain) would be recorded by the Company when the fair value of the share purchase warrants increases (decreases).</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(j)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Business combination</I></P>
<P style="line-height:13pt; margin:0px; padding-left:58.533px; font-size:11pt; clear:left">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 &#150; Business Combinations). The effect of adopting the new requirements is outlined below with respect to the Sino Gold acquisition. Adoption of the new requirements in 2009 had no effect on prior year numbers. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:56.733px; 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 (refer to note 4(a)): </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">i.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Purchase price allocation</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="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 final 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><A NAME="_1361018265"></A><TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="737" height="91"><TR height=0 style="font-size:0"><TD width=476 height="17" /><TD width=4 height="17" /><TD width=76 height="17" /><TD width=173 height="17" /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right><B>US GAAP</B></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt">Final purchase price<SUP> </SUP></P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=19><P style="margin:0px; padding-left:85.067px; 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 style="margin-top: 0px" valign=bottom width=476 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt">131,772,777 common shares of Eldorado issued as CDIs</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>1,786,842</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt">4,057,762 common shares of Eldorado issued to GFA</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=19><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=19><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>55,026</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=1><P style="margin:0px; padding-left:85.067px; font-size:11pt">Fair value of the Sino Gold shares originally
    acquired in July 2009</P>
</TD><TD style="margin-top: 0px" valign=bottom width=4 height=1><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=1><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=173 height=1>
    <p style="font-size: 11pt; margin: 0px; padding-left: 85.067px" align="right">373,937</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=476 height=1><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=4 height=1><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76 height=1><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=175 height=1><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>2,215,805</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><A NAME="_1360005590"></A><A NAME="_1360044273"></A><A NAME="_1361018286"></A><A NAME="_1361083167"></A><TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="768"><TR height=0 style="font-size:0"><TD width=459 /><TD width=10 /><TD width=122 /><TD width=169 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">Fair value of net assets acquired based on final allocation</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; 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 style="margin-top: 0px" valign=bottom width=459 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=10 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=8><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Cash</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;77,781</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Restricted cash</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;50,000</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts receivable and other</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;21,171</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Inventory</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;38,791</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Mining interests and property, plant and equipment, </P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including value beyond proven and probable reserves</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;1,970,948</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Goodwill</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;893,922</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;(74,737)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Asset retirement obligations</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;(19,249)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Debt</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;(191,121)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Future income taxes</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;(362,279)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt">&nbsp;&nbsp;&nbsp;Non-controlling interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=169 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;(189,422)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=459 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=10 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=122 height=19.267><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; margin-top: 0px" valign=bottom width=171 height=19.267><P style="margin:0px; padding-left:85.067px; font-size:11pt" align=right>&nbsp;&nbsp;2,215,805</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">ii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Acquisition consideration and costs</P>
<P style="line-height:13pt; margin:0px; clear:left"><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"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="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 in 2009. </P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="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="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 $24,010 lower. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">iii.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Goodwill</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The $893,922 of goodwill resulting from the acquisition is currently assigned to the China operating segment. 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&#146;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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">iv.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Deferred tax liabilities</P>
<P style="line-height:13pt; margin:0px; clear:left"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:85.067px; font-size:11pt">The deferred tax liabilities of $362,279 recognized upon acquisition under US GAAP are related primarily to the difference between the book basis and fair value of identifiable tangible assets. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:81.6px; width:105.6px; font-size:11pt; float:left">v.</P>
<P style="line-height:13pt; margin:0px; padding-left:105.6px; text-indent:-2px; font-size:11pt">Pro forma information</P>
<P style="line-height:13pt; margin:0px; clear:left"><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. 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, 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" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=283.533 /><TD width=103.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; font-size:11pt" align=right><B>Year ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; padding-right:2.2px; font-size:11pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; padding-right:2.2px; font-size:11pt" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1px solid #000000" width=103.933><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding-left:2.267px; font-size:11pt">Revenue &#150; gold sales </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; padding-right:0.733px; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529,387</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding-left:2.267px; font-size:11pt">Net income</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; padding-right:0.733px; font-size:11pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63,327)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding-left:2.267px; font-size:11pt">Basic net (loss) income per shares </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; font-size:11pt" align=right>(0.12)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" width=283.533><P style="margin:0px; padding-left:2.267px; font-size:11pt">Diluted net (loss) income per share </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=103.933><P style="margin:0px; font-size:11pt" align=right>(0.12)</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px; padding-left:85.067px; font-size:11pt" align=justify>These amounts have been calculated after applying the Company&#146;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, as applicable, together with the consequential tax effects. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(k)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; 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; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(l)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; 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; clear:left">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:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(m)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Adoption of new United States accounting pronouncements</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; clear:left; float:left">i.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Fair value accounting</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:85.067px; font-size:11pt; clear:left">In January 2010, ASC guidance for fair value measurements and disclosure was updated to require additional disclosures related to transfers in and out of level 1 and 2 fair value measurements. The guidance was amended to clarify the level of disaggregation required for assets and liabilities and the disclosures required for inputs and valuation techniques used to measure the fair value of assets and liabilities that fall in either level 2 or level 3. The updated guidance was effective for the Company&#146;s fiscal year beginning January 1, 2010. The adoption had no impact on the Company&#146;s consolidated balance sheets, statement of operations or cash flows. Refer to note 21 for further details regarding the Company&#146;s assets and liabilities measured at fair value.</P>
<P style="margin:0px" align=justify><BR></P>
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<BR></P>
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<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Notes to the Consolidated Financial Statements</P>
<P style="margin:0px; font-size:12pt"><B>December 31, 2010 and 2009</B></P>
<P style="margin:0px"><BR></P>
<P style="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-top:0px; margin-bottom:-2px; width:28.8px; font-size:12pt; float:left"><B>23.</B></P>
<P style="margin:0px; text-indent:-2px; 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; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:28.8px; width:57.6px; font-size:11pt; float:left"><I>(n)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px; padding-left:57.6px; text-indent:-2px; font-size:11pt"><I>Recently issued accounting pronouncements</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; clear:left; float:left">i.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Business combinations</P>
<P style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt; clear:left">In December 2010, the ASC guidance for business combinations was updated to clarify existing guidance which requires a public entity to disclose pro forma revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual period only. The update also expands the supplemental pro forma disclosures required to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The updated guidance is effective for the Company&#146;s fiscal year beginning January 1, 2011. The Company is evaluating the potential impact of adopting this guidance on the Company&#146;s consolidated financial statements.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:100.8px; width:124.8px; font-size:11pt; float:left">ii.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; padding-left:124.8px; text-indent:-2px; font-size:11pt">Fair value accounting</P>
<P style="line-height:13pt; margin:0px; padding-left:88.467px; font-size:11pt; clear:left">In January 2010, the ASC guidance for fair value measurements and disclosure was updated to require enhanced detail in the level 3 reconciliation. The updated guidance is effective for the Company&#146;s fiscal year beginning January 1, 2011. The Company expects minimal impact from adopting this guidance. &nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mda.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS FOR DECEMBER 31, 2010 AND 2009
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="03/16/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&amp;A)</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>for the year ended December 31, 2010</B></P>
<P style="margin-top:3.333px; margin-bottom:0px"><BR></P>
<P style="margin-top:3.333px; margin-bottom:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Throughout this MD&amp;A, <I>Eldorado</I>, <I>we, us, our</I> and <I>the company</I> mean Eldorado Gold Corporation. </P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>This year</I> means 2010. All dollar amounts are in United States dollars unless stated otherwise.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The information in this MD&amp;A is as of March 17, 2011. You should also read our audited consolidated financial statements for the year ended December&nbsp;31, 2010. We prepare our consolidated financial statements in accordance with Canadian GAAP and file them with appropriate regulatory authorities in Canada and the United States. You can find more information about Eldorado, including our annual information form, on SEDAR at www.sedar.com.</P>
<P style="margin:0px"><BR><BR></P>
<table border="0" cellspacing="0" width="644">
  <tr>
    <td width="293"></td>
    <td width="343"></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">What's
      inside</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">About
      Eldorado</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">1</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">2010
      highlights, corporate developments and outlook</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Highlights
      and outlook</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">2</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Corporate
      developments</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">2</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Annual
      updates</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Operations</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">5</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Development
      projects</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">7</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Exploration</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">8</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Annual
      results</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Financial
      results</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Results
      of operations</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Non-GAAP
      Measures</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">14</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Financial
      condition</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">15</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Capital
      resources</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">15</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Risk</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">20</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Other
      information</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Critical
      accounting policies and estimates</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">23</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Changes
      in accounting policies</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">26</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">New
      accounting developments</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">26</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Disclosure
      controls and procedures</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">32</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Internal
      controls over financial reporting</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">32</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Forward-looking
      information and risks</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">33</font></td>
  </tr>
</table>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:22pt; color:#DFDFDF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>About Eldorado</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Based in Vancouver, Canada, Eldorado owns and operates gold mines around the world. Its activities involve all facets of the gold mining industry including exploration, development, production and reclamation. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Operating gold mines:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Ki&#351;lada&#287;, in Turkey (100%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tanjianshan, in China (90%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Jinfeng, in China (82%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">White Mountain, in China (95%)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Development gold projects: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Eastern Dragon, in China (95%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Efem&#231;ukuru, in Turkey (100%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tocantinzinho, in Brazil (100%) </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Perama Hill, in Greece (100%) </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Iron ore mine: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Vila Nova, in Brazil (100%)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Jinfeng, White Mountain and Eastern Dragon were included in the acquisition of Sino Gold Ltd. (Sino Gold) in December 2009. Tocantinzinho was included in the acquisition of Brazauro Resources Corporation in July 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Eldorado is listed on the following exchanges:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Toronto Stock Exchange (TSX) under the symbol ELD </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">New York Stock Exchange (NYSE) under the symbol EGO</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">ELD is part of the S&amp;P/TSX Global Gold Index. EGO is part of the AMEX Gold BUGS Index.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Eldorado Chess Depositary Interests (CDIs) trade on the Australian Securities Exchange (ASX) under the symbol EAU.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>2010 Highlights, corporate developments and 2011 outlook</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left"><B>&#183;</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Production</B> was 74% higher than 2009, due to the addition of Jinfeng and White Mountain, and solution processing improvements at K&#305;&#351;lada&#287;.<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left"><B>&#183;</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Gold sales</B> (in ounces) were up 78%, as a result of higher production and drawing down on gold-in-circuit inventories. Our average realized price was $1,223 per ounce of gold, an increase of 23% over last year.<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left"><B>&#183;</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Earnings per share </B>increased 46% over last year to $0.38 per share.<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left"><B>&#183;</B></P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Cash generated from operating activities</B> before changes in non-cash working capital increased 140% over last year. This is a non-GAAP measure. See page 12 for more information.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Paid our<B> first dividend</B> of Cdn$0.05 per share on June 4, 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Ki&#351;lada&#287;<font style="font-family: 'Arial Unicode MS', Arial">'</font>s <B>reserves increased</B> 50% compared to year end 2009. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Completed our acquisition of Brazauro Resources Corporation (Brazauro) on July 20, 2010, for 5,993,898 Eldorado common shares and other consideration.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Acquired the exploration licence for Xiaoshiren Central (20 km southeast of White Mountain).<BR>
</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Sold our interest in Beyinhar on February 6, 2010 for $20 million.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">2011 production is expected to be 715,000 to 770,000 ounces of gold, at a cash operating cost of $375 to $395 per ounce. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">2011 capital expenditures are expected to be approximately $230 million. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Corporate developments</B></P>
<P style="margin:0px; font-family:Arial"><I>Brazauro acquisition</I></P>
<P style="margin:0px; font-family:Arial">On July 20, 2010, Eldorado acquired, through a court approved plan of arrangement under the laws of British Columbia (the arrangement), all the issued and outstanding securities of Brazauro Resources Corporation (Brazauro) that we did not already own for total consideration of 5,993,898 common shares of Eldorado.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Under the terms of the arrangement, former Brazauro shareholders other than Eldorado received 0.0675 of an Eldorado common share for each Brazauro share held, as well as 1/3 of a share of TriStar Gold Inc. (TriStar), a new exploration company that Eldorado funded with Cdn$10 million on July 19, 2010 as part of the Arrangement. TriStar will hold certain exploration properties previously owned by Brazauro.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Brazauro's principal asset, the Tocantinzinho Project in Tapajos, Brazil, is a late stage exploration project with current measured and indicated resources of 2.1 million ounces of gold. Eldorado also acquired option agreements to earn into 100% of the &#193;gua Branca and Piranhas properties, located in the Tapajos District immediately adjacent to the Tocantinzinho Project.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Investment in Serabi Mining plc</I></P>
<P style="margin:0px; font-family:Arial">Eldorado acquired 12,000,000 common shares and 2,500,000 special warrants of Serabi Mining Plc (Serabi) in 2010, for a total price of approximately $6.8 million. This represents a 26.8% interest in Serabi. We are accounting for the investment in Serabi using the equity method. &nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Serabi is a gold mining company whose main asset is 100% of the Palito Gold property in the Tapajos region of Brazil. The Palito deposit consists of high grade, narrow gold-copper veins, with considerable exploration potential. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Disposition of Beyinhar</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">On April 27, 2010 Eldorado completed the disposition of its interest in the Beyinhar joint venture in Inner Mongolian Autonomous Region, China, through the sale of its wholly owned subsidiary Golden China Nei Men Gold Exploration Corporation for $20.0 million. Beyinhar was included in the acquisition of Sino Gold but considered to be a non-core asset. The sale did not have an impact on our earnings as the fair value of the property at the date of acquisition was equal to the sale price.</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"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>&nbsp;</B><FONT style="font-size:10pt"><B>Operating highlights and outlook</B></FONT><B><SUP>1,5</SUP></B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2011 outlook</B><SUP>7</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>632,539</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>363,509</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>715,000 to 770,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>382</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>309</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>375 to 395</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style=margin-top:1.8px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:87.6px; font-family:Arial; font-size:8pt; float:left" align=right>423</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>337</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>K&#305;&#351;lada&#287;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>274,592</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,210</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>270,000 to 285,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279,025</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,363</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>329</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>350 to 365</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>339</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>281</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Tanjianshan</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>113,864</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>105,610</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>110,000 to 120,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>116,765</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,710</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>383</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>350</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>410 to 430</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>485</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>435</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Jinfeng<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>181,950</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,541</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>175,000 to 185,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>182,026</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,554</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>425</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>471</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>445 to 465</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>480</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>515</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>White Mountain<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6,148</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>70,000 to 75,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5,599</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>487</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>400</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>485 to 500</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>522</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>439</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Efem&#231;ukuru</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>70,000 to 80,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>285 to 300</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Eastern Dragon</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20,000 to 25,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3,6</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>40 to 45</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Vila Nova</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Iron ore tonnes sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>89,074</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>440,000 to 480,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per tonne sold)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>41</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>40 to 45</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><SUP>1</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We calculate costs according to the Gold Institute Standard.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>2</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Total cash cost is cash operating costs plus royalties and off-site administration costs.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>3</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Cash operating costs and total cash cost are non-GAAP measures. See page 14 for more information.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>4</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We acquired Jinfeng, White Mountain and Eastern Dragon in December 2009.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>5</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We recalculated cash operating costs and total cash costs for 2009 based on ounces sold.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>6</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Eastern Dragon cash operating costs are net of silver by-product credits.</P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left"><SUP>7</SUP> &nbsp;&nbsp;Outlook uses the following assumptions:<br>
</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=234 /><TD width=396 /></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:4.8px; font-family:Arial,Times New Roman; font-size:8pt"><B>Gold price</B>: $1,250 per ounce</P>
</TD><TD style="margin-top:0px" valign=top width=396><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Exchange rates</B>:</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:4.8px; font-family:Arial; font-size:8pt"><B>Oil price</B>:
    $80 per barrel (Ki&#351;lada&#287; only)</P>
</TD><TD style="margin-top:0px" valign=top width=396><P style="margin-top:0px; margin-bottom:-2px; width:160.8px; font-family:Arial; font-size:8pt; float:left">Cdn$1.05 = $1.00 </P>
<P style="margin-top:0px; margin-bottom:-2px; width:0px; font-family:Arial; font-size:8pt; float:left">Turkish Lira 1.50 = $1.00<BR>
Brazilian Real 1.75 = $1.00 </P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:8pt">Chinese RMB 6.50 = $1.00<BR>
</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font>&nbsp;</B><FONT style="font-size:10pt"><B>Operations</B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Ki&#351;lada&#287;</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,046,503</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,550,764</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>27,299,803</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>24,034,645</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.72:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.28:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore to pad (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,372,719</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,716,556</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.06</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.11</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>274,592</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,210</P>
</TD></TR>
</TABLE>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">In 2010 we increased the column size in the ADR plant and instigated intermediate leaching. The combination of these two changes resulted in an inventory drawdown of gold in the leach pad of approximately 40,000 ounces, accounting for the favourable variance from our initial guidance for 2010 of 240,000 ounces. </P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Cash operating cost of $329 per ounce (this is a non-GAAP measure; see page 14 for more information) was within our initial guidance of $310 to $330 per ounce. The increase in cash operating cost per ounce from the previous year (2009 - $279 per ounce) was due to higher fuel costs as well as higher strip ratios and slightly lower head grade. In 2011 we expect to produce 270,000 to 285,000 ounces of gold at a cash operating cost $350 to $365 per ounce.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">In 2010, we continued to work on the Phase III expansion of the crushing circuit. This is designed to increase the crushing capacity to more than 12 million tonnes per annum. This equipment will be commissioned in Q1 2011. </P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">We spent $54.9 million on capital projects at Ki&#351;lada&#287; in 2010. The majority of this was to complete the Phase III crusher expansion. Other capital costs included the installation of six new leach pads (pads <BR>
