<SEC-DOCUMENT>0001137171-13-000193.txt : 20130506
<SEC-HEADER>0001137171-13-000193.hdr.sgml : 20130506
<ACCEPTANCE-DATETIME>20130503191330
ACCESSION NUMBER:		0001137171-13-000193
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20130503
FILED AS OF DATE:		20130506
DATE AS OF CHANGE:		20130503

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:		13814159

	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>eldorado6k01092013.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION 6-K
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title>CA 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"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>May, 2013</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><br>
      1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper
of a Form&nbsp;6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's &quot;home country&quot;), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and, if
discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:&nbsp;
        May 3, 2013</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="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 May 2, 2013</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;&nbsp;<a href="mda.htm">MD&amp;A
Q1 2013</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.3&nbsp;&nbsp;&nbsp;&nbsp;<a href="notes.htm">Notes
to the Q1 2013 Financials</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>
<hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 2, 2013
<TEXT>
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<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 17pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 66pt; width: 166.5pt" width="2038" height="810"></P>

<P STYLE="font: bold 17pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="50%"><FONT STYLE="font-size: 12pt"><b>NEWS RELEASE</b></FONT></td>
    <td width="50%" align="right"><FONT STYLE="font-size: 12pt"><b>ELD
No. 13-07</b></FONT></td>
  </tr>
  <tr>
    <td width="50%"><b>TSX: ELD NYSE: EGO</b></td>
    <td width="50%" align="right"><b>May 2, 2013</b></td>
  </tr>
</table>

<P STYLE="font: bold 17pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&#9;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2013 First Quarter Financial and Operating
Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(all figures in United States dollars unless
otherwise noted)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VANCOUVER, BC &ndash; Paul N. Wright, Chief
Executive Officer of Eldorado Gold Corporation, (&ldquo;Eldorado&rdquo; the &ldquo;Company&rdquo; or &ldquo;we&rdquo;) is pleased
to report on the Company's financial and operational results for the first quarter ended March 31, 2013. Profit attributable to
shareholders of the Company for the quarter was $79.8 million or $0.11 per share excluding a one-time $125.2 million non-cash charge
related to a change in Greek tax rates. This compares to $67.9 million or $0.11 per share for the same quarter in 2012.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;During the first quarter Eldorado sold
189,346 ounces of gold at an average gold price of $1,622 per ounce. Our gold mines continue to perform to plan and generate significant
cash flows which will be used for the Phase IV expansion of our Kisladag mine and new mine development&rdquo; said Paul Wright,
CEO of Eldorado. &ldquo;The Company continues to maintain its guidance for 2013, with gold sales of 705,000 to 760,000 ounces,
operating cash costs of $515-530 per ounce and all-in cash costs of approximately $950 per ounce. With our strong balance sheet
and comparatively low cost gold mining operations Eldorado is well positioned to confront the recent weakness in gold prices.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
<FONT STYLE="font-size: 12pt"><B>First Quarter Summary Results and Corporate Developments</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<UL TYPE="DISC" STYLE="margin-top: 0cm">

<LI STYLE="margin: 0 0 6pt">Gold sales of 189,346 ounces at an average gold price of $1,622 per ounce (Q1 2012 sales of 150,661
ounces at an average gold price of $1,707).</LI>

<LI STYLE="margin: 0 0 6pt">Gold production of 163,768 ounces at an average cash operating cost of $505 per ounce (Q1 2012 gold
production &ndash; 155,535 ounces at $452 per ounce).</LI>

<LI STYLE="margin: 0 0 6pt">9% increase in earnings from gold mining operations before taxes over the same quarter in 2012.</LI>

<LI STYLE="margin: 0 0 6pt">36% increase in cash from operating activities before changes in non-cash working capital over the
same quarter in 2012.</LI>

<LI STYLE="margin: 0 0 6pt">Payment of Cdn$0.07 dividend per share to shareholders of the Company on February 14, 2013.</LI>

<LI STYLE="margin: 0 0 6pt">On April 17, 2013, the Council of State (&ldquo;COS&rdquo; or &ldquo;Greek Court&rdquo;), the Supreme
Administrative Court of Greece, upheld the validity of the Environmental Impact Assessment (&ldquo;EIA&rdquo;) permit for the Hellas
Gold projects comprising the &ldquo;Kassandra Mines&rdquo; (Stratoni, Olympias &amp; Skouries) in Halkidiki, northern Greece.</LI>

</UL>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Change in Greek corporate income tax
rate </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Effective January 1, 2013 the government
of Greece enacted legislation increasing the corporate income tax rate from 20% to 26%. As required by IAS 12, &ldquo;Income Taxes&rdquo;,
when an income tax rate changes, the deferred tax liability must be adjusted to reflect the change in the income tax rate. This
non-cash adjustment is required to be charged to deferred income tax expense. The impact on profit for the quarter was $125.2 million,
or $0.17 per share.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Greek Court Judgement for Hellas Gold
projects</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On April 17, 2013 the Greek Court, after
thorough deliberation and examination of the contents of the EIA study and the environmental terms of the permit, found that the
requirements of the Greek and European Union legislation have been met. The COS determined the alleged grounds of an appeal dated
June 6, 2012 challenging the validity of the EIA permit were without merit and this appeal was rejected in its entirety.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Review of Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold">Summarized Financial Results &ndash; quarter ended March 31,</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><B>2013</B></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><B>2012</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Revenues (millions)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$338.1</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$271.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Gold sold (ounces)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">189,346</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">150,661</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Average realized gold price ($/ounce)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$1,622</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$1,707</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Cash operating costs ($/ounce sold) <SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$505</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$452</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Total cash cost ($ per ounce sold) <SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$567</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$529</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Gross profit from gold mining operations<SUP> (1) </SUP>(millions)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$163.8</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$150.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Profit (loss) attributable to shareholders of the Company (millions)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">($45.5)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$67.9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Earnings (loss) per share attributable to shareholders of the Company &ndash; Basic ($/share)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">($0.06)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$0.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Earnings (loss) per share attributable to shareholders of the Company &ndash; Diluted ($/share)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">($0.06)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$0.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Dividends paid (Cdn$/share)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$0.07</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$0.09</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">Cash flow from operating activities before changes in non-cash working capital<SUP>(1) </SUP>(millions)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$139.9</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$102.8</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/10pt Times New Roman, Times, Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(1)</TD><TD>The Company has included non-IFRS performance measures such as cash operating costs, total cash costs, earnings from gold mining
operations and cash flow from operations before changes in non-cash working capital throughout this document. These are non-IFRS
measures. Please see page 11 of the Management Discussion and Analysis for discussion of non-IFRS measures.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reported a loss of $45.4 million
(or $0.06 per share) for the quarter compared with profit of $67.9 million (or $0.11 per share) in the first quarter of 2012. Excluding
a $125.2 million adjustment related to a change in Greek tax rates the Company reported adjusted profit of $79.8 million compared
with $67.9 million for the same quarter in 2012. The difference in adjusted profit year over year was due to higher gross profit
from gold mining operations during the quarter as well as $17.8 million in costs related to the acquisition of European Goldfields
Limited (&ldquo;EGU&rdquo;) reported in the first quarter of 2012. Higher sales volumes year over year were partially offset by
lower prices and higher unit production costs. Realized gold prices fell 5% year over year. Unit production costs from gold mining
operations rose 8% compared with the first quarter of 2012 as our Chinese mines reported unit cost increases related to lower grades
and gold production. Depreciation, depletion and amortization expense increased 35% over the first quarter of 2012, mainly as a
result of the addition of Efemcukuru depreciation. The Company also reported $10.5 million in interest and financing costs as compared
with $0.7 million in the first quarter of 2012, reflecting the cost of servicing the Senior Notes issued in the fourth quarter
of 2012. Excluding the $125.2 million adjustment, the effective tax rate was 36% for the quarter as compared with 27% for the first
quarter of 2012. The increase in the effective tax rate over the first quarter of 2012 was due to an increase in accrued withholding
taxes on dividends paid by our Turkish subsidiary as well as increases in non-deductible expenses in Canada.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Operations Update</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><I>Kisladag</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes placed on pad</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,915,508</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,140,492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade - grams per tonne (g/t)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70,221</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">65,707</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70,250</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">65,164</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$334</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$339</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$359</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$374</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$114.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$110.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$85.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$82.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$35.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold production at Kisladag was 7% higher year
over year while gold ounces placed on the pad during the year increased 6% over 2012, mainly as a result of higher average treated
head grade. Gold ounces sold were higher year over year due to a slightly higher head grade as well as recovery of gold placed
on the pad in 2012. Cash operating costs were lower year over year as a result of the higher grade material placed on the pad as
well as lower annual average exchange rates for the Turkish lira in comparison with the previous year. Capital expenditures at
Kisladag for the quarter included costs on the Phase IV preparation works, capitalised waste stripping and various smaller construction
projects.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Efemcukuru</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">86,879</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">70,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Treated Head Grade - g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8.47</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8.74</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate (to Concentrate)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">93.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">92.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19,856</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4,293</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">50,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$582</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$619</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$81.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$9.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$38.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$9.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$14.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><SUP>1 Ounces produced and sold in 2012 were pre-commercial</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Gold sales from Efemcukuru during the
quarter were significantly higher than gold production as a result of the sale of concentrate inventories built up at the Kisladag
Treatment Plant during 2012. Mined tonnage was below plan due to issues with paste plant availability and quality. Significant
improvements have been undertaken during the quarter resulting in improved results by quarter end. Most of the capital spending
during the quarter was related to underground development.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><I>Tanjianshan</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">247,061</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">262,793</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Treated Head Grade &ndash; g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.74</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">80.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">81.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">26,207</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,816</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">26,207</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,816</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$442</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$408</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$636</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$605</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$42.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$49.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$7.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$19.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$24.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$4.1</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold production at Tanjianshan was 9% lower
year over year mainly as a result of lower average treated head grade and lower additional flotation concentrate feed. Tonnes milled
in the quarter were 6% lower than 2012 while average treated head grade was 6% lower than 2012. Circuit recoveries remained relatively
constant. Cash operating costs per ounce were 8% higher year over year mainly as a result of lower grade ore and lower ounce production.
Most of the capital spending this quarter was on exploration drilling.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Jinfeng</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">351,901</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">368,756</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Treated Head Grade &ndash; g/t</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">82.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">85.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Produced</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">21,742</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">35,235</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">21,683</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">35,197</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$832</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$643</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$930</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$715</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$35.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$60.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$8.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$8.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$26.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$13.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$9.0</FONT></TD></TR>
<TR>
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold production at Jinfeng was 38% lower year
over year mainly as a result of treating lower grade material from the open pit and stockpiles. A total of 54,126 tonnes of ore
was mined from the open pit this quarter (first quarter 2012 &ndash; 29,960 tonnes). It is expected that significant ore production
will recommence from the pit in the second quarter of 2013 once the waste stripping has uncovered the ore body. A total of 138,989
tonnes of ore were mined from the underground during the quarter (first quarter 2012 &ndash; 129,903 tonnes). Cash costs were 29%
higher year over year reflecting the impact of the decrease in treated head grade and the slightly lower throughput. Capital expenditures
for the quarter included waste stripping, underground development, mining equipment and tailings dam lift construction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>White Mountain</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">198,934</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">158,114</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Treated Head Grade &ndash; g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.80</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">4.46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">85.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">86.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20,915</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">21,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20,915</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">21,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$634</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$543</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$679</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$33.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$36.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$12.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$18.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gold production at White Mountain during the
quarter was slightly lower year over year with higher ore throughput offsetting lower grade. The increase in tonnes was due to
an increase in underground mining efficiency as a result of increased mine development. Recovery was on par with the previous reporting
period. Cash operating costs per ounce were 17% higher year over year as a result of the higher tonnage and decreased head grade
and due to costs related to increased backfill and secondary development rates to sustain higher production tonnage. Capital expenditures
for the quarter included capitalized underground development, upgrade of the underground service facility and capitalized exploration
costs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Vila Nova</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Processed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">212,911</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">189,747</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Iron Ore Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">183,426</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">163,901</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Grade (% Fe)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">59.64%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">63.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Iron Ore Tonnes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -18pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">129,548</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">88,581</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Realized Iron Ore Price</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$117</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$84</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ 66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$ 65</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$15.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$7.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &ndash; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Iron ore production and sales increased year
over year as a result of the impact of new mining equipment purchased late last year on mining productivity. A major incident at
the shipping port owned by Anglo Ferrous, a third party, occurred on March 29, 2013 when a large part of the Santana Port on-shore
areas and facilities slid into the Amazon River. Part of Vila Nova&rsquo;s ore stockpile, estimated to be 22,000 tonnes of iron
ore, was on site and is assumed to be lost. No Unamgen employees were injured. No further iron ore sales are anticipated in the
short term and Company personnel are exploring a number of alternatives to continue iron ore sales.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Stratoni</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Operating Data &ndash; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes ore mined (wet)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">54,125</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">48,521</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,602</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pb grade (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6,21%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5.95%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zn grade (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9,36%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9.72%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ag grade (g/t)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">163</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">158</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">12,278</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">13,968</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5,569</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average realized concentrate price (per tonne)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$995</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash Costs (per tonne of concentrate sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$829</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$797</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$13.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Earnings from operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During first quarter, Stratoni mined 54,125
tonnes of run-of-mine ore and produced 12,278 tonnes of lead and zinc concentrate at an average cash cost of $829 per tonne of
concentrate sold. During the same period, Stratoni sold 13,968 tonnes of concentrate at an average price of $995 per tonne. Stratoni
operating and financial data for 2012 shown in the table above reflect operations subsequent to February 24, 2012, the date of
the EGU acquisition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Olympias</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter, Olympias treated
89,112 tonnes of tailings and produced 4,827 payable gold ounces. Commissioning of the plant continued during the quarter with
commercial production expected to begin by the end of the second quarter. Capital spending during the quarter totalled $13.5 million,
mainly on underground rehabilitation and main decline development.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Development Project Update</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Kisladag Phase IV Expansion</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Route selection for the 154 kV transmission
line was completed and design information provided to the energy provider for construction of the line. Delivery of full power
to the site and completion of the main transformer station is scheduled for late 2014.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Procurement of long lead equipment remains
on schedule. Delivery of the ancillary mobile equipment fleet began in late 2012. The first shovel and haul truck arrived on site
for assembly subsequent to this quarter end. Deliveries of the remaining equipment including haul trucks and loaders remain on
schedule.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earth moving activity on site was completed
in the permitted areas during the quarter. Basic engineering work is ongoing to optimize site layout and facilities designs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Efemcukuru Expansion</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Development work at Efemcukuru during the quarter
focused on designs for increasing the capacity in the backfill system and the tailings filtration circuit. Work is ongoing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Perama Hill</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Development work at Perama Hill was limited
during the quarter while the Company awaited approval of the EIA. Engineering designs to support the Urban Planning application
were completed and progress was made on completing the design information required for the construction permit, both of which are
required in the next permitting steps leading to construction.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Olympias</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Underground mining and refurbishment continued
during the quarter with crews advancing the main Stratoni decline, a water diversion tunnel as well as a secondary access tunnel.
New mining equipment was purchased during the quarter and will be delivered during the second quarter of 2013 to increase the mine
development rate. Other work underground included installation of backfill piping in the ventilation raise in preparation to fill
old mining voids with cemented coarse tails. The backfill plant is being fabricated by a supplier in Thessaloniki. Final site design
was completed during the quarter. Civil works began in the second half of April 2013. The tailings retreatment plant continued
testing and commissioning during the quarter, with design modifications developed to improve plant throughput.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Skouries</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Detailed engineering for Skouries plant buildings
and ancillary facilities is approximately 56% complete. Surveying of the open pit and tailings dump areas began in the first quarter
2013 and will be ongoing through midyear. Construction of the underground portal progressed during the quarter with the decline
scheduled to begin in the second quarter 2013. Work continued on upgrading site roads and ongoing clearing in approved areas.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Skouries project suffered an arson attack
on February 17th. Project offices and site facilities lost during the attack were replaced during the quarter and activity has
returned to normal. The cost of the loss is estimated at approximately $1.0 million with a two week disruption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Certej</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Field activity at Certej during the first quarter
was restricted due to winter weather conditions. Construction of the access road to the site is expected to resume in the second
quarter 2013, along with work on the waterline and pump station.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Eastern Dragon</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No construction work took place at Eastern
Dragon during the first quarter due to the winter season and permitting delays.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Tocantinzinho</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Optimization of the feasibility study was a
primary focus during the first quarter. To date the focus has been on investigating details compiled in the capital cost estimate
to improve the level of accuracy. Areas having the greatest proportional impact or having higher levels of certainties are being
addressed first. A third party review was completed to look at simplifying layouts and structures as well as optimizing the mine
infrastructure. Discussions with mining contractors and equipment vendor representatives have been initiated looking for potential
capital cost savings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exploration Update </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In the first
quarter approximately 25,000 meters were drilled on the Company&rsquo;s exploration programs in Greece, Romania, Turkey and China.
The 2013 drilling programs at most exploration sites have not commenced due to weather and scheduling constraints.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B><I>Turkey</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Drilling commenced at Efemcukuru late in the
quarter, focusing on the central portion of the Kokarpinar vein. Five holes were completed, with most reporting thick quartz &ndash;
rhodonite &ndash; sulfide vein intervals; assay results are pending.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No drilling was completed on Turkey reconnaissance
projects during the quarter. Fieldwork commenced at the Ardala/Salinbas project in mid-March, with geological mapping and drillcore
relogging directed towards refining drill targets for a program
scheduled to start in the second quarter. Fieldwork at the Mayislar project in north-western Turkey began in March, including soil
sampling, ground magnetic surveying and siting of possible drillholes.</P>


