<SEC-DOCUMENT>0001137171-11-000265.txt : 20110506
<SEC-HEADER>0001137171-11-000265.hdr.sgml : 20110506
<ACCEPTANCE-DATETIME>20110506161901
ACCESSION NUMBER:		0001137171-11-000265
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110506
DATE AS OF CHANGE:		20110506

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:		11819837

	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>eldorado6k05062011b.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>May, 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;
        May 6th, 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">Financial Statements for the Period ended March 31,
2011</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;
<a href="mda.htm">Management &amp; Discussion Analysis for the Period ended
March 31, 2011</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.3&nbsp;&nbsp;&nbsp;
<a href="ceocert.htm">Form 52-109F2 Certification of Interim Filings - Chief
Executive Officer</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.4&nbsp;&nbsp;&nbsp;
<a href="cfocert.htm">Form 52-109F2 Certification of Interim Filings - Chief
Financial Officer</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>FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2011
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Leontine Atkins">
<META NAME="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><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>
<table border="0" cellpadding="0" cellspacing="0" width="100%" height="860">
  <tr>
    <td width="50%" height="328"></td>
    <td width="50%" height="328"><img border="0" src="newsrelease001.jpg" width="372" height="151" align="right"></td>
  </tr>
  <tr>
    <td width="50%" height="532">
      <p align="right"><b><br>
      <br>
      March 31, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>&nbsp;</td>
    <td width="50%" height="532" style="border-left: 2 solid #000000"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Unaudited Condensed Consolidated Financial Statements</b></td>
  </tr>
</table>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
<BR></p>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
<P align=right><B><font size="2">Suite 118, 550 Burrard Street</font></B></P>
    </td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%">
<P align=right><B><font size="2">Vancouver, British Columbia</font></B></P>
    </td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%">
<P align=right><B><font size="2">V6C 2B5</font></B></P>
    </td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="right"></td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="right"><B><font size="2">Phone: (604) 687-4018</font></B></td>
  </tr>
  <tr>
    <td width="50%"></td>
    <td width="50%">
<P align=right><B><font size="2">Fax: (604) 687-4026</font></B></P>
    </td>
  </tr>
</table>
<P style="margin:0px"><BR></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:624px; float:left" align=right>&nbsp;</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Unaudited Condensed Consolidated Balance Sheets</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin-top:0px; margin-bottom:9.467px">&nbsp;</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=28 /><TD width=64 /><TD width=64 /><TD width=136 /><TD width=64 /><TD width=70.667 /><TD width=82.667 /><TD width=70.667 /></TR>
<TR><TD style="margin-top:0px" valign=top width=28 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=136 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64 rowspan=2><P style="margin:0px; font-size:9pt" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 rowspan=2><P style="margin:0px; font-size:9pt" align=center><B>March 31, 2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px; font-size:9pt" align=center><B>December 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 rowspan=2><P style="margin:0px; font-size:9pt" align=center><B>January 1, 2010</B></P>
</TD></TR>
<TR></TR>
<TR><TD style="margin-top:0px" valign=top width=28><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=136><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>Current assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294,116 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314,344 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265,369 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Restricted cash </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>6</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,399 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,425 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Marketable securities <B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,864 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,027 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,951 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,123 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,437 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,434 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,982 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,263 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,197 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538,484 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564,496 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484,951 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Inventories</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,940 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,627 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,534 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Investment in significantly influenced company</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>5</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,324 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,202 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Deferred income tax assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,562 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,741 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,328 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,759 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,742,579 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,699,787 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,527,567 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Goodwill</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,935 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,708,558 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,685,368 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,382,746 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>LIABILITIES &amp; EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>Current liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,490 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,695 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153,036 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; text-indent:12px; font-size:9pt">Current debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>7</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,648 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,523 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,499 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242,138 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,218 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,535 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>7</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,596 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,140 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,533 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,632 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,228 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,995 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,595 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,019 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,811 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Deferred tax liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329,537 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330,512 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355,425 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681,498 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688,117 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734,299 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Share capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>11</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,818,238 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,814,679 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,671,634 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Treasury stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>12(b)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,326 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,967 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,865 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,213)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,637)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,227 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Retained earnings (deficit)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,953 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,221 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69,423)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>Total equity attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,988,434 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,961,230 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,622,303 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt"><B>Attributable to non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,626 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,021 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,144 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,027,060 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,997,251 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,648,447 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,708,558 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,685,368 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=70.667><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;3,382,746 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=28><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=136><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292 colspan=4><P style="margin:0px; font-size:9pt">Subsequent events</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>7(a)(d)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px"><BR></P>
<H1 style="margin-top:0px">&nbsp;</H1>
<P style="margin-top:0px; margin-bottom:9.467px; font-size:12pt"><B>Approved on behalf of the Board of Directors</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px; font-size:12pt">&nbsp;&nbsp;&nbsp;<I>(Signed)</I> <I>Robert R. Gilmore &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(Signed)</I> <I>Paul N. Wright &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-size:10.5pt"><I>&nbsp;&nbsp;&nbsp;</I></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-size:10.5pt"><I>&nbsp;&nbsp;</I></FONT></P>
<P style="line-height:13pt; margin:0px" align=center>&nbsp;</P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center>See accompanying notes to the unaudited consolidated financial statements.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Unaudited Condensed Consolidated Income Statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, except per share amounts)</P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=64 /><TD width=64 /><TD width=64 /><TD width=64 /><TD width=90.667 /><TD width=64 /><TD width=64 /><TD width=64 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px"><B>For the quarter ended March 31</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px"><B>Revenue</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px">&nbsp;&nbsp;Metal sales</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218,073 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,479 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Cost of sales</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px">&nbsp;&nbsp;Production costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,311 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,590 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,217 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,333 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px"><B>Total cost of sales</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,528 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,923 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px"><B>Gross profit</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112,545 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,556 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Exploration expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,841 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,333 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Mine standby costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">General and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,034 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,418 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Employee benefit expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=center><I>8</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Share based payments</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,352 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,947 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Asset retirement obligation costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Foreign exchange loss (gain) </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,560)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Gain on disposal of assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,506)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px"><B>Operating profit</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,882 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,494 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Gain on marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,112)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Other (income) expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,397)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px">Interest and financing costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,589 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,613 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px"><B>Profit before taxation </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,325 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,664 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,625 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,356 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=346.667 colspan=5><P style="margin:0px"><B>Profit for the period </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,700 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,308 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px"><B>Attributable to:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Shareholders of the Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,473 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,502 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px">Non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,227 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,806 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px"><B>Profit for the period </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,700 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,308 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=346.667 colspan=5><P style="margin:0px">Weighted average number of shares outstanding</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>548,320</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>538,009</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px">Diluted</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>551,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>540,911</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=410.667 colspan=6><P style="margin:0px"><B>Earnings per share attributable to shareholders of the Company:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=256 colspan=4><P style="margin:0px">Basic earnings per share </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=256 colspan=4><P style="margin:0px">Diluted earnings per share</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center>See accompanying notes to the unaudited consolidated financial statements.</P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Unaudited Condensed Consolidated Statements of Comprehensive Income</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:14pt; margin:0px"><BR></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=393.333 /><TD width=49.333 /><TD width=70.933 /><TD width=64 /></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>For the quarter ended March 31</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right><B>2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Profit for the period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,700 </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,308 </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Other comprehensive income (loss):</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=442.667 colspan=2><P style="margin:0px">Change in fair value of available-for-sale financial assets (net of &nbsp;taxes of $nil and $106)</P>
</TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,459 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px">Realized losses on disposal of available-for-sale financial assets transferred to net income</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px">Actuarial losses on defined benefit pension plans</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Total other comprehensive (loss) income for the period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,459 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Total comprehensive income for the period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70.933><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,124 </B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,767 </B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Attributable to:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px">Shareholders of the Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,897 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,961 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px">Non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=70.933><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,227 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,806 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=393.333><P style="margin:0px"><B>Total comprehensive income for the period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=49.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=70.933><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,124 </B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,767 </B></P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px" align=center>See accompanying notes to the unaudited consolidated financial statements</P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Unaudited Condensed Consolidated Statements of changes in Equity</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="cta_0000000002699411"></A><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=130.933 /><TD width=35.733 /><TD width=62.667 /><TD width=74.667 /><TD width=88 /><TD width=90.667 /><TD width=64 /><TD width=66.667 /><TD width=66.667 /><TD width=64 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=446.667 colspan=6><P style="margin:0px; font-size:8pt" align=center><B>Attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; font-size:8pt" align=center><B>Note</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=center><B>Share capital</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=center><B>Treasury stock</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=center><B>Contributed surplus</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=center><B>Accumulated other comprehensive income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=center><B>Retained earnings </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=center><B>Total</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=center><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=center><B>Total equity</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">&nbsp;<B>Balance at January 1, 2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; font-size:8pt" align=center><I>11</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;2,814,679 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,967 </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,637)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,221 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,961,230 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,021 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,997,251 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Total comprehensive (loss) income for the quarter</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,473 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,897 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,227 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,124 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Dividends declared to Non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,622)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,622)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Purchase of treasury stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,080 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,080 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,080 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Estimated initial fair value of employee options exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Shares issued upon exercise of warrants, for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Options exercised, credited to share capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813)</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Share based payments</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,172 </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,172 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,172 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Dividend paid to shareholders of the Company</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,741)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,741)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,741)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt"><B>Balance at March &nbsp;31, 2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,818,238 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,326 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,213)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,953 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,988,434 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,626 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;3,027,060 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=88><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=90.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=446.667 colspan=6><P style="margin:0px; font-size:8pt" align=center><B>Attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; font-size:8pt" align=center><B>Note</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=center><B>Share capital</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=center><B>Contributed surplus</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=center><B>Accumulated other comprehensive income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=center><B>Deficit</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=center><B>Total</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=center><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=center><B>Total equity</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">&nbsp;<B>Balance at January 1, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;2,671,634 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,865 </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,227 </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69,423)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,622,303 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,144 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,648,447 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Total comprehensive income for the quarter</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,459 </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,502 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,961 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,806 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,767 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Dividends declared to Non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,286)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,286)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Shares issued upon exercise of share options, for cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,594 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,594 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,594 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Estimated initial fair value of employee options exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,981 </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,981 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,981 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Share based payments</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,947 </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,947 </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,947 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=130.933><P style="margin:0px; font-size:8pt">Stock-based compensation on Brazauro warrants &amp; options converted</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt">Options exercised, credited to share capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,981)</P>
</TD><TD style="margin-top:0px" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,981)</P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,981)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=35.733><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=62.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.667><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=130.933><P style="margin:0px; font-size:8pt"><B>Balance at March 31, 2010</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=35.733><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=62.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,679,209 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=74.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,831 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=88><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,686 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=90.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,921)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=64><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,686,805 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,664 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" width=66.667><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,714,469 </P>
</TD><TD style="margin-top:0px" width=64><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:9.467px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:7.867px" align=center>See accompanying notes to the unaudited consolidated financial statements.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Unaudited Condensed Consolidated Statements of Cash Flows</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></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=314.667 /><TD width=64 /><TD width=64 /><TD width=64 /><TD width=64 /></TR>