16-21) and continued resource delineation drilling. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Tanjianshan</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,178,293</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,566,379</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4,155,030</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>11,847,818</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.53:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.56:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,049,952</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>974,498</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.20</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5.31</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>113,864</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>105,610</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production was higher than our initial guidance of 105,000 ounces due to higher than planned mill throughput and head grade. The cash operating cost, $383 per ounce, was lower than our guidance of $435 per ounce due to higher than planned production related to the higher head grade. The increase in cash operating cost per ounce from the previous year (2009 - $350 per ounce) was due to lower head grade. In 2011 we expect to produce 110,000 to 120,000 ounces of gold at a cash operating cost $410 to $430 per ounce.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The process plant continued to perform well. Various metallurgical improvements were completed during the year with the installation of a flash float circuit and extra flotation tank cells. Also during 2010, a major roaster shutdown was completed to coincide with an extended power outage. The roaster was inspected and found to be in good condition. An upgrade was completed at this time with improvements to the roaster cyclones to reduce the fine dust that has been overloading the Electrostatic Precipitator (ESP). </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $17.1 million in capital at Tanjianshan in 2010, for delineation drilling on identified resources and process plant upgrades, as well as an expansion of the tailings dam. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Jinfeng</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><SUP>1</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; underground (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>405,015</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>34,744</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; open pit (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,432,278</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>118,778</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined &nbsp;- open pit (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>17,832,838</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2,604,277</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>11.45:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.9:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,557,199</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>136,054</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.24</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.97</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>181,950</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,541</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.333px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:7pt"><SUP>1 &nbsp;</SUP>2009 numbers only from date of acquisition on December 4, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production at Jinfeng for 2010 was within our initial guidance, while cash operating costs of $425 per ounce were below our initial guidance of $450 per ounce, due to lower than planned waste mining costs. In 2011 we expect to produce 175,000 to 185,000 ounces of gold at a cash operating cost $445 to $465 per ounce.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">A cutback will be completed in the open pit in 2011 to allow further pit development. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The process plant continued to perform well.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $15.1 million in capital at Jinfeng in 2010, on underground equipment and development, and tailings dam improvements. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>White Mountain</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><SUP>1</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; underground (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>624,723</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52,077</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>622.418</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>58,074</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.98</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6,148</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.333px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:7pt"><SUP>1 &nbsp;</SUP>2009 numbers only from date of acquisition on December 4, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production at White Mountain for 2010 was within our initial guidance, while cash operating costs of $487 per ounce were above our initial guidance of $460 per ounce due to higher mining costs related to stope development and dewatering, as well as lower than planned recovery rates. In 2011 we expect to produce 70,000 to 75,000 ounces of gold at a cash operating cost of $485 to $500 per ounce.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Mining issues, including water inflow and cavities in the ore zone are being addressed by increasing underground development and stope availability. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $16.4 million in capital at White Mountain in 2010, mainly on underground equipment and development. A mercury removal plant was also installed and commissioned to remove mercury vapour from the electrowinning and carbon regeneration circuits.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates &#150;&nbsp;</B><FONT style="font-size:10pt"><B>Development projects</B></FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Eastern Dragon</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Permitting issues delayed the start of construction at Eastern Dragon to the fourth quarter of the year. &nbsp;We made the decision to enter into a specialized winter works program to complete critical path items on the implementation schedule. Due to the extremely cold weather in the region, construction activity is normally very restricted in the winter. The work program we prepared focused on providing safe working conditions for all contractors and employees. We took special precautions to ensure workers were provided with suitable clothing to work outside, working hours were restricted, there were regularly scheduled rest periods in heated areas, and special training was provided for those working in snowy conditions, particularly at height. As a result, we were able to carry out installations of critical machinery foundations and erect structural steel for the concentrator building enclosure. In addition, we were able to complete infrastructure projects to support the winter work program, such as worker housing, the electrical substation, sewage treatment infrastructure and limited road works. This effort will position the project for completion in late 2011. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $10.9 million on capital projects at the Eastern Dragon project in 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Efem&#231;ukuru </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We continued with all aspects of the implementation phase of the Efem&#231;ukuru<B> </B>project this year. The main concentrator plant was advanced from civil foundation installations early in the year, through mechanical and electrical installations, to dry commissioning in the fourth quarter. Major infrastructure installations were also advanced, including preparing the tailings impound area, ancillary buildings and services and preparation of the rock dump area to receive development rock from underground. We also constructed a major water dam on site following design changes brought on by permitting issues. Construction of the tailings filtration and backfill plants was initiated mid-year with planned commissioning of the circuits in the first quarter of 2011. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Engineering and procurement of major equipment and steel work for the concentrate treatment plant at Ki&#351;lada&#287;<B> </B>was nearing completion at year end. With receipt of the modified Ki&#351;lada&#287;<B> </B>environmental impact assessment, civil and mechanical construction will begin in mid-2011. The plant is expected to be complete in the fourth quarter of 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Start up of underground preproduction development was delayed while we were waiting for legislative changes in the Turkish mining law. The contractor was able to start development mid-year and completed approximately 45% of the contract by year end. With completion of the mine infrastructure and continued good performance from the mine contractor, we expect production at Efem&#231;ukuru to be at full capacity by mid-2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $69.0 million on capital projects at Efem&#231;ukuru in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Vila Nova</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During 2010 we sold 89,074 dry metric tonnes of iron ore as part of a trial mining program designed to test the project logistics, processing plant, and mining capacity. &nbsp;We expect to ramp up production to between 440,000 and 480,000 dry metric tonnes in 2011.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">7</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Tocantinzinho</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">With the purchase of Brazauro and acquisition of the Tocantinzinho project in 2010, we initiated additional work on defining the ore body, completing approximately 5,600 meters of diamond drilling and preparing a prefeasibility study to define what will be an open pit mining operation. Various engineering studies have examined metallurgical response and the process design for gold recovery, geotechnical stability of the pit, hydrology and hydrogeology of the area and major infrastructure needs such as the incoming power line and the access road to the site. This work has been carried out while preparing the environmental impact assessment, which will be submitted to the Ministry of Environment in the first quarter of 2011, and issuing the prefeasibility study and declaration of resources and reserves at Tocantinzinho.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $9.6 million on capital projects at the Tocantinzinho project in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Perama Hill</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We continue to work closely with the Greek government and local agencies to advance the project through the permitting stage. &nbsp;Our dialogue with the local communities and stakeholders has focused on informing and educating them about both the technical aspects and benefits of the project and we are encouraged by the level of support we have received.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $2.4 million on capital projects at the Perama Hill project in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font>&nbsp;</B><FONT style="font-size:10pt"><B>Exploration</B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Exploration drilling in 2010 totalled 107,088 metres at eighteen projects worldwide.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Turkey</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Ki&#351;lada&#287; </I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Two phases of infill and resource extension drilling totalling 75 diamond drillholes (40,825m)</P>
<P style="margin:0px; font-family:Arial,Times New Roman">were completed. Notable results include:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Delineation of a new contiguous high-grade gold zone within Intrusion 2A, in areas of the deposit that were originally modelled to contain low gold grades and waste.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Definition of the southeast margin high-grade zone, which was traced over an east-west strike length of approximately 300 metres, and lies just outside the boundary of the 2009 design pit.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Identification of high-grade zones along the Intrusion 3-Intrusion 1 contact in the northwest deposit area.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Discovery of ore-grade gold values in the basement schist adjacent to a late-stage intrusive dyke. This highlights the prospectivity of relatively unexplored areas to the west of the current deposit.</P>
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<P style="margin:0px; font-family:Arial"><I>Efem&#231;ukuru</I></P>
<P style="margin:0px; font-family:Arial">Six diamond drillholes (1,907m) testing the Kokarpinar vein were completed in 2010. The vein was intersected at or near the projected depth in all drillholes, with four of the six holes returning significant mineralized intervals. Additional planned drilling on the Kokarpinar and Kestane Beleni veins was deferred until early 2011 due to delays in obtaining the required forestry permits. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Reconnaissance programs</I></P>
<P style="margin:0px; font-family:Arial">At the MH iron-oxide copper-gold project, results of detailed geological mapping, soil geochemistry, and geophysical surveys provided several large-scale drill targets. Eight diamond drill holes were completed for a total of 3,066 metres, testing the K&#246;skale, Karakaya, and Ku&#351;kayasi targets. The best results to date are from the K&#246;skale target, a structurally controlled breccia zone with strong hematite alteration.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At the Sizma project, 22 short reverse circulation holes (1,146m) tested structurally-controlled, phyllite-hosted gold mineralization. Several of the holes intersected low-grade gold values over several tens of metres.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">8</P>
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<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Six diamond drillholes were completed at the AS project for a total of 2,745 metres. Drilling targeted newly defined porphyry targets based on alteration mapping, geochemistry, and magnetic data. All holes intersected variably altered and mineralized rocks, including zones of weak porphyry-style copper, molybdenum, and gold mineralization.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the Saya&#231;ik project, we completed five reverse circulation holes (986m) and two diamond drill holes (866m) targeting geophysical and geochemical anomalies. No significant mineralized intervals were encountered.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Reconnaissance fieldwork including rock chip sampling, geological mapping, and soil geochemical surveys were completed at the Catak, Dolek, and Atalan projects.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>China</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Tanjianshan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">A total of 52 diamond drill holes were completed at the 323 zone for a total of 9,838 metres. Geological modeling of the mineralization defined to date has delineated a preliminary Inferred Resource of 160,000 ounces gold at 2.75 g/t. Mineralization remains open down-plunge to the south. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">At the ZXS prospect area, 40 shallow RC/RAB holes (4,418m) were completed. These were designed to test covered areas and delineate targets for follow up diamond drilling</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Jinfeng </I></P>
<P style="margin:0px; font-family:Arial">At the Jinfeng Mine, 15,318 metres of underground and surface drilling focussed on upgrading zones of inferred resources.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At the Bannian prospect, approximately 20 km southwest of the Jinfeng mine, 12 diamond drill holes (1,146m) targeted near-surface zones of structurally controlled gold mineralization. Results were mixed, highlighting the erratic nature of mineralization along the target F207 zone.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At Lintan and Yaojiatan, immediately north of the mine, 13 diamond drill holes were completed, targeting the F14 and F70 structures. Mineralized intercepts were generally narrow and low grade, and future drilling will be directed towards conceptual targets where larger tonnage deposits may be possible.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>White Mountain </I></P>
<P style="margin:0px; font-family:Arial">Drilling at the White Mountain mine focused on down-dip and along-strike extensions to known mineralization on the F100 zone. A new lens of high-grade mineralization was intersected approximately 200 metres down-dip of the known deposit in drillhole 337 (24.7m @ 8.7 g/t Au). This intercept is completely open along-strike and down-dip and will be followed up with additional drilling.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At Xiaoshiren, approximately 20 km southeast of the mine, surface mapping, rock chip sampling and soil geochemistry led to late season diamond drilling on the #4 and #5 zones. Seven holes (1,223m) were completed, several of which intersected significant mineralized breccia zones with the most significant interval grading 7.8 g/t Au over 6.5 metres.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At Dongdapo, along strike immediately northeast of the mine, geological mapping and soil geochemical surveys were completed and drill targets defined.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Three diamond drill holes were completed at the Caijiagou project (983m). No significant mineralization was encountered and the project has been dropped.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Eastern Dragon</I></P>
<P style="margin:0px; font-family:Arial">Field activities this year included a detailed ground magnetic survey, float and outcrop sampling, and prospecting within the EL53 license area. Results of these surveys have been incorporated into our geological interpretation of the area and drill targets defined. Of note is the newly identified high-grade
gold in outcrop along the river valley north of the Lode 5 deposit, which is being evaluated as a potential drill target. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">9</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Four exploration diamond drill holes (719m) were completed at the Sanjianfang exploration licence immediately south of EL53. The drilling intersected veins in several locations, but did not encounter any significant gold grades.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Brazil</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Tocantinzinho</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Exploration efforts at Tocantinzinho included 5,598 metres of diamond drilling and 635 metres of reverse circulation drilling. These programs included infill drilling at the Tocantinzinho deposit (15 holes),<FONT style="font-family:Times New Roman; font-size:11pt"> g</FONT><FONT style="font-family:Arial">eotechnical drilling within and peripheral to the deposit (6 holes), and exploratory drilling outside the known deposit (9 diamond holes and 7 RC holes).</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">In addition to drilling, the soil geochemical grid was significantly expanded and a 38.5 line kilometre induced polarization geophysical survey was completed. &nbsp;Several zones of anomalous chargeability/resistivity response were identified and will be drill tested.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Reconnaissance</I></P>
<P style="margin:0px; font-family:Arial">At the Agua Branca project, three diamond drill holes (584m) were completed, finishing the program started by Brazauro before we assumed control of the project. Results were encouraging in that similar lithologies and alteration styles to those associated with the Tocantinzinho deposit were intersected; however gold grades were generally low. We have subsequently begun a program of property-wide geochemical sampling designed to identify possible additional drill targets on the property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At Piranhas, work has focussed on rehabilitation of the airstrip and camp facilities so that exploration crews can begin reconnaissance work in 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">A stream sediment and rock sampling program was completed at the Triguiero project in northeast Brazil. Several isolated anomalies were defined, however follow-up work failed to identify significant mineralization and the project was subsequently dropped. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Nevada</B></P>
<P style="margin:0px; font-family:Arial">A controlled source audio magnetotelluric (CSAMT) geophysical survey was completed at the Cathedral Well project which defined several drill targets in covered areas adjacent and down-dip from known mineralization. A reverse circulation drill program designed to test these targets began in December.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Geological mapping and rock sampling programs were completed at the Buffalo Canyon project and defined several distinct styles of mineralization and drill targets. We plan to test these targets early in 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Geological and alteration mapping, soil sampling, rock sampling, and a CSAMT geophysical survey were completed at the Richmond Mountain project. Two reverse circulation holes were completed (815m) testing a conceptual target beneath cover. Results were generally disappointing and the project has been dropped.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We dropped the option on the Green Monster project due to continued permitting delays.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">10</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual results </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Financial results </B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total revenue</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>791,175</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>358,467</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Net income (loss)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>206,063</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,404</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings per share</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=222><P style="margin:0px; font-family:Arial; font-size:8pt">- basic</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.38 </P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px; font-family:Arial; font-size:8pt">- diluted</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.38</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>0.26</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Net income</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Our consolidated net income for the year increased by 102% over last year &#150; from $102.4 million or $0.26 per share in 2009 to $206.1 million or $0.38 per share in 2010. The increase was driven by higher results from gold mining operations partially offset by higher income tax, general and administrative, and exploration expenses. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Revenue</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Total revenues this year included $782.9 million in gold revenues and $8.3 million in iron ore sales.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold revenues this year were 121% higher than last year mainly for two reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">selling prices increased by 23% </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">sales volumes were up 78%: sales from Ki&#351;lada&#287; and Tanjianshan increased by 55,717 ounces, and Jinfeng and White Mountain increased by 224,006 ounces. Jinfeng and White Mountain sales in 2009 were for the month of December.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Ki&#351;lada&#287;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279,025</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,363</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Tanjianshan</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>116,765</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Jinfeng</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>182,026</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,554</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- White Mountain</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5,599</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Average selling price per ounce</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$1,223</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$995</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold revenue (000s)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$782,850</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$358,467</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Iron ore revenues were derived from two shipments totalling 89,074 dry metric tonnes of iron ore sold in the fourth quarter at an average price of $93.50 per dry metric tonne.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Results of gold mining operations</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Results from gold mining operations before taxes were up 113% over last year for three main reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">the addition of Jinfeng and White Mountain</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">higher sales volumes at K&#305;&#351;lada&#287; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">higher gold prices overall. </P>
<P style="margin:0px; clear:left"><BR><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">11</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Earnings from gold mining operations before taxes</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ millions</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>782.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>358.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>278.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>132.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>104.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>37.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>400.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>188.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>K&#305;&#351;lada&#287;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>339.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>233.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>98.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>67.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>12.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>226.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>153.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Tanjianshan</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>144.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>58.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>45.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>59.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>36.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Jinfeng</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>222.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>16.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>88.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>45.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings (loss) from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>88.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2.3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>White Mountain</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>77.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>32.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>19.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.8</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin:0px; font-family:Arial,Times New Roman"><I>Operating costs</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Operating costs rose 110% this year for two main reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">volume was higher at all our mines</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">unit operating costs were higher at Tanjianshan and K&#305;&#351;lada&#287;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Unit operating costs were higher than 2009: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">K&#305;&#351;lada&#287;<font style="font-family: 'Arial Unicode MS', Arial">'</font>s cash operating costs per ounce increased 18% because of higher fuel costs, stripping ratios and slightly lower head grade</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tanjianshan's unit operating costs rose 9% because of lower head grade</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Depletion, depreciation and amortization from gold mining operations</I></P>
<P style="margin:0px; font-family:Arial">Depletion, depreciation and amortization expense was $104.0 million this year, 177% higher than 2009, mainly because of the additional expense at Jinfeng and White Mountain, including amortization of the excess purchase price allocated to proven and probable reserves at Jinfeng and White Mountain.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Other expenses</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">General and administrative</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>59.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>32.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Income tax</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>89.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>41.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Exploration</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>23.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>12.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Foreign exchange</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(3.0)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Interest and other</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(12.9)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2.3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gains on sales of marketable securities</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(6.6)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(1.7)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Non-controlling interest and other</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>17.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.6</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>General and administrative expense</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We incur general and administrative costs at our head office in Vancouver, Canada and in the countries where we conduct our business. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">General and administrative expense increased $27.3 million or 84% over 2009 due to higher stock based compensation expense as well as higher headquarters costs in both Vancouver and China due to the increase in the size of our company. Stock based compensation expense increased over 2009 because there were no significant option grants in 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Income tax expense increased $47.9 million or 114% over 2009 as a result of higher taxable income from our gold mining operations in Turkey and China. The effective tax rate of 29% was unchanged from 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Foreign exchange gain/loss </I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We reported $14.8 million in foreign exchange losses this year, mainly related to unrealized losses on future income tax liabilities originating from the Sino acquisition denominated in Chinese renminbi. In 2009 we reported $3.0 million in foreign exchange gains, mainly related to realized gains on cash deposits denominated in Canadian dollars.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Interest and other income</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Interest and other income of $12.9 million in 2010 included $7.5 million related to the sale of our Turkish subsidiary<font style="font-family: 'Arial Unicode MS', 'Times New Roman'">'</font>s Agi Dagi royalty interest, and $2.6 million from the sale of silver byproduct, mainly from Ki&#351;lada&#287;. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Non-controlling interest</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Non-controlling interest was $17.5 million - an increase from 2009 because of the addition of Jinfeng and White Mountain. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Exploration expense</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Exploration expense increased by $11.2 million over 2009 as a result of increasing exploration activities. See <I>Exploration </I>on page 8 for more information.</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; font-family:Arial,Times New Roman; font-size:9pt">13</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Non-GAAP measures</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Throughout this document, we have provided measures prepared in accordance with Canadian GAAP, as well as some non-GAAP performance measures as additional information for investors who also use them to evaluate our performance. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Since there is no standard method for calculating non-GAAP measures, they are not a reliable way to compare us against other companies. Non-GAAP measures should be used with other performance measures prepared in accordance with Canadian GAAP.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We have defined our non-GAAP measures below and reconciled them with the GAAP measures we report.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Cash operating cost</I></P>
<P style="margin-top:0px; margin-bottom:12.2px; font-family:Arial,Times New Roman">The table below reconciles cash operating cost to operating costs. We calculate costs according to the Gold Institute Standard. </P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=228 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands (except for gold ounces sold)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt"><B>Operating costs &#150; excluding Vila Nova</B></P>
<P style="margin-top:0px; margin-bottom:1.8px; padding-right:-7.2px; font-family:Arial; font-size:8pt">(from consolidated statements of operations)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>278,194</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>132,464</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Less:</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Royalty expense and production taxes</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(26,734)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(10,025)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">By-product credits and other adjustments<SUP>1</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(7,306)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(4,172)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Sino Gold inventory fair value adjustment</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(6,957)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Cash operating cost</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>244,154</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>111,310</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces sold </P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Cash operating cost per ounce</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>382</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>309</B></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:5.333px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>1 </SUP>Stock-based compensation expense allocated to operating expense.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Cash flow from operations before changes in non-cash working capital</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use <I>cash flow from operations (or operating activities) before changes in non-cash working capital</I> to supplement our consolidated financial statements, and calculate it by not including the period to period movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We believe this provides a better indication of our cash flow from operations and may be meaningful in evaluating our past performance or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which we calculate according to Canadian GAAP.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">14</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Financial condition</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Operating activities before changes in non-cash working capital generated $356.5 million in cash this year, compared to $147.0 million in 2009. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Capital expenditures</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We invested $226.3 million in capital expenditures, mine development, mining licences and other assets this year. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Mine development expenditures totalled $91.9 million:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$69.0 million at Efem&#231;ukuru</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$10.9 million at Eastern Dragon</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$9.6 million at Tocantinzinho </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$2.4 million at Perama Hill. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Spending at our producing mines totalled $103.5 million: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$54.9 million at Ki&#351;lada&#287;, mostly related to the Phase III expansion</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$15.1 million at Jinfeng, mostly related to tailings dam construction and underground mine development</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$16.4 million at White Mountain, mainly related to underground mine development exclude Xiaoshiren</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$17.1 million at Tanjianshan, mainly related to processing plant upgrades. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">We also spent $16.0 million on Eastern Dragon joint venture buy-in payments, $10.4 million on land acquisition costs in Turkey, and $1.5 million to acquire the Xiaoshiren Central exploration licence in China. The remaining $3.04 million related to fixed assets for our corporate offices in Canada and China.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial; font-size:11pt"><B>Capital resources</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>314.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>265.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Working capital</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>310.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>266.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Restricted collateralized accounts</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>50.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>166.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>191.0</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Chinese regulations governing cash movements within and injected into the country require that our existing debt only be paid from cash flows generated from our Chinese operations that are party to the loan. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Management believes that the working capital at December 31, 2010, together with future cash flows from operations, is sufficient to support our planned and foreseeable commitments. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">15</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Contractual obligations</I></P>
<P style="margin-top:0px; margin-bottom:3.333px; font-family:Arial,Times New Roman">as at December 31, 2010 </P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=168 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2011</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2012</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2013</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2014</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin-top:2.667px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2015 and<BR>
later</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Total</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;98,523</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;31,120</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;26,347</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;12,079</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;168,069</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Capital leases</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;63</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;51</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;51</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;32</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;203</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:8pt">Operating leases</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,921</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;3,208</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,639</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;673</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;9,442</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Purchase obligations</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;114,487</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;23,853</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,501</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;141,308</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Totals</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;215,994</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;58,232</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;30,504</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,285</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;319,022</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The table does not include interest on debt.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Debt</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Eastern Dragon </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Standby line of credit</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In 2008, Eastern Dragon entered into a RMB 320.0 million ($48.3 million) standby letter of credit with China Construction Bank. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The interest rate was 5.4%, and the loan was collateralized by an irrevocable letter of credit drawn on China Construction Bank, which was collateralized by Sino Gold funds held by Bank of China Sydney Branch as restricted cash. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Eastern Dragon repaid the loan on February 5, 2010 and Sino Gold's restricted cash was released.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Project financing loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">In 2009, Eastern Dragon entered into a RMB 450.0 million ($67.9 million) project financing loan with China Merchants Bank. No amounts had been drawn down at December 31, 2010.</P>