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<P STYLE="font: normal 13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><I>Greece</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">At Perama
Hill, drilling was completed during the quarter on infill, sterilization and geotechnical drilling programs. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Drilling
in the Chalkidiki district was limited to completion of the final two confirmation drillholes at Skouries. Other exploration activities
focused on drillcore logging and geological interpretation of the Piavitsa deposit area and on the Olympias deposit drillcore relogging
program. A detailed mapping program at Piavitsa was initiated in mid-March.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><I>China</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At Jinfeng, 3,500 meters of exploration drilling
were completed during the quarter, all from underground stations. Most drilling tested extensions or infill areas of the F2, F3
and F7 mineralized zones. Several drillholes that targeted the F2-F3 intersection area encountered a zone of mineralization not
predicted by the current geological model, including an intercept of 12.0 meters at 9.07 grams per tonne Au (HDDU-200) and 9.0
meters at 10.5 grams per tonne Au (HDDU-0204). No drilling was completed on the regional exploration programs during the quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At White Mountain mine, an exploration drift
designed to provide drillsite access for the Deep North Zone is progressing as planned. Resource definition drilling of the North
Zone from the exploration drift commenced late in the quarter. No fieldwork was completed on the regional exploration licenses
due to snow cover.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At Tanjianshan, drilling was completed during
the quarter in the Jinlonggou mine area, testing targets in the south pit wall and M7-main pit bridge areas. Pyritic zones were
intersected in both areas, suggesting that the mineralized zones identified in the pit walls have lateral continuity. Interpretation
and geological modeling of both the Qinlongtan North project area and the Jinlonggou area are being completed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><I>Romania</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Certej project, over 15,000 meters of
drilling were completed during the quarter, consisting of infill drilling of a number of target areas in the main deposit and definition
of the lateral limits of mineralized system. Positive assay results were received during the month from numerous drillholes, including
several on the north and south margins of the deposit that will likely expand the zone of economic mineralization. New assay results
include notable intercepts of 24.0 meters at 4.73 grams per tonne Au (CJSD-455); 66.0 meters at 1.34 grams per tonne Au (also CJSD-455);
and 53.0 meters at 1.53 grams per tonne Au (CJSD-457). Also of note were narrow veins containing visible gold, intersected in drillhole
CJSD-473 on the northern margin of the deposit (&ldquo;Baiaga Nose&rdquo; target area).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><I>Brazil</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At Tocantinzinho, exploration activities were
on hold during the quarter on the three main licenses pending granting of the Project Exploitation License. Soil sampling was completed
on one license that is not included in the exploitation application, with a total of 64 lines sampled.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Follow-up infill soil sampling began in February
at the Rubens Zilio project, with the two major areas of soil anomalies being further evaluated along 100 meter spaced soil lines.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sampling programs were completed at the Chapadinha
project, with numerous moderate to high grade chip and channel samples reported from areas surrounding artisanal workings. A 2,000
meter drilling program commenced late in the quarter to test several targets. Mineralization consisting of Qtz-Py-Asp
veins, veinlets and disseminated Py-Asp has
been intercepted in both the quartzite and footwall phyllite units.</P>


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<P STYLE="font: normal 13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the Anicuns project, a significant gold-in-stream
sediment anomaly was outlined from a grass-roots prospecting program in late 2012. The Company submitted 35 new applications for
exploration licenses to secure land surrounding the anomaly, and a follow-up program of soil sampling, termite mound sampling,
and additional stream sediment sampling began late in the quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0"><B>Corporate Appointments</B></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rick Thomas was appointed Vice President,
Capital Projects on March 18, 2013. Rick is responsible for providing strategic oversight and guidance in the execution of all
major capital projects for the Company.</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jason Cho was appointed Manager Business
Development on March 25, 2013. Jason is responsible for leading the Company&rsquo;s business development activities including managing
existing joint venture partnerships and searching for value-enhancing opportunities.</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Eldorado</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eldorado is a gold producing, exploration and
development company actively growing businesses in Turkey, China, Greece, Brazil, and Romania. 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="font: normal 13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 13pt Times New Roman, Times, Serif; margin: 0">ON BEHALF OF</P>

<P STYLE="font: normal 13pt Times New Roman, Times, Serif; margin: 0">ELDORADO GOLD CORPORATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&ldquo;Paul N. Wright&rdquo;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Paul N. Wright</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Executive Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 2.7pt 0 0; text-align: justify"><B><I>Eldorado will host a conference
call on Friday, May 3, 2013 to discuss the 2013 First Quarter Financial and Operating Results at 11:30 a.m. EDT (8:30 a.m. PDT).
You may participate in the conference call by dialling 416-340-9432 in Toronto or 1-888-340-9642 toll free in North America and
asking for the Eldorado Conference Call with Chairperson: Paul Wright, CEO of Eldorado Gold. The call will be available on Eldorado&rsquo;s
website. www.eldoradogold.com. A replay of the call will be available until May 10, 2013 by dialling 905-694-9451 in Toronto or
1-800-408-3053 toll free in North America and entering the Pass code:1059970..</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 2.7pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><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&rsquo;s Q1, 2013 Financial and Operating Results.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-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 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 &ldquo;Forward-Looking Statements&rdquo; and &quot;Risk Factors&quot; in the Company's Annual Information Form &amp; Form
40-F dated March 28,2013.&nbsp; </I></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eldorado Gold Corporation&rsquo;s common shares
trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nancy Woo, VP Investor Relations</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eldorado Gold Corporation</P>