<TR><TD style="margin-top:0px" valign=top width=314.667><P style="margin:0px"><B>For the quarter ended March 31</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>2011</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Cash flows generated from (used in):</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Operating activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Profit for the period</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,700 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,308 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Items not affecting cash</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Provisions for asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,217 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,333 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Unrealized foreign exchange loss</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,733 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Deferred tax recovery</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,494)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Gain on disposal of assets</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,506)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Gain on marketable securities </P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,112)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Share based payments</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,352 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,947 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; text-indent:13.333px">Employee benefit expense</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,662 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,918 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Changes in non-cash working capital</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; font-size:9pt" align=center><I>13</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,719 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,479)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,381 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,439 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Investing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Purchase of mining interests and property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78,338)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47,300)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.667 colspan=2><P style="margin:0px">Proceeds from the sale of mining interests and property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,266 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Proceeds from the sale of marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Investment purchases</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,318)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Increase in restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,000)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,121)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Increase in restricted asset and other</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,512)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81,701)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,975)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Financing activities</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Issuance of common shares for cash</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,746 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,594 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Dividend paid to non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,873)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,286)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Dividend paid to shareholders</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,741)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Purchase of treasury stock</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,870)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Long-term and bank debt proceeds</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,757 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px">Long-term and bank debt repayments</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,927)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,908)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,308 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Net (decrease) increase in cash and cash equivalents</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,228)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,772 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Cash and cash equivalents - beginning of period</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314,344 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265,369 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px"><B>Cash and cash equivalents - end of period</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294,116 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=64><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,141 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,141 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=314.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px" align=center>See accompanying notes to the unaudited consolidated financial statements<I>.</I></P>
<P style="line-height:13pt; margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:6px; width:30px; float:left"><B>1.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:30px; text-indent:-2px"><B>General Information </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:3.333px; clear:left">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, including 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 Tapaj&#243;s, Brazil. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Eldorado is a public company which is listed on the Toronto Stock Exchange, New York Stock Exchange and the Australian Stock Exchange and is incorporated and domiciled in Canada.</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:6px; width:24px; float:left"><B>2.</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:30px; text-indent:-2px"><B>Basis of preparation and first-time adoption of IFRS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">The Company prepares its financial statements in accordance with Canadian generally accepted accounting principles as set out in the Handbook of the Canadian Institute of Chartered Accountants (&#147;CICA Handbook&#148;). In 2010, the CICA Handbook was revised to incorporate International Financial Reporting Standards (&#147;IFRS&#148;), and require publicly accountable enterprises to apply such standards effective for years beginning on or after January 1, 2011. Accordingly the Company has commenced reporting on this basis in these condensed consolidated financial statements. In the financial statements, the term &#147;Canadian GAAP&#148; refers to Canadian GAAP before the adoption of IFRS.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">These condensed interim consolidated financial statements have been prepared in accordance with IFRS applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting (&#147;IAS 34&#148;) and IFRS 1 First-time Adoption of International Financial Reporting Standards (&#147;IFRS 1&#148;).&nbsp;Subject to certain IFRS 1 transition elections disclosed in note 14, the Company has consistently applied the same accounting policies in its opening IFRS balance sheet as at January 1, 2010 and throughout all periods presented, as if these policies had always been in effect. Note 14 discloses the impact of the transition to IFRS on the Company&#146;s reported balance sheet and comprehensive income, including the nature and effect of significant changes in accounting policies from those used in the Company&#146;s consolidated financial statements for the year ended December 31, 2010.</P>
<P style="line-height:13pt; margin:0px; padding-left:23.8px; padding-right:7.533px">These condensed consolidated interim financial statements do not include all of the information and footnotes required by International Financial Reporting Standards (&#147;IFRS&#148;) for complete financial statements for year-end reporting purposes. Results for the period ended March 31, 2011 are not necessarily indicative of future results. Any subsequent changes to IFRS that are reflected in the Company&#146;s consolidated financial statements for the year ending December 31, 2011 could result in restatement of these interim consolidated financial statements, including the transition adjustments recognized on change-over to IFRS.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:6px; text-indent:18px"><B>Upcoming changes in accounting standards</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The following standards and amendments to existing standards have been published and are mandatory for Eldorado&#146;s annual accounting periods beginning January 1, 2012, or later periods:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:78.067px; width:102.067px; font-family:Symbol; float:left">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-2px">IFRS 9 <I>&#145;Financial Instruments: Classification and Measurement&#146; </I>&#150; This is the first part of a new standard on classification and measurement of financial assets that will replace IAS 39, <I>Financial Instruments: Recognition and Measurement</I>. IFRS 9 has two measurement categories: amortized cost and fair value. All equity instruments are measured at fair value. A debt instrument is recorded at amortized cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest. Otherwise it is measured at fair value with changes in fair value through profit or loss. In addition, this new standard has been updated to include guidance on financial liabilities and derecognition of financial instruments. This standard is effective for years beginning on/after January 1, 2013. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
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<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:6px; width:24px; float:left"><B>3.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:30px; padding-right:75.867px; text-indent:-2px"><B>Significant accounting policies</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:75.867px; clear:left">The principal accounting policies set out below have been applied consistently to all periods presented in these condensed consolidated financial statements, and have been applied consistently by Eldorado entities. Refer to Note 14 for the IFRS 1 exemptions taken in applying IFRS for the first time.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.1</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Basis of presentation and principles of consolidation</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>(i)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Subsidiaries</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Subsidiaries are entities controlled by Eldorado. Control exists when Eldorado has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The purchase method of accounting is used to account for business acquisitions. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date, irrespective of the extent of any non-contolling interest. The excess of the cost of acquisition over the fair value of Eldorado&#146;s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain is recognised directly in the income statement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The most significant wholly owned and partially owned subsidiaries of Eldorado, are presented below:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=223.2 /><TD width=78 /><TD width=78 /><TD width=102 /><TD width=167.267 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=223.2><P style="margin:0px; font-size:9pt" align=center><B>Subsidiary</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; font-size:9pt" align=center><B>Location</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78><P style="margin:0px; font-size:9pt" align=center><B>Ownership interest</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102><P style="margin:0px; font-size:9pt" align=center><B>Status</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=167.267><P style="margin:0px; font-size:9pt" align=center><B>Operations and development projects owned</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Qinghai Dachaidan Mining Ltd (QDML)</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>China</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>90%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">TJS Gold Mine</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">T&#252;prag Metal Madencilik Sanayi ve Ticaret AS</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>Turkey</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Ki&#351;lada&#287; Gold Mine</P>
<P style="margin:0px; padding-left:10.8px; font-size:9pt">Efemcukuru Project</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Unamgen Minera&#231;&#227;o e Metalurgia S/A </P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>Brazil</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Vila Nova Iron Ore Mine</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Thracean Gold Mining SA</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>Greece</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Perama Hill Project</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Sino Guizhou Jinfeng Mining Limited</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>China</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>82%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Jinfeng Mine</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Sino Gold Jilin BMZ Mining Limited</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>China</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>95%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">White Mountain Mine</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Heihe Rockmining Limited</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>China</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>95%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Eastern Dragon Project</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=223.2><P style="margin:0px; font-size:9pt">Brazauro Resources Corporation</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>Brazil</P>
</TD><TD style="margin-top:0px" valign=top width=78><P style="margin:0px; font-size:9pt" align=center>100%</P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; padding-left:10.8px; font-size:9pt" align=center>Consolidated</P>
</TD><TD style="margin-top:0px" valign=top width=167.267><P style="margin:0px; padding-left:10.8px; font-size:9pt">Tocantinzinho Project</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(ii)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Associates (equity accounted investees)</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Associates and jointly controlled entities are accounted for using the equity method (equity accounted investees) and are generally recognized initially at cost. The consolidated financial statements include Eldorado&#146;s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Company&#146;s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">At each balance sheet date, the investment in associates is assessed for indicators of impairment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; clear:left"><B>(iii) Transactions with non-controlling interests</B></P>
<P style="line-height:13pt; margin:0px; padding-left:24px">Eldorado treats transactions with non-controlling interests as transactions with third parties. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(iv)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Transactions eliminated on consolidation</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such &nbsp;transactions, are eliminated in preparing the consolidated financial statements. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.2</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Foreign currency translation</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>(i) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Functional and presentation currency</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Items included in the financial statements of each of Eldorado&#146;s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars, which is the Company&#146;s functional and presentation currency, as well as the functional currency of all significant subsidiaries.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(ii) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Transactions and balances</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.3</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Property, plant and equipment</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>(i)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Cost and valuation</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the income statement.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(ii)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Property, plant and equipment</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Property, plant and equipment include expenditures incurred on properties under development, significant payments related to the acquisition of land and mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(iii)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Depreciation</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine&#146;s estimated life using the units-of-production method calculated based on proven and probable reserves. &nbsp;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.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful life of the assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Where components of an asset have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate component.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Depreciation methods, useful lives and residual values are reviewed at the end of each year.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>(iv)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Subsequent costs</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left" align=justify>Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. &nbsp;Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized. &nbsp;Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. &nbsp;All other expenditures are expensed as incurred.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>v)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Deferred stripping costs</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; 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.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(vi)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Borrowing costs</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left" align=justify>Borrowing costs are expensed as incurred except where they are directly attributable to the financing of construction or development of assets requiring a substantial period of time to prepare for their intended future use. &nbsp;Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Investment income arising on the temporary investment of proceeds from borrowings is offset against borrowing costs being capitalized.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(vii)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>&nbsp;Mine standby and restructuring costs</B></P>
<P style="margin-top:0px; margin-bottom:7.867px; padding-left:24px; clear:left">Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs during temporary shutdowns of a mine. Restructuring costs include severance payments to employees laid off as a result of outsourcing the mining function.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.4</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Exploration and evaluation expenditures</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. All expenditures relating to exploration activities are expensed as incurred.</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Evaluation expenditures reflect costs incurred at development projects related to establishing the technical and commercial viability of developing mineral deposits identified through exploration or acquired through a business combination or asset acquisition.</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Evaluation expenditures include the cost of:</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; float:left">i)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve,</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; clear:left; float:left">ii)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">determining the optimal methods of extraction and metallurgical and treatment processes, </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; clear:left; float:left">iii)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">studies related to surveying, transportation and infrastructure requirements, </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; clear:left; float:left">iv)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">permitting activities, and </P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:48px; width:72px; clear:left; float:left">v)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies.</P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px; clear:left"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Evaluation expenditures and the subsequent mine development costs are capitalized if management determines that there is sufficient evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of the mineral resource is demonstrable 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:24px; width:48px; font-family:Wingdings; float:left">&#167;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:-2px" align=justify>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:24px; width:48px; font-family:Wingdings; clear:left; float:left">&#167;</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:-2px" align=justify>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:24px; width:48px; font-family:Wingdings; clear:left; float:left">&#167;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:-2px" align=justify>The transaction or event giving rise to the benefit has already occurred.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left" align=justify>Expenditures incurred on extensions of mineral properties which are already being mined or developed that increase production volume or extend the life of those properties are also capitalized. Capitalized expenditures are assessed for potential impairment at the end of each reporting period.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.5</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Goodwill and other intangible assets</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left" align=justify>Intangible assets consist of all identifiable non-monetary assets without physical substance. Intangible assets are stated at cost less accumulated amortization and accumulated impairment losses, if any. The following are the main categories of intangible assets:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(i) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Goodwill</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left" align=justify>Goodwill represents the excess of the cost of an acquisition over the fair value of Eldorado's share of the net assets of the acquired subsidiary, associate, joint venture or business at the date of acquisition. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced company and tested for impairment as part of the overall balance.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it is impaired.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more cash-generating units to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated to the units affected.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" align=justify>The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px"><I>Acquisitions prior to January 1, 2010</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">As described in note 14 (a), on transition to IFRS, Eldorado elected to restate only those business combinations that occurred on or after January 1, 2010. In respect of acquisitions prior to January 1, 2010, goodwill represents the amount recognized under Eldorado&#146;s previous accounting framework, Canadian GAAP.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px"><I>Acquisitions on or after January 1, 2010</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">For acquisitions on or after January 1, 2010, goodwill represents the excess of the fair value of the consideration transferred over Eldorado&#146;s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree. Goodwill is not recognized in respect of non-controlling interests. When the excess is negative (negative goodwill), it is recognized immediately in income.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.6</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Impairment of non-financial assets</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:23.8px; clear:left">Other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. &nbsp;An impairment test is performed when the impairment indicators demonstrate that the carrying amount may not be recoverable.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">An impairment loss is recognized for the amount by which the asset&#146;s carrying amount exceeds its recoverable amount. &nbsp;The recoverable amount is an asset&#146;s fair value less cost to sell and value in use. &nbsp;&nbsp;For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units, or &#145;CGU&#146;s). &nbsp;These are typically the individual mines or development projects. &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Value in use is determined as the present value of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Fair value less cost to sell is the amount obtainable from the sale of an asset or CGU in an arm&#146;s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, fair value less cost to sell is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item is no longer impaired.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.7</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Financial assets</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left"><B>(i) Classification</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><I>(a) Financial assets at fair value through profit or loss</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><I>(b) Loans and receivables</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities of greater than 12 months after the end of the reporting period, which are classified as non-current assets. Eldorado&#146;s loans and receivables comprise cash and cash equivalents, restricted cash, accounts receivable and other and restricted assets and other in the balance sheet.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><I>(c) Available-for-sale financial assets</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">Available-for-sale financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Eldorado&#146;s available-for-sale financial assets comprise marketable securities not held for the purpose of trading.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px"><B>(ii) Recognition and measurement</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Gains or losses arising from changes in the fair value of the &#145;financial assets at fair value through profit or loss&#146; category are presented in the income statement within &#145;gain or loss on marketable securities&#146; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the income statement as part of other income when Eldorado&#146;s right to receive payments is established.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px">When marketable securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in other comprehensive income are included in the income statement as &#145;gain or loss from marketable securities&#146;.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>&nbsp;(iii)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>Impairment of financial assets</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#145;loss event&#146;) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value. In the case of equity instruments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss &#150; measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset that was previously recognized in profit or loss &#150; is removed from equity and recognized in the income statement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">All impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available-for-sale financial asset recognized previously in equity is transferred to profit or loss.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. Impairment losses recognized for equity securities are not reversed.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px"><B>3.8 &nbsp;Derivative financial instruments</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are measured at fair value, and changes in fair value thereafter are recognized in profit and loss. Fair values for derivative instruments are determined using valuation techniques, using assumptions based on market conditions existing at the balance sheet date. Derivatives are not accounted for using hedge accounting.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.9</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; text-indent:-2px"><B>&nbsp;Inventories</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; float:left">i)</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px">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 and amortization of property, plant and equipment. </P>
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<P style="margin:0px; padding-left:72px">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>