<P style="margin:0px; font-family:Arial,Times New Roman">The loan has three components:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a long-term loan of RMB 320.0 million &nbsp;($48.3 million), with a five-year term, to replace the $48.3 million standby letter of credit with China Construction Bank</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a fixed asset loan of RMB 100.0 million ($15.1 million) with a four-year term</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a working capital loan of RMB 30.0 million ($4.5 million) with a one-year term</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial; clear:left">Interest is floating at the prevailing lending rate stipulated by the People's Bank of China for similar loans with a 10% discount, adjusted quarterly. The applicable interest rates as at December 31, 2010 are 5.60% for the long term loan and 5.23% for the fixed asset loan after discount.</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial">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 are required to be met before the first drawdown:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">the project receives approval from the Heilongjiang Provincial Development and Reform Commission</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Sino Gold opens an offshore banking business bank account with CMB and deposit $40.0 million</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">The total of the amount deposited in the offshore account, Eastern Dragon registered capital and shareholder loan is at least $84.7 million (this threshold had been reached as at December 31, 2009) </P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial; clear:left">In addition, before the drawdown on the fixed asset loan, Eastern Dragon should obtain the gold operation permit.</P>
<P style="margin:0px; font-family:Arial">The working capital loan can be drawn down once the following conditions are satisfied:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the project obtains the mining license</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the project has been developed and is in production</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the gold operation permit has been granted</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the safety production permit and environmental protection permit have been granted.</P>
<P style="margin:0px; clear:left"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">16</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial,Times New Roman">The project-financing loan requires Eastern Dragon to maintain a liability to asset ratio of 70% or lower, not including shareholder loan. Its total banking debt cannot exceed RMB 550.0 million ($83.0 million).</P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial,Times New Roman">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="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">No amounts were drawn down under the project-financing loan as at December 31, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Standby letter of credit &nbsp;</I></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In January 2010, Eastern Dragon entered into a RMB 320.0 million ($48.3 million) 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 90% of the prevailing lending rate stipulated by the People's Bank of China for working capital loans. It is collateralized by way of a $52.2 million irrevocable letter of credit issued by Sino Gold to CMB.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">On February 5, 2010, Eastern Dragon made a drawdown on this loan which was used to repay the LC loan with CCB.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In February 2011, this loan was extended for another year.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">This loan is to be repaid when Eastern Dragon obtains the required project approval that will allow it to complete the first drawdown on the project-financing loan. The 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. The interest rate on this loan as at December 31, 2010 is 5.23%. </P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>HSBC revolving loan facility</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In May 2010, Eastern Dragon entered into a RMB 80.0 million ($12.1 million) revolving facility with HSBC Bank (China). The facility can be drawn down in minimum tranches of RMB 1.0 million ($0.2 million) or its multiples. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People's Bank of China on the date of drawdown. The facility has a term of up to one year.</P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In December 2010, the facility was reviewed by the bank and extended to November 30, 2011. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The facility is secured by a letter of Guarantee issued by Eldorado. Eldorado must maintain at all times a security coverage ratio of 110% of the amounts drawn down. As at December 31, 2010, the security coverage is $6.1 million.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">As at December 31, 2010, RMB 37.0 million ($5.6 million) had been drawn under this facility.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">This facility is to be repaid when Eastern Dragon obtains the required project approval that will allow it to complete the second drawdown on the project-financing loan.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">After December 31, 2010, Eastern Dragon drew RMB 11.6 million ($1.8 million) under the facility and the security coverage was increased to $8.1 million.</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Entrusted loan</I></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">Eastern Dragon, HSBC Bank (China) and QDML entered into an RMB 12.0 million ($1.8 million) entrusted loan agreement in November 2010.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">Under the terms of the loan, QDML uses its own funds to entrust HSBC Bank (China) to provide a loan facility to Eastern Dragon in QDML's name.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The loan can be drawn down in tranches. Each drawdown has a term of three months, bears interest fixed at the prevailing lending rate stipulated by the People's Bank of China on the date of drawdown, and can be rolled forward at QDML's discretion. As at December 31, 2010, RMB 7.9 million ($1.2 million) has been drawn.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">17</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The loan was increased to RMB 50.0 million ($7.6 million) subsequent to year end, and an additional RMB 21.1 million ($3.2 million) drawn down. It is recorded on a net settlement basis.</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Jinfeng </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Jinfeng construction loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">In 2009, Jinfeng entered into a RMB 680.0 million ($102.7 million) construction loan facility with China Construction Bank (CCB). </P>
<P style="margin:0px; font-family:Arial,Times New Roman">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, 2010 is 6.08% (after 5% discount). The construction loan is secured against the following:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Sino Gold corporate guarantee</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">pledge of 82% Jinfeng shares held by Sino Gold</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on all fixed assets of Jinfeng with a value above $0.1 million</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on Jinfeng mining license and exploration license</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on land use right. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">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="margin:0px; font-family:Arial">Principal repayment of this loan is as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">in 2011, 2012 and 2013 &#150; quarterly payments of RMB 35.0 million ($5.3 million) </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">in 2014 &#150; quarterly payments of RMB 32.5 million ($4.9 million)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Any pre-payments are applied to reduce future payments starting from the final payment. In 2010, Jinfeng pre-paid RMB 180.0 million ($27.2 million) on the outstanding balance of this loan, leaving a balance owing of RMB 500.0 million ($75.5 million) at December 31, 2010.</P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">$1.7 million in deferred financing costs 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 for net deferred financing costs at December 31, 2010, $1.4 million.</P>
<P style="margin:0px; font-family:Arial"><I>Jinfeng working capital loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">In 2009, Jinfeng entered into a RMB 85.0 million ($12.8 million) working capital loan with CCB. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">The working capital loan has a term of 3 years and was due on August 17, 2012. This loan was subject to a floating interest rate adjusted annually at 95% of the prevailing lending rate stipulated by the People's Bank of China for similar loans. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">While the working capital loan was outstanding, Jinfeng was required to obtain written consent from CCB before transferring funds to Sino Gold or any of its subsidiaries and was required to have a leverage ratio of 64% or lower in order to distribute dividends to its shareholders.</P>
<P style="margin:0px; font-family:Arial">In 2010, Jinfeng pre-paid the full amount on this loan.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">18</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>White Mountain </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Project loan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In 2008, White Mountain entered into a project loan with CCB. The project loan has two components:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a fixed asset loan of RMB 190.1 million ($28.7 million) with final payment due on September 2013</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a working capital loan of RMB 40.9 million ($6.2 million) due in November 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">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, 2010 are 5.76% for the fixed asset loan and 5.81% for the working capital loan.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The project loan is secured by a Sino Gold corporate guarantee and White Mountain's fixed assets with a value above $0.1 million. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Principal repayment of the fixed asset loan is as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2010 &#150; RMB 24.8 million ($3.8 million) (paid)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2011 &#150; RMB 64.5 million ($9.7 million)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2012 &#150; RMB 66.1 million ($10.0 million)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2013 &#150; RMB 34.7 million ($5.2 million).</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">In 2010, White Mountain made the first payment on the fixed asset loan and extended the working capital loan for one additional year to November 15, 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Working capital loan</I></P>
<P style="margin:0px; font-family:Arial">In 2010, White Mountain entered into a RMB 50.0 million ($7.5 million) working capital loan with China Merchants Bank (CMB). </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The working capital loan has a term of one year and is due on September 1, 2011. The loan is subject to a floating interest rate adjusted annually to the prevailing lending rate stipulated by the People's Bank of China for similar loans. The applicable interest rate as at December 31, 2010 is 5.31%.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">This loan is secured by a letter of guarantee issued by Eldorado.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">In January 2011, White Mountain pre-paid the full amount of this loan.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial"><B>Defined benefit plans</B></P>
<P style="margin:0px; font-family:Arial">We have a defined benefit pension program with two components: a registered pension plan and a non-registered supplementary pension plan (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. Our annual contributions are actuarially determined, and are at or above the minimum requirements prescribed by legislation. We are not required to pre-fund any benefit obligation under the SERP. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Total cash payments for pension benefits for 2010, including cash contributed to the pension plan and the SERP, were $0.2 million. Based on minimum funding requirements, we may not need to make a contribution to the pension plan or to the SERP in 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">19</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><B>Equity</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This year we received net proceeds of $35.9 million for issuing 5,056,216 common shares related to stock options being exercised. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We may make minor accounting adjustments to these figures before they are presented in future consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=307.2 /><TD width=120 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=307.2><P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-28.4px; font-family:Arial,Times New Roman; font-size:9pt">Common shares outstanding </P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial,Times New Roman; font-size:9pt">- as of March 17, 2011</P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial,Times New Roman; font-size:9pt">- as of December 31, 2010</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=120><P style="margin:3px" align=right><BR></P>
<P style="margin-top:3px; margin-bottom:3px; font-family:Arial,Times New Roman; font-size:9pt" align=right>548,438,799</P>
<P style="margin-top:3px; margin-bottom:3px; font-family:Arial,Times New Roman; font-size:9pt" align=right>548,187,192</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=307.2><P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-28.4px; font-family:Arial; font-size:9pt">Share purchase options </P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial; font-size:9pt">- as of March 17, 2011</P>
<P style="margin-top:2.333px; margin-bottom:2.333px; font-family:Arial; font-size:7pt">(Weighted average exercise price per share: $11.40 Cdn)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120><P style="margin-top:3px; margin-bottom:3px; font-family:Arial; font-size:9pt" align=right>11,761,753</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Managing risk</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This section describes the types of risks we are exposed to and our objectives and policies for managing them (please read the Company's Annual Information Form for additional information).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We manage risk using our risk management review process. Management prepares a risk assessment report every quarter outlining our operational and financial risks. The Board reviews the report to evaluate and assess the risks we are exposed to in various markets, and discusses the steps management takes to protect the company against them. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Financial risk</B></P>
<P style="margin:0px; font-family:Arial"><I>Liquidity risk</I></P>
<P style="margin:0px; font-family:Arial">Liquidity risk is the risk that we cannot meet our financial obligations. We use a rigorous planning, budgeting and forecasting process to help determine the funds we will need to support our ongoing operations and our expansion plans. We believe that expected cash flows from operations and current cash and cash equivalents will provide enough cash to meet our financial obligations in 2011 and beyond.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Credit risk</I></P>
<P style="margin:0px; font-family:Arial">Credit risk is the risk that the counterparty to a financial instrument will not meet its obligations. To mitigate exposure to credit risk on financial assets, we have policies that require counterparties demonstrate minimum creditworthiness, and ensure liquidity of available funds. We also monitor our concentrations of credit risk and closely monitor our financial assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We sell our products exclusively to large international financial institutions and other organizations with strong credit ratings, and payment is normally in advance or within one week of receipt of shipment. Customer default to date has been negligible, so we consider the credit risk associated with trade receivables at December 31, 2010 to be minimal. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We invest our cash and cash equivalents in major financial institutions and in government issuances, according to our short-term investment policy. The credit risk associated with these investments is considered to be low, but many financial institutions have gone into bankruptcy or been rescued by government authorities over the past few years. That makes us subject to the risk of loss of the deposits
we have with financial institutions. As at December 31, 2010, approximately 44% of our cash and cash equivalents, including restricted cash, were with one financial institution. </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">20</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Currency risk</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We sell gold in US dollars, but our costs are mainly in US dollars, Canadian dollars, Turkish lira, Brazilian real and Chinese renminbi. An increase in the value of any of these currencies against the US dollar can increase our production costs and capital expenditures, which can affect future cash flows.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The table below shows our assets and liabilities denominated in currencies other than the US dollar at December 31, 2010. We recognized a loss of $14.8 million on foreign exchange this year, compared to gain of $3.0 million in 2009.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=162 /><TD width=84 /><TD width=72 /><TD width=60 /><TD width=66 /><TD width=84 /><TD width=60 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=162><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>$ thousands</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Canadian<BR>
dollar</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Australian<BR>
dollar</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Euro</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Turkish<BR>
lira</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Chinese<BR>
renminbi</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Brazilian<BR>
real</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>24,587</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>134</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>102</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,386 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>536,644</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,269</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Marketable securities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7,984</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Accounts receivable and<BR>
other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>2,078</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>516</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>16,837</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>137,174</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10,898</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Future income tax<BR>
receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>659</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,192</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Accounts payable and<BR>
accrued liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(13,682)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(13)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(124)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(36,940)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(525,951)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(6,548)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Future income tax<BR>
liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(2,211,552)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(26,334)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(16,851)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(1,103,790)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(85,188)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Net balance</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>20,967</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>121</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(25,840)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(34,909)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(3,207,961)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(79,569)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Equivalent in US dollars</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>21,081</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>125</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(34,601)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(22,581)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(484,373)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(47,755)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Accounts receivable and other current and long-term assets relate to goods and services taxes, income taxes, value-added taxes and insurance receivables. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We recorded $424.2 million in future income tax liabilities resulting from our acquisitions, which were valued in local currencies. We revalue these liabilities at the end of each reporting period at the exchange rate at that time, and record the non-cash gain or loss in that period's net earnings.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Interest rate risk</I></P>
<P style="margin:0px; font-family:Arial">Interest rates determine how much interest we pay on our debt, and how much we earn on our cash and cash equivalents, which can affect future cash flows. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Much of our debt has a floating interest rate. The average interest rate on our debt at December 31, 2010 was 5.94%, compared to 5.45% at the end of 2009. We earned an average of approximately 0.51% in interest on our cash and cash equivalents this year, compared to 0.83% in 2009.</P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">We don't actively manage our exposure to changes in interest rates.</P>
<P style="margin:0px; font-family:Arial"><I>Price risk</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Our profitability depends on the price of gold, which is affected by many things, including the sale or purchase of gold by central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuations in the value of the US dollar and foreign currencies, global and regional supply and demand, and the political and economic conditions of the world's major gold-producing countries. We don't hedge against changes in the price of gold. </P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">21</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The cost of production, development and exploration varies depending on the market prices of certain mining consumables, including diesel fuel and electricity. We are evaluating a hedge against changes in the price of diesel fuel. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Electricity is regionally priced in Turkey and China and semi-regulated by the federal governments of those countries, which reduces the risk of price fluctuations. We don't hedge against changes in the price of electricity.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><I>Sensitivity analysis for key variables</I></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=253.2 /><TD width=96 /><TD width=162 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=253.2><P style="margin:2.667px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=96><P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>A change of</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=162><P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Would change our <BR>
after-tax net earnings by</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Currency values against the US dollar</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1% </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$5.6 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Price of gold (based on the expectations and assumptions we used in our 2010 outlook)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$66.8 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Interest rate on debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$0.5 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Interest earned on cash and cash equivalents</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$0.3 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Price of diesel fuel</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$1.8 million</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Other risks and uncertainties</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Exploration and development</I></P>
<P style="margin:0px; font-family:Arial">The cost and results of our exploration and development programs affect our profitability and value. The life of a mine is fixed based on its mineral reserves, so we actively seek to replace and expand our reserves, mainly through exploration, acquisition and the development of our existing operations. Exploring for minerals involves many risks and may not lead to new economically viable mining operations or yield new reserves to replace and expand current reserves. Our reserve estimates are based on certain assumptions and affected by the inherent limitations of the estimation process.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Acquiring title to mineral properties is a detailed and time-consuming process. We take steps, in accordance with industry standards, to verify and secure legal title to mineral properties that we have, or are seeking, an interest in. Although we take every precaution to ensure that legal title to our properties is properly recorded in our name, there can be no assurance we will ultimately secure title on every property. Legal title to our properties depends on the laws in the countries we operate in, and their appropriate and consistent application.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Operations</I></P>
<P style="margin:0px; font-family:Arial">The business of gold mining involves many operational risks and hazards. We work to reduce the risks associated with our projects by setting high operational standards, hiring and training appropriately skilled personnel, and making improvements to our operations. We maintain adequate insurance to cover normal business risk. We rely on a number of key employees. Our success depends on attracting and retaining qualified personnel in a competitive labour environment.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Environment</I></P>
<P style="margin:0px; font-family:Arial">Our activities are subject to extensive federal, provincial, state and local laws and regulations that govern environmental protection and employee health and safety. We are also subject to various reclamation-related conditions imposed under federal, state or provincial air, water quality and mine reclamation rules and permits. While we have budgeted for future capital and operating expenditures to maintain compliance with environmental laws and permits, any future changes to these laws could adversely affect our financial condition, liquidity or results of operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">22</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Permits</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We are required to obtain and maintain a wide range of government permits for our projects and operations. There is no assurance that we will be able to get them on a timely basis, or at all.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Laws and regulations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Our mining operations and exploration activities are subject to extensive federal, provincial, state and local laws and regulations that govern prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. These laws and regulations are subject to change, which may restrict our ability to operate. We draw on the expertise and commitment of our management team, advisors, employees and contractors to ensure compliance with current laws, and we foster a climate of open communication and co-operation with regulatory bodies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Litigation</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">All industries, including mining, are subject to legal claims that can be with and without merit. Defence and settlement costs can be substantial, even for claims that have no merit. We describe the legal status of our worldwide projects and operations in our annual information form.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The litigation process is inherently uncertain, so there can be no assurance that the resolution of a legal proceeding will not have a material adverse effect on our future cash flow, results of operations or financial condition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Political risk</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We operate in four countries outside of North America: Turkey, China, Brazil and Greece. Our operations in these countries may be subject to political, economic and other risks that may affect our future operations and financial position.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Other information </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Critical accounting policies and estimates</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We are required to make estimates that affect the amount of assets, liabilities, contingent liabilities revenue and expenses we report. We have identified the following critical accounting policies and estimates. You can find all of our significant account policies in note 2 of our 2010 consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Inventories</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We value finished goods, work-in-process, heap leach ore and stockpiled ore at the average production cost or its net realizable value &#150;&nbsp;whichever is lower. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We consider ore stacked on our leach pads and in process at our mines as work-in-process inventory and record their value in earnings, and include them in the cost of sales on based on ounces of gold recovered, using the following assumptions in our estimates:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold we estimate is in the ore stacked on the leach pads </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold we expect to recover from the stacks</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold in the mill circuits </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the gold price we expect to realize when the gold is recovered. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">If our estimates or assumptions are inaccurate, we could be required to write down the value we have recorded on our work-in-process inventories, which would reduce our earnings and working capital. At December 31, 2010, the average cost of inventory was significantly below its net realizable value.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Reserves and resources</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Our estimates for Ki&#351;lada&#287;, Efem&#231;ukuru, Tanjianshan, Jinfeng, White Mountain, Perama, Tocantinzinho, Eastern Dragon, and Vila Nova are based on the definitions adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum, and in compliance with <I>Canadian National Instrument 43-101 &#150; Standards of Disclosure for Mineral Projects </I>(NI 43-101), developed by the Canadian Securities Administrators. </P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">23</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman">You will not be able to compare the mineral reserve and resources information in this report with similar information from U.S. companies. The United States Securities &amp; Exchange Commission (SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted or produced. It does not recognize the terms measured, indicated and inferred mineral resources </P>
<P style="margin:0px; font-family:Arial,Times New Roman">(mining terms under NI 43-101), and does not accept them in reports and registration statements. You should not assume that:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the mineral reserves defined in this report qualify as reserves under SEC standards</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the measured and indicated mineral resources in this report will ever be converted to reserves </P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the inferred mineral resources in this report are economically mineable, or will ever be upgraded to a higher category. </P>
<P style="margin:0px; font-family:Arial; clear:left"><I>Value beyond proven and probable reserves </I></P>
<P style="margin:0px; font-family:Arial">On acquisition of a mineral property, we prepare an estimate of the fair value of the exploration potential of that property and record this amount as an asset, called <I>value beyond proven and probable </I>(VBPP), as at the date of acquisition. As part of our annual business cycle, we prepare estimates of proven and probable reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted from VBPP to proven and probable reserves subject to amortization.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Mining interests</I></P>
<P style="margin:0px; font-family:Arial">We depreciated most of our mining properties, plant and equipment using the unit-of-production method, where the value of property is reduced as reserves are depleted. We base this on mining rates and our estimates of reserves. If these change, we could be required to write down the recorded value of our mining properties, plant and equipment, or to increase the amount of future depreciation, depletion and amortization expense, both of which would reduce our earnings and net assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At the end of every year, we assess whether there has been an impairment of our capitalized mining properties, plant and equipment. If there were an impairment, we would be required to write down the recorded value of our mining properties, plant and equipment, which would reduce our earnings and net assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">For producing properties, we base our assessment on the future net cash flows we expect the property will generate. There will be an impairment if metal prices are lower, production costs have increased, or metal recoveries are lower than previously estimated.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">For non-producing properties, we base our assessment on whether there are factors that might indicate the need for a write-down. There will be an impairment if we believe current economics or permitting issues will prevent us from recovering the costs we have deferred for the property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At December 31, 2010, based on an average projected gold price for 2011 of $1,400 per ounce decreasing to a long-term price of $1,050 per ounce by 2014, the estimated undiscounted net cash flow from our mining properties, plant and equipment exceeded their carrying values.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Goodwill and impairment testing</I></P>
<P style="margin:0px; font-family:Arial">We account for business combinations using the purchase method of accounting. We record the fair market value of assets acquired and liabilities assumed as of the date of acquisition, and record any excess of the purchase price over fair value as goodwill. The assumptions underlying fair value estimates are subject to significant risks and uncertainties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We review and evaluate the carrying amount of goodwill every year by comparing the fair value of our reporting units to their carrying amounts. If a reporting unit's carrying value exceeds its fair value, we