<div align="left">
 <table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
   <td width="51%">Phone: 604.601-6650 or 1.888.353.8166</td>
   <td width="49%">1188,
550 Burrard Street</td>
  </tr>
  <tr>
   <td width="51%">Fax: 604.687.4026</td>
   <td width="49%">Vancouver, BC V6C 2B5</td>
  </tr>
  <tr>
   <td width="51%">Email:  nancyw@eldoradogold.com</a>&nbsp;</td>
   <td width="49%">Web
site:  www.eldoradogold.com</a>&nbsp;</td>
  </tr>
  <tr>
   <td width="100%" colspan="2">Request for information packages:laurelw@eldoradogold.com</td>
  </tr>
 </table>
</div>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: italic bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: italic bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-indent: 0cm" align="center">PRODUCTION HIGHLIGHTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><BR CLEAR="ALL" STYLE="mso-special-character: line-break">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quarter</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2013</B></P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">First</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Second</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Third</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</P></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fourth</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>Gold Production</U></B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>189,346</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">150,661</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">132,919</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">154,841</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">186,973</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>163,768</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">155,535</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">140,694</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">169,565</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">190,530</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP>2,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>505</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">452</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">480</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">493</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">502</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>567</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">529</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">550</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">567</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">566</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Realized Price ($/oz - sold)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,622</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,707</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,612</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,670</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,696</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>Ki&#351;lada&#287; Mine, Turkey</U></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>70,250</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">65,164</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">61,991</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">83,750</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">78,151</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>70,221</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">65,707</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">61,575</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">84,016</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">77,996</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes to Pad</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,915,508</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,140,492</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,259,574</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,245,700</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,960,809</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>1.29</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1.13</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1.30</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1.05</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1.32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>334</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">339</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">333</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">334</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">324</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>359</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">374</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">357</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">363</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">353</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-size: 9pt"><B>Efemcukuru Mine, Turkey</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>50,291</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">37,046</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>19,856</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,293</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,222</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">14,442</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">39,913</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>86,879</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">70,646</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">95,131</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">93,779</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">92,600</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>8.47</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8.74</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9.60</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9.28</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9.27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>582</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">583</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>619</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>Tanjianshan Mine, China</U></B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>26,207</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,816</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">27,172</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,944</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,679</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>26,207</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,816</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">27,172</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,944</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,679</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>247,061</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">262,793</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">245,457</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">283,654</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">264,943</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.74</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4.00</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.73</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.55</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>442</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">408</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">432</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">396</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">427</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>636</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">605</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">621</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">593</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">632</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>Jinfeng Mine, China</U></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>21,683</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">35,197</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,661</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,805</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">21,149</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>21,742</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">35,235</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,630</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,821</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">21,168</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>351,901</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">368,756</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">337,560</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">356,575</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">359,903</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>2.43</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.17</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2.68</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2.43</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2.30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP> 4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>832</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">643</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">786</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">946</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">986</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP> 3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>930</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">715</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">858</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,044</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,088</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>White Mountain Mine, China</U></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>20,915</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">21,484</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">18,095</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16,342</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">24,948</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>20,915</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">21,484</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">18,095</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16,342</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">24,948</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>198,934</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">158,114</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">188,038</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">210,114</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">198,407</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.80</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4.46</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.60</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3.14</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4.34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP> 4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>634</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">543</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">622</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">766</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">607</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP> 3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>679</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">588</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">666</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">813</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">652</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 9pt"><B><U>Olympias, Greece</U></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Ounces Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,827</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">826</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>89,112</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">28,331</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>3.97</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Ounces produced include pre-commercial production in Olympias.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"><SUP>2</SUP></TD><TD STYLE="text-align: justify">Cost figures calculated in accordance with the Gold Institute Standard.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Cash Operating Costs, plus royalties and the cost of off-site administration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"><SUP>4</SUP></TD><TD STYLE="text-align: justify">Cash operating costs and total cash costs are non-GAAP measures. See the section &quot;Non-GAAP
Measures&quot; of this Review.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><SUP>5&#9;</SUP>Cash operating costs and total
cash costs have been recalculated for prior quarters based on ounces sold.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Unaudited Condensed Consolidated
Balance Sheets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(Expressed in thousands of U.S. dollars)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: italic bold 9pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B><I>Note</I></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 9pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>March 31, 2013</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 9pt/115% Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>December 31, 2012</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">668,615 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">816,843 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Term deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">158,927 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">- </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Restricted cash </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">261 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">241 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Marketable securities <B> </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">3,352 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">1,988 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Accounts receivable and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">93,579 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">112,324 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">203,883 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">220,766 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">1,128,617 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">1,152,162 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Investments in significantly influenced companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">31,251 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">27,949 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Deferred income tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">2,607 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">3,149 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Restricted assets and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">36,905 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">31,846 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Defined benefit pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">6,847 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">4,571 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,932,883 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,868,742 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Goodwill</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">839,710 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">839,710 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">7,978,820 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">7,928,129 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>LIABILITIES &amp; EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">228,113 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">224,567 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Current debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: italic 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><I>6</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">12,442 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">10,341 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">240,555 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">234,908 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: italic 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><I>6</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">583,320 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">582,974 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">80,310 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">79,971 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: italic 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><I>7</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">952,287 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">816,941 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">1,856,472 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">1,714,794 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Share capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: italic 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><I>8</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,303,095 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,300,957 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Treasury stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">(12,307)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">(7,445)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Contributed surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">71,827 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">65,382 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">(25,034)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">(24,535)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">Retained earnings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">499,172 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">594,876 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>Total equity attributable to shareholders of the Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,836,753 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">5,929,235 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: bold 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black"><B>Attributable to non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">285,595 </FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">284,100 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">6,122,348 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">6,213,335 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">7,978,820 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt solid; font: 9pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif; color: black">7,928,129 </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"><B>&#9;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><B>Approved on behalf of the Board of Directors</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 48%">(Signed)</I> <I>Robert R. Gilmore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">(Signed) Paul N. Wright &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"><B>&#9;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif">
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral
part of these consolidated financial statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Unaudited Condensed Consolidated
Income Statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(Expressed in thousands of U.S.
dollars except per share amount)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"><B>&#9;&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: left">For the quarter ended March 31,</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">Note</TD>
    <TD STYLE="font-weight: bold; text-align: right">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2012&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">Revenue</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Metal sales</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">338,068</TD>
    <TD STYLE="text-align: right">271,549</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">Cost of sales</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Production costs</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">130,368</TD>
    <TD STYLE="text-align: right">91,239</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">37,114</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">27,408</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">167,482</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">118,647</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle; text-align: left">Gross profit</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">170,586</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">152,902</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Exploration expenses</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,624</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,696</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">General and administrative expenses</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16,486</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16,162</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Defined benefit pension plan expense</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">629</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">635</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Share based payments</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,877</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,023</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Acquisition costs</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,804</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Foreign exchange gain</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(102)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,107)</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle; text-align: left">Operating profit</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; text-align: right">137,072</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; text-align: right">101,689</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Loss (gain) on disposal of assets</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(213)</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left">Gain on marketable securities and other investments</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,032)</TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left">Loss on investments in significantly influenced companies</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">909</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,281</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Other income</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,976)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(946)</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Asset retirement obligation accretion</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">339</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">368</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Interest and financing costs</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">10,501</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">688</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">Profit before income tax</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">127,284</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">101,543</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Income tax expense</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">171,252</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27,725</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left">Profit (loss) for the period</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">(43,968)</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">73,818</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">Attributable to:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Shareholders of the Company</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(45,463)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67,851</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Non-controlling interests</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1,495</TD>
    <TD STYLE="text-align: right">5,967</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: left">Profit (loss) for the period</TD>
    <TD STYLE="font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">(43,968)</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">73,818</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5">Weighted average number of shares outstanding</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Basic</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">714,504&nbsp;</TD>
    <TD STYLE="text-align: right">615,147&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Diluted</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">715,364&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">617,851&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="font-weight: bold; vertical-align: top">Earnings (loss) per share attributable to shareholders of the Company:</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Basic earnings (loss) per share</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(0.06)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Diluted earnings (loss) per share</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(0.06)</TD>
    <TD STYLE="text-align: right">0.11</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>


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<P STYLE="font: 10pt Univers 45 Light,sans-serif; margin: 0"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Unaudited Condensed Consolidated
Statements of Comprehensive Income</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(Expressed in thousands of U.S. dollars)</P>



<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">For the quarter ended March 31,</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">2012&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Profit (loss) for the period</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">(43,968)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">73,818</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Other comprehensive loss:</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Change in fair value of available-for-sale financial assets</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(482)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(113)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">Realized gains on disposal of available-for-sale financial assets transferred to net income</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(24)</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total other comprehensive loss for the period</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(499)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(137)</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total comprehensive income (loss) for the period</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">(44,467)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">73,681</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Attributable to:</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Shareholders of the Company</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(45,962)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67,714</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Non-controlling interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,495</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,967</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total comprehensive income (loss) for the period</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">(44,467)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt solid; text-align: right">73,681</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Unaudited Condensed Consolidated
Statements of Cash Flows</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(Expressed in thousands of U.S. dollars)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">For the quarter ended March 31,</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">Note</TD>
    <TD STYLE="font-weight: bold; text-align: right">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2012&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; text-align: right">$</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Cash flows generated from (used in):</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Operating activities</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Profit (loss) for the year</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(43,968)</TD>
    <TD STYLE="text-align: right">73,818</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Items not affecting cash</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Asset retirement obligation accretion</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">339</TD>
    <TD STYLE="text-align: right">368</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">37,114</TD>
    <TD STYLE="text-align: right">27,408</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Unrealized foreign exchange loss</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">121</TD>
    <TD STYLE="text-align: right">514</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Deferred income tax expense (recovery)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">7</TD>
    <TD STYLE="text-align: right">135,888</TD>
    <TD STYLE="text-align: right">(8,986)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Loss (gain) on disposal of assets</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">36</TD>
    <TD STYLE="text-align: right">(213)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Loss on investments in significantly influenced companies</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">909</TD>
    <TD STYLE="text-align: right">1,281</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Gain on marketable securities and other investments</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(21)</TD>
    <TD STYLE="text-align: right">(1,032)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share based payments</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">8,877</TD>
    <TD STYLE="text-align: right">9,023</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Defined benefit pension plan expense</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">629</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">635</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">139,924</TD>
    <TD STYLE="text-align: right">102,816</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Changes in non-cash working capital</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: center">11</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">27,168</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(19,541)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">167,092</TD>
    <TD STYLE="text-align: right">83,275</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Investing activities</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Net cash received on acquisition of subsidiary</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: center">5</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">18,789</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Purchase of property, plant and equipment</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(101,214)</TD>
    <TD STYLE="text-align: right">(52,514)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Proceeds from the sale of property, plant and equipment</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">56</TD>
    <TD STYLE="text-align: right">659</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Proceeds on pre-production sales</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">4,328</TD>
    <TD STYLE="text-align: right">6,064</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Proceeds from the sale of marketable securities</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">332</TD>
    <TD STYLE="text-align: right">230</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Funding of non-registered supplemental retirement plan investments, net</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">(6,023)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Investments in significantly influenced companies</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,357)</TD>
    <TD STYLE="text-align: right">(696)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Investment in term deposits</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(158,927)</TD>
    <TD STYLE="text-align: right">-</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Decrease in restricted cash</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(10)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(1,287)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(261,792)</TD>
    <TD STYLE="text-align: right">(34,778)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Financing activities</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Issuance of common shares for cash</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1,422</TD>
    <TD STYLE="text-align: right">6,090</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Dividend paid to shareholders</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(50,241)</TD>
    <TD STYLE="text-align: right">(49,880)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Purchase of treasury stock</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,294)</TD>
    <TD STYLE="text-align: right">(6,011)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Long-term and bank debt proceeds</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">12,412</TD>
    <TD STYLE="text-align: right">-</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Long-term and bank debt repayments</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,354)</TD>
    <TD STYLE="text-align: right">(5,563)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Loan financing costs</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(473)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(53,528)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(55,364)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Net decrease in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(148,228)</TD>
    <TD STYLE="text-align: right">(6,867)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Cash and cash equivalents - beginning of period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">816,843</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">393,763</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Cash and cash equivalents - end of period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt solid; text-align: right">668,615</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt solid; text-align: right">386,896</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">The
accompanying notes are an integral part of these consolidated financial statements</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0">Eldorado Gold Corporation</P>

