<SEC-DOCUMENT>0001137171-11-000409.txt : 20110729
<SEC-HEADER>0001137171-11-000409.hdr.sgml : 20110729
<ACCEPTANCE-DATETIME>20110729162610
ACCESSION NUMBER:		0001137171-11-000409
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110728
FILED AS OF DATE:		20110729
DATE AS OF CHANGE:		20110729

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:		11997756

	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>eldorado6k07292011a.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION - FORM 6K
<TEXT>
<html>

<head>
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<meta name="ProgId" content="FrontPage.Editor.Document">
<title>MD - Filed by Filing Services Canada Inc. (403) 717-3898</title>
</head>

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&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>July, 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>
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        <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;
        July 29th, 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="newsrelease.htm">News Release dated July 28th, 2011</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>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>NEWS RELEASE DATED JULY 28, 2011
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>MD Filed by Filing Services Canada Inc.&nbsp; (403) 717-3898</TITLE>
<META NAME="author" CONTENT="Janie Foo">
<META NAME="date" CONTENT="05/06/2011">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right>&nbsp;</P>
<P style="margin:0px" align=right>&nbsp;</P>
<P style="margin:0px" align=right><img src="newsrelease001.jpg" alt="[newsrelease001.jpg]" align=middle height=89.933 width=223></P>
<P style="margin:0px" align=right>&nbsp;</P>
<P style="margin:0px" align=right>&nbsp;</P>
<table width="100%">
  <tr>
    <td width="50%"><b><font size="3">NEWS RELEASE&nbsp;</font><font size="4">&nbsp;</font></b>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="50%" align="right"><b><font size="3">ELD No. 11-08</font></b></td>
  </tr>
  <tr>
    <td width="50%"><b><font size="3">TSX: ELD&nbsp;&nbsp;&nbsp;&nbsp; NYSE: EGO&nbsp;&nbsp;&nbsp;&nbsp;
      ASX: EAU&nbsp;</font></b></td>
    <td width="50%" align="right"><b>May 5, 2011</b></td>
  </tr>
</table>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>Q1, 2011 Financial and Operating Results </B></P>
<P style="margin:0px; font-size:12pt" align=center><B><I>Operating Results and Construction on Plan</I></B></P>
<P style="margin:0px" align=center>Earnings per share $0.10; Cash Flow per share $0.17</P>
<P style="margin:0px" align=center><I>(all figures in United States dollars unless otherwise noted)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the
"Company" or "we") &nbsp;is pleased to report on the Company's financial and operational results for the first quarter ended March 31, 2011. &nbsp;Eldorado reported net income attributable to shareholders of the Company of $52.5 million for the period and generated $91.7 million in cash from operating activities before changes in non-cash working capital.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>"All of our mines performed in accordance with their operating plans in terms of production and operating costs to produce 148,577 ounces of gold at a cash operating cost of $410 per ounce. &nbsp;During the quarter we also completed the Phase III expansion at Kisladag and a major overhaul of the primary crusher mainframe. &nbsp;Construction at Efemcukuru remains on schedule with first gold to be produced this quarter. With a strong start to the year, the Company retains its guidance of producing 715,000-770,000 ounces at cash operating cost of $375-395/oz." said Paul Wright, President and CEO of Eldorado Gold. &nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify><BR>
<B>Q1 2011 &nbsp;&nbsp;Highlights </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Increased &nbsp;proven and probable gold reserves to 18.7 million ounces and &nbsp;measured and indicated resources to 22.9 &nbsp;million ounces </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Produced 148,577 &nbsp;ounces of gold at an average cash operating cost of $410 per ounce (total cash cost &nbsp;$462 &nbsp;per ounce) </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Sold 148,530 ounces of gold at an average &nbsp;realized &nbsp;price of $1,397 per ounce </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Reported earnings of $0.10 &nbsp;per share</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Generated $91.7 &nbsp;million &nbsp;($0.17 per share) &nbsp;from operating activities before changes in &nbsp;non-cash working capital &nbsp;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Paid dividend of &nbsp;$0.05 to shareholders on record February 11, 2011</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Eldorado's consolidated net income attributable to the shareholders of the Company for the first quarter of 2011 was $52.5 million or $0.10 per share compared to $50.5 million or $0.09 per share in the first quarter of 2010. &nbsp;The increase in profit for the period was the result of a higher gold price and a contributing profit from Vila Nova.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In the first quarter of the year, 148,530 ounces of gold were sold at an average price of $1,397 per ounce compared to 163,446 ounces of gold at an average realized price of $1,110 per ounce in the first quarter of 2010. &nbsp;In addition, 85,421 dry metric tonnes of iron ore were sold at an average price of $124 per dry metric tonne.</P>
<P style="margin:0px; font-size:11pt" align=justify><B>&nbsp;</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Operating Performance</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Kisladag<BR>
</I>During the quarter, 2,341,635 tonnes of ore were placed on the leach pad at an average grade of 1.04 grams of gold per tonne. We produced 50,833 ounces of gold at a cash operating cost of $386 per ounce, compared to record production of 82,240 ounces of gold at a cash operating cost of $304 per ounce in the first quarter of 2010. &nbsp;Production was lower than the first quarter of 2010 in part due to the planned major overhaul of the primary crusher mainframe and integrating the Phase III expansion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Tanjianshan("TJS")<BR>
</I>TJS produced 28,493 ounces of gold at a cash operating cost of $402 per ounce in Q1 2011, as compared to 25,423 ounces at a cash operating cost of $420 per ounce in Q1 2010. &nbsp;Additional roaster feed provided by Qinglongtan concentrate has helped TJS to increase gold production while processing lower grade ore.</P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify><I>Jinfeng<BR>
</I>The operation processed 384,400 tonnes of ore at a grade of 4.32 grams of gold per tonne and produced 48,564 ounces of gold at a cash operating cost of $430 per ounce. &nbsp;Strip ratio fell at Jinfeng to 1.61:1 this quarter as a result of the planned mining at the bottom of the open pit during the quarter. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>White Mountain</I></P>
<P style="margin:0px; font-size:11pt" align=justify>At our White Mountain mine, we processed 140,211 tonnes of ore at a grade of 5.70 grams of gold per tonne and produced 20,687 ounces of gold at a cash operating cost of $438 per ounce. White Mountain achieved record production during the quarter was due to higher grade and improved recoveries.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Vila Nova</I></P>