compare its carrying value to the implied fair value of its goodwill, and charge the amount the carrying value exceeds fair value to operations. </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">24</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">At December 31, 2010, our consolidated balance sheet included $365.9 million in goodwill for Sino Gold ($363.7 million) and Tanjianshan ($2.2 million). We used a discount rate of 9% to calculate the net present value of cash flows from Tanjianshan to estimate its implied fair value. We used a discount rate of between 7% and 9% to calculate the net present value of cash flows from Sino Gold mines in order to estimate their fair values. There was no impairment of goodwill for either unit.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Operating costs</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We calculate cash operating costs according to the Gold Institute Standard. Future operating costs include estimates of foreign currency exchange and inflation trends.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Stock-based compensation</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use the Black-Scholes Model to calculate the fair value of stock options that have been given to employees, officers and directors. This model uses assumptions of share price, volatility and expected life of options.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Asset retirement obligations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We estimate the mine closure date, the credit-adjusted risk-free rate, the inflation rate and the timing reclamation costs to determine the carrying value of an asset retirement obligation.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We record income taxes using income tax rates we expect to apply in the years we estimate the various temporary differences will be recovered or settled. Where the tax laws and regulations are unclear or subject to varying interpretations, these estimates could change, and materially affect the amount of income tax liabilities recorded at the balance sheet date.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Financial instruments</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We report investments classified as held for trading or available for sale, and derivative financial instruments, at fair value, and include unrealized gains or losses in earnings. We use the published price in an active market when it's available, or calculate fair value using inputs observed from the market.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Pension plans</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use various actuarial assumptions to estimate our obligations and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount rate, the rate of salary escalation and the average remaining service period of active employees expected to receive benefits. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=84 /><TD width=72 /><TD width=72 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306 rowspan=2><P style="margin-top:0px; margin-bottom:2.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>Key assumptions &#150;&nbsp;<BR>
pension plans</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=bottom width=156 colspan=2><P style="margin-top:1.8px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=150 colspan=2><P style="margin-top:1.8px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Pension<BR>
plan</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Pension plan</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Expected long term-rate of return on plan assets</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Discount rate beginning of year </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Discount rate end of year </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Rate of salary escalation</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Average remaining service period of active employees expected to receive benefits</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">25</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Changes in accounting policies</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We adopted an accounting policy for long-term investments in the second quarter of this year. We use the equity method to account for Investments in significantly influenced companies, where we adjust the original cost of the shares for our share of post-acquisition earnings or losses, less dividends.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>New accounting developments</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Business combinations (Section 1582)</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In January 2009, the Canadian Institute for Chartered Accountants (CICA) issued Section 1582, <I>Business combinations</I>, which requires that: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">all assets and liabilities of an acquired business be recorded at fair value at acquisition</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">obligations for contingent consideration and contingencies be recorded at fair value at the acquisition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">acquisition-related costs be expensed as incurred </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">restructuring charges be expensed in the periods after the acquisition date. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">The section applies prospectively to business combinations with an acquisition date on or after the beginning of the first annual reporting period on or after January 1, 2011. We have not yet adopted this standard. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Consolidations (Section 1601) and non-controlling interest (Section 1602)</B></P>
<P style="margin:0px; font-family:Arial">In January 2009, the CICA issued Section 1601, <I>Consolidations</I>, and Section 1602, <I>Non-Controlling Interests</I>. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Section 1601 establishes standards for preparing consolidated financial statements. Section 1602 establishes standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">These standards apply to interim and annual consolidated financial statements relating to fiscal years beginning on or after January 1, 2011. We have not yet adopted these standards.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>International financial reporting standards (IFRS)</B></P>
<P style="margin:0px; font-family:Arial">Canadian GAAP for publicly listed companies will be replaced with IFRS for fiscal years beginning on or after January 1, 2011. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We will begin reporting our financial statements in accordance with IFRS in the first quarter of 2011, and restate comparative information. Converting to IFRS will affect our accounting policies, information technology and data systems, internal controls over financial reporting, and disclosure controls and procedures. The transition may also affect business activities, such as foreign currency and certain contractual arrangements, debt covenants, capital requirements and compensation arrangements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We have started the transition process from current Canadian GAAP to IFRS. We have established a project team that is led by finance management and have designated the appropriate resources to the project to develop an effective plan. We will continue to assess our resource and training requirements as the project progresses. The team makes regular progress reports to the Audit Committee of the Board of Directors on the status of our transition to IFRS.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Our conversion has four phases:</P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Phase 1 &#150; Scoping and planning</I> (completed in 2008)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">establish a project management team and organizational structure, including oversight of the process develop a project management plan, stakeholder analysis and communication strategy</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">carry out an initial assessment of the key areas where the IFRS transition may have a significant impact and present significant challenges </P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial; clear:left">&nbsp;</P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 2 &#150; Detailed assessment</I> (substantially completed in the third quarter of 2010)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">conduct in-depth technical analysis to understand potential impacts, make decisions on accounting policy choices and draft accounting policies</P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identify additional resource and training requirements and processes for preparing financial statements, establishing IT system requirements and preparing detailed transition plans </P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 3 &#150; Implementation </I>(in progress)</P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identify and carry out the implementation requirements for management's accounting choices</P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">develop sample financial statements, implement business and internal control requirements, calculate the opening balance sheet at January 1, 2010 and complete other transitional reconciliations and disclosure requirements.</P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial">This phase will be completed with our annual financial reporting under IFRS in 2011. </P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 4 &#150; Post-implementation</I></P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">continuous monitoring of changes in IFRS throughout the implementation process </P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">assessing their impacts on the company and our reporting</P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Progress update</I></P>
<P style="margin:0px; font-family:Arial">We continued implementing Phase 3 of our plan in the fourth quarter of 2010, and made progress in the following areas:</P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identifying and amending internal controls over financial reporting and business processes affected by IFRS</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">determining and selecting accounting policies</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">development of Eldorado's IFRS Accounting Policy Manual </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">preparing draft annual mock-up financial statements and notes under IFRS</P>
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<P style="margin:0px; font-family:Arial">As we complete the implementation phase, and as changes to IFRS standards may continue to occur, the differences and impacts described below may be subject to change.</P>
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<P style="margin:0px; font-family:Arial">We have evaluated the options available under IFRS1, and expect to apply the following optional exemptions: </P>
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<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply IFRS 3, <I>Business Combinations</I>, prospectively from January 1, 2010 (the transition date)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply IFRS 2, <I>Share-Based Payments</I>, only to share-based payments granted after November 7, 2002 that had not vested as of the transition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply the borrowing cost exemption and will apply IAS 23, <I>Borrowing Costs</I>, prospectively from the transition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to elect to recognize all cumulative actuarial gains and losses for all defined benefit plans that exist at the transition date in opening retained earnings </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to elect to apply IFRIC 1, <I>Changes in Existing Decommissioning, Restoration and Similar Liabilities</I>, for changes in these liabilities prospectively from the transition date. </P>
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<P style="margin:0px; font-family:Arial">These may have a significant impact on our results.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Significant accounting differences </B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We have identified the following areas where the accounting differences between Canadian GAAP and existing IFRS may have an impact on our consolidated financial statements. This is not, however, a complete list of changes that will result from the transition to IFRS. It is intended to highlight the areas we believe to be most significant. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">The International Accounting Standards Board (IASB) has significant ongoing projects that are expected to result in new and/or revised accounting standards. We can measure the final impact of IFRS on our consolidated financial statements only when we know all of the standards that will apply at the conversion date. The differences we describe below are based on existing Canadian GAAP and IFRS at December 31, 2010. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Impairment of assets</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP generally uses a two-step approach to impairment testing: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">first, compare asset carrying values with undiscounted future cash flows to determine whether there is an impairment</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">if so, measure it by comparing asset carrying values with fair values. </P>
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<P style="margin:0px; font-family:Arial">International Accounting Standard (IAS) 36, <I>Impairment of Assets</I>, uses a one-step approach for both testing for and measuring impairment:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">compare asset carrying values directly with the higher of fair value less costs to sell and value in use (which uses discounted future cash flows).</P>
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<P style="margin:0px; font-family:Arial">This can result in more write-downs if the carrying values of assets were previously supported under Canadian GAAP on an undiscounted cash flow basis but could not be supported on a discounted cash flow basis. </P>
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<P style="margin:0px; font-family:Arial">IAS 36 also requires any previous impairment losses to be reversed if circumstances change and the impairments are reduced. Canadian GAAP does not allow impairment losses to be reserved.</P>
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<P style="margin:0px; font-family:Arial"><I>Provision for reclamation and rehabilitation</I></P>
<P style="margin:0px; font-family:Arial">The key areas of difference between IFRS and Canadian GAAP include: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the discount rate used </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the re-measurement requirements </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the constructive obligation concept. </P>
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<P style="margin:0px; font-family:Arial">Under IFRS, a liability must be recognized at the time the entity becomes legally or constructively obliged to rehabilitate disturbance resulting from mining activities. Under Canadian GAAP, a liability is only recognized when the entity is legally bound.</P>
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<P style="margin:0px; font-family:Arial">Discount rates should reflect the risks specific to the decommissioning provision. Unlike IFRS, discount rates for asset retirement obligations under Canadian GAAP are based on the entity's credit-adjusted risk-free rate. IFRS requires re-measurement of the liability at each reporting date, whereas Canadian GAAP requires re-measurement of the liability in the event of changes in the amount or timing of cash flows required to settle the obligation. </P>
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<P style="margin:0px; font-family:Arial">The use of the current discount rate for all changes in estimates combined with the requirement to re-measure the liability at each reporting date under IFRS, will significantly simplify the process required to measure any restoration liabilities because there will no longer be a need to record separate layers for the original liability and each subsequent upward revision in estimated cash flows. Under IFRS, accretion must be presented as an interest expense and included in <I>Interest and financing costs</I> on the statement of earnings. There is no prescribed presentation for asset retirement obligation accretion under Canadian GAAP. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Business combinations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">There are certain differences between IFRS and Canadian GAAP when accounting for business combinations. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP requires share-based consideration to be valued based on the announcement date share price. Under IFRS, share-based consideration must be valued based on its fair value at the acquisition date. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Under IFRS, restructuring costs and other transactions costs are expensed on acquisition. They are included in the purchase consideration under Canadian GAAP. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Under Canadian GAAP, after a business combination, we record non-controlling interest at the historical carrying value of the assets and liabilities of the acquired entity. Under IFRS, we record non-controlling interest based on its share of the fair value of the assets and liabilities of the acquired entity. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Existing IFRS requires the recognition of deferred taxes in situations not required under Canadian GAAP. Specifically, a deferred tax liability (asset) is recognized for exchange gains and losses relating to foreign non-monetary assets and liabilities that are re-measured into the functional currency using historical exchange rates.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Similar timing differences are also recognized for the difference in tax bases between jurisdictions as a result of intra-group transfer of assets. Future tax liabilities for temporary tax differences on asset acquisitions are not recognized.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Property, plant and equipment</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Separate accounting for components of property, plant and equipment is more rigorously applied and broader under IFRS. Costs are allocated to significant parts of an asset if the useful lives differ, and each part is then separately depreciated.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Opening balance sheet as at January 1, 2010</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This draft opening balance sheet as at January 1, 2010 reflects our estimates of the most significant differences between Canadian GAAP and IFRS earnings, and our first-time adoption elections. It is preliminary and unaudited and may be adjusted for new IFRS pronouncements or other changes identified after the date of this MD&amp;A.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=305.667 /><TD width=54.467 /><TD width=84 /><TD width=77.867 /><TD width=68.933 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>January 1, 2010</B> </P>
<P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin-top:2.333px; margin-bottom:2.333px; font-family:Arial,Times New Roman; font-size:7pt" align=center>(see note)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Canadian&nbsp;<br>
 GAAP</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.867><P style="margin-top:2.667px; margin-bottom:2.667px; padding-right:2.267px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;Effect of transition <BR>
to IFRS</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; padding-left:102.067px; text-indent:-102.067px; font-family:Arial; font-size:8pt; color:#00007F"><B>Assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>265,369</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>265,369</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>50,000</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>50,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>13,951</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>13,951</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>32,041</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>32,041</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>129,197</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>129,197</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total current assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>490,558</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>490,558</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>31,534</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>31,534</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>8,265</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>8,265</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:14.267px; font-family:Arial; font-size:8pt">Mining interests</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(ai) (c)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,580,816</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,527,882</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Goodwill</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>324,935</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>324,935</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total non-current assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">2,945,550</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,892,616</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">3,436,108</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align="right">(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">3,383,174</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; padding-left:101.733px; padding-right:62.4px; text-indent:-101.733px; font-family:Arial; font-size:8pt; color:#00007F"><B>Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Accounts &nbsp;payables and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>154,124</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>154,124</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Debt &#150; current</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>56,499</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>56,499</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Future income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(aii)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>4,264</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(4,264)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total current liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>214,887</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(4,264)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>210,623</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Debt &#150; long term</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>134,533</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>134,533</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(b)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>3,126</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>4,870</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>7,996</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(c)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>26,566</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>429</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>26,995</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Future income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(a)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>390,242</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(34,967)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>355,275</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total non-current liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>554,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(29,668)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>524,799</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>769,354</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(33,932)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>735,422</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Share capital</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,671,634</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,671,634</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>17,865</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>17,865</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,227</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,227</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Deficit</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>(51,116)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(70,118)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total equity attributable to equity holders of the Company</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,640,610</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,621,608</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Non-controlling interest</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(d)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>26,144</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>26,144</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total equity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,666,754</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,647,752</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total liabilities and equity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>3,436,108</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>3,383,174</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><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; font-family:Arial,Times New Roman; font-size:9pt">30</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Explanatory notes &#150; all amounts in $1,000's</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">a)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:9.6px; font-family:Arial,Times New Roman; float:left">i)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we no longer recognize deferred income taxes on an asset acquisition. Reversing the deferred income tax liability recognized on our acquisition of Frontier results in the following adjustments at January 1, 2010: a $51,440 decrease in mineral interest, a $37,582 decrease in deferred income tax liabilities and a $13,858 increase in deficit.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:57.6px; font-family:Arial,Times New Roman; float:left">ii) </P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we calculate deferred income tax in the functional currency by translating the asset's tax basis using historical rates. Under Canadian GAAP, we calculated deferred income tax in the local currency, and then translated it into the functional currency at the period end rate. Adopting IFRS results in the following adjustments at January 1, 2010: an $1,864 decrease in mineral interest, a $4,264 decrease in current deferred income tax liability, a $2,615 increase deferred income tax liability and a $215 increase in deficit.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">b)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:9.6px; font-family:Arial,Times New Roman; float:left">i)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we recognize actuarial gains and losses arising from the re-measurement of employee future benefit obligations in other comprehensive income as they arise. Under Canadian GAAP, we applied the corridor method of accounting for these gains and losses, and recognized them only if they exceed specified thresholds. Adopting IFRS increases the carrying value of the net liability for employee future benefit obligations and deficit by $2,095 to recognize cumulative net actuarial gains and losses as at January 1, 2010. We did not recognize any actuarial gains and losses under Canadian GAAP using the corridor approach.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:57.6px; font-family:Arial,Times New Roman; float:left">ii)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we expense the cost of past service benefits awarded to employees under postemployment benefit plans over the periods in which the benefits vest, which usually corresponds to the period in which the benefits are granted. Under Canadian GAAP, we expensed past service costs over the weighted average service life of active employees remaining in the plan. Adopting IFRS increases account payables, accrued liabilities and deficit for employee future benefits in the statement of financial position by $2,775 at January 1, 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">c)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, a change in the current market-based discount rate changes the measurement of our provision for asset retirement obligations. Under Canadian GAAP, a change in the discount rate alone did not result in a re-measurement. </P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; padding-left:24px; font-family:Arial,Times New Roman">We have performed an analysis of the discount rate used to calculate the present value of our asset retirement obligations at January 1, 2010, re-measured it using the discount rate in effect at that date, and recorded an adjustment to the corresponding asset. This adjustment increases mining interest by $370, increased asset retirement obligations by $429 and increased deficit by $59 at January 1, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">d)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we include a subsidiary's non-controlling interest in the joint venture's net assets in equity, and allocate its share of the joint venture's comprehensive income directly to equity. Under Canadian GAAP, we presented the subsidiary's non-controlling interest as a separate item in its statement of financial position, between liabilities and equity, and deducted its non-controlling interest in the joint venture's net income and comprehensive income from its net income and comprehensive income. We reclassified non-controlling interest of $26,144 at January 1, 2010, as determined under Canadian GAAP, to equity.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">e)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">We have chosen to apply IFRS relating to business combinations prospectively from January 1, 2010, in accordance with IFRS transitional provisions, and have carried forward Canadian GAAP balances relating to business combinations entered into before that date, including goodwill, without adjustment.</P>
<P style="margin:0px; clear:left"><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; font-family:Arial,Times New Roman; font-size:9pt">31</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The following is a summary of adjustments to our retained earnings on transition from </P>
<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP to IFRS:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=349.2 /><TD width=127.2 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=349.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=127.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>January 1, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Retained earnings as reported under Canadian GAAP</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(51,116)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Employee future benefits &#150; actuarial gains and losses (b i)</P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2,095)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Employee future benefits &#150; past service costs (b ii) </P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2,775)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Deferred income tax (a)</P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(14,073)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Asset retirement obligation (c)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(59)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Retained earnings as reported under IFRS</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(70,118)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Disclosure controls and procedures</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to senior management, including the CEO and CFO, as appropriate to allow for timely decisions about public disclosure.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as at December 31, 2010, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administration. Based on this evaluation, they concluded that our disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed in reports we filed or submitted under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We acquired Brazauro on July 20, 2010. As permitted by applicable rules of certification, we excluded, solely to the extent it overlaps with internal control, Brazauro's operations from our annual assessment of disclosure controls and procedures for the year ended December 31, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><B>Internal controls over financial reporting</B></FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, and used the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to evaluate the effectiveness of our controls in 2010. Based on this evaluation, management concluded that our internal control over financial reporting was effective as at December 31, 2010 and provided a reasonable assurance of the reliability of our financial reporting and preparation of the financial statements.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">No matter how well it's designed, however, any system of internal control has inherent limitations. Even systems determined to be effective can provide only reasonable assurance of the reliability of financial statement preparation and presentation.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">On July 20, 2010, we completed our acquisition of Brazauro. We consider the acquisition of Brazauro non-material to our results of operations, financial position and cash flows from the date of acquisition through December 31, 2010, and believe that the internal controls and procedures at Brazauro have a non-material effect on our internal control over financial reporting. We are in the process of integrating the Brazauro operations and will be expanding our internal control over financial reporting compliance program to include Brazauro over the next year. </FONT></P>
<P style="margin-top:0px; margin-bottom:10px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">32</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">We excluded Brazauro in our annual assessment of internal control over financial reporting for the year ended December 31, 2010, as permitted by the Sarbanes-Oxley Act and applicable rules relating to business acquisitions. The Brazauro operations represented $160.0 million of total assets and none of our consolidated revenues as at and for the year ended December 31, 2010.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">KPMG LLP, an independent registered public accounting firm, has audited management's assessment of the effectiveness of internal control over financial reporting, and has expressed their opinion in their report included with our annual consolidated financial statements in Form 40-F.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><I>Changes in internal control over financial reporting</I></FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">There have been no changes in our internal control over financial reporting during the year ended December 31, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, except for the following.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">We completed the integration of the Sino Gold operations in 2010, and expanded our internal controls over financial reporting compliance program to include those operations. We also implemented a new ERP system in Vancouver and at our Turkish operations. Management used appropriate procedures to ensure internal controls were in place during and after the implementation.</FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Forward-looking information and risks</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">This MD&amp;A includes statements and information about what we expect to happen in the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet happened in this review, we are making statements considered to be <I>forward-looking information </I>or<I> forward-looking statements</I> under Canadian and United States securities laws. We refer to them in this document as <I>forward-looking information</I>.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Key things to understand about the forward-looking information in this document:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It typically includes words and phrases about the future, such as: &nbsp;<I>plan, expect, forecast, intend, anticipate, estimate, budget, scheduled, may, could, would, might, will.</I></P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking information will prove to be accurate.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It is based on a number of assumptions, including things like the future price of gold, anticipated costs and spending, and our ability to achieve our goals.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It is also subject to the risks associated with our business, including</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">the changing price of gold and currencies, </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">actual and estimated production and mineral reserves and resources,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">the speculative nature of gold exploration,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">risks associated with mining operations and development,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">regulatory and permitting risks,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">acquisition risks, and </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">other risks that are set out in our annual information form and MD&amp;A.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">If our assumptions prove to be incorrect or the risks materialize, our actual results and events may vary materially from what we currently expect.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman; clear:left">We recommend that you review our annual information form, which include a more detailed discussion of material risks that could cause actual results to differ significantly from our current expectations.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.</P>
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<FILENAME>mdaamended.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS FOR DECEMBER 31, 2010 AND 2009 - AMENDED
<TEXT>
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<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="03/16/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