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Unaudited Condensed Consolidated
Statements of Changes in Equity</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(Expressed in thousands of U.S. dollars)</P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">For the quarter ended March 31,</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2013&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2012&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Share capital</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,300,957</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,855,689</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Shares issued upon exercise of share options, for cash</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,422</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,090</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Transfer of contributed surplus on exercise of options</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,508</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Shares issued on acquisition of European Goldfields Ltd.</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,380,140</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Transfer of contributed surplus on exercise of deferred phantom units</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,522</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">5,303,095</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">5,258,949</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Treasury stock</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,445)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,018)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Purchase of treasury stock</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,294)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,011)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Shares redeemed upon exercise of restricted share units</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,432</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,572</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(12,307)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(8,457)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Contributed surplus</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">65,382</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">30,441</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Share based payments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">8,593</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,215</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Shares redeemed upon exercise of restricted share units</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,432)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,572)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Options issued on acquisition of European Goldfields Ltd.</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">31,130</TD></TR>
<TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Deferred phanton units granted on acquisition of European Goldfields Ltd.</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29,105</TD></TR>
<TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Transfer to share capital on exercise of options and deferred phantom units</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(716)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(17,030)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">71,827</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">80,289</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Accumulated other comprehensive loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(24,535)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,069)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Other comprehensive loss for the period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(499)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(137)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(25,034)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(10,206)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Retained earnings</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">594,876</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">382,716</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Dividends paid</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(50,241)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(49,880)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Profit (loss) attributable to shareholders of the Company</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(45,463)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">67,851</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">499,172</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">400,687</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total equity attributable to shareholders of the Company</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5,836,753</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5,721,262</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Non-controlling interests</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance beginning of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">284,100</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">56,487</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Profit attributable to non-controlling interests</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,495</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,967</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Acquired non-controlling interest</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">260,093</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Balance end of period</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">285,595</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">322,547</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total equity</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt solid; text-align: right">6,122,348</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt solid; text-align: right">6,043,809</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The
accompanying notes are an integral part of these consolidated financial statements</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<FILENAME>mda.htm
<DESCRIPTION>MD&A Q1 2013
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MANAGEMENT&#8217;S DISCUSSION and ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&amp;A)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>for the three-month period ended March 31, 2013</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>This quarter</I> means the first quarter of 2013. All dollar amounts
are in United States dollars unless stated otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">The information in this MD&amp;A is as of
May 2, 2013. You should also read our audited consolidated financial statements for the year ended December 31, 2012 prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
and the unaudited interim condensed consolidated financial statements for the three-month period ended March 31, 2013 prepared
in accordance with International Accounting Standard (IAS) 34 &#8211; &#8220;Interim Financial Reporting&#8221;. We file our financial
statements and MD&amp;A with appropriate regulatory authorities in Canada and the United States. You can find more information
about Eldorado, including our annual information form, on SEDAR at www.sedar.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">There have been no changes to the following since we published our
2012 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>What&#8217;s inside</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>About Eldorado</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>First quarter Summary Results and Corporate Developments</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Review of Financial Results</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Quarterly updates</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Operations</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Development projects</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Exploration</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Quarterly results</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Non-IFRS measures</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating cash flow, financial condition and liquidity</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Capital expenditures, Liquidity and capital resources</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Contractual obligations, Debt, Dividends, Equity</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Other information</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">New accounting developments</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Internal controls over financial reporting</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Qualified person</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Forward-looking information and risks</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Eldorado</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating gold mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kisladag, in Turkey (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tanjianshan, in China (90%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jinfeng, in China (82%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">White Mountain, in China (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Efemcukuru, in Turkey (100%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Development gold projects:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Eastern Dragon, in China (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tocantinzinho, in Brazil (100%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Perama Hill, in Greece (100%) </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Olympias, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Skouries, in Greece (95%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Certej, in Romania (80%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other mines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vila Nova &#8211; iron ore, in Brazil (100%)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stratoni &#8211; silver, lead, zinc, in Greece (95%)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eldorado&#8217;s common shares are listed on the following exchanges:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toronto Stock Exchange (TSX) under the symbol ELD </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York Stock Exchange (NYSE) under the symbol EGO</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ELD is part of the S&amp;P/TSX Global Gold Index. EGO is part of
the AMEX Gold BUGS Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>First quarter summary results and corporate developments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: gray">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Profit attributable to shareholders of the Company for the quarter was
$79.8 million or $0.11 per share compared to $67.9 million or $0.11 per share for the same quarter in 2012, excluding a one-time
$125.2 million non-cash charge related to a change in Greek tax rates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold revenues were 19% higher than the same quarter in 2012 on higher
sales volumes.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations before taxes was $163.8 million
for the quarter, 9% higher than the first quarter of 2012.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Company generated $139.9 million in cash from operating activities
before changes in non-cash working capital &#8211; an increase of 36% over the same quarter in 2012.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On April 17, 2013, the Council of State, the supreme administrative court
of Greece, upheld the validity of the Environmental Impact Assessment (&#8220;EIA&#8221;) permit for the Hellas Gold projects comprising
the &#8220;Kassandra Mines&#8221; (Stratoni, Olympias &amp; Skouries) in Halkidiki, northern Greece.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><I>Change in Greek corporate income tax rate</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On January 11, 2013 the government of Greece enacted legislation
increasing the corporate income tax rate from 20% to 26%, effective January 1, 2013. As required by IAS 12, &#8220;Income Taxes&#8221;,
when an income tax rate changes, the deferred tax liability must be adjusted to reflect the change in the income tax rate. This
non-cash adjustment is required to be charged to deferred income tax expense. The impact on profit for the quarter was $125.2 million,
or $0.17 per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Review of Financial Results</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&#9;</B></FONT><B><FONT STYLE="font-size: 8pt">&#9;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Summarized Financial Results &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Revenues (millions)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$338.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$271.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">189,346</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">150,661</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,622</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,707</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce sold) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$452</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$529</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit from gold mining operations<SUP> (1) </SUP>(millions)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$163.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$150.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Profit (loss) attributable to shareholders of the Company (millions)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($45.5)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$67.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share attributable to shareholders of the Company &#8211; Basic ($/share)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share attributable to shareholders of the Company &#8211; Diluted ($/share)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Dividends paid (Cdn$/share)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.07</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash flow from operating activities before changes in non-cash working capital<SUP>(1) </SUP>(millions)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$139.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$102.8</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(1)</TD><TD>The Company has included non-IFRS performance measures such as cash operating costs, total cash costs, earnings from gold mining
operations and cash flow from operations before changes in non-cash working capital throughout this document. These are non-IFRS
measures. Please see page 11 for discussion of non-IFRS measures.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company reported a loss of $45.4 million (or $0.06 per share)
for the quarter compared with profit of $67.9 million (or $0.11 per share) in the first quarter of 2012. Excluding a $125.2 million
adjustment related to a change in Greek tax rates the Company reported adjusted profit of $79.8 million compared with $67.9 million
for the same quarter in 2012. The difference in adjusted profit year over year was due to higher gross profit from gold mining
operations during the quarter as well as $17.8 million in costs related to the acquisition of European Goldfields Limited (&#8220;EGU&#8221;)
reported in the first quarter of 2012. Higher sales volumes year over year were partially offset by lower prices and higher unit
production costs. Realized gold prices fell 5% year over year. Unit production costs from gold mining operations rose 8% compared
with the first quarter of 2012 as our Chinese mines reported unit cost increases related to lower grades and gold production. Depreciation,
depletion and amortization expense increased 35% over the first quarter of 2012, mainly as a result of the addition of Efemcukuru
depreciation. The Company also reported $10.5 million in interest and financing costs as compared with $0.7 million in the first
quarter of 2012, reflecting the cost of servicing the Senior Notes issued in the fourth quarter of 2012. Excluding the $125.2 million
adjustment, the effective tax rate was 36% for the quarter as compared with 27% for the first quarter of 2012. The increase in
the effective tax rate over the first quarter of 2012 was due to an increase in accrued withholding taxes on dividends paid by
our Turkish subsidiary as well as increases in non-deductible expenses in Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operations update</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 11pt; font-weight: bold"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>Summarized Operating Highlights &#8211; quarter ended March 31, </B></FONT></TD>
    <TD STYLE="width: 64px; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 60px; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations (millions)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$163.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$150.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; including pre-commercial production</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">163,768</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">155,535</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$452</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$529</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Kisladag</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$85.0</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$82.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">70,221</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">65,707</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$334</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$339</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$359</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$374</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Efemcukuru<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations<B><SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$38.7</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; including pre-commercial production</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">19,856</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,293</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$582</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$619</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Tanjianshan</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$19.1</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$24.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">26,207</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">28,816</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$442</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$408</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$636</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$605</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Jinfeng</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$8.7</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$26.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">21,742</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">35,235</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$832</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$643</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$930</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$715</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>White Mountain</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$12.3</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$17.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">20,915</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">21,484</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$634</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$543</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$679</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$588</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Olympias<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; including pre-commercial production</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">4,827</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-indent: 0in"><font size="1"><sup><FONT STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-family: Arial, Helvetica, Sans-Serif">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Production in the first quarter of 2012 at Efemcukuru was considered
pre-commercial production. </FONT></sup></font></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-indent: 0in"><font size="1"><sup><FONT STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-family: Arial, Helvetica, Sans-Serif">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Gross profit at Efemcukuru in the first quarter of 2013 includes sales
of concentrate inventories built up during 2012.</FONT></sup></font></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-indent: 0in"><font size="1"><sup><FONT STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-family: Arial, Helvetica, Sans-Serif">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Production in the first quarter of 2013 at Olympias was considered
pre-commercial production.</FONT></sup></font></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Kisladag</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold; text-align: right">
     <p align="left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></p>
    </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes placed on pad</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,915,508</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,140,492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; font: 11pt Times New Roman, Times, Serif; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,221</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">65,707</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 20.25pt; font: 11pt Times New Roman, Times, Serif; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,250</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">65,164</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$334</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$339</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$359</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$374</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$114.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$110.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$2.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$85.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$82.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Kisladag was 7% higher year over year while gold
ounces placed on the pad during the year increased 6% over 2012, mainly as a result of higher average treated head grade. Gold
ounces sold were higher year over year due to a slightly higher head grade as well as recovery of gold placed on the pad in 2012.
Cash operating costs were lower year over year as a result of the higher grade material placed on the pad as well as lower annual
average exchange rates for the Turkish lira in comparison with the previous year. Capital expenditures for the quarter included
costs on the Phase IV preparation works, capitalised waste stripping and various smaller construction projects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Efemcukuru</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86,879</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade - g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.47</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.74</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate (to Concentrate)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">92.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19,856</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,293</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">50,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$582</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$619</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$81.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$38.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$14.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1 Ounces produced and sold in 2012 were pre-commercial</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Gold sales from Efemcukuru during the quarter were significantly
higher than gold production as a result of the sale of concentrate inventories built up at the Kisladag Treatment Plant during
2012. Mined tonnage was below plan due to issues with paste plant availability and quality. Significant improvements have been
undertaken during the quarter resulting in improved results by quarter end. Most of the capital spending during the quarter was
related to underground development.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%"><P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</FONT></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three-month period ended March 31, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Tanjianshan</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">247,061</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">262,793</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.74</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">80.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,816</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,816</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$442</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$408</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$636</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$605</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$42.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$49.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$19.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$24.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$4.1</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at Tanjianshan was 9% lower year over year mainly
as a result of lower average treated head grade and lower additional flotation concentrate feed. Tonnes milled in the quarter were
6% lower than 2012 while average treated head grade was 6% lower than 2012. Circuit recoveries remained relatively constant with
a slightly lower recovery in the quarter due to an increase in stockpile material making up the ore fed to the mill. An extended
mining contractor break during Chinese New Year reduced the amount of mined material thus forcing the treatment of stockpiled material.
Cash operating costs per ounce were 8% higher year over year mainly as a result of lower grade ore and lower ounce production.
Most of the capital spending this quarter was on exploration drilling.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jinfeng</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">351,901</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">368,756</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">82.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">85.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,742</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35,235</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,683</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35,197</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$832</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$643</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$930</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$715</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$35.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$60.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$26.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$13.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$9.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gold production at Jinfeng was 38% lower year
over year mainly as a result of treating lower grade material from the open pit and stockpiles. A total of 54,126 tonnes of ore
was mined from the open pit this quarter (first quarter 2012 &#8211; 29,960 tonnes). It is expected that ore production will recommence
from the pit in the second quarter of 2013 once the waste stripping has uncovered the ore body. A total of 138,989 tonnes of ore
were mined from the underground during the quarter (first quarter 2012 &#8211; 129,903 tonnes). Cash costs were 29% higher year
over year reflecting the impact of the decrease in treated head grade and the slightly lower throughput. Capital expenditures for
the quarter included waste stripping, underground development, mining equipment and tailings dam lift construction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%"><P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</FONT></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three-month period ended March 31, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>White Mountain</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">198,934</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">158,114</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Treated Head Grade &#8211; g/t</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.80</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">85.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">86.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$634</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$543</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$679</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$588</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$33.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$36.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$12.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$18.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$6.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production at White Mountain during the quarter was slightly
lower year over year with higher ore throughput offsetting lower grade. The increase in tonnes was due to an increase in underground
mining efficiency as a result of increased mine development. Recovery was on par with the previous reporting period. Cash operating
costs per ounce were 17% higher year over year as a result of the higher tonnage and decreased head grade, and due to costs related
to increased backfill and secondary development rates to sustain higher production tonnage. Capital expenditures for the quarter
included capitalized underground development, upgrade of the underground service facility, and capitalized exploration costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Vila Nova</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes Processed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">212,911</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">189,747</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">183,426</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">163,901</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Grade (% Fe)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59.64%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">63.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Tonnes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 20.25pt; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">129,548</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">88,581</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average Realized Iron Ore Price</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$117</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$84</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$ 65</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$15.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$7.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Iron ore production and sales increased year over year as a result
of the impact of new mining equipment purchased late last year on mining productivity. A major incident at the shipping port owned
by Anglo Ferrous, a third party, occurred on March 29, 2013 as a large part of the Santana Port on-shore areas and facilities slid
into the Amazon River in a sudden river bank failure. According to available information, part of the on-shore land collapsed into
the river, including material handling equipment, trucks, loaders, bulldozer, ship loading system and stockpiles. Part of Vila
Nova&#8217;s ore stockpile, estimated to be 22,000 tonnes of iron ore was on site and is assumed to be lost. No Unamgen employees
were injured. No further iron ore sales are anticipated in the short term and company personnel are exploring a number of alternatives