<P style="margin:0px; font-size:11pt" align=justify>In the quarter, 138,114 tonnes of run-of-mine iron ore were mined. &nbsp;Two shipments, one of lump ore and another of sinter fines, totalling 85,421 dry metric tonnes were made during the quarter. &nbsp;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. &nbsp;Total cash cost (including royalties, production taxes and shipping costs) were approximately $53 per tonne. </P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify><B>Development</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Efemcukuru</I></P>
<P style="margin:0px; font-size:11pt" align=justify>Dry commissioning of the concentrator plant continued during the quarter. &nbsp;&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 was tied into the plant in April. &nbsp;Wet commissioning of the plant is projected to take place in the second quarter. &nbsp;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;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Underground development continued on schedule with approximately 3,000 meters of development completed by the end of the quarter representing approximately 70% of the contract value. &nbsp;A portable crusher is on site to provide temporary crushing capacity of ore production during the commissioning of
the plant until the underground crusher installation has been completed, which is projected to be in the third quarter of 2011. </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Eastern Dragon </I></P>
<P style="margin:0px; font-size:11pt" align=justify>During the quarter construction continued at the Eastern Dragon Project despite extreme weather conditions. We successfully advanced the winter works program schedule safely and efficiently through this difficult period. &nbsp;Currently we are focused on the civil and structural installations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Perama Hill</I></P>
<P style="margin:0px; font-size:11pt" align=justify>The Ministry of Environment continues to review our Preliminary Environmental Impact Assessment. As part of our ongoing efforts to work with various levels of government and other stakeholders in regards to educating and providing a better understanding of best practises in modern gold mining, specifically in the European Union, arrangements were made to take stakeholders to visit mining operations in Finland. &nbsp;We continue our efforts with government officials to advance the permitting process and answer any questions they may have regarding the benefits the Perama Hill project can bring to Greece.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Tocantinzinho ("TZ")</I></P>
<P style="margin:0px; font-size:11pt" align=justify>Subsequent to the end of the quarter, the Company released a Positive Technical Study ("Study") &nbsp;on the 100% owned Tocantinzinho Gold Project located in Para state in &nbsp;Central Brazil. &nbsp;The Study highlighted an 11-year open pit mine that will operate with a production rate of 4.4 million tonnes per year producing an average of 159,000 ounces of gold annually at a cash operating cost of $559 per ounce. &nbsp;Initial capital investment will be $383.5 million. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><B>Exploration </B></P>
<P style="margin:0px; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=justify><I>Turkey</I></P>
<P style="margin:0px; font-size:11pt" align=justify>During the first quarter, exploration in Turkey focused on drilling at Sayacik and AS and on fieldwork related to target definition at several other early-stage prospects. &nbsp;Exploration drilling at the Kisladag and Efemcukuru mine areas will commence during the second quarter.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>At Sayacik, the final drill holes of the 2010 program that targeted the remaining untested geophysical anomalies on the property were completed. &nbsp;Both drill holes intersected altered volcaniclastic and intrusive rock sequences, but had 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>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>At the AS deposit, two drill holes 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. &nbsp;We also completed reconnaissance fieldwork, including mapping and soil geochemistry surveys on the early-stage Dogancilar and Atalan projects this winter.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Brazil</I></P>
<P style="margin:0px; font-size:11pt" align=justify>During the first quarter at TZ we drilled 11 diamond drill holes (3,691 meters) to test 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 garimpero workings or surface gold occurrences. &nbsp;Several of the drill holes encountered granitoid units with similar lithologic, alteration, and mineralisation character to that found in the TZ deposit, although gold assay results received &nbsp;from the first few drill holes have been limited to narrow, low grade intercepts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Soil sampling programs during the quarter were initiated to extend the area of coverage both along and peripheral to the TZ 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>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>At Agua Branca where we hold an option, fieldwork this quarter focused on soil geochemical sampling aimed at defining targets for diamond drilling in the second and third quarter of 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>China</I></P>
<P style="margin:0px; font-size:11pt" align=justify>During the quarter we focused our exploration on projects in the Guizhou region. &nbsp;Three drill holes totalling 331 meters were completed at the Banna and Weiruo prospects in Jinluo Exploration License.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>At the Jinfeng mine, we completed 3,607 meters of underground drilling from the 310 level mainly devoted to infill of the mineralized zones along the F2, F3, and F7 faults. &nbsp;We also completed reverse circulation drilling in the Rongban portion of the deposit to better define the continuity and extent of mineralized zones. &nbsp;We made progress 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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>In the White Mountain, Eastern Dragon and TJS areas, field activities were limited by winter conditions but plans for the 2011 program were completed during the quarter. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Greece, Brazil. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that our company is well positioned to grow in value as we create and pursue new opportunities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:13pt">ON BEHALF OF</P>
<P style="margin:0px; font-size:13pt">ELDORADO GOLD CORPORATION</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><b><i>"</i></b><B><I>Paul N. Wright"</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Paul N. Wright</P>