<P style="font-family: Arial, 'Times New Roman'; margin-top: 0px; margin-bottom: 6.667px"><BR><b>AMENDED</b></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&amp;A)</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>for the year ended December 31, 2010</B></P>
<P style="margin-top:3.333px; margin-bottom:0px"><BR></P>
<P style="margin-top:3.333px; margin-bottom:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Throughout this MD&amp;A, <I>Eldorado</I>, <I>we, us, our</I> and <I>the company</I> mean Eldorado Gold Corporation. </P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>This year</I> means 2010. All dollar amounts are in United States dollars unless stated otherwise.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The information in this MD&amp;A is as of March 17, 2011. You should also read our audited consolidated financial statements for the year ended December&nbsp;31, 2010. We prepare our consolidated financial statements in accordance with Canadian GAAP and file them with appropriate regulatory authorities in Canada and the United States. You can find more information about Eldorado, including our annual information form, on SEDAR at www.sedar.com.</P>
<P style="margin:0px"><BR><BR></P>
<table border="0" cellspacing="0" width="644">
  <tr>
    <td width="293"></td>
    <td width="343"></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">What's
      inside</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">About
      Eldorado</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">1</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">2010
      highlights, corporate developments and outlook</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Highlights
      and outlook</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">2</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Corporate
      developments</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">2</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Annual
      updates</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Operations</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">5</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Development
      projects</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">7</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Exploration</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">8</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Annual
      results</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Financial
      results</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Results
      of operations</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">11</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Non-GAAP
      Measures</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">14</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Financial
      condition</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">15</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Capital
      resources</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">15</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Risk</font></b></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">20</font></td>
  </tr>
  <tr>
    <td colspan="2" width="640"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><b><font face="Arial-BoldMT,Arial,Helvetica,sans-serif" size="2">Other
      information</font></b></td>
    <td align="left" nowrap width="343"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Critical
      accounting policies and estimates</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">23</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Changes
      in accounting policies</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">26</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">New
      accounting developments</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">26</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Disclosure
      controls and procedures</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">32</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Internal
      controls over financial reporting</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">32</font></td>
  </tr>
  <tr>
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Forward-looking
      information and risks</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">33</font></td>
  </tr>
  <tr>
    <td align="left" nowrap width="293">&nbsp;&nbsp;&nbsp;</td>
    <td align="right" nowrap width="343">&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td align="left" nowrap width="293">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="right" nowrap width="343">&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td align="left" nowrap width="293"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">Summary
      of quarterly results</font></td>
    <td align="right" nowrap width="343"><font face="ArialMT,Arial,Helvetica,sans-serif" size="2">34</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" nowrap width="293"></td>
    <td align="right" nowrap width="343"></td>
  </tr>
</table>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:22pt; color:#DFDFDF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>About Eldorado</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Based in Vancouver, Canada, Eldorado owns and operates gold mines around the world. Its activities involve all facets of the gold mining industry including exploration, development, production and reclamation. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Operating gold mines:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Ki&#351;lada&#287;, in Turkey (100%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tanjianshan, in China (90%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Jinfeng, in China (82%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">White Mountain, in China (95%)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Development gold projects: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Eastern Dragon, in China (95%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Efem&#231;ukuru, in Turkey (100%)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tocantinzinho, in Brazil (100%) </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Perama Hill, in Greece (100%) </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Iron ore mine: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Vila Nova, in Brazil (100%)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Jinfeng, White Mountain and Eastern Dragon were included in the acquisition of Sino Gold Ltd. (Sino Gold) in December 2009. Tocantinzinho was included in the acquisition of Brazauro Resources Corporation in July 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Eldorado is listed on the following exchanges:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Toronto Stock Exchange (TSX) under the symbol ELD </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">New York Stock Exchange (NYSE) under the symbol EGO</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">ELD is part of the S&amp;P/TSX Global Gold Index. EGO is part of the AMEX Gold BUGS Index.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Eldorado Chess Depositary Interests (CDIs) trade on the Australian Securities Exchange (ASX) under the symbol EAU.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>2010 Highlights, corporate developments and 2011 outlook</B></P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Production</B> was 74% higher than 2009, due to the addition of Jinfeng and White Mountain, and solution processing improvements at K&#305;&#351;lada&#287;.<BR>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Gold sales</B> (in ounces) were up 78%, as a result of higher production and drawing down on gold-in-circuit inventories. Our average realized price was $1,223 per ounce of gold, an increase of 23% over last year.<BR>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Earnings per share </B>increased 46% over last year to $0.38 per share.<BR>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial"><B>Cash generated from operating activities</B> before changes in non-cash working capital increased 140% over last year. This is a non-GAAP measure. See page 12 for more information.</P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Paid our<B> first dividend</B> of Cdn$0.05 per share on June 4, 2010.</P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Ki&#351;lada&#287;<font style="font-family: 'Arial Unicode MS', Arial">'</font>s <B>reserves increased</B> 50% compared to year end 2009. </P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Completed our acquisition of Brazauro Resources Corporation (Brazauro) on July 20, 2010, for 5,993,898 Eldorado common shares and other consideration.</P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Acquired the exploration licence for Xiaoshiren Central (20 km southeast of White Mountain).<BR>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Sold our interest in Beyinhar on February 6, 2010 for $20 million.</P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">2011 production is expected to be 715,000 to 770,000 ounces of gold, at a cash operating cost of $375 to $395 per ounce. </P>
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<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">2011 capital expenditures are expected to be approximately $230 million. </P>
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<P style="margin:0px; font-family:Arial"><I>Brazauro acquisition</I></P>
<P style="margin:0px; font-family:Arial">On July 20, 2010, Eldorado acquired, through a court approved plan of arrangement under the laws of British Columbia (the arrangement), all the issued and outstanding securities of Brazauro Resources Corporation (Brazauro) that we did not already own for total consideration of 5,993,898 common shares of Eldorado.</P>
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<P style="margin:0px; font-family:Arial">Under the terms of the arrangement, former Brazauro shareholders other than Eldorado received 0.0675 of an Eldorado common share for each Brazauro share held, as well as 1/3 of a share of TriStar Gold Inc. (TriStar), a new exploration company that Eldorado funded with Cdn$10 million on July 19, 2010 as part of the Arrangement. TriStar will hold certain exploration properties previously owned by Brazauro.</P>
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<P style="margin:0px; font-family:Arial">Brazauro's principal asset, the Tocantinzinho Project in Tapajos, Brazil, is a late stage exploration project with current measured and indicated resources of 2.1 million ounces of gold. Eldorado also acquired option agreements to earn into 100% of the &#193;gua Branca and Piranhas properties, located in the Tapajos District immediately adjacent to the Tocantinzinho Project.</P>
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<P style="margin:0px; font-family:Arial"><I>Investment in Serabi Mining plc</I></P>
<P style="margin:0px; font-family:Arial">Eldorado acquired 12,000,000 common shares and 2,500,000 special warrants of Serabi Mining Plc (Serabi) in 2010, for a total price of approximately $6.8 million. This represents a 26.8% interest in Serabi. We are accounting for the investment in Serabi using the equity method. &nbsp;</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Serabi is a gold mining company whose main asset is 100% of the Palito Gold property in the Tapajos region of Brazil. The Palito deposit consists of high grade, narrow gold-copper veins, with considerable exploration potential. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Disposition of Beyinhar</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">On April 27, 2010 Eldorado completed the disposition of its interest in the Beyinhar joint venture in Inner Mongolian Autonomous Region, China, through the sale of its wholly owned subsidiary Golden China Nei Men Gold Exploration Corporation for $20.0 million. Beyinhar was included in the acquisition of Sino Gold but considered to be a non-core asset. The sale did not have an impact on our earnings as the fair value of the property at the date of acquisition was equal to the sale price.</P>
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OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>&nbsp;</B><FONT style="font-size:10pt"><B>Operating highlights and outlook</B></FONT><B><SUP>1,5</SUP></B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /><TD width=126 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2011 outlook</B><SUP>7</SUP></P>
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<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>632,539</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>363,509</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>715,000 to 770,000</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>382</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>309</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>375 to 395</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style=margin-top:1.8px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:87.6px; font-family:Arial; font-size:8pt; float:left" align=right>423</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>337</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>K&#305;&#351;lada&#287;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>274,592</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,210</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>270,000 to 285,000</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279,025</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,363</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>329</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>350 to 365</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>339</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>281</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Tanjianshan</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>113,864</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>105,610</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>110,000 to 120,000</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>116,765</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,710</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>383</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>350</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>410 to 430</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>485</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>435</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Jinfeng<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>181,950</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,541</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>175,000 to 185,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>182,026</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,554</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>425</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>471</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>445 to 465</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>480</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>515</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>White Mountain<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6,148</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>70,000 to 75,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5,599</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>487</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>400</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>485 to 500</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>522</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>439</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Efem&#231;ukuru</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>70,000 to 80,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>285 to 300</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Eastern Dragon</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces produced</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20,000 to 25,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 3,6</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>40 to 45</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Vila Nova</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Iron ore tonnes sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>89,074</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>440,000 to 480,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per tonne sold)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>41</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>n/a</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>40 to 45</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; float:left"><SUP>1</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We calculate costs according to the Gold Institute Standard.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>2</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Total cash cost is cash operating costs plus royalties and off-site administration costs.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>3</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Cash operating costs and total cash cost are non-GAAP measures. See page 14 for more information.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>4</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We acquired Jinfeng, White Mountain and Eastern Dragon in December 2009.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>5</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">We recalculated cash operating costs and total cash costs for 2009 based on ounces sold.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left; float:left"><SUP>6</SUP></P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman; font-size:8pt">Eastern Dragon cash operating costs are net of silver by-product credits.</P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial,Times New Roman; font-size:8pt; clear:left"><SUP>7</SUP> &nbsp;&nbsp;Outlook uses the following assumptions:<br>
</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=234 /><TD width=396 /></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:4.8px; font-family:Arial,Times New Roman; font-size:8pt"><B>Gold price</B>: $1,250 per ounce</P>
</TD><TD style="margin-top:0px" valign=top width=396><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Exchange rates</B>:</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=234><P style="margin:0px; padding-left:4.8px; font-family:Arial; font-size:8pt"><B>Oil price</B>:
    $80 per barrel (Ki&#351;lada&#287; only)</P>
</TD><TD style="margin-top:0px" valign=top width=396><P style="margin-top:0px; margin-bottom:-2px; width:160.8px; font-family:Arial; font-size:8pt; float:left">Cdn$1.05 = $1.00 </P>
<P style="margin-top:0px; margin-bottom:-2px; width:0px; font-family:Arial; font-size:8pt; float:left">Turkish Lira 1.50 = $1.00<BR>
Brazilian Real 1.75 = $1.00 </P>
<P style="margin:0px; text-indent:-2px; font-family:Arial; font-size:8pt">Chinese RMB 6.50 = $1.00<BR>
</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial; font-size:9pt"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font>&nbsp;</B><FONT style="font-size:10pt"><B>Operations</B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Ki&#351;lada&#287;</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,046,503</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,550,764</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>27,299,803</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>24,034,645</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.72:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.28:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore to pad (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,372,719</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,716,556</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.06</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1.11</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>274,592</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,210</P>
</TD></TR>
</TABLE>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">In 2010 we increased the column size in the ADR plant and instigated intermediate leaching. The combination of these two changes resulted in an inventory drawdown of gold in the leach pad of approximately 40,000 ounces, accounting for the favourable variance from our initial guidance for 2010 of 240,000 ounces. </P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Cash operating cost of $329 per ounce (this is a non-GAAP measure; see page 14 for more information) was within our initial guidance of $310 to $330 per ounce. The increase in cash operating cost per ounce from the previous year (2009 - $279 per ounce) was due to higher fuel costs as well as higher strip ratios and slightly lower head grade. In 2011 we expect to produce 270,000 to 285,000 ounces of gold at a cash operating cost $350 to $365 per ounce.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">In 2010, we continued to work on the Phase III expansion of the crushing circuit. This is designed to increase the crushing capacity to more than 12 million tonnes per annum. This equipment will be commissioned in Q1 2011. </P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">We spent $54.9 million on capital projects at Ki&#351;lada&#287; in 2010. The majority of this was to complete the Phase III crusher expansion. Other capital costs included the installation of six new leach pads (pads <BR>
16-21) and continued resource delineation drilling. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Tanjianshan</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,178,293</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,566,379</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4,155,030</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>11,847,818</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.53:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.56:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,049,952</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>974,498</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.20</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5.31</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>113,864</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>105,610</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production was higher than our initial guidance of 105,000 ounces due to higher than planned mill throughput and head grade. The cash operating cost, $383 per ounce, was lower than our guidance of $435 per ounce due to higher than planned production related to the higher head grade. The increase in cash operating cost per ounce from the previous year (2009 - $350 per ounce) was due to lower head grade. In 2011 we expect to produce 110,000 to 120,000 ounces of gold at a cash operating cost $410 to $430 per ounce.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The process plant continued to perform well. Various metallurgical improvements were completed during the year with the installation of a flash float circuit and extra flotation tank cells. Also during 2010, a major roaster shutdown was completed to coincide with an extended power outage. The roaster was inspected and found to be in good condition. An upgrade was completed at this time with improvements to the roaster cyclones to reduce the fine dust that has been overloading the Electrostatic Precipitator (ESP). </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $17.1 million in capital at Tanjianshan in 2010, for delineation drilling on identified resources and process plant upgrades, as well as an expansion of the tailings dam. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Jinfeng</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><SUP>1</SUP></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; underground (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>405,015</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>34,744</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; open pit (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,432,278</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>118,778</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined &nbsp;- open pit (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>17,832,838</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2,604,277</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>11.45:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.9:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>1,557,199</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>136,054</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.24</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.97</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>181,950</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,541</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.333px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:7pt"><SUP>1 &nbsp;</SUP>2009 numbers only from date of acquisition on December 4, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production at Jinfeng for 2010 was within our initial guidance, while cash operating costs of $425 per ounce were below our initial guidance of $450 per ounce, due to lower than planned waste mining costs. In 2011 we expect to produce 175,000 to 185,000 ounces of gold at a cash operating cost $445 to $465 per ounce.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">A cutback will be completed in the open pit in 2011 to allow further pit development. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The process plant continued to perform well.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We spent $15.1 million in capital at Jinfeng in 2010, on underground equipment and development, and tailings dam improvements. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>White Mountain</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><SUP>1</SUP></P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore mined &#150; underground (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>624,723</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52,077</P>
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<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ore processed (tonnes)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>622.418</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>58,074</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold grade (g/t)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.98</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.26</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold production (ounces)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6,148</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.333px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:7pt"><SUP>1 &nbsp;</SUP>2009 numbers only from date of acquisition on December 4, 2009.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Gold production at White Mountain for 2010 was within our initial guidance, while cash operating costs of $487 per ounce were above our initial guidance of $460 per ounce due to higher mining costs related to stope development and dewatering, as well as lower than planned recovery rates. In 2011 we expect to produce 70,000 to 75,000 ounces of gold at a cash operating cost of $485 to $500 per ounce.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Mining issues, including water inflow and cavities in the ore zone are being addressed by increasing underground development and stope availability. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $16.4 million in capital at White Mountain in 2010, mainly on underground equipment and development. A mercury removal plant was also installed and commissioned to remove mercury vapour from the electrowinning and carbon regeneration circuits.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates &#150;&nbsp;</B><FONT style="font-size:10pt"><B>Development projects</B></FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Eastern Dragon</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Permitting issues delayed the start of construction at Eastern Dragon to the fourth quarter of the year. &nbsp;We made the decision to enter into a specialized winter works program to complete critical path items on the implementation schedule. Due to the extremely cold weather in the region, construction activity is normally very restricted in the winter. The work program we prepared focused on providing safe working conditions for all contractors and employees. We took special precautions to ensure workers were provided with suitable clothing to work outside, working hours were restricted, there were regularly scheduled rest periods in heated areas, and special training was provided for those working in snowy conditions, particularly at height. As a result, we were able to carry out installations of critical machinery foundations and erect structural steel for the concentrator building enclosure. In addition, we were able to complete infrastructure projects to support the winter work program, such as worker housing, the electrical substation, sewage treatment infrastructure and limited road works. This effort will position the project for completion in late 2011. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $10.9 million on capital projects at the Eastern Dragon project in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Efem&#231;ukuru </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We continued with all aspects of the implementation phase of the Efem&#231;ukuru<B> </B>project this year. The main concentrator plant was advanced from civil foundation installations early in the year, through mechanical and electrical installations, to dry commissioning in the fourth quarter. Major infrastructure installations were also advanced, including preparing the tailings impound area, ancillary buildings and services and preparation of the rock dump area to receive development rock from underground. We also constructed a major water dam on site following design changes brought on by permitting issues. Construction of the tailings filtration and backfill plants was initiated mid-year with planned commissioning of the circuits in the first quarter of 2011. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Engineering and procurement of major equipment and steel work for the concentrate treatment plant at Ki&#351;lada&#287;<B> </B>was nearing completion at year end. With receipt of the modified Ki&#351;lada&#287;<B> </B>environmental impact assessment, civil and mechanical construction will begin in mid-2011. The plant is expected to be complete in the fourth quarter of 2011.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Start up of underground preproduction development was delayed while we were waiting for legislative changes in the Turkish mining law. The contractor was able to start development mid-year and completed approximately 45% of the contract by year end. With completion of the mine infrastructure and continued good performance from the mine contractor, we expect production at Efem&#231;ukuru to be at full capacity by mid-2011.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $69.0 million on capital projects at Efem&#231;ukuru in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Vila Nova</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During 2010 we sold 89,074 dry metric tonnes of iron ore as part of a trial mining program designed to test the project logistics, processing plant, and mining capacity. &nbsp;We expect to ramp up production to between 440,000 and 480,000 dry metric tonnes in 2011.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Tocantinzinho</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">With the purchase of Brazauro and acquisition of the Tocantinzinho project in 2010, we initiated additional work on defining the ore body, completing approximately 5,600 meters of diamond drilling and preparing a prefeasibility study to define what will be an open pit mining operation. Various engineering studies have examined metallurgical response and the process design for gold recovery, geotechnical stability of the pit, hydrology and hydrogeology of the area and major infrastructure needs such as the incoming power line and the access road to the site. This work has been carried out while preparing the environmental impact assessment, which will be submitted to the Ministry of Environment in the first quarter of 2011, and issuing the prefeasibility study and declaration of resources and reserves at Tocantinzinho.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $9.6 million on capital projects at the Tocantinzinho project in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Perama Hill</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We continue to work closely with the Greek government and local agencies to advance the project through the permitting stage. &nbsp;Our dialogue with the local communities and stakeholders has focused on informing and educating them about both the technical aspects and benefits of the project and we are encouraged by the level of support we have received.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We spent $2.4 million on capital projects at the Perama Hill project in 2010.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual updates <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font>&nbsp;</B><FONT style="font-size:10pt"><B>Exploration</B></FONT></P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Exploration drilling in 2010 totalled 107,088 metres at eighteen projects worldwide.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Turkey</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Ki&#351;lada&#287; </I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Two phases of infill and resource extension drilling totalling 75 diamond drillholes (40,825m)</P>
<P style="margin:0px; font-family:Arial,Times New Roman">were completed. Notable results include:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Delineation of a new contiguous high-grade gold zone within Intrusion 2A, in areas of the deposit that were originally modelled to contain low gold grades and waste.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Definition of the southeast margin high-grade zone, which was traced over an east-west strike length of approximately 300 metres, and lies just outside the boundary of the 2009 design pit.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Identification of high-grade zones along the Intrusion 3-Intrusion 1 contact in the northwest deposit area.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Discovery of ore-grade gold values in the basement schist adjacent to a late-stage intrusive dyke. This highlights the prospectivity of relatively unexplored areas to the west of the current deposit.</P>
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<P style="margin:0px; font-family:Arial"><I>Efem&#231;ukuru</I></P>
<P style="margin:0px; font-family:Arial">Six diamond drillholes (1,907m) testing the Kokarpinar vein were completed in 2010. The vein was intersected at or near the projected depth in all drillholes, with four of the six holes returning significant mineralized intervals. Additional planned drilling on the Kokarpinar and Kestane Beleni veins was deferred until early 2011 due to delays in obtaining the required forestry permits. </P>
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<P style="margin:0px; font-family:Arial"><I>Reconnaissance programs</I></P>
<P style="margin:0px; font-family:Arial">At the MH iron-oxide copper-gold project, results of detailed geological mapping, soil geochemistry, and geophysical surveys provided several large-scale drill targets. Eight diamond drill holes were completed for a total of 3,066 metres, testing the K&#246;skale, Karakaya, and Ku&#351;kayasi targets. The best results to date are from the K&#246;skale target, a structurally controlled breccia zone with strong hematite alteration.</P>
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<P style="margin:0px; font-family:Arial">At the Sizma project, 22 short reverse circulation holes (1,146m) tested structurally-controlled, phyllite-hosted gold mineralization. Several of the holes intersected low-grade gold values over several tens of metres.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Six diamond drillholes were completed at the AS project for a total of 2,745 metres. Drilling targeted newly defined porphyry targets based on alteration mapping, geochemistry, and magnetic data. All holes intersected variably altered and mineralized rocks, including zones of weak porphyry-style copper, molybdenum, and gold mineralization.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the Saya&#231;ik project, we completed five reverse circulation holes (986m) and two diamond drill holes (866m) targeting geophysical and geochemical anomalies. No significant mineralized intervals were encountered.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Reconnaissance fieldwork including rock chip sampling, geological mapping, and soil geochemical surveys were completed at the Catak, Dolek, and Atalan projects.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>China</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Tanjianshan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">A total of 52 diamond drill holes were completed at the 323 zone for a total of 9,838 metres. Geological modeling of the mineralization defined to date has delineated a preliminary Inferred Resource of 160,000 ounces gold at 2.75 g/t. Mineralization remains open down-plunge to the south. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the ZXS prospect area, 40 shallow RC/RAB holes (4,418m) were completed. These were designed to test covered areas and delineate targets for follow up diamond drilling</P>
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<P style="margin:0px; font-family:Arial"><I>Jinfeng </I></P>
<P style="margin:0px; font-family:Arial">At the Jinfeng Mine, 15,318 metres of underground and surface drilling focussed on upgrading zones of inferred resources.</P>