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<P style="margin:0px; padding-left:72px">Inventories for which processing and sale is not expected to complete within one year is classified as non-current.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; clear:left; float:left">ii)</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:72px; text-indent:-2px">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 net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px; clear:left"><B>3.10 &nbsp;Trade receivables</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Trade receivables are amounts due from customers for bullion, dor&#233; or iron ore sold in the ordinary course of business. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px"><B>3.11 &nbsp;&nbsp;Cash and cash equivalents</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px"><B>3.12 &nbsp;&nbsp;Share capital</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction to shareholders&#146; equity.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><B>3.13 &nbsp;Trade payables</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:62.4px"><B>3.14 &nbsp;&nbsp;Borrowings</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost, calculated using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest rate method.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.15</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;Current and deferred income tax</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Income tax expense comprises current and deferred tax. Income tax expense is recognized in the income statement except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Additional income taxes that arise from the distribution of dividends are recognized at the same time that the liability to pay the related dividend is recognized.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.16</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;&nbsp;Employee benefits</B></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>(i) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Defined benefit plans</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Certain employees have entitlements under Company pension plans which are defined benefit pension plans. &nbsp;For defined benefit plans, the level of benefit provided is based on the length of service and earnings of the person entitled.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The cost of the defined benefit plan is determined using the projected unit credit method. &nbsp;The related pension liability recognized in the statement of financial position is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company obtains actuarial valuations for defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including discount rates, rate of salary escalation and expected retirement dates of employees. The expected long-term rate of return on assets is estimated based on the fair value of plan assets, asset allocation and expected long-term rates of return.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the statement of income in subsequent periods. &nbsp;Current service cost, the vested element of any past service cost, the expected return on plan assets and the interest arising on the pension liability are included in the same line items in the statement of income as the related compensation cost.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Past service costs are recognized immediately to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><B>&nbsp;(ii) Termination benefits</B></P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer made to encourage voluntary termination. &nbsp;Benefits falling due more than twelve months after the end of the reporting period are discounted to their present value.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(iii) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Short-term benefits</B></P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.</P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if Eldorado has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.</P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left"><B>3.17 &nbsp;&nbsp;Share-based payment transactions</B></P>
<P style="line-height:12.8pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company applies the fair value method of accounting for all stock option awards and equity settled restricted share units. Under this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes option pricing model for stock option awards, and the quoted market value of the shares for restricted share units. The fair value of the options is expensed over the vesting period of the options. No expense is recognized for awards that do not ultimately vest.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.18</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;&nbsp;Provisions</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">A provision is recognized if, as a result of a past event, Eldorado has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>(i) </B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Rehabilitation and restoration</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The provision recognised represents management&#146;s best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory framework; the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activity.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">These uncertainties may result in future actual expenditure differing from the amounts currently provided.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The provision recognised is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the balance sheet by adjusting both the restoration and rehabilitation asset and provision. Such changes give rise to a change in future depreciation and financial charges.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.19</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;&nbsp;Revenue recognition</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Revenue from the sale of bullion, dor&#233; and iron ore is recognized when persuasive evidence of an arrangement exists, the bullion, dor&#233; and iron ore has been shipped, title has passed to the purchaser, the price is fixed or determinable, and collection is reasonably assured. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>3.20</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;&nbsp;Finance income and expenses</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Finance income comprises interest income on funds invested (including available-for-sale financial assets), gains on the disposal of available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.333px; padding-left:24px">Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment.</P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>3. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Significant accounting policies </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left"><B>3.21 &nbsp;&nbsp;Earnings per share</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Eldorado presents basic and diluted earnings per share (EPS) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted to employees.</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:6px; width:24px; float:left"><B>4.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:30px; text-indent:-2px"><B>Critical accounting estimates and judgements</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined proven and probable reserves, 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, share-based payments and warrants, pension benefits, valuation allowances for deferred income tax assets, the provision for income tax liabilities, deferred income taxes and assessing and evaluating contingencies. Actual results could differ from these estimates.</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>5. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Investment in significantly influenced company</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">In March 2011, the Company acquired an additional 2,340,000 units of Serabi Mining Plc (&#147;Serabi&#148;) for $1,318 pursuant to the Serabi initial public offering on the Toronto Stock Exchange. &nbsp;Each unit consists of one ordinary share and one half of one purchase warrant. &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">As at the end of the period the Company holds 16,840,000 ordinary shares and 2,420,000 purchase warrants of Serabi. This represents approximately a 26.3% interest in Serabi or 29% if the Company exercises all of its purchase warrants. The investment in Serabi is being accounted for under the equity method as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=277.133 /><TD width=114.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>$</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Original purchase</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>5,375</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Additional purchase during 2010</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>1,352</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Equity loss</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=114.333><P style="margin:0px" align=right>(525)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Balance at December 31, 2010</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>6,202</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Additional purchase during the period</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>1,318</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Equity loss for the period</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,196)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Balance at March 31, 2011</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114.333><P style="margin:0px" align=right>6,324</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company acquired 2,500,000 special warrants of Serabi for $1,352 in December 2010. Each special warrant was converted 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. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Serabi is a gold mining company that is focused on the Tapaj&#243;s region of Northern Brazil.</P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>6.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Restricted cash </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; 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="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=446.667 /><TD width=90 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right><B>March 31,&nbsp;<br>
 2011</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right><B>December 31, 2010</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Eastern Dragon CMB standby letter of credit loan (note 7(c))</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>52,399</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>52,425</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Unamgen HSBC letter of credit</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><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=top width=90><P style="line-height:13pt; margin:0px" align=right>55,399</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>52,425</P>
</TD></TR>
</TABLE>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>7. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><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=446.667 /><TD width=90 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right><B>March 31,&nbsp;<br>
 2011</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right><B>December 31, 2010</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px"><U>Current:</U></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Jinfeng construction loan </P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>21,353</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>21,139</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">White Mountain fixed asset project loan &nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>9,848</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>9,749</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">White Mountain working capital project loan (a)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>6,238</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>6,176</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">White Mountain working capital loan (b)</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>7,549</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Eastern Dragon CMB standby letter of credit loan (c) </P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>48,807</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>48,317</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Eastern Dragon HSBC revolving loan facility (d)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>7,402</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>5,593</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>93,648</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>98,523</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px"><U>Non-current:</U></P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Jinfeng construction loan </P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>48,251</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>52,951</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">White Mountain fixed asset project loan </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>15,345</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>15,189</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>63,596</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>68,140</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:23.8px"><B><I>(a) White Mountain working capital project loan</I></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In April 2011, White Mountain pre-paid the full amount outstanding under this loan.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px"><B><I>&nbsp;(b) White Mountain working capital loan</I></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In 2010, White Mountain entered into a RMB 50.0 million ($7,549) working capital loan with China Merchants Bank (&#147;CMB&#148;). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">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. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">This loan is secured by a letter of guarantee issued by Eldorado.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In January 2011, White Mountain pre-paid the full amount of this loan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:23.8px"><B><I>(c) Eastern Dragon facilities</I></B></P>
<P style="line-height:13pt; margin:0px; padding-left:23.8px"><U>CMB Standby letter of Credit loan</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In January 2010, Eastern Dragon entered into a RMB 320.0 million ($48,807) 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>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>7. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Debt </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">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="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In February 2011, this loan was extended for another year.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">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. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:23.8px"><B><I>(d) HSBC revolving loan facility</I></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In May 2010, Eastern Dragon entered into a RMB 80.0 million ($12,202) revolving facility (&#147;the Facility) with HSBC Bank (China). 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:6.667px; padding-left:24px">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:6.667px; padding-left:24px">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 March 31, 2011, the security coverage is $8,142.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">As at March 31, 2011, RMB 48.5 million ($7,402) had been drawn under this Facility.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">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:6.667px; padding-left:24px">Subsequent to March 31, 2011, Eastern Dragon drew RMB 4.3 million ($656) under this Facility and the security coverage was increased to $8,864.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:23.8px"><B><I>(e) Entrusted loan</I></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In November 2010, Eastern Dragon, HSBC Bank (China) and QDML, entered into a RMB 12.0 million ($1,830) entrusted loan agreement, which was subsequently increased to RMB 50.0 million ($7,626) in January 2011.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">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:6.667px; padding-left:24px">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-top:0px; margin-bottom:6.667px; padding-left:24px">As at March 31, 2011, RMB 29.0 million ($4,423) has been drawn under the entrusted loan.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The entrusted loan has been recorded on a net settlement basis.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>8.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Defined benefit plan expense</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=446.667 /><TD width=90 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; clear:left"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right><B>March 31,&nbsp;<br>
 2011</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right><B>March 31, 2010</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Pension plan expense</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>31</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>176</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">SERP expense*</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>392</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>36</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Total</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>423</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>211</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6px; padding-left:24px; font-size:9pt">* Non-registered supplemental retirement plan</P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>9.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Compensation of key management</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Key management includes directors (executive and non-executive) and officers of the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">During the quarter some key management received their normal first quarter compensation plus a special bonus of $7,387.</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>10.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-2px"><B>Segment information</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left"><B>Identification of reportable segments</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments based on measures such as net property, plant and equipment as well as operational results. During the period ended March 31, 2011, Eldorado had five reporting segments based on the geographical location of mining and exploration and development activities. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"><B>10.1</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>&nbsp;&nbsp;Geographical segments</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Geographically, the operating segments are identified by country and by operating mine or mine under construction. The Brazil reporting segment includes the Vila Nova mine and development activities of Tocantinzinho and exploration activities in Brazil. The Turkey reporting segment includes the results of the Ki&#351;lada&#287; mine and development activities of the Efem&#231;ukuru development project and exploration activities inTurkey. The China reporting segment includes the results of the Tanjianshan mine, Jinfeng mine, White Mountain mine, the Eastern Dragon development project and exploration activities in China. The Greece reporting segment includes the development activities of the Perama Hill development project. The Other reporting segment includes operations of Eldorado&#146;s corporate office and exploration activities in other countries. Financial information about each of these operating segments is reported to the chief executive officer and the executive management on at least a monthly basis. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=209.933 /><TD width=65.333 /><TD width=67.733 /><TD width=65.267 /><TD width=65.267 /><TD width=65.2 /><TD width=73.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=402.067 colspan=6><P style="margin:0px" align=center><B>March 31, 2011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.2><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=73.267><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.267><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">Net property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Producing properties</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266,356 </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;1,154,542 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,420,898 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Properties under development</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,574 </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759,924 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,626 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,024 </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,257,148 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Iron ore property</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,515 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,515 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Other </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,468 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,747 </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,018 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481,398 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;1,915,024 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,386 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,024 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,747 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,742,579 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </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="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>10.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-2px"><B>Segment information </B><I>(continued)</I></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=209.933 /><TD width=65.333 /><TD width=67.733 /><TD width=65.267 /><TD width=65.267 /><TD width=65.2 /><TD width=73.267 /></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=402.067 colspan=6><P style="margin:0px" align=center><B>December 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.2><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.267><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">Net property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Producing properties</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248,857 </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;1,164,849 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,413,706 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Properties under development</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,955 </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754,959 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,947 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,336 </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,218,197 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Iron ore property</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,420 </P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,420 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Other </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,580 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,150 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,489 </P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,464 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431,392 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=67.733><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;1,924,958 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,612 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,336 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=65.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,489 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,699,787 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=209.933><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=67.733><P style="margin:0px" align=right>365,928</P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=65.267><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=65.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=73.267><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=240 /><TD width=65.333 /><TD width=65.333 /><TD width=65.333 /><TD width=65.333 /><TD width=65.333 /><TD width=65.333 /></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px"><B>Operations</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=392 colspan=6><P style="margin:0px" align=center><B>For the three months ended March 31, 2011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Revenue from:</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">&nbsp;&nbsp;&nbsp;Gold sales</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,750 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,705 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207,455 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">&nbsp;&nbsp;&nbsp;Iron ore sales</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,618 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,618 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Revenue from external customers</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,750 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,705 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,618 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218,073 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Expenses (income) except the undernoted</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,441 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,878 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,543 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(52) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,277 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,087 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,407 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,481 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,217 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Exploration</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,291 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,841 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Other (income) expense</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(1,156) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(259) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(1,397) </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Profit (loss) before taxation</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,767 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,230 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,699 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(24,423) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,325 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Income tax (expense) recovery</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(11,332) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(14,885) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,595 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(3) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(20,625) </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px; font-size:4pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Profit (loss) for the period </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,435 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,345 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,294 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(24,426) </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,700 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=392 colspan=6><P style="margin:0px" align=center><B>For the three months ended March 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Revenue from:</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">&nbsp;&nbsp;&nbsp;Gold sales</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,010 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,469 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,479 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Revenue from external customers</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,010 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,469 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,479 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Expenses (income) except the undernoted</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,549 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,845 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,003 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,620 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Depletion, depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,477 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,547 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,333 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Exploration</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,274 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,333 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Mine standby costs</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Other (income) expense</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(130) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(485) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(56) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(671) </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Gain on disposal of assets</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(1,504) </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(2) </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(1,506) </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Profit (loss) before taxation</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,840 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,109 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(1,426) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(45) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(11,814) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,664 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Income tax (expense) recovery</P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(13,003) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(7,436) </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 </P>
</TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px" align=right>(20,356) </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px; padding:0px; font-size:4pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=65.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Profit (loss) for the period</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,837 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,673 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(1,426) </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(45) </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>(11,731) </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=top width=65.333><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,308 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0px; padding-left:24px">All of the non-controlling interest in the Company relates to the China segment.</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:13pt; margin:0px">&nbsp;</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>10.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-2px"><B>Segment information </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:96px; clear:left; float:left"><B>10.2</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Economic dependence</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">At March 31, 2011 the Tanjianshan mine had one major customer, Henan Zhongyuan Gold Smelter Limited Liability Company of Zhongjin Gold Corporation Ltd., to whom it sells its entire production. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:96px; float:left"><B>10.3</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Seasonality/cyclicality of operations</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Management does not consider operations to be of a significant seasonal or cyclical nature.</P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>11. </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Share capital</B></P>
<P style="line-height:13pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px; clear:left">Eldorado&#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 March 31, 2011 there were no non-voting common shares outstanding (December 2010: none).</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=489.6 /><TD width=81.067 /><TD width=73.067 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=489.6><P style="line-height:12pt; margin:0px"><B>Voting common shares</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.067><P style="line-height:12pt; margin:0px" align=right><B>Number of</B></P>
<P style="line-height:12pt; margin:0px" align=right><B>Shares</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.067><P style="line-height:12pt; margin:0px" align=right><B>Total</B></P>
<P style="line-height:12pt; margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="margin:0px; padding:0px; font-size:6pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=81.067><P style="margin:0px; padding:0px; font-size:4pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=top width=73.067><P style="margin:0px; padding:0px; font-size:4pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px"><B>At 1 January 2011</B></P>
</TD><TD style="margin-top:0px" valign=top width=81.067><P style="margin:0px" align=right>548,187,192</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="margin:0px" align=right>2,814,679</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Shares issued upon exercise of share options, for cash</P>
</TD><TD style="margin-top:0px" valign=top width=81.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>268,148</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>2,080</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Estimated fair value of share options exercised</P>
</TD><TD style="margin-top:0px" valign=top width=81.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=73.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>813</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Shares issued for cash upon exercise of warrants</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=81.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>43,875</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>666</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=489.6><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px"><B>At 31 March 2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=81.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>548,499,215</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.067><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>2,818,238</P>
</TD></TR>
</TABLE>
<P style=margin-top:20px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>12.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Share-based payments</B></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px; padding-left:24px; clear:left"><B>(a) <I>Share option plans</I></B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">Movements in the number of share options outstanding and their related weighted average exercise prices 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=334.667 /><TD width=69.733 /><TD width=74.533 /><TD width=73.4 /><TD width=76.667 /></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=144.267 colspan=2><P style="line-height:12pt; margin:0px" align=center><B>2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=150.067 colspan=2><P style="line-height:12pt; margin:0px" align=center><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.733><P style="line-height:12pt; margin:0px" align=right><B>Average exercise price</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=74.533><P style="line-height:12pt; margin:0px" align=right><B>Number of</B></P>
<P style="line-height:12pt; margin:0px" align=right><B>options</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.4><P style="line-height:12pt; margin:0px" align=right><B>Average exercise price</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.667><P style="line-height:12pt; margin:0px" align=right><B>Number of</B></P>
<P style="line-height:12pt; margin:0px" align=right><B>options</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px"><B>At January 1</B></P>
</TD><TD style="margin-top:0px" valign=top width=69.733><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>9.49</P>
</TD><TD style="margin-top:0px" valign=top width=74.533><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>8,720,524</P>
</TD><TD style="margin-top:0px" valign=top width=73.4><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>6.11</P>
</TD><TD style="margin-top:0px" valign=top width=76.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>8,928,901</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Granted</P>
</TD><TD style="margin-top:0px" valign=top width=69.733><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>16.63</P>
</TD><TD style="margin-top:0px" valign=top width=74.533><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>3,446,045</P>
</TD><TD style="margin-top:0px" valign=top width=73.4><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>13.29</P>
</TD><TD style="margin-top:0px" valign=top width=76.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>5,382,500</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Exercised</P>
</TD><TD style="margin-top:0px" valign=top width=69.733><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>7.66</P>
</TD><TD style="margin-top:0px" valign=top width=74.533><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>(268,148)</P>
</TD><TD style="margin-top:0px" valign=top width=73.4><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>5.57</P>
</TD><TD style="margin-top:0px" valign=top width=76.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>(1,037,166)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px">Forfeited</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.733><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>7.82</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=74.533><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>(36,668)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.4><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>9.57</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=76.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>(152,334)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=334.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px"><B>At 31 March</B></P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=69.733><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>11.59</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=74.533><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>11,861,753</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=73.4><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>9.06</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=76.667><P style="line-height:12pt; margin-top:0px; margin-bottom:6.667px" align=right>13,121,901</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><BR></P>
<P style=margin-top:13.333px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>12.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Share-based payments </B><I>(continued)</I></P>
<P style="line-height:12pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px; clear:left">At March 31, 2011, 7,941,117 share purchase options (March 31, 2010 &#150; 7,308,564) with a weighted average exercise price of $9.83 (March 31, 2010 &#150; Cdn$8.17) had vested and were exercisable. Options outstanding are as follows:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=187.2 /><TD width=9.6 /><TD width=105.6 /><TD width=9.6 /><TD width=96 /><TD width=9.6 /><TD width=76.8 /><TD width=9.6 /><TD width=96 /><TD width=9.6 /><TD width=76.8 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=489.6 colspan=9><P style="line-height:11.5pt; margin:0px" align=center><B>&nbsp;March 31, 2011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=297.6 colspan=5><P style="line-height:11.5pt; margin:0px" align=center><B>&nbsp;Total options outstanding</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=182.4 colspan=3><P style="line-height:11.5pt; margin:0px" align=center><B>&nbsp;Exercisable options</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=187.2><P style="line-height:11.5pt; margin:0px; padding-left:86.4px"><B>Range of</B></P>
<P style="line-height:11.5pt; margin:0px; padding-left:86.4px"><B>exercise price</B></P>
<P style="line-height:11.5pt; margin:0px"><B>Cdn$</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:60.4px"><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:34.467px"><B>Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:44.867px"><B>average</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:32.2px"><B>remaining</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:27px"><B>contractual</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:68.533px"><B>life</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:49.267px"><B>(years)</B></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:15.267px"><B>Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:25.667px"><B>average</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:23.4px"><B>exercise</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:40.467px"><B>price</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:38.333px"><B>Cdn$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96><P style="line-height:11.5pt; margin:0px; text-indent:50.8px"><B>Shares</B></P>
<P style="line-height:11.5pt; margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="line-height:11.5pt; margin:0px; text-indent:15.267px"><B>Weighted</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:25.667px"><B>average</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:23.4px"><B>exercise</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:40.467px"><B>price</B></P>
<P style="line-height:11.5pt; margin:0px; text-indent:38.333px"><B>Cdn$</B></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; 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">$4.00 to $4.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:42.667px">2,411,222</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:96px">2.8</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-top:0px; margin-bottom:-2px; width:67.2px; 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:33.067px">2,411,222</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-top:0px; margin-bottom:-2px; width:67.2px; 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">$5.00 to $5.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:59.333px">97,500</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:96px">1.6</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-top:0px; margin-bottom:-2px; width:67.2px; 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:49.733px">97,500</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-top:0px; margin-bottom:-2px; width:67.2px; 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">$6.00 to $6.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:52.667px">866,000</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:96px">2.0</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-top:0px; margin-bottom:-2px; width:67.2px; 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:43.067px">866,000</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-top:0px; margin-bottom:-2px; width:67.2px; 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">$7.00 to $7.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:52.667px">563,900</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:96px">1.4</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-top:0px; margin-bottom:-2px; width:67.2px; 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:43.067px">563,900</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-top:0px; margin-bottom:-2px; width:67.2px; 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">$9.00 to $9.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:52.667px">400,700</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:96px">3.2</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-top:0px; margin-bottom:-2px; width:67.2px; 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:43.067px">320,699</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>9.57</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">&nbsp;$11.00 to $11.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:59.333px">30,000</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:96px">3.2</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-top:0px; margin-bottom:-2px; width:67.2px; 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:49.733px">20,000</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-top:0px; margin-bottom:-2px; width:67.2px; 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">&nbsp;$12.00 to $12.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:52.667px">251,000</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:96px">4.1</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-top:0px; margin-bottom:-2px; width:67.2px; 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:49.733px">97,667</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-top:0px; margin-bottom:-2px; width:67.2px; 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">&nbsp;$13.00 to $13.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:42.667px">3,576,780</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:96px">4.0</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-top:0px; margin-bottom:-2px; width:67.2px; 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:33.067px">2,209,246</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-top:0px; margin-bottom:-2px; width:67.2px; 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">&nbsp;$15.00 to $15.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:52.667px">350,000</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:96px">3.3</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>15.73</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:43.067px">250,000</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>15.62</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">&nbsp;$16.00 to $16.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:42.667px">3,281,045</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:96px">5.1</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>16.66</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:33.067px">1,093,681</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>16.66</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">&nbsp;$18.00 to $18.99</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:59.333px">24,000</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:96px">4.8</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>18.81</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:56.4px">8,000</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>18.81</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">&nbsp;$19.00 to $20.02</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=105.6><P style="line-height:11.5pt; margin:0px; text-indent:66px">9,606</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:96px">4.6</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>20.02</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:56.4px">3,202</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>20.02</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; 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; 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:36px">11,861,753</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:96px">3.7</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>11.59</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:33.067px">7,941,117</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-top:0px; margin-bottom:-2px; width:67.2px; float:left" align=right>9.83</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px; padding-left:24px"><B>&nbsp;(b) <I>Restricted share unit plan</I></B></P>
<P style="line-height:12pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px">During the three months ended March 31, 2011, the Company commenced a Restricted Share Unit (&#145;&#145;RSU&#146;&#146;) plan whereby restricted share units may be granted to Senior Management of the Company. &nbsp;Once vested, an RSU is exercisable into one common share entitling the holder to receive the common share for no additional consideration. A portion of the RSUs granted have a vesting schedule where half vest immediately and the subsequent half vest on the first anniversary of the grant. &nbsp;The remaining portion of the RSUs granted vest over two years with one third of the RSUs vesting immediately.</P>
<P style="line-height:12pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px">The current maximum number of common shares issuable under the RSU plan is 1.5 million. A total of 375,302 restricted share units with a weighted average grant-date fair value of CDN$15.73 per unit were granted during the period ended March 31, 2011 and 154,301 were exercisable.</P>
<P style="line-height:12pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px">A summary of the status of the restricted share unit plan and changes during the period ended March 31, 2011 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=277.133 /><TD width=114.333 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=114.333><P style="margin:0px" align=right>Total RSUs</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Balance at December 31, 2010</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">RSUs Granted</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>375,302</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Redeemed </P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Forfeitures</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.333><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=277.133><P style="margin:0px">Balance at March 31, 2011</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:2px solid #000000" valign=bottom width=114.333><P style="margin:0px" align=right>375,302</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:24px">As at March 31, 2011, 365,501 common shares were acquired in connection with this plan and are held in trust. These shares have been included in treasury stock in the balance sheet.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>13.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Supplementary cash flow information</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=446.667 /><TD width=90 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px; font-size:9pt">&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:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right><B>March 31, 2011</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right><B>March 31, 2010</B></P>
<P style="line-height:13pt; margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Changes in non-cash working capital</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>10,215</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>181</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>(1,547)</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px" align=right>242</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>10,051</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px" align=right>(18,902)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Total</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>18,719</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>(18,479)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Supplementary cash flow information</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Income taxes paid</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>22,145</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>20,708</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="line-height:13pt; margin:0px; padding-left:13.467px">Interest paid</P>
</TD><TD style="margin-top:0px" valign=top width=90><P style="line-height:13pt; margin:0px" align=right>2,253</P>
</TD><TD style="margin-top:0px" valign=top width=84><P style="line-height:13pt; margin:0px" align=right>2,638</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=446.667><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=90><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=84><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px">&nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">The accounting policies set out in note 3 have been applied in preparing the financial statements for the three months ended March 31, 2011, the comparative information presented in these financial statements for the year ended December
31, 2010 and in the preparation of an opening IFRS balance sheet at January 1, 2010 (Eldorado&#146;s date of transition). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">In preparing its opening IFRS balance sheet, Eldorado has adjusted certain amounts reported previously in financial statements prepared in accordance with Canadian GAAP. An explanation of how the transition from Canadian GAAP to IFRS has affected Eldorado&#146;s financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>1. &nbsp;&nbsp;&nbsp;Initial elections upon adoption</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; padding-right:15.333px; text-indent:-0.067px">Set out below are the applicable IFRS 1 exemptions applied by Eldorado in the conversion from Canadian GAAP to IFRS:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>1.1 &nbsp;IFRS exemption options:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>Exemption for business combinations</B></P>
<P style="margin:0px; padding-left:24px">IFRS 1 provides the option to apply IFRS 3, &#145;Business combinations&#146;, prospectively from the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date. The Company elected to apply IFRS 3 prospectively to business combinations occurring after its transition date. Business combinations occurring prior to the transition date have not been restated.</P>
<P style="margin:0px"><BR></P>
<A NAME="ifrs01_2008_apxD"></A><A NAME="cta_0000000005899539"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>Exemption for share-based payment transactions</B></P>
<A NAME="ifrs01_2008_Sharebasedpaymenttransaction"></A><A NAME="ifrs01_2008_prD2"></A><P style="margin:0px; padding-left:24px">An IFRS 1 exemption allows the Company to not apply IFRS 2, &#145;Share-based payment&#146;, to equity instruments granted after November 7, 2002 that vested before the date of transition to IFRS. The Company has elected to take the exemption and, as a result, was only required to recalculate the impact on any share based payments that have not vested at the date of transition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px; clear:left"><B>Exemption for employee benefits</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">IFRS 1 provides relief from applying IAS 19, &#145;Employee benefits&#146;, for the recognition of actuarial gains and losses. In line with the exemption, the Company elected to recognize all cumulative actuarial gains and losses that existed at its transition date in opening retained earnings for all its employee benefit plans.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>Exemption for borrowing costs</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">IFRS 1 allows a first time adopter to apply the transitional provisions set out in IAS 23, Borrowing Costs. &nbsp;Taking this exemption allows the Company to apply IAS 23 prospectively from the date of transition.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The Company has not elected to adopt the remaining voluntary exemptions or they do not apply to the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-78.067px"><B>2. &nbsp;&nbsp;&nbsp;Reconciliations of Canadian GAAP to IFRS</B></P>