<P style="margin:0px; font-size:11pt" align=justify>President and Chief Executive Officer</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:3.6px; font-size:11pt" align=justify><B><I>Eldorado will host a conference call on Friday, May 6, 2011 to discuss the 2011 First Quarter Financial and Operating Results at 11:30 a.m. EDT (8:30 a.m. PDT). &nbsp;You may participate in the conference call by dialling 416-340-8527 in Toronto or 1-877-440-9795 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. &nbsp;The call will be available on Eldorado's website. </I></B><FONT style="color:#0000FF"><B><I><U>www.eldoradogold.com</U></FONT>. &nbsp;A replay of the call will be available until May 13, 2011 by dialling 905-694-9447 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code: 7200381.</I></B></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:9pt"><I>Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as &quot;plans&quot;, &quot;expects&quot;, &quot;is expected&quot;, &quot;budget&quot;, &quot;scheduled&quot;, &quot;estimates&quot;, &quot;forecasts&quot;, &quot;intends&quot;, &quot;anticipates&quot;, or &quot;believes&quot; or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results &quot;may&quot;, &quot;could&quot;, &quot;would&quot;, &quot;might&quot; or &quot;will&quot; be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to&nbsp; the Company's Q1, 2011 Financial and Operating Results.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:9pt" align=justify><I>Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.&nbsp; We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate.&nbsp; Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove</I>
 <I>incorrect, actual results may vary materially from those described in forward-looking statements or information.&nbsp; These risks, uncertainties and other factors include, among others, the following:&nbsp; gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled
 "Forward-Looking Statements" and &quot;Risk Factors&quot; in the Company's Annual Information Form &amp; Form 40-F dated March 31, 2011&nbsp;</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:9pt" align=justify><I>There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.&nbsp; Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.&nbsp; Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Our Chess Depositary Interests trade on the Australian Securities Exchange (ASX: EAU).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Contact:</P>
<P style="margin:0px; font-size:11pt" align=justify>Nancy Woo, VP Investor Relations</P>
<P style="margin:0px; font-size:11pt" align=justify>Eldorado Gold Corporation</P>
<P style="margin-top:0px; margin-bottom:-2px; width:345.6px; font-size:11pt; float:left">Phone: 604.601-6650 or 1.888.353.8166 </P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify>1188, 550 Burrard Street</P>
<P style="margin-top:0px; margin-bottom:-2px; width:345.6px; font-size:11pt; clear:left; float:left">Fax: 604.687.4026 </P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify>Vancouver, BC V6C 2B5</P>
<P style="margin-top:0px; margin-bottom:-2px; width:259.2px; font-size:11pt; clear:left; float:left">Email: <FONT style="color:#0000FF"><U>nancyw@eldoradogold.com</U></FONT></P>
<P style="margin-top:0px; margin-bottom:-2px; width:86.4px; font-size:11pt; float:left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify>Web site: www.eldoradogold.com</P>
<P style="margin:0px; font-size:11pt; clear:left" align=justify>Request for information packages:reception@eldoradogold.com</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:16px; margin-bottom:4px"><BR><BR></P>
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<P style="margin-top:16px; margin-bottom:4px; page-break-before:always" align=center><FONT style="font-family:Arial; font-size:12pt"><B>PRODUCTION HIGHLIGHTS</B></FONT></P>
<P style="margin:0px"><BR></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=222 /><TD width=87.6 /><TD width=87.6 /><TD width=87.6 /><TD width=87.6 /><TD width=87.6 /></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; font-size:10.5pt" align=center><B>First</B></P>
<P style="margin:0px; font-size:10.5pt" align=center><B>Quarter</B></P>
<P style="margin:0px; font-size:10.5pt" align=center><B>2011</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=center>First</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2010</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=center>Second</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2010</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=center>Third</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2010</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=center>Fourth</P>
<P style="margin:0px" align=center>Quarter</P>
<P style="margin:0px" align=center>2010</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px"><BR></P>
<P style="margin:0px"><B><U>Gold Production</U></B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px; font-size:10.5pt">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>148,530</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>163,446</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>172,826</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>154,655</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>149,022</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>148,577</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>164,928</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>167,940</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>151,297</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>148,374</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>1,3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>410</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>370</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>357</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>386</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>418</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>462</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>397</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>410</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>431</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>460</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Realized Price ($/oz - sold)<SUP> </SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>1,397</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1,110</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1,195</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1,231</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1,373</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px"><BR></P>
<P style="margin:0px"><B><U>Ki&#351;lada&#287; Mine, Turkey</U></B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>50,832</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>83,974</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>69,197</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>66,113</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>59,741</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>50,833</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>82,240</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>70,451</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>62,086</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>59,815</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Tonnes to Pad</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>2,341,635</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>2,898,199</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding-left:-9.4px" align=right>2,686,284</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>2,767,179</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>2,021,057</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>1.04</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1.12</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1.12</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>0.98</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>1.00</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>386</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>304</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>304</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>337</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>382</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>408</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>307</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>345</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>359</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>354</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px"><BR></P>