to continue iron ore sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Stratoni</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operating Data &#8211; quarter ended March 31,</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore mined (wet)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">54,125</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,942</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">48,521</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,602</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pb grade (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.21%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.95%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Zn grade (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.36%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.72%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag grade (g/t)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">163</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">158</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12,278</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,968</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5,569</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Average realized concentrate price (per tonne)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$995</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash Costs (per tonne of concentrate sold)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$829</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$797</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Financial Data (millions)</B></P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$13.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$5.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$1.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Earnings from operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During the first quarter, Stratoni mined 54,125 tonnes of run-of-mine
ore and produced 12,278 tonnes of lead and zinc concentrate at an average cash cost of $829 per tonne of concentrate sold. During
the same period, Stratoni sold 13,968 tonnes of concentrate at an average price of $995 per tonne. Stratoni operating and financial
data for 2012 shown in the table above reflect operations subsequent to February 24, 2012, the date of the EGU acquisition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Olympias</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">During the first quarter, Olympias treated 89,112 tonnes of tailings
and produced 4,827 payable gold ounces. Commissioning of the plant continued during the quarter with commercial production expected
to begin by the end of the second quarter. Capital spending during the quarter totalled $13.5 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Development project update</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Kisladag Phase IV Expansion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Route selection for the 154 kV transmission line was completed and
design information provided to the energy provider for construction of the line. Delivery of full power to the site and completion
of the main transformer station is scheduled for late 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Procurement of long lead equipment remains on schedule. Delivery
of the ancillary mobile equipment fleet began in late 2012. The first shovel and haul truck arrived on site for assembly subsequent
to this quarter end. Deliveries of the remaining equipment including haul trucks and loaders remain on schedule.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Earth moving activity on site was completed in the permitted areas
during the quarter. Basic engineering work is ongoing to optimize site layout and facilities designs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Efemcukuru Expansion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Development work at Efemcukuru during the quarter focussed on designs
for increasing the capacity in the backfill system and the tailings filtration circuit. Work is ongoing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Perama Hill</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Development work at Perama Hill was limited during the quarter while
the Company awaited approval of the EIA. Engineering designs to support the Urban Planning application were completed and progress
was made on completing the design information required for the construction permit, both of which are required in the next permitting
steps leading to construction.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Olympias</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Underground mining and refurbishment continued during the quarter
with crews advancing the main Stratoni decline, a water diversion tunnel as well as a secondary access tunnel. New mining equipment
was purchased during the quarter and will be delivered during the second quarter of 2013 to increase the mine development rate.
Other work underground included installation of backfill piping in the ventilation raise in preparation to fill old mining voids
with cemented coarse tails. The backfill plant is being fabricated by a supplier in Thessaloniki. Final site design was completed
during the quarter. Civil works began in the second half of April 2013. The tailings retreatment plant continued testing and commissioning
during the quarter, with design modifications developed to improve plant throughput.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Skouries</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Detailed engineering for Skouries plant buildings and ancillary facilities
is approximately 56% complete. Surveying of the open pit and tailings dump areas began in the first quarter 2013 and will be ongoing
through midyear. Construction of the underground portal progressed during the quarter with the decline scheduled to begin in the
second quarter 2013. Work continued on upgrading site roads and ongoing tree cutting in approved areas.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Skouries project suffered an arson attack on February 17th. Project
offices and site facilities lost during the attack were replaced during the quarter and activity has returned to normal. The cost
of the loss is estimated at approximately $1.0 million with a two week disruption.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Certej</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Field activity at Certej during the first quarter was restricted
due to winter weather conditions. Construction of the access road to the site is expected to resume in the second quarter 2013,
along with work on the waterline and pump station.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Eastern Dragon</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No construction work took place at Eastern Dragon during the first
quarter due to the winter season and permitting delays.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Tocantinzinho</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Optimization of the feasibility study was a primary focus during
the first quarter. To date the focus has been on investigating details compiled in the capital cost estimate to improve the level
of accuracy. Areas having the greatest proportional impact or having higher levels of certainties are being addressed first. A
third party review was completed to look at simplifying layouts and structures as well as optimizing the mine infrastructure. Discussions
with mining contractors and equipment vendor representatives have been initiated looking for potential capital cost savings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Exploration update </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">In the first quarter approximately
25,000 meters were drilled on the company&#8217;s exploration programs in Greece, Romania, Turkey and China. The 2013 drilling
programs at most exploration sites have not commenced due to weather and scheduling constraints.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Turkey</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Drilling commenced at Efemcukuru late in the quarter, focusing on
the central portion of the Kokarpinar vein. Five holes were completed, with most reporting thick quartz &#8211; rhodonite &#8211;
sulfide vein intervals; assay results are pending.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Kisladag, the final three permitted drillholes left over from
the 2012 exploration program were completed early in the quarter. All assay results have been received from this program, with
no significant intercepts reported.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No drilling was completed on Turkey reconnaissance projects during
the quarter. Fieldwork commenced at the Ardala/Salinbas project in mid-March, with geological mapping and drillcore relogging directed
towards refining drill targets for a program scheduled to start in the second quarter. Fieldwork at the Mayislar project in north-western
Turkey began in March; including soil sampling, ground magnetic surveying and siting of possible
drillholes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Greece</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">At Perama Hill, drilling was completed
during the quarter on infill, sterilization and geotechnical drilling programs. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">Drilling in the Halkidiki district
was limited to completion of the final two confirmation drillholes at Skouries. Other exploration activities focused on drillcore
logging and geological interpretation of the Piavitsa deposit area, and on the Olympias deposit drillcore relogging program. A
detailed mapping program at Piavitsa was initiated in mid-March, and initial planning was completed for a new exploration sample
processing and core storage complex. </FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">China</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Jinfeng, 3,500 meters of exploration drilling were completed during
the quarter, all from underground stations at the mine. Most of these tested extensions or infill areas of the F2, F3 and F7 mineralized
zones. Several drillholes that targeted the F2-F3 intersection area encountered a new zone of mineralization not predicted by the
current geological model, including an intercept of 12.0 meters at 9.07 grams per tonne Au (HDDU-200) and 9.0 meters at 10.5 grams
per tonne Au (HDDU-0204). No drilling was completed on the regional exploration programs during the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At the White Mountain Mine, the exploration drift designed to provide
drillsite access for the Deep North Zone is progressing on schedule. Resource definition drilling of the North Zone from the exploration
drift commenced late in the quarter. No fieldwork was completed on the regional exploration licenses due to snow cover.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Tanjianshan, drilling was completed during the quarter in the
Jinlonggou mine area, testing targets in the south pit wall and M7-main pit bridge areas. Pyritic zones were intersected in both
areas, suggesting that the mineralized zones identified in the pit walls may have lateral continuity. Interpretation and geological
modeling of both the Qinlongtan North project area and the Jinlonggou area are being completed.<FONT STYLE="background-color: yellow">
</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Romania</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At the Certej project over 15,000 meters of drilling were completed
during the quarter, consisting of infill drilling of a number of target areas in the main deposit and definition of the lateral
limits of mineralized system. The infill program was completed in the second quarter of 2013. Positive assay results were received
during the month from numerous drillholes, including several on the north and south margins of the deposit that will likely expand
the zone of economic mineralization, and may necessitate a follow-up drilling program. New assay results include notable intercepts
of 24.0 meters at 4.73 grams per tonne Au (CJSD-455); 66.0 meters at 1.34 grams per tonne Au (also CJSD-455); and 53.0 meters at
1.53 grams per tonne Au (CJSD-457). Also of note were narrow veins containing visible gold, intersected in drillhole CJSD-473 on
the northern margin of the deposit (&#8220;Baiaga Nose&#8221; target area).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At the Certej North prospecting license, several shallow drillholes
drilled during the quarter intersected breccias interpreted as possible distal features of the Bolcana porphyry system. The single
deep drillhole completed here intersected magnetite/chlorite/epidote and potassic alteration, along with fine quartz stockwork
veins containing chalcopyrite.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Brazil</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Tocantinzinho, exploration activities were on hold during the
quarter on the three main licenses pending granting of the project exploitation license. Soil sampling was completed on one license
that is not included in the exploitation application, with a total of 64 lines sampled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At Agua Branca, auger drilling was completed early in the quarter
to test a postulated offset of the Camarao zone. As the results from this program were negative and extensive previous drilling
has failed to identify a significant economic resource, the project will be dropped when the current exploration license expires
in the second quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Follow-up infill soil sampling began in February at the Rubens Zilio
project; with the two major areas of soil anomalies being further evaluated along 100 meter spaced soil lines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Sampling programs were completed at the Chapadinha project, with
numerous moderate to high grade chip and channel samples reported from areas surrounding artisanal workings. A 2,000 meter drilling
program commenced late in the quarter to test several targets. Mineralization consisting of Qtz-Py-Asp veins, veinlets, and disseminated
Py-Asp has been intercepted in both the quartzite and footwall phyllite units.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">At the Anicuns project, a significant gold-in-stream sediment anomaly
was outlined from a grass-roots prospecting program in late 2012. The Company submitted 35 new applications for exploration licenses
to secure land surrounding the anomaly, and a follow-up program of soil sampling, termite mound sampling, and additional stream
sediment sampling began late in the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Quarterly results</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">millions (except per share amounts)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #F3F3F3">
    <TD STYLE="vertical-align: top; width: 18%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2011</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2011</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2011</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First&nbsp;</B></FONT></p>
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B> quarter</B></FONT></p>
    </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Fourth</B></FONT></p>
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;quarter</B></FONT></p>
    </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Third quarter</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Second quarter</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First&nbsp;</B></FONT></p>
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B> quarter</B></FONT></p>
    </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Fourth quarter</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Third quarter</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Second quarter</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total revenues</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$338.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$350.0</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$281.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$244.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$271.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$304.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$327.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$252.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Profit (loss)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($45.4)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$115.0</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$75.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$46.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$67.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$88.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$102.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$74.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings (loss) per share</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">- basic</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.07</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.19</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">- diluted</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($0.06)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.07</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.11</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$0.16</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.19</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.14</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Quarterly profit for the first quarter of 2013 was affected by a
one-time $125.2 million adjustment related to Greek tax rates.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-IFRS measures</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%"><P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</FONT></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three-month period ended March 31, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash operating cost and total cash cost</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11pt">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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 71%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">&nbsp;
     millions (except for gold ounces sold and cash operating cost per ounce sold)</FONT></TD>
    <TD STYLE="width: 15%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2013</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold" valign="top"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Reconciliation of cash operating costs to production costs</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First </B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>quarter</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First </B></FONT><BR>
<FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>quarter</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0 0" align="left"><B>Production costs &#8211; excluding Vila Nova and Stratoni</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt" align="left">(from consolidated income statement)</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$110.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$81.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Less:</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">&nbsp;
     By-product credits and other adjustments</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(2.9)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(1.3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Total Cash Cost</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$107.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$79.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">&nbsp;
     Royalty expense and production taxes</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(11.8)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(11.6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Cash operating cost</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$95.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$68.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">&nbsp;
     Gold ounces sold </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">189,346</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">150,661</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Total cash cost per ounce sold</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$567</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$529</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;
     Cash operating cost per ounce sold</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$505</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$452</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Cash flow from mining operations before changes in non-cash working
capital</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Earnings from gold mining operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating cash flow, financial condition and liquidity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Operating activities before changes in non-cash working capital generated
$139.9 million in cash this quarter, compared to $102.8 million in the same quarter of 2012. The increase in cash flow year-over-year
was due to higher operating cash flow from our mining operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Capital expenditures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We invested $101.2 million in capital expenditures, mine development,
mining licences and other assets this quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mine development expenditures
totaled $27.3 million:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$3.9 million at Skouries</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$13.5 million at Olympias</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$1.9 million at Perama Hill </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 12; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$4.5 million at Certej</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$2.2 million at Tocantinzinho</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$1.3 million at Eastern Dragon</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Spending at our producing mines totalled $70.4 million:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$35.4 million at Kisladag, including $20.9 related to Phase IV expansion</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$9.8 million at Efemcukuru</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$13.9 million at Jinfeng</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$6.0 million at White Mountain</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$1.8 million at Tanjianshan</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$3.4 million at Vila Nova</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.9pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$0.1 million at Stratoni</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We also spent $1.3 million on land acquisition costs in Turkey, and
$2.2 million related to fixed assets for our corporate offices in Canada and China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Liquidity and capital resources</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">(millions)</FONT></TD>
    <TD STYLE="width: 24%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>March 31,</B></FONT></p>
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>&nbsp;2013</B></FONT></p>
    </TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31,&nbsp;</B></FONT></p>
     <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B> 2012</B></FONT></p>
    </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$668.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$816.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Term deposits</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$158.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Working capital</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$888.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$917.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$595.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$593.3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management believes that the working capital at December 31, 2012,
together with future cash flows from operations and, where appropriate, selected financing sources, including available credit
lines, are sufficient to support our planned and foreseeable commitments, and dividends, if declared, in 2013 and beyond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cash and cash equivalents of $338.5 million are held by the Company&#8217;s
operating entities in China and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Turkey where the cash was generated. No withholding tax liability
has been recognized for the potential</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">repatriation of these funds. If the cash held in these entities is
repatriated by way of dividends to the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">parent company, withholding taxes would be due on the amounts at
the rate of 10% for Turkey, and 5%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">to 10% for China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contractual obligations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 0.1in; padding-bottom: 3pt; text-align: left; font-weight: normal"><FONT STYLE="font: normal 8pt Arial, Helvetica, Sans-Serif">(millions)</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 0.1in; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: right">2013</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: right">2014</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: right">2015</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: right">2016</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.1in 0 0; text-align: right">2017 and<BR>
        later</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 0.1in; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: right">Total</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.1in 3pt 0; text-align: right">$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Debt</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">600.0</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">612.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Capital leases</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Operating leases</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">42.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Purchase obligations</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">138.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">207.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">157.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">34.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">624.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 0.1in 2pt 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 0.1in; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">866.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The table does not include interest on debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As at March 31, 2013, Hellas Gold had entered into off-take agreements
pursuant to which Hellas Gold agreed to sell&nbsp;a total of 55,794 dry metric tonnes of zinc concentrates, 26,020 dry metric tonnes
of lead/silver concentrates over the next three years, and 64,456 dry
metric tonnes of gold concentrate through December 31, 2013.</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%"><P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</FONT></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three-month period ended March 31, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans)
Ltd. (Silver Wheaton) all of the silver metal to be produced from ore extracted during the mine-life within an area of approximately
seven square kilometres around Stratoni, up to 15 million ounces, or 20 million ounces if additional silver is processed through
the Stratoni mill from areas other than the current producing mine. The sale was made in consideration of a prepayment to Hellas
Gold of $57.5 million in cash, plus a fee per ounce of payable silver to be delivered to Silver Wheaton of the lesser of $3.90
and the prevailing market price per ounce. As at March 31, 2013 approximately 5.3 million ounces of silver have been delivered
of the original 15 million ounce commitment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">Debt</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Significant changes in our debt from that disclosed in our December
31, 2012 annual MD&amp;A and consolidated financial statements are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Jinfeng
CMB working capital loan</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">On January
16, 2013, Jinfeng entered into a RMB 100.0 million ($16.0 million) working capital loan with CMB. Each drawdown bears fixed interest
at the prevailing lending rate stipulated by the People&#8217;s Bank of China on the date of drawdown. The Facility has a term
of up to one year, from January 16, 2013 to January 15, 2014. The facility is unsecured.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">As at
March 31, 2013, Jinfeng has drawn down RMB 78.0 million ($12.4 million) under this facility and has used the proceeds to fund working
capital obligations. This tranche of the loan has a term of six months and a fixed interest rate of 5.6%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Eastern
Dragon HSBC revolving loan facility</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">In March
2013, Eastern Dragon paid the full amount of this loan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Senior
notes</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">The fair
market value of the notes as at March 31, 2013 is $624.8 million. Net deferred financing costs of $16.7 million have been included
as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal"><I>Entrusted
loan</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-weight: normal">The interest
rate on this loan as at March 31, 2013 was 4.59%. As at March 31, 2013, RMB 620.0 million ($98.9 million) had been drawn under
the entrusted loan. The entrusted loan has been recorded on a net settlement basis.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">Dividends</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On February 14, 2013 Eldorado paid $50.2 million in dividends to
shareholders of record.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Equity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This quarter we received net proceeds of $1.4 million for issuing
234,750 common shares related to stock options and warrants being exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Common shares outstanding</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of May 2, 2013</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of March 31, 2013</P></TD>
    <TD STYLE="width: 28%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" valign="bottom">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">715,008,288</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">714,579,226</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -21.3pt">Share purchase options</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of May 2, 2013</P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(Weighted average exercise price per share: $11.59 Cdn)</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right" valign="top"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">19,422,569&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%"><P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</FONT></P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three-month period ended March 31, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other information </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>New accounting developments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following standards and amendments to existing standards have
been adopted by the company commencing January 1, 2013:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">IAS 19 <I>Employee Benefits&#8217; </I>&#8211; On June 16, 2011, the
International Accounting Standards Board (IASB) published a revised version of IAS 19.&nbsp; The revised IAS 19 (&#8220;IAS 19R&#8221;)
represents IASB&#8217;s effort to improve the accounting for employee retirement benefits.&nbsp; The revisions include:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Requirement to recognize past service costs immediately in net income
rather than using the corridor method. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Requirement to recognize actuarial gains and losses immediately in other
comprehensive income OCI. Previously, companies had the option of recognizing actuarial gains and losses through OCI immediately
or via use of the corridor method.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Requirement that expected return on plan assets be calculated based on
the rate used to discount the defined benefit obligation which is based on high quality bond yields. Previously, equity returns
were incorporated into the expected return on plan assets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Requirement for more disclosure relating to the characteristics and risks
of the amounts in the financial statements regarding defined benefit plans, including the timing and uncertainty of the entity&#8217;s
cash flows.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 21.25pt; text-indent: 0in">The adoption of this standard
had a nominal impact on the Company&#8217;s unaudited condensed interim consolidated financial statements. Therefore comparative
periods have not been restated.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top" align="left" width="100%">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></p>
</TD><TD>
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRS 10 <I>&#8216;Consolidated Financial Statements&#8217; </I>&#8211;
This IFRS establishes control as the basis for an investor to consolidate its investee; it defines control as an investor&#8217;s
power over the investee with exposure, or rights, to variable returns from the investee and the ability to affect the investor&#8217;s
return through its power over the investee. At January 1, 2013, the Company adopted this standard and there was no impact on its
unaudited condensed interim consolidated financial statements.</FONT></p>
</TD></TR></TABLE>