<P style="margin:0px; padding-left:24px">IFRS 1 requires an entity to reconcile equity and comprehensive income from that previously reported under Canadian GAAP to that under IFRS. The following tables represent the reconciliation from Canadian GAAP to IFRS for the opening balance sheet (January 1, 2010) and December 31, 2010, the most recent reporting date. The Company&#146;s first-time adoption did not have an impact on cash flows. As there were no material adjustments to cash-flows, no reconciliation has been provided.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-75.6px; clear:left"><B>2.1 &nbsp;Opening balance sheet (January 1, 2010)</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258.667 /><TD width=98.667 /><TD width=82.667 /><TD width=82.667 /><TD width=82.667 /></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>Canadian GAAP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>Effect of transition</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>to IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=248 colspan=3><P style="margin:0px" align=center><B>January 1, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265,369 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265,369 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,951 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,951 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,434 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,434 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,197 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,197 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484,951 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484,951 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,534 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,534 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,872 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,759 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(a); (c); (f)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,580,816 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,249)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,527,567 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,935 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,935 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,436,108 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,362)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,382,746 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>LIABILITIES &amp; EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Accounts &nbsp;payables and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(bii); (e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157,250 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,214)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153,036 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Current debt</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,499 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,499 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(aii)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,264 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,264)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218,013 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,478)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,535 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Debt</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,533 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,533 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,566 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,995 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(b)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,811 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,811 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(a); (c); (e); (f)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390,242 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34,817)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355,425 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769,354 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,055)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734,299 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=98.667><P style="margin:0px" align=center><I>(d)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,144 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,144)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Share capital</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,671,634 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,671,634 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,865 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,865 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,227 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,227 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Deficit</P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,116)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,307)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69,423)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Total equity attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,640,610 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,307)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,622,303 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Attributable to non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px" align=center><I>(d) </I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,144 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,144 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,666,754 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,837 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,648,447 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=98.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,436,108 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,362)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,382,746 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:26.467px; width:75.6px; clear:left; float:left"><B>2.2 </B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:102.067px; text-indent:-2px"><B>Balance sheet (December 31, 2010)</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258.667 /><TD width=78.667 /><TD width=82.667 /><TD width=82.667 /><TD width=82.667 /></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>Canadian GAAP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>Effect of transition</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>to IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=248 colspan=3><P style="margin:0px" align=center><B>December 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314,344 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314,344 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,425 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,425 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,027 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,027 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,437 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,437 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,263 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,263 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(aii)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565,102 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564,496 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,627 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,627 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Investment in significantly influenced company</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,202 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,202 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,328 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,328 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(ai); (c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,793,722 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93,935)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,699,787 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,779,909 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94,541)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,685,368 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>LIABILITIES &amp; EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Accounts &nbsp;payables and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(bii); (e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,781 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,086)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,695 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Current debt</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,523 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,523 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(aii)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,915 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,915)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,219 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,001)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,218 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Debt</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,140 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,140 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,275 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,953 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,228 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(b)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,019 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,019 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(a); (c); (e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430,020 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99,508)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330,512 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776,654 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,537)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688,117 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667><P style="margin:0px" align=center><I>(d)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,021 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,021)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Share capital</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,814,679 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,814,679 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,967 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,967 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(bi)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,635)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,637)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Deficit</P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,590 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,369)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,221 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Total equity attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,967,234 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,004)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,961,230 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Attributable to non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px" align=center><I>(d) </I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,021 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,021 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,003,255 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,017 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,997,251 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,779,909 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94,541)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,685,368 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=78.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 </P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>2.3</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Balance Sheet (March 31, 2010)</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=258.667 /><TD width=64 /><TD width=82.667 /><TD width=82.667 /><TD width=82.667 /></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>Canadian GAAP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>Effect of transition</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 rowspan=2><P style="margin:0px" align=center><B>IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=center><B>to IFRS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=248 colspan=3><P style="margin:0px" align=center><B>March 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current assets</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,141 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,141 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,121 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,121 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Marketable securities</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,559 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,559 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,174 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,174 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; text-indent:13.333px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,516 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,516 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498,511 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498,511 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Inventories</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,567 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,567 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(bii)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,724 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,659 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Property, plant and equipment</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,606,048 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,340)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,552,708 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,935 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,935 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,484,785 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,405)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,431,380 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>LIABILITIES &amp; EQUITY</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px"><B>Current liabilities</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Accounts &nbsp;payables and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(bii); (e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140,190 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,006)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,184 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Current debt</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,626 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,626 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(aii)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,437 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,437)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206,253 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,443)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,810 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Debt</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,618 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,618 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Asset retirement obligations</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,152 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,581 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Pension fund obligation</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(b)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,145 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,145 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(aii); (e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386,643 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,886)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354,757 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749,666 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32,755)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716,911 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64><P style="margin:0px" align=center><I>(d)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,664 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,664)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Share capital</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,679,209 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,679,209 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Contributed surplus</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,831 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,831 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,686 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,686 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px">Retained earnings (Deficit)</P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,729 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,650)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,921)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Total equity attributable to shareholders of the Company</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,707,455 </P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,650)</P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,686,805 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Attributable to non-controlling interests</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px" align=center><I>(d) </I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,664 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,664 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,735,119 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,014 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,714,469 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=258.667><P style="margin:0px"><B>Total liabilities and equity</B></P>
</TD><TD style="margin-top:0px" valign=top width=64><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,484,785 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,405)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,431,380 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.467px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left"><B>2.4</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px"><B>Reconciliation of Total Comprehensive Income</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px; clear:left">Reconciliations between the Canadian GAAP and IFRS total comprehensive income for the three ended March&nbsp;31, 2010 and year ended December 31, 2010 are provided below:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=357.8 /><TD width=67.333 /><TD width=63.667 /><TD width=28.333 /><TD width=72.2 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.333 rowspan=2><P style="margin:0px"><B><I>Note</I></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=center><B>&nbsp;3 months ended</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.333 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72.2><P style="margin:0px" align=center><B>Year ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px" align=center><B>March 31, 2010</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px" align=center><B>December 31, 2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><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=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px"><B>Comprehensive Income under Canadian GAAP</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,110 </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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,291 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px"><B>Profit adjustments</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><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=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Reduction in pension expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(b)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 </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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,037 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Increase in depreciation of asset retirement obligation (net of tax)</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91)</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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Decrease in severance provision expense (net of tax)</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(e)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 </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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Revision to asset retirement obligation liability (net of tax)</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(c)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Foreign exchange (loss) gain on reversal of deferred income tax</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(a)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,121)</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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,223 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Tax adjustment to reflect foreign exchange difference </P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(aii)</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618)</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=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,518 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><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=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px"><B>Other comprehensive income adjustments</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.667><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=72.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Recognition of actuarial gains/losses in other comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px"><I>(bi)</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,635)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px">Total IFRS adjustments to comprehensive income</P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,343)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=28.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,303 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.8><P style="margin:0px"><B>Comprehensive Income under IFRS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=67.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=63.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,767 </P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=28.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=72.2><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234,594 </P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin:0px; padding-left:30px"><B>Explanatory Notes</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:156px; width:180px; float:left">a)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; float:left">i)</P>
<P style="margin:0px; padding-left:180px; text-indent:-2px">Under IFRS, deferred income taxes are not recognized on an asset acquisition providing certain conditions are met, </P>
<P style="margin:0px; padding-left:47.267px; clear:left">whereas they are under Canadian GAAP. During 2008, Eldorado completed the acquisition of Frontier Pacific Corporation (&#147;Frontier&#148;) and accounted for this transaction as an asset acquisition. Accordingly, a deferred tax liability was recognized under Canadian GAAP. The reversal of the deferred income tax liability recognized on the acquisition of Frontier results in an adjustment to decrease property, plant and equipment by $51,440, decrease deferred income tax liabilities by $37,582 and increase deficit by $13,858 at January 1, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">Further, during Q3 2010 Eldorado completed the acquisition of all of the issued and outstanding common shares of Brazauro that it had not already owned. This transaction was accounted for as an asset acquisition and a deferred
income tax liability was recorded under Canadian GAAP. The reversal of the deferred income tax liability recognised under Canadian GAAP resulted in an adjustment to decrease property, plant and equipment by $47,682 and decrease deferred income tax liabilities by $49,441 as of December 31, 2010 and a foreign exchange gain of $1,759 being recognized in the income statement during Q3 2010 and for the year ended December 31, 2010. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">The reversal of these deferred income tax liabilities resulted in a reduced foreign exchange movement under IFRS compared to Canadian GAAP during Q4 2010 and the year ended December 31, 2010, resulting in an adjustment to further decrease deferred income tax liabilities by $1,685 and an increase in foreign exchange gain for the same amount.</P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">ii) </P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Under Canadian GAAP, no future tax assets or liabilities are recognized for temporary differences associated with the cost of non-monetary assets and liabilities of subsidiaries where the tax basis is measured in a currency different from the functional currency. IFRS requires that deferred taxes be recognized in respect of these foreign exchange differences by translating the tax bases of the assets and liabilities at the period end rate and comparing to the accounting carrying value calculated at historical rates. &nbsp;Upon adoption of IFRS, this resulted in an adjustment to decrease property, plant and equipment by $1,864, decrease deferred income tax liability by $1,620 and increase the deficit by $244.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">For the quarter ended March 31, 2010, this resulted in an adjustment to increase the deferred income tax liability by $2,739, decrease the foreign exchange gain by $2,121 and increase deferred income tax expense by $618.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">Further to the adjustment at January 1, 2010, for the year ended December 31, 2010 this resulted in an adjustment to decrease the deferred income tax liability by $11,297, increase foreign exchange gain by $8,779 and decrease deferred income tax expense by $2,518.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">As required under IFRS, all deferred taxes are reclassified and presented as non-current in the balance sheet.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:156px; width:180px; float:left">b)</P>
<P style="margin-top:0px; margin-bottom:-2px; width:12px; float:left">i)</P>
<P style="margin:0px; padding-left:180px; text-indent:-2px">Under Canadian GAAP, Eldorado applied the corridor method of accounting for actuarial gains and losses.</P>
<P style="margin:0px; padding-left:48px; clear:left">Under this method, gains and losses are recognized only if they exceed specified thresholds. Under IFRS the Company has not used the corridor method, resulting in the carrying value of the net liability for pension fund obligations and deficit increasing by $2,020 to recognize cumulative net actuarial losses as at January 1, 2010 in accordance with the IFRS exemption. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">For the year ended December 31, 2010, actuarial losses of $2,635 were recognized within other comprehensive income. The recognition was recorded in Q4 2010.</P>
<P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">ii)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Under IFRS, Eldorado expenses the cost of past service benefits awarded to employees under post employment benefit plans over the period in which the benefits are vested. Under Canadian GAAP, Eldorado expensed past service costs over the weighted average service life of active employees remaining in the plan. This adjustment increased benefit fund obligations and deficit by $2,665 as at January 1, 2010.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">For the year ended to December 31, 2010 this resulted in an adjustment to decrease the pension expense by $1,440, decrease the foreign exchange gain by $403 and decrease the pension liability by $1,037. The decrease in the pension expense for the quarter ended March 31, 2010 was $412 recorded in the income statement with an increase to the pension liability for the same amount.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">As required under IFRS, the pension liability is presented as a separate line item. Accordingly, these amounts have been reclassified in the financial statements.</P>
<P style="margin:0px; padding-left:48px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:6px; width:48px; float:left">c) &nbsp;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">IFRS requires that asset retirement obligations are discounted using a current discount rate specific to the related liability or a risk-free interest rate if risks are incorporated into the related cash flows. Under Canadian GAAP, a credit adjusted risk-free rate was used. As a result, the asset retirement obligation recorded at January 1, 2010 has been re-measured using the risk-free discount rate in effect at that date, given that risks have been incorporated into the related cash flows, and an adjustment has been recorded to the corresponding asset. This resulted in an increase in property, plant and equipment of $370, an increase in asset retirement obligation of $429, a decrease in the deferred income tax liability of $11 and an increase in deficit of $48 at January 1, 2010. As a result of this, the accretion of the liability increased under IFRS.</P>
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<P style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="line-height:14pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:14pt; color:#00007F">Notes to the unaudited condensed consolidated financial statements</P>
<P style="line-height:13pt; margin:0px; padding-left:102.067px; text-indent:-102.067px; font-size:9pt">(Expressed in thousands of U.S. dollars, unless otherwise stated)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><B>Explanation of transition to IFRS </B><I>(continued)</I></P>
<P style="margin:0px; padding-left:48px; clear:left">In addition to the adjustment at January 1, 2010, the Company revised the asset retirement obligation estimates at December 31, 2010, resulting in an adjustment to the asset retirement obligations and &nbsp;property, plant and equipment. Under IFRS, the asset retirement obligation recorded at December 31, 2010 has been re-measured using the discount rate in effect at that date, and an adjustment has been recorded to the corresponding asset. This item resulted in an increase in property, plant and equipment of $6,996, an increase in asset retirement obligation of $8,524, a decrease in the deferred income tax liability of $388, an increase in asset retirement obligation costs of $1,163 all as at December 31, 2010, and for the year ended December 31, 2010 an increase in depreciation of $365 and a decrease in deferred income tax expense of $297 related to the asset retirement obligation costs and $91 related to the depreciation. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px">For the quarter ended March 2010, these adjustments decreased the property, plant and equipment by $91 and increased the depreciation expense by the same amount.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">d)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Under IFRS, the non-controlling interests&#146; share of the net assets of subsidiaries is included in equity and their share of the comprehensive income of subsidiaries is allocated directly to equity. Under Canadian GAAP, non-controlling interests were presented as a separate item between liabilities and equity in the statement of financial position and the non-controlling interests&#146; share of income and other comprehensive income were deducted in calculating net income and comprehensive income of the entity. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:48px">Non-controlling interest of $26,144 at January 1, 2010 has been reclassified to equity. Similar adjustments were made at March 31, 2010 ($27,664) and December 31, 2010 ($36,021).</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">e)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">IFRS requires provisions to be recorded at fair value rather than carrying value, therefore the severance provision at January 1, 2010 in Turkey was reduced by $975, creating a deferred tax liability of $195 on transition. The offsetting entry for these adjustments was recorded against retained earnings. During the 2010 year the provision was decreased by $375 and the deferred tax liability increased by $75. The decrease has been accrued over the year on a straight-line method, with the offsetting entry recorded in the income statement.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">f)</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">As part of the IFRS transition and the evaluation of components of property, plant and equipment, the Company recorded at January 1, 2010 a decrease of $315 to property, plant and equipment, a decrease of $63 to the deferred tax liability and an increase of deficit of $252.</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>mda.htm