<P style="margin:0px"><B><U>Tanjianshan Mine, China</U></B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>28,493</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>18,947</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>38,261</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>28,847</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>30,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>28,493</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>25,423</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>28,884</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>28,847</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>30,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Tonnes Milled</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>238,070</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>249,738</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>271,749</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>283,598</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>244,867</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>3.90</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.01</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.38</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>3.84</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.59</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP>3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>402</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>420</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>387</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>391</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>349</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>515</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>517</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>483</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>493</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>459</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px"><BR></P>
<P style="margin:0px"><B><U>Jinfeng Mine, China</U></B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>48,518</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>49,674</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>48,623</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>45,447</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>38,282</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>48,564</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>45,615</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>52,659</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>46,116</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>37,560</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Tonnes Milled</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>384,400</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>389,851</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>392,211</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>387,427</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>387,710</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>4.32</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.23</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.51</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.42</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>3.81</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>430</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>422</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>381</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>425</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>486</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP> 2,3,4</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>482</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>462</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>423</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>473</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>585</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px"><BR></P>
<P style="margin:0px"><B><U>White Mountain Mine, China</U></B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Sold</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>20,687</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>10,851</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>16,745</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>14,248</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>20,289</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Ounces Produced</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>20,687</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>11,650</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>15,946</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>14,248</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>20,289</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Tonnes Milled</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>140,211</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>130,643</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>167,981</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>154,125</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>169,669</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Grade (grams / tonne)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>5.71</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.09</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>3.78</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.01</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>4.06</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP> 3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>438</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>550</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>442</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>477</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>498</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="margin:0px">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP> 2,3</SUP></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right><B>475</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>589</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>474</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>507</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=87.6><P style="margin:0px" align=right>536</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:9.467px; width:28.8px; font-size:8pt; float:left"><SUP>1</SUP></P>