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<P style="margin:0px; font-family:Arial">At the Bannian prospect, approximately 20 km southwest of the Jinfeng mine, 12 diamond drill holes (1,146m) targeted near-surface zones of structurally controlled gold mineralization. Results were mixed, highlighting the erratic nature of mineralization along the target F207 zone.</P>
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<P style="margin:0px; font-family:Arial">At Lintan and Yaojiatan, immediately north of the mine, 13 diamond drill holes were completed, targeting the F14 and F70 structures. Mineralized intercepts were generally narrow and low grade, and future drilling will be directed towards conceptual targets where larger tonnage deposits may be possible.</P>
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<P style="margin:0px; font-family:Arial"><I>White Mountain </I></P>
<P style="margin:0px; font-family:Arial">Drilling at the White Mountain mine focused on down-dip and along-strike extensions to known mineralization on the F100 zone. A new lens of high-grade mineralization was intersected approximately 200 metres down-dip of the known deposit in drillhole 337 (24.7m @ 8.7 g/t Au). This intercept is completely open along-strike and down-dip and will be followed up with additional drilling.</P>
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<P style="margin:0px; font-family:Arial">At Xiaoshiren, approximately 20 km southeast of the mine, surface mapping, rock chip sampling and soil geochemistry led to late season diamond drilling on the #4 and #5 zones. Seven holes (1,223m) were completed, several of which intersected significant mineralized breccia zones with the most significant interval grading 7.8 g/t Au over 6.5 metres.</P>
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<P style="margin:0px; font-family:Arial">At Dongdapo, along strike immediately northeast of the mine, geological mapping and soil geochemical surveys were completed and drill targets defined.</P>
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<P style="margin:0px; font-family:Arial">Three diamond drill holes were completed at the Caijiagou project (983m). No significant mineralization was encountered and the project has been dropped.</P>
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<P style="margin:0px; font-family:Arial"><I>Eastern Dragon</I></P>
<P style="margin:0px; font-family:Arial">Field activities this year included a detailed ground magnetic survey, float and outcrop sampling, and prospecting within the EL53 license area. Results of these surveys have been incorporated into our geological interpretation of the area and drill targets defined. Of note is the newly identified high-grade
gold in outcrop along the river valley north of the Lode 5 deposit, which is being evaluated as a potential drill target. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Four exploration diamond drill holes (719m) were completed at the Sanjianfang exploration licence immediately south of EL53. The drilling intersected veins in several locations, but did not encounter any significant gold grades.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Brazil</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Tocantinzinho</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Exploration efforts at Tocantinzinho included 5,598 metres of diamond drilling and 635 metres of reverse circulation drilling. These programs included infill drilling at the Tocantinzinho deposit (15 holes),<FONT style="font-family:Times New Roman; font-size:11pt"> g</FONT><FONT style="font-family:Arial">eotechnical drilling within and peripheral to the deposit (6 holes), and exploratory drilling outside the known deposit (9 diamond holes and 7 RC holes).</FONT></P>
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<P style="margin:0px; font-family:Arial">In addition to drilling, the soil geochemical grid was significantly expanded and a 38.5 line kilometre induced polarization geophysical survey was completed. &nbsp;Several zones of anomalous chargeability/resistivity response were identified and will be drill tested.</P>
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<P style="margin:0px; font-family:Arial"><I>Reconnaissance</I></P>
<P style="margin:0px; font-family:Arial">At the Agua Branca project, three diamond drill holes (584m) were completed, finishing the program started by Brazauro before we assumed control of the project. Results were encouraging in that similar lithologies and alteration styles to those associated with the Tocantinzinho deposit were intersected; however gold grades were generally low. We have subsequently begun a program of property-wide geochemical sampling designed to identify possible additional drill targets on the property.</P>
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<P style="margin:0px; font-family:Arial">At Piranhas, work has focussed on rehabilitation of the airstrip and camp facilities so that exploration crews can begin reconnaissance work in 2011.</P>
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<P style="margin:0px; font-family:Arial">A stream sediment and rock sampling program was completed at the Triguiero project in northeast Brazil. Several isolated anomalies were defined, however follow-up work failed to identify significant mineralization and the project was subsequently dropped. </P>
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<P style="margin:0px; font-family:Arial"><B>Nevada</B></P>
<P style="margin:0px; font-family:Arial">A controlled source audio magnetotelluric (CSAMT) geophysical survey was completed at the Cathedral Well project which defined several drill targets in covered areas adjacent and down-dip from known mineralization. A reverse circulation drill program designed to test these targets began in December.</P>
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<P style="margin:0px; font-family:Arial">Geological mapping and rock sampling programs were completed at the Buffalo Canyon project and defined several distinct styles of mineralization and drill targets. We plan to test these targets early in 2011.</P>
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<P style="margin:0px; font-family:Arial">Geological and alteration mapping, soil sampling, rock sampling, and a CSAMT geophysical survey were completed at the Richmond Mountain project. Two reverse circulation holes were completed (815m) testing a conceptual target beneath cover. Results were generally disappointing and the project has been dropped.</P>
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<P style="margin:0px; font-family:Arial">We dropped the option on the Green Monster project due to continued permitting delays.</P>
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<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Annual results </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Financial results </B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90>
    <p style="font-family: Arial, 'Times New Roman'; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right"><b>2008</b>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total revenue</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>791,175</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>358,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">277,723
</TD></TR>
  <tr>
    <TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Net income (loss)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>206,063</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,404</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">163,656
</TD>
  </tr>
  <tr>
    <TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px">Total
      assets
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">3,779,909
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">3,436,108
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">905,369
</TD>
  </tr>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px">Total
    long-term financial liabilities
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">92,415
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">161,099
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">4,812
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings per share</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="font-size: 8pt; font-family: Arial; margin-top: 1.8px; margin-bottom: 1.8px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="font-size: 8pt; font-family: Arial; margin-top: 1.8px; margin-bottom: 1.8px" align="right">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right"></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=222><P style="margin:0px; font-family:Arial; font-size:8pt">- basic</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>0.38 </P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>0.26</P>
</TD><TD style="margin-top:0px" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">0.46
</TD></TR>
  <tr>
    <TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px; font-family:Arial; font-size:8pt">- diluted</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>0.38</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>0.26</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
      <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">0.46
</TD>
  </tr>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px; font-family:Arial; font-size:8pt">Cash
    dividends declared per share</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>0.05</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90>
    <p style="font-family: Arial; font-size: 8pt; margin-top: 1.8px; margin-bottom: 1.8px" align="right">-
</TD></TR>
</TABLE>
<P style="font-family: Arial, 'Times New Roman'; font-size: 8pt; margin-top: 0px; margin-bottom: 5.333px"><sup>1</sup>
Includes long-term debt net of deferred financing cost and asset retirement
obligations<BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Net income</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Our consolidated net income for the year increased by 102% over last year &#150; from $102.4 million or $0.26 per share in 2009 to $206.1 million or $0.38 per share in 2010. The increase was driven by higher results from gold mining operations partially offset by higher income tax, general and administrative, and exploration expenses. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Revenue</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Total revenues this year included $782.9 million in gold revenues and $8.3 million in iron ore sales.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold revenues this year were 121% higher than last year mainly for two reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">selling prices increased by 23% </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">sales volumes were up 78%: sales from Ki&#351;lada&#287; and Tanjianshan increased by 55,717 ounces, and Jinfeng and White Mountain increased by 224,006 ounces. Jinfeng and White Mountain sales in 2009 were for the month of December.</P>
<P style="margin:0px; clear:left"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces sold</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Ki&#351;lada&#287;</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>279,025</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>237,363</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Tanjianshan</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>116,765</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Jinfeng</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>182,026</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,554</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- White Mountain</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>62,133</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>5,599</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Average selling price per ounce</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$1,223</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$995</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold revenue (000s)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$782,850</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$358,467</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Iron ore revenues were derived from two shipments totalling 89,074 dry metric tonnes of iron ore sold in the fourth quarter at an average price of $93.50 per dry metric tonne.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Results of gold mining operations</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Results from gold mining operations before taxes were up 113% over last year for three main reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">the addition of Jinfeng and White Mountain</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">higher sales volumes at K&#305;&#351;lada&#287; </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">higher gold prices overall. </P>
<P style="margin:0px; clear:left"><BR><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">11</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Earnings from gold mining operations before taxes</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ millions</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Total</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>782.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>358.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>278.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>132.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>104.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>37.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>400.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>188.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>K&#305;&#351;lada&#287;</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>339.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>233.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>98.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>67.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>12.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>226.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>153.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Tanjianshan</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>144.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>102.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>58.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>45.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>59.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>36.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Jinfeng</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>222.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>16.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>88.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>45.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings (loss) from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>88.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2.3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>White Mountain</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>77.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Operating costs</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>32.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>19.0</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from mine operations</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.8</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin:0px; font-family:Arial,Times New Roman"><I>Operating costs</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Operating costs rose 110% this year for two main reasons:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">volume was higher at all our mines</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">unit operating costs were higher at Tanjianshan and K&#305;&#351;lada&#287;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Unit operating costs were higher than 2009: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">K&#305;&#351;lada&#287;<font style="font-family: 'Arial Unicode MS', Arial">'</font>s cash operating costs per ounce increased 18% because of higher fuel costs, stripping ratios and slightly lower head grade</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Tanjianshan's unit operating costs rose 9% because of lower head grade</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Depletion, depreciation and amortization from gold mining operations</I></P>
<P style="margin:0px; font-family:Arial">Depletion, depreciation and amortization expense was $104.0 million this year, 177% higher than 2009, mainly because of the additional expense at Jinfeng and White Mountain, including amortization of the excess purchase price allocated to proven and probable reserves at Jinfeng and White Mountain.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Other expenses</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">General and administrative</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>59.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>32.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Income tax</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>89.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>41.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Exploration</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>23.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>12.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Foreign exchange</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(3.0)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Interest and other</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(12.9)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2.3)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gains on sales of marketable securities</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(6.6)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(1.7)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Non-controlling interest and other</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>17.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.6</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>General and administrative expense</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We incur general and administrative costs at our head office in Vancouver, Canada and in the countries where we conduct our business. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">General and administrative expense increased $27.3 million or 84% over 2009 due to higher stock based compensation expense as well as higher headquarters costs in both Vancouver and China due to the increase in the size of our company. Stock based compensation expense increased over 2009 because there were no significant option grants in 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Income tax expense increased $47.9 million or 114% over 2009 as a result of higher taxable income from our gold mining operations in Turkey and China. The effective tax rate of 29% was unchanged from 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Foreign exchange gain/loss </I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We reported $14.8 million in foreign exchange losses this year, mainly related to unrealized losses on future income tax liabilities originating from the Sino acquisition denominated in Chinese renminbi. In 2009 we reported $3.0 million in foreign exchange gains, mainly related to realized gains on cash deposits denominated in Canadian dollars.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Interest and other income</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Interest and other income of $12.9 million in 2010 included $7.5 million related to the sale of our Turkish subsidiary<font style="font-family: 'Arial Unicode MS', 'Times New Roman'">'</font>s Agi Dagi royalty interest, and $2.6 million from the sale of silver byproduct, mainly from Ki&#351;lada&#287;. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Non-controlling interest</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Non-controlling interest was $17.5 million - an increase from 2009 because of the addition of Jinfeng and White Mountain. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Exploration expense</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Exploration expense increased by $11.2 million over 2009 as a result of increasing exploration activities. See <I>Exploration </I>on page 8 for more information.</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; font-family:Arial,Times New Roman; font-size:9pt">13</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Non-GAAP measures</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Throughout this document, we have provided measures prepared in accordance with Canadian GAAP, as well as some non-GAAP performance measures as additional information for investors who also use them to evaluate our performance. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Since there is no standard method for calculating non-GAAP measures, they are not a reliable way to compare us against other companies. Non-GAAP measures should be used with other performance measures prepared in accordance with Canadian GAAP.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We have defined our non-GAAP measures below and reconciled them with the GAAP measures we report.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Cash operating cost</I></P>
<P style="margin-top:0px; margin-bottom:12.2px; font-family:Arial,Times New Roman">The table below reconciles cash operating cost to operating costs. We calculate costs according to the Gold Institute Standard. </P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=228 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands (except for gold ounces sold)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt"><B>Operating costs &#150; excluding Vila Nova</B></P>
<P style="margin-top:0px; margin-bottom:1.8px; padding-right:-7.2px; font-family:Arial; font-size:8pt">(from consolidated statements of operations)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>278,194</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>132,464</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Less:</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Royalty expense and production taxes</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(26,734)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(10,025)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">By-product credits and other adjustments<SUP>1</SUP></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(7,306)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(4,172)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Sino Gold inventory fair value adjustment</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>-</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(6,957)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Cash operating cost</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>244,154</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>111,310</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces sold </P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>639,949</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>360,226</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=228><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Cash operating cost per ounce</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>382</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>309</B></P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:5.333px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>1 </SUP>Stock-based compensation expense allocated to operating expense.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Cash flow from operations before changes in non-cash working capital</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use <I>cash flow from operations (or operating activities) before changes in non-cash working capital</I> to supplement our consolidated financial statements, and calculate it by not including the period to period movement of non-cash working capital items, like accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We believe this provides a better indication of our cash flow from operations and may be meaningful in evaluating our past performance or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which we calculate according to Canadian GAAP.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">14</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Financial condition</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Operating activities before changes in non-cash working capital generated $356.5 million in cash this year, compared to $147.0 million in 2009. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Capital expenditures</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We invested $226.3 million in capital expenditures, mine development, mining licences and other assets this year. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Mine development expenditures totalled $91.9 million:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$69.0 million at Efem&#231;ukuru</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$10.9 million at Eastern Dragon</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$9.6 million at Tocantinzinho </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$2.4 million at Perama Hill. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">Spending at our producing mines totalled $103.5 million: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$54.9 million at Ki&#351;lada&#287;, mostly related to the Phase III expansion</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$15.1 million at Jinfeng, mostly related to tailings dam construction and underground mine development</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$16.4 million at White Mountain, mainly related to underground mine development exclude Xiaoshiren</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">$17.1 million at Tanjianshan, mainly related to processing plant upgrades. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">We also spent $16.0 million on Eastern Dragon joint venture buy-in payments, $10.4 million on land acquisition costs in Turkey, and $1.5 million to acquire the Xiaoshiren Central exploration licence in China. The remaining $3.04 million related to fixed assets for our corporate offices in Canada and China.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial; font-size:11pt"><B>Capital resources</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=102 /><TD width=90 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>314.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>265.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Working capital</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>310.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>266.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Restricted collateralized accounts</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>50.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=222><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>166.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>191.0</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Chinese regulations governing cash movements within and injected into the country require that our existing debt only be paid from cash flows generated from our Chinese operations that are party to the loan. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Management believes that the working capital at December 31, 2010, together with future cash flows from operations, is sufficient to support our planned and foreseeable commitments. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">15</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Contractual obligations</I></P>
<P style="margin-top:0px; margin-bottom:3.333px; font-family:Arial,Times New Roman">as at December 31, 2010 </P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=168 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /><TD width=7.667 /><TD width=72 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2011</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2012</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2013</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2014</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin-top:2.667px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>2015 and<BR>
later</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 align="right"><P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><B>Total</B></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;98,523</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;31,120</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;26,347</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;12,079</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;168,069</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Capital leases</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;63</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;51</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;51</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;32</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;203</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:14.4px; text-indent:-14.4px; font-family:Arial; font-size:8pt">Operating leases</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,921</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;3,208</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,639</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;673</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;9,442</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Purchase obligations</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;114,487</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;23,853</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,501</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;141,308</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=168><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:28.8px; text-indent:-28.8px; font-family:Arial; font-size:8pt">Totals</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;215,994</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;58,232</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;30,504</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,285</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; padding-right:9.6px; font-family:Arial; font-size:8pt" align=right>&nbsp;319,022</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The table does not include interest on debt.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Debt</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Eastern Dragon </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Standby line of credit</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In 2008, Eastern Dragon entered into a RMB 320.0 million ($48.3 million) standby letter of credit with China Construction Bank. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The interest rate was 5.4%, and the loan was collateralized by an irrevocable letter of credit drawn on China Construction Bank, which was collateralized by Sino Gold funds held by Bank of China Sydney Branch as restricted cash. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Eastern Dragon repaid the loan on February 5, 2010 and Sino Gold's restricted cash was released.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Project financing loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">In 2009, Eastern Dragon entered into a RMB 450.0 million ($67.9 million) project financing loan with China Merchants Bank. No amounts had been drawn down at December 31, 2010.</P>
<P style="margin:0px; font-family:Arial,Times New Roman">The loan has three components:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a long-term loan of RMB 320.0 million &nbsp;($48.3 million), with a five-year term, to replace the $48.3 million standby letter of credit with China Construction Bank</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a fixed asset loan of RMB 100.0 million ($15.1 million) with a four-year term</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a working capital loan of RMB 30.0 million ($4.5 million) with a one-year term</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial; clear:left">Interest is floating at the prevailing lending rate stipulated by the People's Bank of China for similar loans with a 10% discount, adjusted quarterly. The applicable interest rates as at December 31, 2010 are 5.60% for the long term loan and 5.23% for the fixed asset loan after discount.</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial">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 are required to be met before the first drawdown:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">the project receives approval from the Heilongjiang Provincial Development and Reform Commission</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Sino Gold opens an offshore banking business bank account with CMB and deposit $40.0 million</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">The total of the amount deposited in the offshore account, Eastern Dragon registered capital and shareholder loan is at least $84.7 million (this threshold had been reached as at December 31, 2009) </P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial; clear:left">In addition, before the drawdown on the fixed asset loan, Eastern Dragon should obtain the gold operation permit.</P>
<P style="margin:0px; font-family:Arial">The working capital loan can be drawn down once the following conditions are satisfied:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the project obtains the mining license</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the project has been developed and is in production</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the gold operation permit has been granted</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the safety production permit and environmental protection permit have been granted.</P>
<P style="margin:0px; clear:left"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">16</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial,Times New Roman">The project-financing loan requires Eastern Dragon to maintain a liability to asset ratio of 70% or lower, not including shareholder loan. Its total banking debt cannot exceed RMB 550.0 million ($83.0 million).</P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-family:Arial,Times New Roman">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="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">No amounts were drawn down under the project-financing loan as at December 31, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Standby letter of credit &nbsp;</I></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In January 2010, Eastern Dragon entered into a RMB 320.0 million ($48.3 million) 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 90% of the prevailing lending rate stipulated by the People's Bank of China for working capital loans. It is collateralized by way of a $52.2 million irrevocable letter of credit issued by Sino Gold to CMB.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">On February 5, 2010, Eastern Dragon made a drawdown on this loan which was used to repay the LC loan with CCB.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In February 2011, this loan was extended for another year.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">This loan is to be repaid when Eastern Dragon obtains the required project approval that will allow it to complete the first drawdown on the project-financing loan. The 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. The interest rate on this loan as at December 31, 2010 is 5.23%. </P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>HSBC revolving loan facility</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In May 2010, Eastern Dragon entered into a RMB 80.0 million ($12.1 million) revolving facility with HSBC Bank (China). The facility can be drawn down in minimum tranches of RMB 1.0 million ($0.2 million) or its multiples. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People's Bank of China on the date of drawdown. The facility has a term of up to one year.</P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">In December 2010, the facility was reviewed by the bank and extended to November 30, 2011. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The facility is secured by a letter of Guarantee issued by Eldorado. Eldorado must maintain at all times a security coverage ratio of 110% of the amounts drawn down. As at December 31, 2010, the security coverage is $6.1 million.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">As at December 31, 2010, RMB 37.0 million ($5.6 million) had been drawn under this facility.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">This facility is to be repaid when Eastern Dragon obtains the required project approval that will allow it to complete the second drawdown on the project-financing loan.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">After December 31, 2010, Eastern Dragon drew RMB 11.6 million ($1.8 million) under the facility and the security coverage was increased to $8.1 million.</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Entrusted loan</I></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">Eastern Dragon, HSBC Bank (China) and QDML entered into an RMB 12.0 million ($1.8 million) entrusted loan agreement in November 2010.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">Under the terms of the loan, QDML uses its own funds to entrust HSBC Bank (China) to provide a loan facility to Eastern Dragon in QDML's name.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The loan can be drawn down in tranches. Each drawdown has a term of three months, bears interest fixed at the prevailing lending rate stipulated by the People's Bank of China on the date of drawdown, and can be rolled forward at QDML's discretion. As at December 31, 2010, RMB 7.9 million ($1.2 million) has been drawn.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">17</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-family:Arial,Times New Roman">The loan was increased to RMB 50.0 million ($7.6 million) subsequent to year end, and an additional RMB 21.1 million ($3.2 million) drawn down. It is recorded on a net settlement basis.</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Jinfeng </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Jinfeng construction loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">In 2009, Jinfeng entered into a RMB 680.0 million ($102.7 million) construction loan facility with China Construction Bank (CCB). </P>