<DESCRIPTION>MANAGEMENT & DISCUSSION ANALYSIS FOR THE PERIOD ENDED MARCH 31, 2011
<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="05/05/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px"><BR></P>
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<P style="margin:0px; 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 period ended March 31, 2011</B></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 quarter</I> means the first quarter of 2011. 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 May 4, 2011. You should also read our audited consolidated financial statements for the year ended December&nbsp;31, 2010 and the unaudited interim condensed consolidated financial statements for the period ended March 31, 2011. We prepared our unaudited interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) applicable to the preparation of interim financial statements, including IAS 34 &#147;Interim Financial Reporting&#148; and IFRS 1 &#147;First-Time Adoption of IFRS&#148;. For comparative purposes all financial statement amounts related to the quarter ended March 31, 2010 and the year ended December 31, 2010 have been restated in accordance with IFRS. All other periods remain unchanged from the numbers originally reported under Canadian generally accepted accounting principles (CGAAP). We file our financial statements 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 <FONT style="font-family:Arial; color:#0000FF"><U>www.sedar.com</U></FONT><FONT style="font-family:Times New Roman; font-size:11pt"></FONT><FONT style="font-family:Arial">.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Except for our adoption of IFRS, there have been no changes to the following since we published our 2010 MD&amp;A: critical accounting estimates, financial related risks and other risks and uncertainties. There has also been no material change in the legal status of our worldwide projects and operations since that time.</P>
<P style="margin:0px"><BR><BR></P>
<P style="margin:0px; clear:left">&nbsp;</P>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B><font size="2">What's inside</font></B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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<P style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>About Eldorado</B></P>
    </td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">1</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Q1 Highlights</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">1</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Corporate Developments</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">2</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Review of financial results</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">2</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Quarterly updates</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Operations</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">4</td>
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<P style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Development
projects</P>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">7</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Exploration</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">8</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Quarterly results</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">9</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Non-IFRS measures</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">9</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Operating cash flow, financial condition and liquidity</B></td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Capital expenditures, Liquidity and capital resources</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">10</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Contractual obligations, Debt, Dividends, Equity</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">11</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Other information</B></td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Adoption of IFRS</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Internal controls over financial reporting</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Forward-looking information and risks</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
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      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
  </tr>
</table>
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<BR></P>
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<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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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; font-family:Arial,Times New Roman">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,Times New Roman">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">Eldorado's common shares are 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; font-family:Arial; font-size:12pt"><B>First quarter highlights</B></P>
<P style="margin:0px"><BR></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">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial">Net income attributable to shareholders of the Company for the quarter was $52.5 million or $0.10 per share compared to $50.5 million or $0.09 per share for the same quarter in 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">Gold revenues were up 14% over the same quarter in 2010 reflecting higher gold sales prices partially offset by lower gold sales volumes.</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">Earnings from gold mining operations before taxes increased 15% over the same quarter in 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">Vila Nova reported $10.6 million in revenues from two shipments of iron ore on total cash costs of $4.5 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">Ki&#351;lada&#287;<font style="font-family: 'Arial Unicode MS', Arial">'</font>s Phase III expansion was completed with production expected to increase as a result.</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">We paid a Cdn$0.05 dividend per common share on February 25, 2011.</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">We generated $91.7 million in cash from operating activities before changes in non-cash working capital &#150; an increase of 13% over the same quarter in 2010. </P>
<P style="margin:0px; clear:left"><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>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S
DISCUSSION AND ANALYSIS</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>Corporate Developments</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">The Board of Directors of the Company approved an $11.3 million special bonus to senior management of the Company, payable in cash and restricted share units
(RSU's). This resulted in a charge of $10.0 million to this quarter's earnings with the remainder to be amortized over the one year vesting period of the RSU's.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Review of Financial Results</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=60%><TR height=0 style="font-size:0"><TD /><TD width=96.933 /><TD width=96.933 /><TD width=85.533 /><TD width=85.533 /><TD width=85.4 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;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=85.533><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=85.533><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=85.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Summarized Financial Results</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=96.933><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=85.533><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter<SUP>2</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third <BR>
quarter<SUP>2</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth <BR>
quarter<SUP>2</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold Revenues (millions)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$207.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$181.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$206.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$190.3</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$204.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>148,530</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;163,446 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;172,826 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;154,655 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>149,022</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Average Realized Price ($/ounce)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$1,397</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,110</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,195</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,231</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$1,373</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Average London spot price ($/ounce)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; 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=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,109</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,197</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,227</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$1,367</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings from gold mining operations<SUP> </SUP>&nbsp;(millions)<SUP>1</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$107.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$94.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$104.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$94.4</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$109.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Net Income (millions)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$52.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$50.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$60.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$48.8</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$43.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings per share - Basic</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><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=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.09</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; 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=85.533><P style="margin-top:1.8px; margin-bottom:0px; 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=85.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.08</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Dividends per share &#150; Cdn$</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$0.05</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.05</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash flow from operating activities</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$91.7</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=96.933><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$80.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$54.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=85.533><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$52.3</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=85.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$57.5</P>
</TD></TR>
</TABLE>
<P style="line-height:10pt; margin-top:2.2px; margin-bottom:2.2px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Earnings from gold mining operations represent gross revenues less operating costs and depreciation, depletion and amortization. This is a non-IFRS measure. Please see page 9 for discussion of non-IFRS measures. (2) Financial results prepared in accordance with CGAAP.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:2.2px; margin-bottom:2.2px; font-family:Arial,Times New Roman">Our consolidated net income attributable to shareholders of the Company for the quarter was $52.5 million or $0.10 per share, compared with $50.5 million or $0.09 per share in the first quarter of 2010, a 4% increase in net income attributable to shareholders of the Company. Excluding the effects of the special bonus discussed above and a $6.6 million tax recovery related to recognizing future income tax assets of Unamgen, the Brazilian entity that owns Vila Nova, net income increased 11%. The increase was mainly due to higher earnings before taxes from gold mining operations as well as the contribution of profit from Vila Nova, which was not in production in the first quarter of 2010. Increased earnings from gold mining operations were driven by higher revenues. Revenues for the quarter were up $26.0 million, or 14%, from a year ago because of higher selling prices partially offset by lower sales volumes. Sales volumes from Ki&#351;lada&#287; were 39% lower than the same quarter in 2010, while Tanjianshan and White Mountain sales volumes increased 65% in aggregate compared to the same quarter in 2010.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="844"><TR height=0 style="font-size:0"><TD width=199 /><TD width=54 /><TD width=112 /><TD width=1 /><TD width=127 /><TD width=1 /><TD width=111 /><TD width=1 /><TD width=109 /><TD width=1 /><TD width=109 /></TR>
<TR><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="background-color: #F3F3F3; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011</B></P>
</TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 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="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Sales volumes by mine</B></P>
</TD><TD style="background-color: #F2F2F2; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><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="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><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="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><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="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><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="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><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="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold ounces sold</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>148,530</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;163,446 </P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;172,826 </P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;154,655 </P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>149,022</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Ki&#351;lada&#287;</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>50,832</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>83,974</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>69,197</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>66,113</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>59,741</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Tanjianshan</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>28,493</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>18,947</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>38,261</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>28,847</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>30,710</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- Jinfeng</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>48,518</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>49,674</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>48,623</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>45,447</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>38,282</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- White Mountain</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20,687</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>10,851</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>16,745</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>14,248</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20,289</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Average price per oz.</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$1,397</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,110</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,195</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$1,231</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$1,373</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=201><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold revenue (millions)</P>
</TD><TD style="background-color: #FFFFFF; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=169 colspan=2><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$207.5</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=131 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$181.5</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=115 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$206.4</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113 colspan=2><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$190.3</P>
</TD><TD style="background-color: #FFFFFF; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=114 colspan=2><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$204.6</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=top width=199><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #FFFFFF; margin-top: 0px" valign=top width=168 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #FFFFFF; margin-top: 0px" valign=top width=129 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #FFFFFF; margin-top: 0px" valign=top width=113 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #FFFFFF; margin-top: 0px" valign=top width=111 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #FFFFFF; margin-top: 0px" valign=top width=112 colspan=2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="844">
<TR><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial; font-size:8pt">(millions)</P>
</TD><TD style="background-color: #F3F3F3; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;2011</B></P>
</TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=129><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;2010</B></P>
</TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="background-color: #F3F3F3; border-top: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=111><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color: #F3F3F3; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Earnings from gold mining operations</B></P>
</TD><TD style="background-color: #F3F3F3; border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;First <BR>
quarter</B></P>
</TD><TD style="background-color: #F3F3F3; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=129><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="background-color: #F3F3F3; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter<SUP>1</SUP></B></P>
</TD><TD style="background-color: #F3F3F3; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third <BR>
quarter<SUP>1</SUP></B></P>
</TD><TD style="background-color: #F3F3F3; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=111><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth <BR>
quarter<SUP>1</SUP></B></P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold sales</P>
</TD><TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>$207.5</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=129><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>$181.5</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$206.4</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$190.3</P>
</TD><TD style="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=111><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$204.6</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Gold mining production costs</P>
</TD><TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>69.9</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=129><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>64.6</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>72.3</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>69.1</P>
</TD><TD style="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=111><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>69.9</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Depreciation and amortization (DD&amp;A)</P>
</TD><TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>29.8</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=129><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>22.8</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>29.2</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>26.8</P>
</TD><TD style="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" width=111><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>25.3</P>
</TD></TR>
<TR><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=top width=257><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings: gold mining operations</P>
</TD><TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>$107.8</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=129><P style="margin:0px; font-family:Arial; font-size:8pt" align=right>$94.1</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$104.9</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" width=113><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$94.4</P>
</TD><TD style="background-color: #F2F2F2; border-bottom: 1px solid #000000; margin-top: 0px" width=111><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$109.4</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.2px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Prepared in accordance with CGAAP</FONT></P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman">&nbsp;</P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman"><I>Production costs from gold mining operations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Production costs from gold mining rose 8% compared first quarter of 2010, reflecting the increase in sales from our Chinese mines with higher unit costs in relation to total sales.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Depreciation and amortization expense from gold mining operations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">DD&amp;A expense from gold mining operations was $29.8 million this quarter, or $7.0 million higher than a year ago, reflecting the higher depreciation cost of White Mountain and Jinfeng which include amortization of amounts allocated to depreciable assets on the purchase of Sino Gold.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=60%><TR height=0 style="font-size:0"><TD /><TD width=88.467 /><TD width=88.467 /><TD width=106.133 /><TD width=92.467 /><TD width=100.467 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top><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-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><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=106.133><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=92.467><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=100.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2; border-right:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>First</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>First</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Other expenses</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>quarter<SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>quarter<SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>quarter<SUP>1</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$21.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$10.4</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$10.8</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$8.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$17.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.6</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20.4</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>25.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>13.3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>28.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.8</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.8</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>4.9</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>11.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Share based payments</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>7.4</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.9</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.6</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>3.3</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>2.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Non-controlling interests</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>6.2</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=88.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>2.8</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=106.133><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>4.0</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=92.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>5.1</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=top width=100.467><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>5.5</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.2px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Prepared in accordance with CGAAP</FONT></P>
<P style="margin-top:6.667px; margin-bottom:0px; font-family:Arial,Times New Roman"><I>General and administrative expense</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">General and administrative expense increased this quarter compared to a year ago mainly due to the special bonus described above.</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">Excluding a $6.6 million income tax recovery related to the recognition of Vila Nova tax assets the effective tax rate increased to 34% this quarter from 28% a year ago. The increase was mainly the result of higher non-deductible tax losses in Canada related to the $10 million special bonus as well as a $2.2 million accrual for Turkish withholding taxes related to a dividend to be paid this year by Tuprag to Eldorado Gold Corporation.</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 expenses were in line with the same quarter a year ago, reflecting less exploration activities during the winter.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Share based payments</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Share based payments reflect the amortization of the fair value of stock options and RSU's granted to directors, officers and employees over their vesting periods. Included in this quarter's share based payment expense were $1.5 million related to the RSU's granted as part of the special bonus described above.</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">The increase in non-controlling interest over last year reflected higher earnings at our partially-owned mines in China.</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>Operations update</B></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=198 /><TD width=102 /><TD width=102 /><TD width=90 /><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=198><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></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:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;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: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=90><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial"><B>Summarized Operating highlights</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right: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>&nbsp;First <BR>
quarter</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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Second quarter<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Third <BR>
quarter<SUP>4</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Fourth <BR>