<P style="margin:0px; text-indent:-2px; font-size:8pt" align=justify>Cost figures calculated in accordance with the Gold Institute Standard.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:9.467px; width:28.8px; font-size:8pt; clear:left; float:left"><SUP>2</SUP></P>
<P style="margin:0px; text-indent:-2px; font-size:8pt" align=justify>Cash Operating Costs, plus royalties and the cost of off-site administration.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:9.467px; width:28.8px; font-size:8pt; clear:left; float:left"><SUP>3</SUP></P>
<P style="margin:0px; text-indent:-2px; font-size:8pt" align=justify>Cash operating costs and total cash costs are non-GAAP measures. &nbsp;See the section <A HREF="#_15._Non-GAAP_Measures"><FONT style="color:#0000FF"><U>&quot;Non-G</a>AAP Measures&quot;</U></FONT> of this Review.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:16px; margin-bottom:4px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; padding-bottom:4px; font-size:13pt; border-bottom:1px solid #000000">Unaudited Condensed Consolidated Balance Sheets </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR>
<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><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="margin:0px"><BR>
<BR></P>
<P style="margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Unaudited Condensed Consolidated Income Statements</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR>
<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="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:24px; font-size:11pt" align=center>See accompanying notes to the consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Unaudited Condensed Consolidated Statements of Comprehensive Income</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=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="margin:0px"><BR></P>
<P style="line-height:14.5pt; margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-size:17pt; page-break-before:always"><B>Eldorado Gold Corporation</B></P>
<P style="margin:0px; font-size:13pt">Unaudited Condensed Consolidated Statements of Cash Flows</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">(Expressed in thousands of U.S. dollars)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11.533px" align=justify><BR>
<BR></P>
<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 width="1233"><TR height=0 style="font-size:0"><TD width=328 /><TD width=37 /><TD width=76 /><TD width=105 /><TD width=125 /><TD width=128 /><TD width=90 /><TD width=117 /><TD width=117 /><TD width=90 /></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=651 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=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; font-size:8pt" align=center><B>Note</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; font-size:8pt" align=center><B>Share capital</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; font-size:8pt" align=center><B>Treasury stock</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=125><P style="margin:0px; font-size:8pt" align=center><B>Contributed surplus</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=128><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=90><P style="margin:0px; font-size:8pt" align=center><B>Retained earnings </B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; font-size:8pt" align=center><B>Total</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; font-size:8pt" align=center><B>Non-controlling interests</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><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=328><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=37><P style="margin:0px; font-size:8pt" align=center><I>11</I></P>
</TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;2,814,679 </P>
</TD><TD style="margin-top: 0px" valign=bottom width=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; font-size:8pt">Total comprehensive (loss) income for the quarter</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=125><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=128><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><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=328><P style="margin:0px; font-size:8pt">Dividends declared to Non-controlling interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; font-size:8pt">Purchase of treasury stock</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; font-size:8pt">Options exercised, credited to share capital</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; font-size:8pt">Share based payments</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><P style="margin:0px; font-size:8pt">Dividend paid to shareholders of the Company</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><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=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=78><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,818,238 </P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=107><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="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=127><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="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=130><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="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=92><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,953 </P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,988,434 </P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,626 </P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" width=92><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=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=125><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=128><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=125><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=128><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=651 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=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; font-size:8pt" align=center><B>Note</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; font-size:8pt" align=center><B>Share capital</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; font-size:8pt" align=center><B>Contributed surplus</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=125><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=128><P style="margin:0px; font-size:8pt" align=center><B>Deficit</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; font-size:8pt" align=center><B>Total</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; font-size:8pt" align=center><B>Non-controlling interests</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; font-size:8pt" align=center><B>Total equity</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;2,671,634 </P>
</TD><TD style="margin-top: 0px" valign=bottom width=105><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=125><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=128><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=90><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,622,303 </P>