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<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt" valign="top">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></p>
</TD><TD>
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRS 11 <I>&#8216;Joint Arrangements&#8217;</I> &#8211; This standard
replaces the guidance in IAS 31 <I>&#8216;Interests in Joint Ventures&#8217;</I>.&nbsp; Under IFRS 11, joint arrangements are classified
as either joint operations or joint ventures.&nbsp; Joint ventures entities are now accounted for using the equity method.&nbsp;</FONT></p>
</TD></TR></TABLE>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: Arial, Helvetica, Sans-Serif; text-indent: 0in; line-height: 100%; margin-left: 21.25pt; margin-right: 0; margin-top: 0; margin-bottom: 0">Upon application of IFRS 11,
entities which had previously accounted for joint ventures using proportionate consolidation shall collapse the proportionately
consolidated net asset value into a single investment balance at the beginning of the earliest period presented.&nbsp; The investment&#8217;s
opening balance is tested for impairment in accordance with IAS 28 and IAS 36 &#8216;<I>Impairment of Assets&#8217;</I>.&nbsp;
Any impairment losses are recognized as an adjustment to opening retained earnings at the beginning of the earliest period presented.
At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial
statements.</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: Arial, Helvetica, Sans-Serif; text-indent: 0in; line-height: 100%; margin-left: 21.25pt; margin-right: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"></TD><TD STYLE="width: 17.85pt" valign="top">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></p>
</TD><TD>
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRS 12 <I>&#8216;Disclosure of Interests in Other Entities&#8217;</I>
&#8211; This IFRS is a new standard that applies to companies with an interest in subsidiaries, joint arrangements, associates
or unconsolidated structured entities.&nbsp; The application of this standard intends to enable users of the financial statements
to evaluate the nature of and risks associated with its interests in other entities, and the effects of those interests on its
financial position, financial performance and cash flows. Companies are now required to disclose information about significant
judgments and assumptions made in determining the control of another entity, the joint control of an arrangement or significant
influence over another entity and the type of joint arrangement when the arrangement has been structured through a separate vehicle.&nbsp;
At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial
statements.</FONT></p>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"></TD><TD STYLE="width: 17.85pt" valign="top">
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></p>
</TD><TD>
 <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRS 13 &#8216;<I>Fair value measurement</I>&#8217; &#8211; This IFRS
aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value
measurement and disclosure requirements for use across IFRS. The requirements do not extend the use of fair value </FONT></p>
</TD></TR></TABLE>