<P style="margin:0px; font-family:Arial,Times New Roman">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, 2010 is 6.08% (after 5% discount). The construction loan is secured against the following:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">Sino Gold corporate guarantee</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">pledge of 82% Jinfeng shares held by Sino Gold</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on all fixed assets of Jinfeng with a value above $0.1 million</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on Jinfeng mining license and exploration license</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">mortgage on land use right. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">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="margin:0px; font-family:Arial">Principal repayment of this loan is as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">in 2011, 2012 and 2013 &#150; quarterly payments of RMB 35.0 million ($5.3 million) </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">in 2014 &#150; quarterly payments of RMB 32.5 million ($4.9 million)</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Any pre-payments are applied to reduce future payments starting from the final payment. In 2010, Jinfeng pre-paid RMB 180.0 million ($27.2 million) on the outstanding balance of this loan, leaving a balance owing of RMB 500.0 million ($75.5 million) at December 31, 2010.</P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">$1.7 million in deferred financing costs 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 for net deferred financing costs at December 31, 2010, $1.4 million.</P>
<P style="margin:0px; font-family:Arial"><I>Jinfeng working capital loan</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">In 2009, Jinfeng entered into a RMB 85.0 million ($12.8 million) working capital loan with CCB. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">The working capital loan has a term of 3 years and was due on August 17, 2012. This loan was subject to a floating interest rate adjusted annually at 95% of the prevailing lending rate stipulated by the People's Bank of China for similar loans. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">While the working capital loan was outstanding, Jinfeng was required to obtain written consent from CCB before transferring funds to Sino Gold or any of its subsidiaries and was required to have a leverage ratio of 64% or lower in order to distribute dividends to its shareholders.</P>
<P style="margin:0px; font-family:Arial">In 2010, Jinfeng pre-paid the full amount on this loan.</P>
<P style="margin:0px"><BR></P>
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<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">18</P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>White Mountain </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Project loan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In 2008, White Mountain entered into a project loan with CCB. The project loan has two components:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a fixed asset loan of RMB 190.1 million ($28.7 million) with final payment due on September 2013</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">a working capital loan of RMB 40.9 million ($6.2 million) due in November 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">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, 2010 are 5.76% for the fixed asset loan and 5.81% for the working capital loan.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The project loan is secured by a Sino Gold corporate guarantee and White Mountain's fixed assets with a value above $0.1 million. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Principal repayment of the fixed asset loan is as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2010 &#150; RMB 24.8 million ($3.8 million) (paid)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2011 &#150; RMB 64.5 million ($9.7 million)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2012 &#150; RMB 66.1 million ($10.0 million)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">September 2013 &#150; RMB 34.7 million ($5.2 million).</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">In 2010, White Mountain made the first payment on the fixed asset loan and extended the working capital loan for one additional year to November 15, 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Working capital loan</I></P>
<P style="margin:0px; font-family:Arial">In 2010, White Mountain entered into a RMB 50.0 million ($7.5 million) working capital loan with China Merchants Bank (CMB). </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The working capital loan has a term of one year and is due on September 1, 2011. The loan is subject to a floating interest rate adjusted annually to the prevailing lending rate stipulated by the People's Bank of China for similar loans. The applicable interest rate as at December 31, 2010 is 5.31%.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">This loan is secured by a letter of guarantee issued by Eldorado.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">In January 2011, White Mountain pre-paid the full amount of this loan.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial"><B>Defined benefit plans</B></P>
<P style="margin:0px; font-family:Arial">We have a defined benefit pension program with two components: a registered pension plan and a non-registered supplementary pension plan (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. Our annual contributions are actuarially determined, and are at or above the minimum requirements prescribed by legislation. We are not required to pre-fund any benefit obligation under the SERP. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Total cash payments for pension benefits for 2010, including cash contributed to the pension plan and the SERP, were $0.2 million. Based on minimum funding requirements, we may not need to make a contribution to the pension plan or to the SERP in 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">19</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><B>Equity</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This year we received net proceeds of $35.9 million for issuing 5,056,216 common shares related to stock options being exercised. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We may make minor accounting adjustments to these figures before they are presented in future consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=307.2 /><TD width=120 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=307.2><P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-28.4px; font-family:Arial,Times New Roman; font-size:9pt">Common shares outstanding </P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial,Times New Roman; font-size:9pt">- as of March 17, 2011</P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial,Times New Roman; font-size:9pt">- as of December 31, 2010</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=120><P style="margin:3px" align=right><BR></P>
<P style="margin-top:3px; margin-bottom:3px; font-family:Arial,Times New Roman; font-size:9pt" align=right>548,438,799</P>
<P style="margin-top:3px; margin-bottom:3px; font-family:Arial,Times New Roman; font-size:9pt" align=right>548,187,192</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=307.2><P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-28.4px; font-family:Arial; font-size:9pt">Share purchase options </P>
<P style="margin-top:3px; margin-bottom:3px; padding-left:28.4px; text-indent:-16.4px; font-family:Arial; font-size:9pt">- as of March 17, 2011</P>
<P style="margin-top:2.333px; margin-bottom:2.333px; font-family:Arial; font-size:7pt">(Weighted average exercise price per share: $11.40 Cdn)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=120><P style="margin-top:3px; margin-bottom:3px; font-family:Arial; font-size:9pt" align=right>11,761,753</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Managing risk</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This section describes the types of risks we are exposed to and our objectives and policies for managing them (please read the Company's Annual Information Form for additional information).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We manage risk using our risk management review process. Management prepares a risk assessment report every quarter outlining our operational and financial risks. The Board reviews the report to evaluate and assess the risks we are exposed to in various markets, and discusses the steps management takes to protect the company against them. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Financial risk</B></P>
<P style="margin:0px; font-family:Arial"><I>Liquidity risk</I></P>
<P style="margin:0px; font-family:Arial">Liquidity risk is the risk that we cannot meet our financial obligations. We use a rigorous planning, budgeting and forecasting process to help determine the funds we will need to support our ongoing operations and our expansion plans. We believe that expected cash flows from operations and current cash and cash equivalents will provide enough cash to meet our financial obligations in 2011 and beyond.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Credit risk</I></P>
<P style="margin:0px; font-family:Arial">Credit risk is the risk that the counterparty to a financial instrument will not meet its obligations. To mitigate exposure to credit risk on financial assets, we have policies that require counterparties demonstrate minimum creditworthiness, and ensure liquidity of available funds. We also monitor our concentrations of credit risk and closely monitor our financial assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We sell our products exclusively to large international financial institutions and other organizations with strong credit ratings, and payment is normally in advance or within one week of receipt of shipment. Customer default to date has been negligible, so we consider the credit risk associated with trade receivables at December 31, 2010 to be minimal. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We invest our cash and cash equivalents in major financial institutions and in government issuances, according to our short-term investment policy. The credit risk associated with these investments is considered to be low, but many financial institutions have gone into bankruptcy or been rescued by government authorities over the past few years. That makes us subject to the risk of loss of the deposits
we have with financial institutions. As at December 31, 2010, approximately 44% of our cash and cash equivalents, including restricted cash, were with one financial institution. </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">20</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Currency risk</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We sell gold in US dollars, but our costs are mainly in US dollars, Canadian dollars, Turkish lira, Brazilian real and Chinese renminbi. An increase in the value of any of these currencies against the US dollar can increase our production costs and capital expenditures, which can affect future cash flows.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The table below shows our assets and liabilities denominated in currencies other than the US dollar at December 31, 2010. We recognized a loss of $14.8 million on foreign exchange this year, compared to gain of $3.0 million in 2009.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=162 /><TD width=84 /><TD width=72 /><TD width=60 /><TD width=66 /><TD width=84 /><TD width=60 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=162><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>$ thousands</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Canadian<BR>
dollar</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Australian<BR>
dollar</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Euro</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Turkish<BR>
lira</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Chinese<BR>
renminbi</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Brazilian<BR>
real</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>24,587</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>134</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>102</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,386 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>536,644</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,269</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Marketable securities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7,984</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Accounts receivable and<BR>
other</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>2,078</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>516</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>16,837</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>137,174</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10,898</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Future income tax<BR>
receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>659</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1,192</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Accounts payable and<BR>
accrued liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(13,682)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(13)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(124)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(36,940)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(525,951)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(6,548)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Future income tax<BR>
liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(2,211,552)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(26,334)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(16,851)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(1,103,790)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(85,188)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Net balance</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>20,967</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>121</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(25,840)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(34,909)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(3,207,961)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(79,569)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Equivalent in US dollars</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>21,081</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>125</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(34,601)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(22,581)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(484,373)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=60><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(47,755)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Accounts receivable and other current and long-term assets relate to goods and services taxes, income taxes, value-added taxes and insurance receivables. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We recorded $424.2 million in future income tax liabilities resulting from our acquisitions, which were valued in local currencies. We revalue these liabilities at the end of each reporting period at the exchange rate at that time, and record the non-cash gain or loss in that period's net earnings.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Interest rate risk</I></P>
<P style="margin:0px; font-family:Arial">Interest rates determine how much interest we pay on our debt, and how much we earn on our cash and cash equivalents, which can affect future cash flows. </P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Much of our debt has a floating interest rate. The average interest rate on our debt at December 31, 2010 was 5.94%, compared to 5.45% at the end of 2009. We earned an average of approximately 0.51% in interest on our cash and cash equivalents this year, compared to 0.83% in 2009.</P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">We don't actively manage our exposure to changes in interest rates.</P>
<P style="margin:0px; font-family:Arial"><I>Price risk</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Our profitability depends on the price of gold, which is affected by many things, including the sale or purchase of gold by central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuations in the value of the US dollar and foreign currencies, global and regional supply and demand, and the political and economic conditions of the world's major gold-producing countries. We don't hedge against changes in the price of gold. </P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">21</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The cost of production, development and exploration varies depending on the market prices of certain mining consumables, including diesel fuel and electricity. We are evaluating a hedge against changes in the price of diesel fuel. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Electricity is regionally priced in Turkey and China and semi-regulated by the federal governments of those countries, which reduces the risk of price fluctuations. We don't hedge against changes in the price of electricity.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman"><I>Sensitivity analysis for key variables</I></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=253.2 /><TD width=96 /><TD width=162 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=253.2><P style="margin:2.667px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=96><P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>A change of</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=162><P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Would change our <BR>
after-tax net earnings by</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Currency values against the US dollar</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>1% </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$5.6 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Price of gold (based on the expectations and assumptions we used in our 2010 outlook)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$66.8 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Interest rate on debt</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$0.5 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Interest earned on cash and cash equivalents</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$0.3 million</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=253.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Price of diesel fuel</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>10%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>$1.8 million</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Other risks and uncertainties</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Exploration and development</I></P>
<P style="margin:0px; font-family:Arial">The cost and results of our exploration and development programs affect our profitability and value. The life of a mine is fixed based on its mineral reserves, so we actively seek to replace and expand our reserves, mainly through exploration, acquisition and the development of our existing operations. Exploring for minerals involves many risks and may not lead to new economically viable mining operations or yield new reserves to replace and expand current reserves. Our reserve estimates are based on certain assumptions and affected by the inherent limitations of the estimation process.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Acquiring title to mineral properties is a detailed and time-consuming process. We take steps, in accordance with industry standards, to verify and secure legal title to mineral properties that we have, or are seeking, an interest in. Although we take every precaution to ensure that legal title to our properties is properly recorded in our name, there can be no assurance we will ultimately secure title on every property. Legal title to our properties depends on the laws in the countries we operate in, and their appropriate and consistent application.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Operations</I></P>
<P style="margin:0px; font-family:Arial">The business of gold mining involves many operational risks and hazards. We work to reduce the risks associated with our projects by setting high operational standards, hiring and training appropriately skilled personnel, and making improvements to our operations. We maintain adequate insurance to cover normal business risk. We rely on a number of key employees. Our success depends on attracting and retaining qualified personnel in a competitive labour environment.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Environment</I></P>
<P style="margin:0px; font-family:Arial">Our activities are subject to extensive federal, provincial, state and local laws and regulations that govern environmental protection and employee health and safety. We are also subject to various reclamation-related conditions imposed under federal, state or provincial air, water quality and mine reclamation rules and permits. While we have budgeted for future capital and operating expenditures to maintain compliance with environmental laws and permits, any future changes to these laws could adversely affect our financial condition, liquidity or results of operations.</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR>
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<P style="margin:0px; font-family:Arial; font-size:9pt">22</P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Permits</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We are required to obtain and maintain a wide range of government permits for our projects and operations. There is no assurance that we will be able to get them on a timely basis, or at all.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Laws and regulations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Our mining operations and exploration activities are subject to extensive federal, provincial, state and local laws and regulations that govern prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. These laws and regulations are subject to change, which may restrict our ability to operate. We draw on the expertise and commitment of our management team, advisors, employees and contractors to ensure compliance with current laws, and we foster a climate of open communication and co-operation with regulatory bodies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Litigation</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">All industries, including mining, are subject to legal claims that can be with and without merit. Defence and settlement costs can be substantial, even for claims that have no merit. We describe the legal status of our worldwide projects and operations in our annual information form.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The litigation process is inherently uncertain, so there can be no assurance that the resolution of a legal proceeding will not have a material adverse effect on our future cash flow, results of operations or financial condition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Political risk</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We operate in four countries outside of North America: Turkey, China, Brazil and Greece. Our operations in these countries may be subject to political, economic and other risks that may affect our future operations and financial position.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Other information </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Critical accounting policies and estimates</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We are required to make estimates that affect the amount of assets, liabilities, contingent liabilities revenue and expenses we report. We have identified the following critical accounting policies and estimates. You can find all of our significant account policies in note 2 of our 2010 consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Inventories</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We value finished goods, work-in-process, heap leach ore and stockpiled ore at the average production cost or its net realizable value &#150;&nbsp;whichever is lower. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We consider ore stacked on our leach pads and in process at our mines as work-in-process inventory and record their value in earnings, and include them in the cost of sales on based on ounces of gold recovered, using the following assumptions in our estimates:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold we estimate is in the ore stacked on the leach pads </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold we expect to recover from the stacks</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the amount of gold in the mill circuits </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the gold price we expect to realize when the gold is recovered. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">If our estimates or assumptions are inaccurate, we could be required to write down the value we have recorded on our work-in-process inventories, which would reduce our earnings and working capital. At December 31, 2010, the average cost of inventory was significantly below its net realizable value.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Reserves and resources</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial">Our estimates for Ki&#351;lada&#287;, Efem&#231;ukuru, Tanjianshan, Jinfeng, White Mountain, Perama, Tocantinzinho, Eastern Dragon, and Vila Nova are based on the definitions adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum, and in compliance with <I>Canadian National Instrument 43-101 &#150; Standards of Disclosure for Mineral Projects </I>(NI 43-101), developed by the Canadian Securities Administrators. </P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">23</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman">You will not be able to compare the mineral reserve and resources information in this report with similar information from U.S. companies. The United States Securities &amp; Exchange Commission (SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted or produced. It does not recognize the terms measured, indicated and inferred mineral resources </P>
<P style="margin:0px; font-family:Arial,Times New Roman">(mining terms under NI 43-101), and does not accept them in reports and registration statements. You should not assume that:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the mineral reserves defined in this report qualify as reserves under SEC standards</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the measured and indicated mineral resources in this report will ever be converted to reserves </P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px; font-family:Arial">the inferred mineral resources in this report are economically mineable, or will ever be upgraded to a higher category. </P>
<P style="margin:0px; font-family:Arial; clear:left"><I>Value beyond proven and probable reserves </I></P>
<P style="margin:0px; font-family:Arial">On acquisition of a mineral property, we prepare an estimate of the fair value of the exploration potential of that property and record this amount as an asset, called <I>value beyond proven and probable </I>(VBPP), as at the date of acquisition. As part of our annual business cycle, we prepare estimates of proven and probable reserves for each mineral property. The change in reserves, net of production, is used to determine the amount to be converted from VBPP to proven and probable reserves subject to amortization.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Mining interests</I></P>
<P style="margin:0px; font-family:Arial">We depreciated most of our mining properties, plant and equipment using the unit-of-production method, where the value of property is reduced as reserves are depleted. We base this on mining rates and our estimates of reserves. If these change, we could be required to write down the recorded value of our mining properties, plant and equipment, or to increase the amount of future depreciation, depletion and amortization expense, both of which would reduce our earnings and net assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At the end of every year, we assess whether there has been an impairment of our capitalized mining properties, plant and equipment. If there were an impairment, we would be required to write down the recorded value of our mining properties, plant and equipment, which would reduce our earnings and net assets. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">For producing properties, we base our assessment on the future net cash flows we expect the property will generate. There will be an impairment if metal prices are lower, production costs have increased, or metal recoveries are lower than previously estimated.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">For non-producing properties, we base our assessment on whether there are factors that might indicate the need for a write-down. There will be an impairment if we believe current economics or permitting issues will prevent us from recovering the costs we have deferred for the property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">At December 31, 2010, based on an average projected gold price for 2011 of $1,400 per ounce decreasing to a long-term price of $1,050 per ounce by 2014, the estimated undiscounted net cash flow from our mining properties, plant and equipment exceeded their carrying values.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><I>Goodwill and impairment testing</I></P>
<P style="margin:0px; font-family:Arial">We account for business combinations using the purchase method of accounting. We record the fair market value of assets acquired and liabilities assumed as of the date of acquisition, and record any excess of the purchase price over fair value as goodwill. The assumptions underlying fair value estimates are subject to significant risks and uncertainties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We review and evaluate the carrying amount of goodwill every year by comparing the fair value of our reporting units to their carrying amounts. If a reporting unit's carrying value exceeds its fair value, we
compare its carrying value to the implied fair value of its goodwill, and charge the amount the carrying value exceeds fair value to operations. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">24</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">At December 31, 2010, our consolidated balance sheet included $365.9 million in goodwill for Sino Gold ($363.7 million) and Tanjianshan ($2.2 million). We used a discount rate of 9% to calculate the net present value of cash flows from Tanjianshan to estimate its implied fair value. We used a discount rate of between 7% and 9% to calculate the net present value of cash flows from Sino Gold mines in order to estimate their fair values. There was no impairment of goodwill for either unit.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Operating costs</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We calculate cash operating costs according to the Gold Institute Standard. Future operating costs include estimates of foreign currency exchange and inflation trends.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Stock-based compensation</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use the Black-Scholes Model to calculate the fair value of stock options that have been given to employees, officers and directors. This model uses assumptions of share price, volatility and expected life of options.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Asset retirement obligations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We estimate the mine closure date, the credit-adjusted risk-free rate, the inflation rate and the timing reclamation costs to determine the carrying value of an asset retirement obligation.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We record income taxes using income tax rates we expect to apply in the years we estimate the various temporary differences will be recovered or settled. Where the tax laws and regulations are unclear or subject to varying interpretations, these estimates could change, and materially affect the amount of income tax liabilities recorded at the balance sheet date.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Financial instruments</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We report investments classified as held for trading or available for sale, and derivative financial instruments, at fair value, and include unrealized gains or losses in earnings. We use the published price in an active market when it's available, or calculate fair value using inputs observed from the market.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Pension plans</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use various actuarial assumptions to estimate our obligations and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount rate, the rate of salary escalation and the average remaining service period of active employees expected to receive benefits. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=306 /><TD width=84 /><TD width=72 /><TD width=72 /><TD width=78 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=306 rowspan=2><P style="margin-top:0px; margin-bottom:2.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>Key assumptions &#150;&nbsp;<BR>
pension plans</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=bottom width=156 colspan=2><P style="margin-top:1.8px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=150 colspan=2><P style="margin-top:1.8px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>December 31, 2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Pension<BR>
plan</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>SERP</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Pension plan</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>SERP</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Expected long term-rate of return on plan assets</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Discount rate beginning of year </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>7.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Discount rate end of year </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>6.00%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Rate of salary escalation</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>4.50%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=306><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt">Average remaining service period of active employees expected to receive benefits</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=72><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>5 years</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Changes in accounting policies</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We adopted an accounting policy for long-term investments in the second quarter of this year. We use the equity method to account for Investments in significantly influenced companies, where we adjust the original cost of the shares for our share of post-acquisition earnings or losses, less dividends.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>New accounting developments</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Business combinations (Section 1582)</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">In January 2009, the Canadian Institute for Chartered Accountants (CICA) issued Section 1582, <I>Business combinations</I>, which requires that: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">all assets and liabilities of an acquired business be recorded at fair value at acquisition</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">obligations for contingent consideration and contingencies be recorded at fair value at the acquisition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">acquisition-related costs be expensed as incurred </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">restructuring charges be expensed in the periods after the acquisition date. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">The section applies prospectively to business combinations with an acquisition date on or after the beginning of the first annual reporting period on or after January 1, 2011. We have not yet adopted this standard. </P>
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<P style="margin:0px; font-family:Arial"><B>Consolidations (Section 1601) and non-controlling interest (Section 1602)</B></P>
<P style="margin:0px; font-family:Arial">In January 2009, the CICA issued Section 1601, <I>Consolidations</I>, and Section 1602, <I>Non-Controlling Interests</I>. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Section 1601 establishes standards for preparing consolidated financial statements. Section 1602 establishes standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">These standards apply to interim and annual consolidated financial statements relating to fiscal years beginning on or after January 1, 2011. We have not yet adopted these standards.</P>
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<P style="margin:0px; font-family:Arial"><B>International financial reporting standards (IFRS)</B></P>