</TD><TD style="margin-top: 0px" valign=bottom width=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; font-size:8pt">Total comprehensive income for the quarter</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=105><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=125><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=128><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=117><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; font-size:8pt">Dividends declared to Non-controlling interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; font-size:8pt">Share based payments</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=top width=328><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=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; font-size:8pt">Options exercised, credited to share capital</P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=76><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=105><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=125><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=128><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=90><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=117><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=117><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=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=78><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=107><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=127><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=130><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=92><P style="margin:0px; font-size:8pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom: 1px solid #000000; margin-top: 0px" valign=bottom width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;</P>
</TD><TD style="margin-top: 0px" valign=bottom width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=328><P style="margin:0px; font-size:8pt"><B>Balance at March 31, 2010</B></P>
</TD><TD style="margin-top: 0px" valign=bottom width=37><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="border-bottom: 1.333px solid #000000; margin-top: 0px" width=78><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,679,209 </P>
</TD><TD style="border-bottom: 1.333px solid #000000; margin-top: 0px" width=107><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="border-bottom: 1.333px solid #000000; margin-top: 0px" width=127><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="border-bottom: 1.333px solid #000000; margin-top: 0px" width=130><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="border-bottom: 1.333px solid #000000; margin-top: 0px" width=92><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;2,686,805 </P>
</TD><TD style="border-bottom: 1.333px solid #000000; margin-top: 0px" width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,664 </P>
</TD><TD style="border-bottom: 1.333px solid #000000; margin-top: 0px" width=119><P style="margin:0px; font-size:8pt" align=right>&nbsp;&nbsp;&nbsp;2,714,469 </P>
</TD><TD style="margin-top: 0px" width=90><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:15.867px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px" align=center>See accompanying notes to the unaudited consolidated financial statements<I>.</I></P>
<P style="margin:0px">&nbsp;</P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<p style="margin-top:0px; margin-bottom:9.467px"><br>
</p>
<p style="line-height:14pt; margin:0px; font-size:14pt; color:#00007F"><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" align="center"><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; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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 ("Eldorado" or the "Company") 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. ("Sino Gold") 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 ("Brazauro"), 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" />&nbsp;
<p style="margin-top:0px; margin-bottom:-2px; text-indent:6px; width:24px; float:left"><b>2.</b></p>
<p style="text-indent: -2px; line-height: 13pt; margin-top: 0px; margin-bottom: 6.667px"><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 ("CICA Handbook"). In 2010, the CICA
Handbook was revised to incorporate International Financial Reporting Standards
("IFRS"), 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 "Canadian
GAAP" 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 ("IAS 34") and IFRS
1 First-time Adoption of International Financial Reporting Standards ("IFRS 1").&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's reported balance sheet and comprehensive
income, including the nature and effect of significant changes in accounting
policies from those used in the Company'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 ("IFRS") 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'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'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>'Financial Instruments: Classification and Measurement' </i>- 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>
<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:-2px; text-indent:6px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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'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'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'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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<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'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'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'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'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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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'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'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>
<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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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's carrying
amount exceeds its recoverable amount. &nbsp;The recoverable amount is an asset'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 'CGU'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'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'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'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>
<p style="margin-top:0px; margin-bottom:6.667px"><br>
</p>
<p style="margin-top:0px; margin-bottom:6.667px"><br>
<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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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 'financial assets at
fair value through profit or loss' category are presented in the income
statement within 'gain or loss on marketable securities' 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'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 'gain or loss from marketable securities'.</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 'loss event') 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 - 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 - 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>
<p style="margin:0px; clear:left"><br>
</p>
<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>
<p style="margin:0px"><br>
</p>
<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>
<p style="margin:0px"><br>
<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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><b>Significant
accounting policies </b><i>(continued</i><b>)</b></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' 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>