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<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: Arial, Helvetica, Sans-Serif; line-height: 100%; margin: 0">&nbsp;</P>

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</TD><TD>
 <p STYLE="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">accounting but provide guidance on how it should be applied where its
use is already required or permitted by other standards within IFRS. At January 1, 2013, the Company adopted this standard and
the required disclosures are included in note 9 of these unaudited condensed interim consolidated financial statements.</FONT></p>
</TD></TR></TABLE>

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 <p STYLE="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></p>
</TD><TD>
 <p STYLE="line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">IFRIC 20 <I>&#8216;Stripping costs in the production
phase of a surface mine&#8217;</I> &#8211; This interpretation applies to waste removal costs that are incurred in open pit mining
activity during the production phase of the mine. Recognition of a stripping activity asset requires the asset to be related to
an identifiable component of the ore body. Stripping costs that relate to inventory produced should be accounted for as a current
production cost in accordance with IAS 2, <I>&#8216;Inventories&#8217;</I>. Stripping costs that generate a benefit of improved
access and meet the definition of an asset should be accounted for as an addition to an existing asset. Existing stripping costs
on the balance sheet at transition that do not relate to a specific ore body should be written off to opening retained earnings.
The stripping activity asset shall be depreciated on a systematic basis, over the expected useful life of the identified component
of the ore body that becomes more accessible as a result of the stripping activity. At January 1, 2013, the Company adopted this
interpretation and there was no impact on its unaudited condensed interim consolidated financial statements.</FONT></p>
</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Internal controls over financial
reporting</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">Eldorado&#8217;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 the first quarter of 2013 that have materially affected,
or are reasonably likely to materially affect, internal control over financial reporting.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Qualified Person</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">Except as otherwise
noted, Norman Pitcher, P. Geo., our President, 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 our operating mines and development projects.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; background-color: white"><B>Forward-looking information and
risks</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt">Key things to understand about the forward-looking information
in this document:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">It typically includes words and phrases about the future, such as: <I>plan, expect, forecast, intend, anticipate, believe,
estimate, budget, scheduled, may, could, would, might, will</I>, as well as the negative of these words and phrases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">It is also subject to the risks associated with our business, including</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">the changing price of gold and currencies,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">actual and estimated production and mineral reserves and resources,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">the speculative nature of gold exploration,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">risks associated with mining operations and development,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">regulatory and permitting risks,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt" valign="top"></TD><TD STYLE="width: 9pt" valign="top">&#8226;</TD><TD valign="top">acquisition risks, and</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>other risks that are set out in our Annual Information Form.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>If our assumptions prove to be incorrect or the risks materialize, our actual results and events may vary materially from what
we currently expect.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">We recommend that you review our annual information form,
which include a more detailed discussion of material risks that could cause actual results to differ significantly from our current
expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Forward-looking information is designed to help you understand
management&#8217;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="font: 10pt Arial (W1); margin: 12pt 0 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<TYPE>EX-99.3
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<FILENAME>notes.htm
<DESCRIPTION>NOTES TO THE Q1 2013 FINANCIALS
<TEXT>
<HTML>
<HEAD>
     <TITLE>CT Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><B>1.</B></TD><TD STYLE="padding-right: 2cm"><B>General Information </B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm">Eldorado Gold Corporation (&ldquo;Eldorado&rdquo;
or the &ldquo;Company&rdquo;) is a gold exploration, development, mining and production company. The Company has ongoing exploration
and development projects in Turkey, China, Greece, Brazil and Romania. The Company acquired control of European Goldfields Ltd.
(&ldquo;EGU&rdquo;) in February 2012, including its producing mine, Stratoni, and development projects, Olympias and Skouries,
in Greece and its development project, Certej, in Romania.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm">Eldorado is a public company
which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled in Canada.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>2.</B></TD><TD STYLE="padding-right: 2cm"><B>Basis of preparation</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">These unaudited condensed consolidated
interim financial statements have been prepared in accordance with International Accounting Standard 34 &lsquo;Interim Financial
Reporting&rsquo;. They do not include all of the information and footnotes required by the International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board for full annual financial statements and should
be read in conjunction with the Company&rsquo;s annual financial statements for the year ended December 31, 2012.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 2pt 18pt; text-indent: 0cm">The same accounting policies are
used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual
financial statements and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods
presented.</P>

<P STYLE="color: #0C2D83; font: 10pt/normal Univers 55; margin: 0 56.9pt 0 4.3pt; text-indent: 18pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>3.</B></TD><TD STYLE="padding-right: 2cm"><B>Adoption of new accounting standards</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm">The following standards and
amendments to existing standards have been adopted by the company commencing January 1, 2013:</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">IAS 19 <I>Employee Benefits&rsquo; </I>&ndash; On June 16, 2011, the International Accounting
Standards Board (IASB) published a revised version of IAS 19.&nbsp; The revised IAS 19 (&ldquo;IAS 19R&rdquo;) represents IASB&rsquo;s
effort to improve the accounting for employee retirement benefits.&nbsp; The revisions include:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">Requirement to recognize past service costs immediately in net income rather than using the corridor
method. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">-</TD><TD><FONT STYLE="font-size: 10pt">Requirement to recognize actuarial gains and losses immediately in other comprehensive income
OCI. Previously, companies had the option of recognizing actuarial gains and losses through OCI immediately or via use of the corridor
method.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">-</TD><TD><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
  </FONT><FONT STYLE="font-size: 10pt">Requirement that expected return on plan assets be calculated based on the rate used to discount
the defined benefit obligation which is based on high quality bond yields. Previously, equity returns were incorporated into the
expected return on plan assets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">-</TD><TD><FONT STYLE="font-size: 10pt">Requirement for more disclosure relating to the characteristics and risks of the amounts in the
financial statements regarding defined benefit plans, including the timing and uncertainty of the entity&rsquo;s cash flows.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-indent: 0cm">The adoption of this standard
had a nominal impact on the Company&rsquo;s unaudited condensed interim consolidated financial statements. Therefore comparative
periods have not been restated.</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">IFRS 10 <I>&lsquo;Consolidated Financial Statements&rsquo; </I>&ndash;
This IFRS establishes control as the basis for an investor to consolidate its
  investee; it defines control as an investor&rsquo;s
power over the investee with exposure, or rights, to variable returns from the
  investee and the ability to affect the investor's return through its power
  over the investee. At January 1, 2013, the Company adopted this standard and
  there was no impact on its unaudited condensed interim consolidated financial
  statements.</FONT></TD></TR></TABLE>

<p>&nbsp;</p>


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            <p align="right">&nbsp;(1)</p>
          </TD></TR></TABLE></DIV>
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<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 0cm">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">3.</TD><TD>Adoption of new accounting standards<FONT STYLE="font-weight: normal"><I> (continued)</I></FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">IFRS 11 <I>&lsquo;Joint Arrangements&rsquo;</I> &ndash; This standard
replaces the guidance in IAS 31 <I>&lsquo;Interests in Joint Ventures&rsquo;</I>.&nbsp; Under IFRS 11, joint arrangements are classified
as either joint operations or joint ventures.&nbsp; Joint ventures entities are now accounted for using the equity method.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><font size="2">Upon application of IFRS 11, entities
which had previously accounted for joint ventures using proportionate consolidation shall collapse the proportionately consolidated
net asset value into a single investment balance at the beginning of the earliest period presented.&nbsp; The investment&rsquo;s
opening balance is tested for impairment in accordance with IAS 28 and IAS 36 &lsquo;<I>Impairment of Assets&rsquo;</I>.&nbsp;
Any impairment losses are recognized as an adjustment to opening retained earnings at the beginning of the earliest period presented.
At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial
statements.<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></font></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">IFRS 12 <I>&lsquo;Disclosure of Interests in Other Entities&rsquo;</I>
&ndash; This IFRS is a new standard that applies to companies with an interest in subsidiaries, joint arrangements, associates
or unconsolidated structured entities.&nbsp; The application of this standard intends to enable users of the financial statements
to evaluate the nature of and risks associated with its interests in other entities, and the effects of those interests on its
financial position, financial performance and cash flows. Companies are now required to disclose information about significant
judgments and assumptions made in determining the control of another entity, the joint control of an arrangement or significant
influence over another entity and the type of joint arrangement when the arrangement has been structured through a separate vehicle.&nbsp;
At January 1, 2013, the Company adopted this standard and there was no impact on its unaudited condensed interim consolidated financial
statements.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><FONT STYLE="font-size: 10pt">IFRS 13 &lsquo;<I>Fair value measurement</I>&rsquo; &ndash; This IFRS aims to improve consistency
and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure
requirements for use across IFRS. The requirements do not extend the use of fair value accounting but provide guidance on how it
should be applied where its use is already required or permitted by other standards within
  IFRS. At January 1, 2013, the Company
adopted this standard and the required disclosures are included in note 10 of these unaudited condensed interim consolidated financial
statements.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">IFRIC 20 <I>&lsquo;Stripping costs in the production phase of a surface
mine&rsquo;</I> &ndash; This interpretation applies to waste removal costs that are incurred in open pit mining activity during
the production phase of the mine. Recognition of a stripping activity asset requires the asset to be related to an identifiable
component of the ore body. Stripping costs that relate to inventory produced should be accounted for as a current production cost
in accordance with IAS 2, <I>&lsquo;Inventories&rsquo;</I>. Stripping costs that generate a benefit of improved access and meet
the definition of an asset should be accounted for as an addition to an existing asset. Existing stripping costs on the balance
sheet at transition that do not relate to a specific ore body should be written off to opening retained earnings. The stripping
activity asset shall be depreciated on a systematic basis, over the expected useful life of the identified component of the ore
body that becomes more accessible as a result of the stripping activity. At January 1, 2013, the Company adopted this interpretation
and there was no impact on its unaudited condensed interim consolidated financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-indent: 0cm">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>4.</B></TD><TD STYLE="padding-right: 2cm"><B>Critical accounting estimates and judgements</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: -18pt">&nbsp;</P>


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            <p align="right">&nbsp;(2)</p>
          </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">4.</TD><TD>Critical accounting estimates and judgements <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>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 analyses, asset retirement 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Actual results could differ from these estimates. Outlined below are some of the areas which require management to make estimates
and assumptions in determining carrying values.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><B>Purchase price allocation</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability
fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>In respect of mining company acquisitions, such as the acquisition of EGU in February 2012, purchase consideration is typically
allocated to the mineral reserves and resources being acquired. The estimate of reserves and resources is subject to assumptions
relating to life of the mine and may change when new information becomes available. Changes in reserves and resources as a result
of factors such as production costs, recovery rates, grade or reserves or commodity prices could impact depreciation rates, asset
carrying values and environmental and restoration provisions. Changes in assumptions over long-term commodity prices, market demand
and supply, and economic and regulatory climates could also impact the carrying value of assets, including goodwill.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><B>Estimated recoverable reserves and resources</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect
to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices
and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates
or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices,
inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves
and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for
deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and
restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment
charges recorded in the income statement and the carrying value of the decommissioning and restoration provision.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><B>Current and deferred taxes</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts
of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent
to the issuance of financial statements. Therefore, profit in subsequent periods will be affected by the amount that estimates
differ from the final tax return.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Estimates of recoverability are required in assessing
whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet. The Company also evaluates
the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions before
they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries,
joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable
future and can be controlled. Assumptions about the generation of future taxable profits and repatriation of retained earnings
depend on management&rsquo;s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning
and restoration costs, capital expenditures, dividends and other capital management transactions.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Judgement is also required in the application of
income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in an adjustment to
current and deferred tax provisions and a corresponding credit or debit to profit.</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>


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            <p align="right">&nbsp;(3)</p>
          </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>5.</B></TD><TD STYLE="padding-right: 2cm"><B>Acquisition of European Goldfields Ltd.</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">On
February 24, 2012 the Company acquired 100% of the issued and outstanding shares
of EGU. Under the terms of the Arrangement former EGU shareholders received 0.85
of an Eldorado common share and C$0.0001 in cash for each EGU share. Eldorado
issued 157,959,316 common shares pursuant to the Arrangement. EGU holds a 95%
stake in the Kassandra Mines district in Greece, which is comprised of the
Stratoni Mine, and the Olympias and Skouries development projects, and an 80%
stake in the Certej development project in Romania.</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">The
Company acquired EGU to increase its presence in the Aegean region and leverage
local operating knowledge and expertise.</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">The
goodwill of $473,782 resulting from the acquisition arises mainly on the
recognition of deferred income tax liabilities and non-controlling interests and
represents, among other things, the exploration potential within the assets
acquired and future variability in the price of minerals. None of the goodwill
is deductible for tax purposes.</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">In
April 2007, Hellas Gold ("Hellas"), a subsidiary of EGU, agreed to sell to
Silver Wheaton (Caymans) Ltd. ("Silver Wheaton") all of the silver metal to
be produced from ore extracted during the mine-life within an area of
approximately seven square kilometres around the Stratoni mine up to 15 million
ounces, or 20 million ounces if additional silver is processed through the
Stratoni mill from areas other than the current producing mine. The sale was
made in consideration of a prepayment to Hellas of $57.5 million in cash, plus a
payment per ounce of payable silver equal to the lesser of $3.90 and the
prevailing market price per ounce calculated, due and payable at the time of
delivery. The expected cash flows associated with the sale of the silver to
Silver Wheaton at a price lower than market price have been reflected in the
fair value of the mining interest recorded upon acquisition of EGU. The Company
has presented the value of any expected future cash flows from the sale of any
future silver production to Silver Wheaton as part of the mining interest, as
the Company did not receive any of the original upfront payment. Further, the
Company does not believe that the agreement to sell to Silver Wheaton meets the
definition of an onerous contract or other liability as the obligation only
arises upon production of the silver.</P>

&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; word-spacing: 0; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The allocation of the purchase price is as follows:</P>