quarter<SUP>4</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3" valign=top width=198><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; border-right: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>&nbsp;</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=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=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-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings &#150; gold mining operations<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$107.8</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$94.1</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:0px; font-family:Arial; font-size:8pt" align=right>$104.9</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:0px; font-family:Arial; font-size:8pt" align=right>$94.4</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$109.4</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>148,577</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>164,928</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>167,940</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>151,297</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>148,374</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$410</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$370 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$357 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$386 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$418</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$462</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$397 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$410 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$431 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$460</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=198><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:#F2F2F2; border-right: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>&nbsp;</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:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings <font style='font-family:Arial Unicode MS,Arial'>&#8211;</font> gold mining operations<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$46.8</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$63.0</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:0px; font-family:Arial; font-size:8pt" align=right>$54.8</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:0px; font-family:Arial; font-size:8pt" align=right>$52.3</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$57.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>50,833</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>82,240</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>70,451</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>62,086</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>59,815</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$386</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$304 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$304 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$337 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$382</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$408</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$307 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$345 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$359 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$354</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=198><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; border-right: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>&nbsp;</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:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings &#150; gold mining operations<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$17.1</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$5.5</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:0px; font-family:Arial; font-size:8pt" align=right>$19.9</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:0px; font-family:Arial; font-size:8pt" align=right>$14.0</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$20.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>28,493</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>25,423</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>28,884</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>28,847</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>30,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$402</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$420 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$387 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$391 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$349</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$515</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$517 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$483 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$493 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$459</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=198><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; border-right: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>&nbsp;</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:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings &#150; gold mining operations<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$31.2</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$22.1</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:0px; font-family:Arial; font-size:8pt" align=right>$23.6</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:0px; font-family:Arial; font-size:8pt" align=right>$21.7</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$21.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>48,564</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>45,615</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>52,659</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>46,116</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>37,560</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$430</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$422 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$381 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$425 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$486</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$482</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$462 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$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:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$473 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$585</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=198><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; border-right: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>&nbsp;</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:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Earnings &#150; gold mining operations<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$12.7</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$2.8</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:0px; font-family:Arial; font-size:8pt" align=right>$6.6</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:0px; font-family:Arial; font-size:8pt" align=right>$6.4</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$10.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Ounces produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>20,687</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>11,650</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>15,946</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>14,248</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>20,289</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Cash operating costs ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$438</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$550 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$442 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$477 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$498</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=198><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total cash cost ($ per ounce)<SUP> 1</SUP></P>
</TD><TD style="margin-top:0px; border-right: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>$475</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$589 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$474 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$507 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$536</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:11pt; margin-top:1.8px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">The Company has included non-IFRS performance measures, cash operating costs, total cash costs, per gold ounce, throughout this document. The Company reports cash operating costs and total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to page 9 for a reconciliation of cash operating costs and total cash costs to reported production costs.</FONT></P>
<P style="line-height:11pt; margin-top:3.867px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(2)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Earnings from gold mining operations is a non-IFRS performance measure. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to page 9 for an explanation of this performance measure.</FONT></P>
<P style="margin-top:3.867px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(3)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Earnings from gold mining operations are stated in millions.</FONT></P>
<P style="margin-top:5.533px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(4)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">The second, third and fourth quarter financial measures are derived from financial statements prepared in accordance with CGAAP.</FONT></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">4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>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=180 /><TD width=102 /><TD width=102 /><TD width=90 /><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=180><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></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: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=90><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=90><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=90><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=180><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right: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>&nbsp;First <BR>
quarter</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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Second&nbsp;<br>
 quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Third <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Fourth <BR>
quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>2,510,557</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,910,816 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,971,165 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,538,357 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>1,626,165</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>7,300,925</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;6,305,993 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;7,590,988 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;7,265,973 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>6,136,849</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>1.91:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1.17:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1.55:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1.86:1 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>2.77:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>2,341,635</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,898,199 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,686,284 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2,767,179 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>2,021,057</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>1.04</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1.12 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1.12 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;0.98 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>1.00</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>50,833</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;82,240 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;70,451 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;62,086 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>59,815</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Gold production at Ki&#351;lada&#287; was on budget but lower than previous quarters due to the Phase III expansion project as well as a major overhaul of the primary crusher mainframe. We expect production levels to increase as improvements related to the Phase III expansion project are brought on line.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Capital spending this quarter was $20.3 million on construction of the Phase III upgrade, modifications to the crushing system, capitalised waste stripping, and core drilling. &nbsp;</P>
<P style="margin:0px"><BR></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=180 /><TD width=102 /><TD width=102 /><TD width=90 /><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=180><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></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: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=90><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=90><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=90><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=180><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right: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>&nbsp;First <BR>
quarter</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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Second&nbsp;<br>
 quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Third <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Fourth <BR>
quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>294,261</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;111,728 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;339,068 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;347,031 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>380,466</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>828,028</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;390,627 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,584,769 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;1,062,371 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>1,117,263</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>1.81:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2.50:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;3.67:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;2.06:1 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>1.94:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>238,070</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;249,738 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;271,749 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;283,598 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>244,867</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>3.90</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.01 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.38 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;3.84 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>4.59</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>28,493</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;25,423 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;28,884 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;28,847 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>30,710</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=justify>During the quarter Tanjianshan began to process Qinlongtan concentrate (this material is not reflected in &#147;ore processed&#148; in the table above). The additional roaster feed provided by this material helped the mine to increase gold production while processing less ore. The concentrate tailings impoundment will continue to provide additional feed to the roaster this year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=justify>Capital spending this quarter was $2.2 million. </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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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"><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=180 /><TD width=102 /><TD width=102 /><TD width=90 /><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=180><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></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: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=90><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=90><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=90><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=180><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right: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>&nbsp;First <BR>
quarter</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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Second&nbsp;<br>
 quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Third <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Fourth <BR>
quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>123,457</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;101,340 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;96,585 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;96,272 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>110,818</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>474,971</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;398,100 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;334,566 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;311,911 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>387,701</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Total material mined &#150; open pit (tonnes)</P>
</TD><TD style="margin-top:0px; border-right: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>1,240,345</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;5,320,508 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4,651,564 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4,823,845 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>3,036,921</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Strip ratio &#150; open pit</P>
</TD><TD style="margin-top:0px; border-right: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>1.61:1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;12.4:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;12.6:1 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14.5:1 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>6.83:1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>384,400</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;389,851 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;392,211 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;387,427 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>387,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>4.32</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.23 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.51 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.42 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>3.81</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>48,564</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;45,615 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;52,659 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;46,116 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>37,560</P>
</TD></TR>
</TABLE>
<P style="margin-top:6.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=justify>Open pit mining at Jinfeng was targeted at the bottom of the pit during the quarter. As a result the strip ratio fell from 6.83:1 in the fourth quarter of 2010 to 1.61:1 this quarter. Mining of the current phase will be completed in the second quarter this year after which waste stripping for the cutback will commence.</P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=justify>&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman" align=justify>Capital spending was $5.8 million this quarter, mostly for underground mine development, land compensation fees and construction of the thiocyanate (SCN) destruction plant. &nbsp;</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"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=180 /><TD width=102 /><TD width=102 /><TD width=90 /><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=180><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></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: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=90><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=90><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=90><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=180><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right: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>&nbsp;First <BR>
quarter</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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Second&nbsp;<br>
 quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Third <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>Fourth <BR>
quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>140,248</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;133,438 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;170,374 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;146,156 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>174,755</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>140,211</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;130,643 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;167,981 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;154,125 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>169,669</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>5.70</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.09 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;3.78 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;4.01 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>4.06</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=180><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; border-right: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>20,687</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;11,650 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;15,946 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;14,248 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; 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>20,289</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">White Mountain set another record for gold production this quarter, mainly due to higher grade and recoveries. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Capital spending this quarter was $2.6 million, mostly for underground development </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<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 the quarter Vila Nova mined 138,114 tonnes of run-of-mine iron ore. Two shipments totalling 85,421 dry metric tonnes were made during the quarter, one of lump ore and another of sinter fines. Both of these shipments were sold into the Chinese spot market at prices averaging $124 per dry metric tonne delivered to the Santana port in Brazil compared with a total cash cost (including royalties, production taxes and shipping costs) of $53 per tonne.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">6</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>Development project update</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">Construction continued at Eastern Dragon despite extreme weather conditions. The winter works program successfully advanced the project schedule safely and efficiently through this difficult period. &nbsp;Work resumed following the Spring Festival with the focus continuing to be on civil and structural installations.</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">Dry commissioning of the concentrator plant continued during the quarter. &nbsp;The majority of the circuit was tested with the exception of the gold room, which was reaching the final stages of completion. &nbsp;The high voltage power supply will be tied into the plant in mid-April. &nbsp;This will allow the mills to be turned on with no load, completing the dry commissioning of the plant. Wet commissioning of the plant is projected to take place in the second quarter. The remaining construction activity at site has focused on completion of the filtration and backfill plants. &nbsp;All mechanical equipment has been installed. &nbsp;Piping and electrical installations have been ongoing. &nbsp;Dry commissioning of these facilities is projected to take place in the second quarter of 2011.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Underground development continued on schedule with approximately 3,000 meters of development completed by the end of the quarter, representing 69% of the contract value. &nbsp;Areas of poor ground conditions were encountered in the North Ramp as well as the overcut development in the crusher chamber. The application of tight bolting, screen and shotcrete was effective in dealing with these conditions. &nbsp;A portable crusher will be on site in the second quarter to provide temporary crushing capacity for ore production during commissioning of the plant until the underground crusher installation has been completed, projected to be in the third quarter of 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Detailed engineering of the plant and infrastructure for the concentrate treatment plant at Ki&#351;lada&#287; continued during the quarter. Site construction is projected to begin in the second quarter of 2011.</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; font-family:Arial,Times New Roman">The majority of the Phase III expansion was completed in the first quarter. The full system is expected to be complete and operational in the second quarter of 2011. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Plans to complete a scoping level study are underway, which aims for a significantly higher throughput for the mine and plant facilities. &nbsp;The study will examine the impact of higher production from the open pit, further expansion of the crushing and screening facilities as well as modification or replacement of the ancillary facilities required to support the expansion. &nbsp;The scoping study is projected to be completed by mid-year.</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">Preparation of a Prefeasibility Report for the Tocantinzinho project continued through the quarter. The focus of effort was on continued refinement of the capital and operating costs. The remote location of the project and associated impact on costs has made it necessary to thoroughly review all supply and materials costs. &nbsp;The Prefeasibility Report is expected to be completed in the second quarter along with an updated reserve statement.</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">The Preliminary Environmental Impact Assessment continued to be reviewed by government officials during the quarter. Arrangements were made to take stakeholders of the project to visit mining operations in Finland to demonstrate best practise technology in the mining industry, specifically as practised in the European Union. &nbsp;This is part of the continuing effort being made by the Company to educate government and private individuals about modern mining practises as well as health and safety issues associated with mining activity. &nbsp;These efforts also continued with government officials, particularly the Minister of Environment, in order to advance the permitting process and answer any questions they may have regarding the benefits the project can bring to Greece. </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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Exploration update </B></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">Exploration during the quarter in Turkey focused on drilling at two of our reconnaissance projects (Saya&#231;ik, AS), and fieldwork related to target definition at several other early-stage prospects. &nbsp;Exploration drilling at the Ki&#351;lada&#287; and Efem&#231;ukuru mine areas will commence during the second quarter. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At Saya&#231;ik, the two final drillholes of the 2010 program were completed, targeting the remaining untested geophysical anomalies on the property. &nbsp;Both drillholes intersected altered volcaniclastic and intrusive rock sequences, but no significant mineralization. &nbsp;All assay results have been received from the 2010 drilling program, and no further work is planned at this time.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the AS deposit, two drillholes tested surface geochemical anomalies, completing the planned 2010 program. &nbsp;The low-grade Cu, Mo, and Au values obtained from the program do not support further exploration on the property at this time.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">We also completed reconnaissance fieldwork, including mapping and soil geochemistry surveys on the early-stage Do&#287;an&#231;ilar and Atalan projects this quarter.</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">Exploration drilling in China during the first quarter focused on projects in the Guizhou region, with three drillholes (331 metres) completed at the Banna and Weiruo prospects in the Jinluo Exploration License. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the Jinfeng mine, 3,607 metres of underground drilling was completed from the 310 level, mainly devoted to infill of mineralized zones along the F2, F3, and F7 faults. &nbsp;RC drilling was also completed in the Rongban portion of the deposit to better define the continuity and extent of mineralized zones. &nbsp;Work progressed on a revised structural/lithologic model for the deposit, directed towards refining our knowledge of controls on gold distribution, defining new drill targets, and helping constrain future resource estimates.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">In the White Mountain, Eastern Dragon, and Tanjianshan areas, field activities were limited by winter conditions. &nbsp;Planning of the 2011 field activities and drilling programs for these areas was completed during the quarter.</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">Drilling at the Tocantinzinho project this quarter included 11 diamond drillholes (3,691 metres) testing exploration targets peripheral to the main deposit area. &nbsp;These targets were defined by a combination of surface soil geochemical anomalies, chargeability or resistivity anomalies, and areas of known mineralization based on garimpiero workings or surface gold occurrences. &nbsp;Several of the drillholes encountered granitoid units with similar lithologic, alteration, and mineralization character to that found in the Tocantinzinho deposit, although gold assay results received from the first few drillholes have been limited to narrow, low grade intercepts. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">Soil sampling programs were initiated during the quarter to extend the area of coverage both along and peripheral to the Tocantinzinho trend. &nbsp;In addition, grid-based augur drilling commenced within areas containing broad gold geochemical anomalies in soil to more closely define targets for diamond drilling.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman">At the optioned Agua Branca project, fieldwork this quarter focused on soil geochemical sampling aimed at defining targets for diamond drilling in the second and third quarters.</P>