<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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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'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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>3.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<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; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>5.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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 ("Serabi") 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" />&nbsp;
<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, <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" />&nbsp;
<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, <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 ("CMB").</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'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'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" />&nbsp;
<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 ("the Facility) with HSBC Bank (China). Each drawdown bears interest
fixed at the prevailing lending rate stipulated by the People's Bank of China
on the date of drawdown. The Facility has a term of up to one year.</p>
<p style="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'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 ($4,423) has been drawn under the entrusted
loan.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px">The
entrusted loan has been recorded on a net settlement basis.</p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>8.</b></p>
<p style="line-height:13pt; margin-top:0px; margin-bottom:6.667px; text-indent:-2px"><b>Defined
benefit plan expense</b></p>
<table style="margin-top:0px; font-size:10pt" cellpadding="0" cellspacing="0">
  <tr height="0" style="font-size:0">
    <td width="446.667" />
    <td width="90" />
    <td width="84" />
  </tr>
  <tr>
    <td style="margin-top:0px" valign="top" width="446.667">
      <p style="line-height:13pt; margin:0px; clear:left"><br>
      </p>
    </td>
    <td style="margin-top:0px; border-bottom:1px solid #000000" valign="top" width="90">
      <p style="line-height:13pt; margin:0px" align="right"><b>March 31, 2011</b></p>
      <p style="line-height:13pt; margin:0px" align="right"><b>$</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" />&nbsp;
<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" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>10.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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'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="margin-top:0px; margin-bottom:9.467px">&nbsp;</p>
<p style="line-height:13pt; margin:0px"><br>
</p>
<p style="margin-top:13.333px;margin-bottom:-1pt;font-size:1pt" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>10.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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="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:13.333px;margin-bottom:-1pt;font-size:1pt" />&nbsp;
<p style="line-height:13pt; margin-top:0px; margin-bottom:-2px; width:24px; float:left"><b>10.</b></p>
<p style="line-height: 13pt; text-indent: -2px; margin-top: 0px; margin-bottom: 6.667px"><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" />&nbsp;
<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'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" />&nbsp;
<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="line-height:13pt; margin-top:13.333px; margin-bottom:6.667px"><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="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" />&nbsp;
<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 - 7,308,564)
with a weighted average exercise price of $9.83 (March 31, 2010 - 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 (''RSU'') 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'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'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, 'Business combinations', 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, 'Share-based payment', 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:0px"><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: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, 'Employee benefits', 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'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>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
<br>
</p>
<p style="margin:0px" align="right"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin-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="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>
  <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="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; 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;&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>
  </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>
</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:-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>
</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>
  <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="64">
      <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;&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>
  </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="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-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="360" />
    <td width="67.067" />
    <td width="63.533" />
    <td width="28.333" />
    <td width="72.2" />
  </tr>
  <tr>
    <td style="margin-top:0px" valign="bottom" width="360" rowspan="2">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067" rowspan="2">
      <p style="margin:0px"><b><i>Note</i></b></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="63.533">
      <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="360">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px"><b>Comprehensive Income under Canadian GAAP</b></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px"><b>Profit adjustments</b></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Reduction in pension expense</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(b)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Increase in depreciation of asset retirement
      obligation (net of tax)</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(c)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Decrease in severance provision expense (net of tax)</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(e)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Revision to asset retirement obligation liability
      (net of tax)</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(c)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Foreign exchange (loss) gain on reversal of deferred
      income tax</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(a)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Tax adjustment to reflect foreign exchange
      difference</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(aii)</i></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px"><b>Other comprehensive income adjustments</b></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Recognition of actuarial gains/losses in other
      comprehensive income</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px"><i>(bi)</i></p>
    </td>