<P style="margin:0px; font-family:Arial">Canadian GAAP for publicly listed companies will be replaced with IFRS for fiscal years beginning on or after January 1, 2011. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We will begin reporting our financial statements in accordance with IFRS in the first quarter of 2011, and restate comparative information. Converting to IFRS will affect our accounting policies, information technology and data systems, internal controls over financial reporting, and disclosure controls and procedures. The transition may also affect business activities, such as foreign currency and certain contractual arrangements, debt covenants, capital requirements and compensation arrangements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">We have started the transition process from current Canadian GAAP to IFRS. We have established a project team that is led by finance management and have designated the appropriate resources to the project to develop an effective plan. We will continue to assess our resource and training requirements as the project progresses. The team makes regular progress reports to the Audit Committee of the Board of Directors on the status of our transition to IFRS.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">26</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Our conversion has four phases:</P>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Phase 1 &#150; Scoping and planning</I> (completed in 2008)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">establish a project management team and organizational structure, including oversight of the process develop a project management plan, stakeholder analysis and communication strategy</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">carry out an initial assessment of the key areas where the IFRS transition may have a significant impact and present significant challenges </P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial; clear:left">&nbsp;</P>
<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 2 &#150; Detailed assessment</I> (substantially completed in the third quarter of 2010)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">conduct in-depth technical analysis to understand potential impacts, make decisions on accounting policy choices and draft accounting policies</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identify additional resource and training requirements and processes for preparing financial statements, establishing IT system requirements and preparing detailed transition plans </P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 3 &#150; Implementation </I>(in progress)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identify and carry out the implementation requirements for management's accounting choices</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">develop sample financial statements, implement business and internal control requirements, calculate the opening balance sheet at January 1, 2010 and complete other transitional reconciliations and disclosure requirements.</P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial">This phase will be completed with our annual financial reporting under IFRS in 2011. </P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Phase 4 &#150; Post-implementation</I></P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">continuous monitoring of changes in IFRS throughout the implementation process </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">assessing their impacts on the company and our reporting</P>
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<P style="margin:0px; padding-left:12px; text-indent:-12px; font-family:Arial"><I>Progress update</I></P>
<P style="margin:0px; font-family:Arial">We continued implementing Phase 3 of our plan in the fourth quarter of 2010, and made progress in the following areas:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">identifying and amending internal controls over financial reporting and business processes affected by IFRS</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">determining and selecting accounting policies</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">development of Eldorado's IFRS Accounting Policy Manual </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">preparing draft annual mock-up financial statements and notes under IFRS</P>
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<P style="margin:0px; font-family:Arial">As we complete the implementation phase, and as changes to IFRS standards may continue to occur, the differences and impacts described below may be subject to change.</P>
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<P style="margin:0px; font-family:Arial">We have evaluated the options available under IFRS1, and expect to apply the following optional exemptions: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply IFRS 3, <I>Business Combinations</I>, prospectively from January 1, 2010 (the transition date)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply IFRS 2, <I>Share-Based Payments</I>, only to share-based payments granted after November 7, 2002 that had not vested as of the transition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to apply the borrowing cost exemption and will apply IAS 23, <I>Borrowing Costs</I>, prospectively from the transition date</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to elect to recognize all cumulative actuarial gains and losses for all defined benefit plans that exist at the transition date in opening retained earnings </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">to elect to apply IFRIC 1, <I>Changes in Existing Decommissioning, Restoration and Similar Liabilities</I>, for changes in these liabilities prospectively from the transition date. </P>
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<P style="margin:0px; font-family:Arial">These may have a significant impact on our results.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt">27</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Significant accounting differences </B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We have identified the following areas where the accounting differences between Canadian GAAP and existing IFRS may have an impact on our consolidated financial statements. This is not, however, a complete list of changes that will result from the transition to IFRS. It is intended to highlight the areas we believe to be most significant. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">The International Accounting Standards Board (IASB) has significant ongoing projects that are expected to result in new and/or revised accounting standards. We can measure the final impact of IFRS on our consolidated financial statements only when we know all of the standards that will apply at the conversion date. The differences we describe below are based on existing Canadian GAAP and IFRS at December 31, 2010. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Impairment of assets</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP generally uses a two-step approach to impairment testing: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">first, compare asset carrying values with undiscounted future cash flows to determine whether there is an impairment</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">if so, measure it by comparing asset carrying values with fair values. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">International Accounting Standard (IAS) 36, <I>Impairment of Assets</I>, uses a one-step approach for both testing for and measuring impairment:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">compare asset carrying values directly with the higher of fair value less costs to sell and value in use (which uses discounted future cash flows).</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-family:Arial">This can result in more write-downs if the carrying values of assets were previously supported under Canadian GAAP on an undiscounted cash flow basis but could not be supported on a discounted cash flow basis. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">IAS 36 also requires any previous impairment losses to be reversed if circumstances change and the impairments are reduced. Canadian GAAP does not allow impairment losses to be reserved.</P>
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<P style="margin:0px; font-family:Arial"><I>Provision for reclamation and rehabilitation</I></P>
<P style="margin:0px; font-family:Arial">The key areas of difference between IFRS and Canadian GAAP include: </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the discount rate used </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the re-measurement requirements </P>
<P style="margin-top:0px; margin-bottom:-2px; width:24px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial">the constructive obligation concept. </P>
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<P style="margin:0px; font-family:Arial">Under IFRS, a liability must be recognized at the time the entity becomes legally or constructively obliged to rehabilitate disturbance resulting from mining activities. Under Canadian GAAP, a liability is only recognized when the entity is legally bound.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Discount rates should reflect the risks specific to the decommissioning provision. Unlike IFRS, discount rates for asset retirement obligations under Canadian GAAP are based on the entity's credit-adjusted risk-free rate. IFRS requires re-measurement of the liability at each reporting date, whereas Canadian GAAP requires re-measurement of the liability in the event of changes in the amount or timing of cash flows required to settle the obligation. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The use of the current discount rate for all changes in estimates combined with the requirement to re-measure the liability at each reporting date under IFRS, will significantly simplify the process required to measure any restoration liabilities because there will no longer be a need to record separate layers for the original liability and each subsequent upward revision in estimated cash flows. Under IFRS, accretion must be presented as an interest expense and included in <I>Interest and financing costs</I> on the statement of earnings. There is no prescribed presentation for asset retirement obligation accretion under Canadian GAAP. </P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Business combinations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">There are certain differences between IFRS and Canadian GAAP when accounting for business combinations. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP requires share-based consideration to be valued based on the announcement date share price. Under IFRS, share-based consideration must be valued based on its fair value at the acquisition date. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Under IFRS, restructuring costs and other transactions costs are expensed on acquisition. They are included in the purchase consideration under Canadian GAAP. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Under Canadian GAAP, after a business combination, we record non-controlling interest at the historical carrying value of the assets and liabilities of the acquired entity. Under IFRS, we record non-controlling interest based on its share of the fair value of the assets and liabilities of the acquired entity. </P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Income taxes</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Existing IFRS requires the recognition of deferred taxes in situations not required under Canadian GAAP. Specifically, a deferred tax liability (asset) is recognized for exchange gains and losses relating to foreign non-monetary assets and liabilities that are re-measured into the functional currency using historical exchange rates.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Similar timing differences are also recognized for the difference in tax bases between jurisdictions as a result of intra-group transfer of assets. Future tax liabilities for temporary tax differences on asset acquisitions are not recognized.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><I>Property, plant and equipment</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Separate accounting for components of property, plant and equipment is more rigorously applied and broader under IFRS. Costs are allocated to significant parts of an asset if the useful lives differ, and each part is then separately depreciated.</P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Opening balance sheet as at January 1, 2010</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This draft opening balance sheet as at January 1, 2010 reflects our estimates of the most significant differences between Canadian GAAP and IFRS earnings, and our first-time adoption elections. It is preliminary and unaudited and may be adjusted for new IFRS pronouncements or other changes identified after the date of this MD&amp;A.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=305.667 /><TD width=54.467 /><TD width=84 /><TD width=77.867 /><TD width=68.933 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt"><B>January 1, 2010</B> </P>
<P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=54.467><P style="margin-top:2.333px; margin-bottom:2.333px; font-family:Arial,Times New Roman; font-size:7pt" align=center>(see note)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=84><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>Canadian&nbsp;<br>
 GAAP</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.867><P style="margin-top:2.667px; margin-bottom:2.667px; padding-right:2.267px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;Effect of transition <BR>
to IFRS</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=68.933><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; padding-left:102.067px; text-indent:-102.067px; font-family:Arial; font-size:8pt; color:#00007F"><B>Assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>265,369</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>265,369</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>50,000</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>50,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>13,951</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>13,951</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>32,041</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>32,041</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Inventories</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>129,197</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>129,197</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total current assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>490,558</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>490,558</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>31,534</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>31,534</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>8,265</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>8,265</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:14.267px; font-family:Arial; font-size:8pt">Mining interests</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(ai) (c)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,580,816</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,527,882</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Goodwill</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>324,935</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>324,935</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total non-current assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">2,945,550</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,892,616</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total assets</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">3,436,108</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align="right">(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt">3,383,174</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:2.667px; margin-bottom:2.667px; padding-left:101.733px; padding-right:62.4px; text-indent:-101.733px; font-family:Arial; font-size:8pt; color:#00007F"><B>Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Accounts &nbsp;payables and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>154,124</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>154,124</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Debt &#150; current</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>56,499</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>56,499</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Future income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(aii)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>4,264</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(4,264)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total current liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>214,887</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(4,264)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>210,623</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Debt &#150; long term</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>134,533</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>134,533</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(b)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>3,126</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>4,870</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>7,996</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(c)</P>
</TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>26,566</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>429</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>26,995</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Future income taxes</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(a)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>390,242</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(34,967)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>355,275</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total non-current liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>554,467</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(29,668)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>524,799</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total liabilities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>769,354</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(33,932)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>735,422</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" width=84 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=77.867 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=68.933 align="right"><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Share capital</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,671,634</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,671,634</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>17,865</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>17,865</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; padding-left:15.133px; font-family:Arial; font-size:8pt">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,227</P>
</TD><TD style="margin-top:0px" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,227</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; text-indent:15.133px; font-family:Arial; font-size:8pt">Deficit</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>(51,116)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(70,118)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total equity attributable to equity holders of the Company</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,640,610</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,621,608</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Non-controlling interest</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin-top:0.8px; margin-bottom:0.8px; font-family:Arial; font-size:7pt" align=center>(d)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>26,144</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>26,144</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total equity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>2,666,754</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>2,647,752</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=305.667><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt"><B>Total liabilities and equity</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=54.467><P style="margin:0px; padding:0px; font-size:7pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=84 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; font-family:Arial; font-size:8pt" align=right>3,436,108</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=77.867 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>(52,934)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=68.933 align="right"><P style="margin-top:0.867px; margin-bottom:0.867px; padding-right:2.267px; font-family:Arial; font-size:8pt" align=right>3,383,174</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><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; font-family:Arial,Times New Roman; font-size:9pt">30</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Explanatory notes &#150; all amounts in $1,000's</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">a)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:9.6px; font-family:Arial,Times New Roman; float:left">i)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we no longer recognize deferred income taxes on an asset acquisition. Reversing the deferred income tax liability recognized on our acquisition of Frontier results in the following adjustments at January 1, 2010: a $51,440 decrease in mineral interest, a $37,582 decrease in deferred income tax liabilities and a $13,858 increase in deficit.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:57.6px; font-family:Arial,Times New Roman; float:left">ii) </P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we calculate deferred income tax in the functional currency by translating the asset's tax basis using historical rates. Under Canadian GAAP, we calculated deferred income tax in the local currency, and then translated it into the functional currency at the period end rate. Adopting IFRS results in the following adjustments at January 1, 2010: an $1,864 decrease in mineral interest, a $4,264 decrease in current deferred income tax liability, a $2,615 increase deferred income tax liability and a $215 increase in deficit.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">b)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:9.6px; font-family:Arial,Times New Roman; float:left">i)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we recognize actuarial gains and losses arising from the re-measurement of employee future benefit obligations in other comprehensive income as they arise. Under Canadian GAAP, we applied the corridor method of accounting for these gains and losses, and recognized them only if they exceed specified thresholds. Adopting IFRS increases the carrying value of the net liability for employee future benefit obligations and deficit by $2,095 to recognize cumulative net actuarial gains and losses as at January 1, 2010. We did not recognize any actuarial gains and losses under Canadian GAAP using the corridor approach.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:57.6px; font-family:Arial,Times New Roman; float:left">ii)</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we expense the cost of past service benefits awarded to employees under postemployment benefit plans over the periods in which the benefits vest, which usually corresponds to the period in which the benefits are granted. Under Canadian GAAP, we expensed past service costs over the weighted average service life of active employees remaining in the plan. Adopting IFRS increases account payables, accrued liabilities and deficit for employee future benefits in the statement of financial position by $2,775 at January 1, 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">c)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, a change in the current market-based discount rate changes the measurement of our provision for asset retirement obligations. Under Canadian GAAP, a change in the discount rate alone did not result in a re-measurement. </P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; padding-left:24px; font-family:Arial,Times New Roman">We have performed an analysis of the discount rate used to calculate the present value of our asset retirement obligations at January 1, 2010, re-measured it using the discount rate in effect at that date, and recorded an adjustment to the corresponding asset. This adjustment increases mining interest by $370, increased asset retirement obligations by $429 and increased deficit by $59 at January 1, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">d)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">Under IFRS, we include a subsidiary's non-controlling interest in the joint venture's net assets in equity, and allocate its share of the joint venture's comprehensive income directly to equity. Under Canadian GAAP, we presented the subsidiary's non-controlling interest as a separate item in its statement of financial position, between liabilities and equity, and deducted its non-controlling interest in the joint venture's net income and comprehensive income from its net income and comprehensive income. We reclassified non-controlling interest of $26,144 at January 1, 2010, as determined under Canadian GAAP, to equity.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Arial,Times New Roman; float:left">e)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial,Times New Roman">We have chosen to apply IFRS relating to business combinations prospectively from January 1, 2010, in accordance with IFRS transitional provisions, and have carried forward Canadian GAAP balances relating to business combinations entered into before that date, including goodwill, without adjustment.</P>
<P style="margin:0px; clear:left"><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; font-family:Arial,Times New Roman; font-size:9pt">31</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The following is a summary of adjustments to our retained earnings on transition from </P>
<P style="margin:0px; font-family:Arial,Times New Roman">Canadian GAAP to IFRS:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=349.2 /><TD width=127.2 /></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=349.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt">$ thousands</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=127.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>January 1, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Retained earnings as reported under Canadian GAAP</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(51,116)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Employee future benefits &#150; actuarial gains and losses (b i)</P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2,095)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Employee future benefits &#150; past service costs (b ii) </P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(2,775)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Deferred income tax (a)</P>
</TD><TD style="margin-top:0px" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(14,073)</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; padding-left:24px; font-family:Arial; font-size:8pt">Asset retirement obligation (c)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(59)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:2.667px; margin-bottom:2.667px; font-family:Arial; font-size:8pt" align=right>(19,002)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=349.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Retained earnings as reported under IFRS</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=127.2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(70,118)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Disclosure controls and procedures</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to senior management, including the CEO and CFO, as appropriate to allow for timely decisions about public disclosure.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as at December 31, 2010, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administration. Based on this evaluation, they concluded that our disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed in reports we filed or submitted under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We acquired Brazauro on July 20, 2010. As permitted by applicable rules of certification, we excluded, solely to the extent it overlaps with internal control, Brazauro's operations from our annual assessment of disclosure controls and procedures for the year ended December 31, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><B>Internal controls over financial reporting</B></FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting, and used the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to evaluate the effectiveness of our controls in 2010. Based on this evaluation, management concluded that our internal control over financial reporting was effective as at December 31, 2010 and provided a reasonable assurance of the reliability of our financial reporting and preparation of the financial statements.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">No matter how well it's designed, however, any system of internal control has inherent limitations. Even systems determined to be effective can provide only reasonable assurance of the reliability of financial statement preparation and presentation.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">On July 20, 2010, we completed our acquisition of Brazauro. We consider the acquisition of Brazauro non-material to our results of operations, financial position and cash flows from the date of acquisition through December 31, 2010, and believe that the internal controls and procedures at Brazauro have a non-material effect on our internal control over financial reporting. We are in the process of integrating the Brazauro operations and will be expanding our internal control over financial reporting compliance program to include Brazauro over the next year. </FONT></P>
<P style="margin-top:0px; margin-bottom:10px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">32</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">We excluded Brazauro in our annual assessment of internal control over financial reporting for the year ended December 31, 2010, as permitted by the Sarbanes-Oxley Act and applicable rules relating to business acquisitions. The Brazauro operations represented $160.0 million of total assets and none of our consolidated revenues as at and for the year ended December 31, 2010.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">KPMG LLP, an independent registered public accounting firm, has audited management's assessment of the effectiveness of internal control over financial reporting, and has expressed their opinion in their report included with our annual consolidated financial statements in Form 40-F.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><I>Changes in internal control over financial reporting</I></FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">There have been no changes in our internal control over financial reporting during the year ended December 31, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, except for the following.</FONT></P>
<P style="margin-top:0px; margin-bottom:10px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">We completed the integration of the Sino Gold operations in 2010, and expanded our internal controls over financial reporting compliance program to include those operations. We also implemented a new ERP system in Vancouver and at our Turkish operations. Management used appropriate procedures to ensure internal controls were in place during and after the implementation.</FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Forward-looking information and risks</B></P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">This MD&amp;A includes statements and information about what we expect to happen in the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet happened in this review, we are making statements considered to be <I>forward-looking information </I>or<I> forward-looking statements</I> under Canadian and United States securities laws. We refer to them in this document as <I>forward-looking information</I>.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Key things to understand about the forward-looking information in this document:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It typically includes words and phrases about the future, such as: &nbsp;<I>plan, expect, forecast, intend, anticipate, estimate, budget, scheduled, may, could, would, might, will.</I></P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">Although it represents our current views, which we consider to be reasonable, we can give no assurance that the forward-looking information will prove to be accurate.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It is based on a number of assumptions, including things like the future price of gold, anticipated costs and spending, and our ability to achieve our goals.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">It is also subject to the risks associated with our business, including</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">the changing price of gold and currencies, </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">actual and estimated production and mineral reserves and resources,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">the speculative nature of gold exploration,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">risks associated with mining operations and development,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">regulatory and permitting risks,</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">acquisition risks, and </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:12px; width:24px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Arial,Times New Roman">other risks that are set out in our annual information form and MD&amp;A.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; font-family:Arial,Times New Roman; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:12px; text-indent:-2px; font-family:Arial,Times New Roman">If our assumptions prove to be incorrect or the risks materialize, our actual results and events may vary materially from what we currently expect.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman; clear:left">We recommend that you review our annual information form, which include a more detailed discussion of material risks that could cause actual results to differ significantly from our current expectations.</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.</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; font-family:Arial,Times New Roman; font-size:9pt">33</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>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT&#146;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Summary of quarterly results</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=126 /><TD width=78 /><TD width=66 /><TD width=66 /><TD width=66 /><TD width=66 /><TD width=66 /><TD width=66 /><TD width=66 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt">($000)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=144 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=132 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=132 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=132 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=126><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>First quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total revenues</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>181,479</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>206,443</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>190,305</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>212,948</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52,206</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>80,147</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>81,608</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>144,506</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Net income (loss)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>52,845</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>60,508</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>48,773</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>43,937</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>13,061</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25,900</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>30,154</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>33,289</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings per share</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=66><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- basic</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.10</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.11 </P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.09</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.04</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.07</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD><TD style="margin-top:0px" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=126><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- diluted</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.10</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.11</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.09</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.04</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.07</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=66><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>0.08</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The increases in the quarterly results for 2010 result primarily from the acquisition of Sino Gold in the fourth quarter 2009.</P>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
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<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<p style="font-family: Arial, 'Times New Roman'; margin: 0px">&nbsp;</p>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">34</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">&nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">&nbsp;</P>
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