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<P style="margin:0px; font-family:Arial,Times New Roman"><B>Nevada</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Five reverse circulation drillholes were completed at the optioned Cathedral Well project, testing targets defined by integrating surface geology with CSAMT geophysical surveys. &nbsp;No significant mineralization was intersected, and no further work is planned at the project of 2011. &nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">8</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Quarterly results</B></P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt">millions (except per share amounts)</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=86.6 /><TD width=67.4 /><TD width=77.267 /><TD width=69.467 /><TD width=73.667 /><TD width=67.4 /><TD width=67.4 /><TD width=67.4 /><TD width=67.4 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=86.6><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=bottom width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2011</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010 </B><B><SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69.467><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B><B><SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.667><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B><B><SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.4><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=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><B><SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><B><SUP>1</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2009</B><B><SUP>1</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=86.6><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=67.4><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=77.267><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=69.467><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=73.667><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=67.4><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=67.4><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=67.4><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=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><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; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$218.1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.267><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$212.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$190.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.667><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$206.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$181.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$144.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$81.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$80.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">Net income</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$52.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=77.267><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$43.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=69.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$48.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.667><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$60.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$50.4</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>$33.3</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$30.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$25.9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=86.6><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:#F2F2F2" valign=top width=67.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.267><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.4><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=86.6><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- basic</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2" valign=top width=67.4><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=77.267><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.08</P>
</TD><TD style="margin-top:0px" valign=top width=69.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.09</P>
</TD><TD style="margin-top:0px" valign=top width=73.667><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.11</P>
</TD><TD style="margin-top:0px" valign=top width=67.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.09</P>
</TD><TD style="margin-top:0px" valign=top width=67.4><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=67.4><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=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$0.07</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=86.6><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt">- diluted</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=67.4><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=77.267><P style="margin-top:1.8px; margin-bottom:0px; 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=69.467><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.09</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=73.667><P style="margin-top:1.8px; margin-bottom:0px; 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=67.4><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$0.09</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=67.4><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=67.4><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=67.4><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$0.07</P>
</TD></TR>
</TABLE>
<P style="margin-top:1.533px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Information for 2009 and the second, third and fourth quarters of 2010 is presented in accordance with Canadian GAAP and has not been restated in accordance with IFRS.</FONT></P>
<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;</B></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="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;</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Non-IFRS measures</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Throughout this document, we have provided measures prepared in accordance with IFRS, as well as some non-IFRS 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-IFRS measures, they are not a reliable way to compare us against other companies. Non-IFRS measures should be used along with other performance measures prepared in accordance with IFRS. We have defined our non-IFRS measures below and reconciled them with the IFRS measures we report.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Cash operating cost and total cash 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 from our gold mining operations to production costs. We calculate costs according to the Gold Institute Standard. Total cash cost is the sum of cash operating cost, royalty expense and production tax expense.</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=60%><TR height=0 style="font-size:0"><TD /><TD width=66.133 /><TD width=84 /><TD width=87.867 /><TD width=87.867 /><TD width=87.867 /></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt">millions (except for gold ounces sold and cash operating cost per ounce)</P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>&nbsp;2011</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=84><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=87.867><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=87.867><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=87.867><P style="margin-top:2.667px; margin-bottom:0.067px; font-family:Arial,Times New Roman; font-size:8pt" align=right><B>2010</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt"><B>Reconciliation of cash operating costs to production costs</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>&nbsp;First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; 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>First <BR>
quarter</B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Second quarter<SUP>2</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Third <BR>
quarter<SUP>2</SUP></B></P>
</TD><TD style="margin-top:0px; background-color:#F3F3F3; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right><B>Fourth <BR>
quarter<SUP>2</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt"><B>Production 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 income statement)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$69.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$64.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$72.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$69.1</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$69.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><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=84><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=87.867><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=87.867><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><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><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(7.7)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>(4.3)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>(9.1)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>(7.0)</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(6.1)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(1.3)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>0.2</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>(1.4)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>(2.4)</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>(1.5)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$60.9</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$60.5</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$61.8</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>$59.7</P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$62.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>148,530</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;163,446 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;172,826 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;154,655 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>149,022</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><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; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=66.133><P style="margin-top:1.8px; margin-bottom:1.8px; font-family:Arial; font-size:8pt" align=right>$410</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=84><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$370 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$357 </P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0px; font-family:Arial; font-size:8pt" align=right>&nbsp;$386 </P>
</TD><TD style="margin-top:0px; background-color:#F2F2F2; border-bottom:1px solid #000000" valign=top width=87.867><P style="margin-top:1.8px; margin-bottom:0.067px; font-family:Arial; font-size:8pt" align=right>$418</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.2px; margin-bottom:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(1)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Stock-based compensation expense has been allocated to production costs in the second, third and fourth quarters of 2010 under Canadian GAAP.</FONT><FONT style="font-size:10pt"><SUP> </SUP></FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:8pt"><SUP>(2)</SUP><FONT style="font-size:10pt"><SUP> </SUP></FONT><FONT style="font-size:7pt">Production costs prepared in accordance with CGAAP.</FONT></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">9</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>Cash flow from mining 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 mining operations 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"><I>Earnings from gold mining operations</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">We use <I>earnings from gold mining operations</I> to supplement our consolidated financial statements, and calculate it by deducting operating costs and depreciation, depletion and amortization directly attributable to gold mining operations from gross revenues directly attributable to gold mining operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. We disclose these measures, which have been derived from our financial statements and applied on a consistent basis, because we believe they are of assistance in understanding the results of our operations and financial position and are meant to provide further information about our financial results to investors.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Operating cash flow, financial condition and liquidity</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 $91.7 million in cash this quarter, compared to $80.9 million in the same quarter of 2010. The increase in cash flow from a year ago was due to higher operating cash flow from our mining operations.</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 $78.3 million in capital expenditures, mine development, mining licences and other assets this quarter. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Mine development expenditures totalled $39.5 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">$32.0 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">$3.7 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">$3.1 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">$0.7 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 $30.9 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">$20.3 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">$5.8 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">$2.6 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">$2.2 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 $5.0 million on Eastern Dragon joint venture buy-in payments, $2.2 million on land acquisition costs in Turkey, and $0.7 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"><B>Liquidity and 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; 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">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; font-size:8pt" align=right><B>March 31,&nbsp;<br>
    2011</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>December 31, 2010</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>$294.1</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>$314.3</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">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>$296.3</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>$320.3</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">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>$55.4</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>$52.4</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">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>$157.2</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>$166.7</P>
</TD></TR>
</TABLE>
<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">10</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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">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 loans. Management believes that the working capital at March 31, 2011, 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; font-family:Arial,Times New Roman"><B>Contractual obligations</B></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">millions</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;93.6</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;31.4</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;26.6</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;5.6</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;-</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;157.2</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;0.1</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;0.1</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;0.1</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;-</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;0.3</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;4.6</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;6.1</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;5.0</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;3.1</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;-</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;18.8</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;90.3</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;25.6</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;1.6</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;1.5</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;119.0</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;188.6</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;63.2</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;33.3</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;10.2</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;295.3</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"><FONT style="background-color:#FFFFFF"><B>Debt</B></FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Significant changes in our debt from that disclosed in our December 31, 2010 annual MD&amp;A and consolidated financial statements are as follows:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Eastern Dragon HSBC revolving loan facility</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During the quarter Eastern Dragon drew down an additional RMB 11.5 million ($1.8 million) under the HSBC revolving loan facility. Subsequent to the end of the quarter an additional RMB 4.3 million ($0.7 million) was drawn down on this facility.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Eastern Dragon China Mercantile Bank line of credit loan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During the quarter Eastern Dragon extended the maturity date of its line of credit loan with China Mercantile Bank to February 5, 2012.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>Jinfeng construction loans</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During the quarter Jinfeng made scheduled debt payments of RMB 35.0 million ($5.3 million) under its construction loans.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><I>White Mountain working capital loan</I></P>
<P style="margin:0px; font-family:Arial,Times New Roman">During the quarter White Mountain made a debt payment of RMB 50.0 million ($7.6 million).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><B>Dividends</B></FONT></P>
<P style="margin:0px; font-family:Arial,Times New Roman">On February 25, 2011 Eldorado paid $27.7 million in dividends to shareholders of record.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Equity</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">This quarter we received net proceeds of $2.7 million for issuing 312,023 common shares related to stock options and warrants being exercised. </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 May 4, 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 March 31, 2011</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>548,948,160</P>
<P style="margin-top:3px; margin-bottom:3px; font-family:Arial,Times New Roman; font-size:9pt" align=right>548,499,215</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 May 4, 2011</P>
<P style="margin-top:2.333px; margin-bottom:2.333px; font-family:Arial; font-size:7pt">(Weighted average exercise price per share: $11.59 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>11,326,919</P>
</TD></TR>
</TABLE>
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<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">11</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</B></P>
<P style="margin:0px; font-family:Arial; font-size:9pt">for the quarter ended March 31, 2011</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>Other information </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Adoption of IFRS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman">Effective January 1, 2011 Canadian publicly listed entities were required to prepare their financial statements in accordance with IFRS. Due to the requirement to present comparative financial information, the effective transition date is January 1, 2010. The three months ended March 31, 2011 is our first reporting period under IFRS. Full disclosure of the Company's accounting policies in accordance with IFRS can be found in Notes 2 and 3 to those financial statements. Those financial statements also include reconciliations of the previously disclosed comparative periods financial statements prepared in accordance with Canadian generally accepted accounting principles to IFRS as set out in Note 15.</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:0px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">Eldorado's management is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined to be effective can only provide reasonable assurance regarding the preparation and presentation of our financial statements. There have been no changes in our internal control over financial reporting in Q1 2011 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF"><B>Qualified Person</B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><FONT style="background-color:#FFFFFF">Except as otherwise noted, Norman Pitcher, P. Geo., our Chief Operating Officer, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this MD&amp;A and verifying the technical data disclosed in this document relating to Ki&#351;lada&#287;, Efem&#231;ukuru and Jinfeng.</FONT></P>
<P style="margin:0px"><BR></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:0px; clear:left"><BR>
<BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:13.333px; margin-bottom:0px; font-family:Arial,Times New Roman">To understand our risks you should review our annual information form, which includes 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; clear:left">&nbsp;</P>
<P style="margin:0px; clear:left">&nbsp;</P>
<P style="margin:0px; clear:left">&nbsp;</P>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">12</P>
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<TYPE>EX-99.3
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<FILENAME>ceocert.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CHIEF EXECUTIVE OFFICER
<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="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>Form 52-109F2</B></P>
<P style="margin:0px; font-size:11pt" align=center><B><I>Certification of Interim Filings</I></B></P>
<P style="margin:0px; font-size:11pt" align=center><B><I>Full Certificate</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>I, Paul Wright, President and Chief Executive Officer of Eldorado Gold Corporation certify the following:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of Eldorado Gold Corporation (the &#147;issuer&#148;) for the interim period ended March 31, 2011.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">2. </P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings,</I> for the issuer.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">(a) </P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:11pt" align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:11pt; float:left">(i)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:11pt" align=justify>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:11pt; float:left">(ii)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:11pt" align=justify>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">(b) </P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:11pt" align=justify>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">5.1</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">5.2</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>N/A</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style=page-break-before:always;margin-top:0;margin-bottom:-4pt;font-size:4pt /><P style="margin-top:0px; margin-bottom:-2px; width:46.667px; font-size:11pt; float:left">5.3</P>
<P style="margin:0px; padding-left:46.667px; text-indent:-2px; font-size:11pt" align=justify>&nbsp;N/A</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on January 1, 2011<B><I> </I></B>and ended on March 31, 2011 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Date: &nbsp;May 5, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><I>&#147;Paul N. Wright&#148;</I></P>
<P style="margin:0px; font-size:11pt">_______________________________</P>
<P style="margin:0px; font-size:11pt">Paul Wright</P>
<P style="margin:0px; font-size:11pt">President and Chief Executive Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
</P>
<P style="margin:0px"><BR></P>
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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>cfocert.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CHIEF FINANCIAL OFFICER
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="date" CONTENT="05/05/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B>Form 52-109F2</B></P>
<P style="margin:0px; font-size:11pt" align=center><B><I>Certification of Interim Filings</I></B></P>
<P style="margin:0px; font-size:11pt" align=center><B><I>Full Certificate</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>I, Ed Miu, Chief Financial Officer of Eldorado Gold Corporation certify the following:</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of Eldorado Gold Corporation (the &#147;issuer&#148;) for the interim period ended March 31, 2011.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">2. </P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings,</I> for the issuer.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="width: 48px; font-size: 11pt; float: left; margin-top: 0px; margin-bottom: -2px">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">(a) </P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:11pt" align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:11pt; float:left">(i)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:11pt" align=justify>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; font-size:11pt; float:left">(ii)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px; font-size:11pt" align=justify>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and </P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">(b) </P>
<P style="margin:0px; padding-left:96px; text-indent:-2px; font-size:11pt" align=justify>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">5.1</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">5.2</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>N/A</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style=page-break-before:always;margin-top:0;margin-bottom:-4pt;font-size:4pt /><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">5.3</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>N/A</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on January 1, 2011<B><I> </I></B>and ended on March 31, 2011 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR. </P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; font-size:11pt">Date: &nbsp;May 5, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><I>&#147;Ed Miu&#148;</I></P>
<P style="margin:0px; font-size:11pt">_______________________________</P>
<P style="margin:0px; font-size:11pt">Ed Miu</P>
<P style="margin:0px; font-size:11pt">Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