    <td style="margin-top:0px; border-bottom:1px solid #000000" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px">Total IFRS adjustments to comprehensive income</p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px; border-bottom:1px solid #000000" valign="bottom" width="63.533">
      <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="360">
      <p style="margin:0px"><b>Comprehensive Income under IFRS</b></p>
    </td>
    <td style="margin-top:0px" valign="bottom" width="67.067">
      <p style="margin:0px; padding:0px">&nbsp;</p>
    </td>
    <td style="margin-top:0px; border-bottom:1.333px solid #000000" valign="bottom" width="63.533">
      <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 ("Frontier") 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>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin:0px"><br>
</p>
<p style="margin-top:0px; margin-bottom: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: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"><br>
</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>
<p style="margin:0px; clear:left"><br>
</p>
<p style="margin:0px" align="right">&nbsp;</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: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' 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' 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>
<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="margin: 0px">&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>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: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>
<table border="0" cellpadding="0" cellspacing="0" width="34%">
  <tr>
    <td width="63%">
      <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>
    <td width="37%"></td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
    <td width="37%"></td>
  </tr>
  <tr>
    <td width="63%">
<P style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>About Eldorado</B></P>
    </td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">1</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Q1 Highlights</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">1</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Corporate Developments</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">2</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></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>
  </tr>
  <tr>
    <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>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">2</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></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>
  </tr>
  <tr>
    <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>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Operations</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">4</td>
  </tr>
  <tr>
    <td width="63%">
<P style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Development
projects</P>
    </td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">7</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Exploration</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">8</td>
  </tr>
  <tr>
    <td width="63%"></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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Quarterly results</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">9</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Non-IFRS measures</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">9</td>
  </tr>
  <tr>
    <td width="63%"></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>
  </tr>
  <tr>
    <td width="63%">
      <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>
  </tr>
  <tr>
    <td width="63%">
      <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>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">10</td>
  </tr>
  <tr>
    <td width="63%">
      <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>
  </tr>
  <tr>
    <td width="63%"></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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"><B>Other information</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>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Adoption of IFRS</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Internal controls over financial reporting</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
  </tr>
  <tr>
    <td width="63%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">Forward-looking information and risks</td>
    <td width="37%" align="right">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px">12</td>
  </tr>
  <tr>
    <td width="63%"></td>
    <td width="37%">
      <p style="width: 450px; font-family: Arial; font-size: 9pt; float: left; margin-top: 0px; margin-bottom: -2px"></td>
  </tr>
</table>
<P style="margin:0px; clear:left">
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:22pt; color:#DFDFDF"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<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>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>
<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>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>
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<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">4</P>
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<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"><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>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</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>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Efem&#231;ukuru </B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">7</P>
<P style="margin:0px"><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"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><B>Exploration update </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Turkey</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman"><B>Brazil</B></P>
<P style="margin:0px; font-family:Arial,Times New Roman">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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR></P>
<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>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">8</P>
<P style="margin:0px"><BR></P>
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<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>Quarterly results</B></P>
<P style="margin:0px"><BR></P>
<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
    <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<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<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<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<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<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></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>
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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"><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>
<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">11</P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-family:Arial; font-size:9pt; page-break-before:always"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</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>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>
<P style="margin:0px; clear:left">&nbsp;</P>
<P style="margin:0px; font-family:Arial,Times New Roman; font-size:9pt">12</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