<TABLE style="font-size: 10pt; margin-top: 0px" cellpadding=0 cellspacing=0 height="648" width="100%">
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=29><P style="margin:0px">Purchase price:</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=29><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=29><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=519.133 height=30 colspan=2><P style="margin:0px">157,959,316 common shares of shares of Eldorado at C$15.05/share</P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,380,140 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=519.133 height=30 colspan=2><P style="margin:0px">4,713,248 replacement options</P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,130 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=519.133 height=30 colspan=2><P style="margin:0px">1,931,542 equity settled deferred phantom units</P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,105 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Cash consideration</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Total Consideration</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,440,394 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=19><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=19><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=19><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="line-height: 100%; margin: 0px">Net assets acquired:</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px">Cash</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,808 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Accounts receivable</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,844 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px">Inventory</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,689 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px">Other assets</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,232 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Mining interests</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,745,440 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,782 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Accounts payable</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71,944)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Other liabilities</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45,457)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Deferred income taxes</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495,744)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=139.067 height=30><P style="margin:0px">Non-controlling interest</P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224,256)</P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="border-top: 1px solid #000000; border-bottom: 1.333px solid #000000; margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,440,394 </P>
</TD></TR>
<TR><TD style="margin-top: 0px" valign=bottom width=138 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=380.067 height=30><P style="margin:0px"><BR></P>
</TD><TD style="margin-top: 0px" valign=bottom width=106.867 height=30><P style="margin:0px"><BR></P>
</TD></TR>
</TABLE>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">
            <p align="right">&nbsp;(4)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">5.</TD><TD>Acquisition of European Goldfields Ltd. <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">The purchase price allocation
was finalized as at March 31, 2013. There were no changes from what was reported in the Company&rsquo;s annual financial statements
for the year ended December 31, 2012.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The fair value of the common shares and replacement
options issued and the equity settled deferred phantom units (&ldquo;DPUs&rdquo;) as part of the consideration paid for EGU was
based on the closing share price on February 24, 2012 on the Toronto Stock Exchange. The value of the replacement options was calculated
using the Black-Scholes model. The following inputs were used to value the replacement options:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-weight: normal; padding-right: 7.2pt" width="456">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: normal; padding-right: 7.2pt" width="112">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: normal; padding-right: 14.2pt" width="92">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: normal; padding-right: 7.2pt" width="22">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: -21.6pt; padding-left: 21.6pt" width="437"><FONT STYLE="font-size: 10pt">Risk-free interest rate </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt" align="right" width="103"><FONT STYLE="font-size: 10pt">&#9;1.28%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt" align="right" width="92"></TD>
    <TD STYLE="vertical-align: bottom; text-indent: -21.6pt; padding-left: 21.6pt" width="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="437"><FONT STYLE="font-size: 10pt">Expected volatility (range)</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="103"><FONT STYLE="font-size: 10pt">39% &ndash; 44%</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="92"></TD>
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="437"><FONT STYLE="font-size: 10pt">Expected life (range)</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="103"><FONT STYLE="font-size: 10pt">0.7 &ndash; 1.7 years</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="92"></TD>
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="3">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; border-collapse: collapse" width="739">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="437"><FONT STYLE="font-size: 10pt">Expected dividends per
      share</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="103"><FONT STYLE="font-size: 10pt">Cdn
      $0.09</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="92"></TD>
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="3"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="437"><FONT STYLE="font-size: 10pt">Forfeiture rate</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="103"><FONT STYLE="font-size: 10pt">0%</FONT></TD>
    <TD STYLE="padding-right: 14.2pt" align="right" width="92"></TD>
    <TD STYLE="text-indent: -21.6pt; padding-left: 21.6pt" width="3"></TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">Acquisition related costs of $17,804 have been charged
to transaction costs in the unaudited condensed consolidated income statement for the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The unaudited condensed consolidated financial statements
for the three months ended March 31, 2012 include EGU&rsquo;s results from February 24, 2012 to March 31, 2012. The revenue included
in the unaudited condensed consolidated income statement for the period from February 24, 2012 to March 31, 2012 contributed by
EGU was $5,695. This was from the sales of zinc, lead and silver concentrates produced at the Stratoni Mine in Greece. The net
loss before tax was $11,540.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">Had EGU been consolidated from January 1, 2012,
the unaudited condensed consolidated income statement for the three months ended March 31, 2012 would include additional revenue
of $13,473 and a net loss before tax of $35,009 from EGU.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 18pt">Eldorado received net cash of $18,789 as a result
of the EGU transaction. This net increase of cash was a result of an acquired cash balance of $18,808 less cash consideration of
$19.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 3pt 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>6.</B></TD><TD STYLE="padding-right: 2cm"><B>Debt</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">March 31, 2013</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">December 31, 2012</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-decoration: underline; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"><U>Current:</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Jinfeng China Merchant Bank (&ldquo;CMB&rdquo;) working capital loan (a)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">12,442</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Eastern Dragon HSBC revolving loan facility (b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,341</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">12,442</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,341</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-decoration: underline; text-indent: -76.55pt; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"><U>Non-current:</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Senior notes (c)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">583,320</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">582,974</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">595,762</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">593,315</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm"><I>(a) Jinfeng CMB working
capital loan</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">On January 16, 2013, Jinfeng entered into a RMB
100.0 million ($15,952) working capital loan with CMB. Each drawdown bears fixed interest at the prevailing lending rate stipulated
by the People&rsquo;s Bank of China on the date of drawdown. The Facility has a term of up to one year, from January 16, 2013 to
January 15, 2014. The facility is unsecured.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">As at March 31, 2013, Jinfeng has drawn down RMB
78.0 million ($12,442) under this facility and has used the proceeds to fund working capital obligations. This tranche of the loan
has a term of six months and a fixed interest rate of 5.6%.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm"><I>(b) Eastern Dragon
HSBC revolving loan facility</I></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">In March 2013, Eastern Dragon re-paid the full amount
of this loan.</P>


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            <p align="right">&nbsp;(5)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt">6.</TD><TD>Debt <FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt"><B><I>(c) Senior notes</I></B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">On December 10, 2012, the Company completed an offering
of $600.0 million senior notes (&ldquo;the notes&rdquo;) at par value, with a coupon rate of 6.125% due December 15, 2020. The
notes pay interest semi-annually on June 15 and December 15. Net deferred financing costs of $16,680 have been included as an offset
in the balance of the notes in the financial statements and are being amortized over the term of the notes.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The fair market value of the notes as at March 31,
2013 was $624.8 million.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt; text-indent: 0cm"><I>(d) Entrusted loan</I></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt"><FONT STYLE="font-size: 10pt">In November 2010,
Eastern Dragon, HSBC Bank (China) and Qinghai Dachaidan Mining Ltd (&ldquo;QDML</FONT><FONT STYLE="font-size: 9pt">&rdquo;)</FONT><FONT STYLE="font-size: 10pt">,
our 90% owned subsidiary, entered into a RMB 12.0 million ($1,914) entrusted loan agreement, which was subsequently increased to
RMB 180.0 million ($28,713) in September 2011 and to RMB 620.0 million ($98,901) in September 2012.</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">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. The loan can be drawn
down in tranches. Each drawdown bears interest fixed at the prevailing lending rate stipulated by the People&rsquo;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. The interest
rate on this loan as at March 31, 2013 was 4.59%.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">As at March 31, 2013, RMB 620.0 million ($98,901)
had been drawn under the entrusted loan.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The entrusted loan has been recorded on a net settlement
basis.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>7.</B></TD><TD STYLE="padding-right: 2cm"><B>Income tax expense and deferred taxes</B></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">On January 11, 2013 the government of Greece enacted
legislation increasing the corporate income tax rate from 20% to 26%, effective January 1, 2013. As required by IAS 12, &ldquo;Income
Taxes&rdquo;, when an income tax rate has changed the deferred tax liability must be adjusted to reflect the change in the income
tax rate. This non-cash adjustment is required to be charged to deferred income tax expense. The Company recorded the adjustment
during the quarter ended March 31, 2013 increasing its deferred tax liability and deferred tax expense by $125.2 million.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>8.</B></TD><TD STYLE="padding-right: 2cm"><B>Share capital</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"></TD><TD STYLE="padding-right: 2cm"><font size="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eldorado&rsquo;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, 2013 there were no non-voting common shares outstanding (December 31, 2012</FONT>
&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">none).</FONT></font></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 6pt 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0cm">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">Voting common shares</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">Number of</P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">Shares</P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">Total</P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">At January 1, 2013</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">
      <p align="right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">714,344,476</FONT></p>
    </TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">5,300,957</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Shares issued upon exercise of share options, for cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">234,750</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">1,422</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Estimated fair value of share options exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">716</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">At March 31, 2013</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">
      <p align="right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">714,579,226</FONT></p>
    </TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">5,303,095</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 3pt 57pt 3pt 22.4pt; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 3pt 57pt 3pt 22.4pt; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 3pt 57pt 3pt 22.4pt; text-indent: 0cm"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">
            <p align="right">&nbsp;(6)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 22.3pt; text-indent: 0cm"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>9.</B></TD><TD STYLE="padding-right: 2cm"><B>Share-based payments</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm"><FONT STYLE="letter-spacing: -0.1pt"><I>(a)
Share option plans</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">Movements in the number of share options outstanding
and their related weighted average exercise prices are as follows:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: center; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">2013</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 68%; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">Weighted average exercise price Cdn$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">Number of</P>
        <P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">options</P></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">At January 1,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">13.68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">15,074,444</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">10.42</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">5,491,825</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">6.04</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">(234,750)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">16.14</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">(767,491)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">At March 31,</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">12.76</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">19,564,028</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">At March 31, 2013, 13,680,890 share options (March
31, 2012 &ndash; 12,676,867) with a weighted average exercise price of Cdn$13.10 (March 31, 2012 &ndash; Cdn$11.95) had vested
and were exercisable.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt">Share based compensation expense related to share
options for the quarter ended March 31, 2013 was $5,517.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt; text-indent: 0cm"><FONT STYLE="letter-spacing: -0.1pt"><I>(b)
Restricted share unit plan</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt">A total of 633,912 restricted share units (&ldquo;RSUs&rdquo;)
at a grant-date fair value of Cdn$10.51 per unit were granted during the period ended March 31, 2013 under the Company&rsquo;s
RSU plan and 211,304 were exercisable as at March 31, 2013.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt">The fair value of each RSU issued is determined
as the closing share price at grant date. The current maximum number of common shares authorized for issue under the RSU plan is
5,000,000.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 3pt 18pt">A summary of the status of the restricted share
unit plan and changes during the quarter ended March 31, 2013 is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">Total RSUs</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">Balance at December 31, 2012</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">465,832</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">RSUs Granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">633,912</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">Redeemed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">(151,436)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">Balance at March 31, 2013</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt; color: windowtext">948,308</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt 17.85pt">As at March 31, 2013, 948,308 common shares purchased
by the Company remain held in trust in connection with this plan. At the end of the period, 318,583 restricted share units are
fully vested and exercisable. These shares purchased and held in trust have been included in treasury stock in the balance sheet.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt">Restricted share units expense for the period
ended March 31, 2013 was $3,076.</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt 18pt; text-indent: 0cm"><FONT STYLE="letter-spacing: -0.1pt"><I>(c)
Deferred share units plan </I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">At March 31, 2013, 196,336 deferred share units
(&ldquo;DSUs&rdquo;) were outstanding with a value of $1,938, which is included in accounts payable and accrued liabilities.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">Compensation expense related to the DSUs was
$284 for the period ended March 31, 2013.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>


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            <p align="right">&nbsp;(7)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>10.</B></TD><TD STYLE="padding-right: 2cm"><B>Fair value of financial instruments</B></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 7.1pt 18pt">Fair values are determined directly by reference
to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed
from relevant markets.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">The three levels of the fair value hierarchy are
described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 1 &ndash; Unadjusted quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 2 &ndash; Inputs that are observable, either directly or indirectly, but do not qualify
as Level 1 inputs (i.e.,quoted prices for similar assets or liabilities).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Level 3 &ndash; Prices or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by little or no market activity).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">Assets and liabilities measured at fair value as
at March 31, 2013 include:</P>

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD width=221.333 /><TD width=90.667 /><TD width=9.333 /><TD width=110.667 /><TD width=9.333 /><TD width=102.667 /><TD width=9.333 /><TD width=82.667 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=50><P style="margin:0px" align=center><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=50><P style="margin:0px" align=right><B><font size="2">Balance at March 31, 2013</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=50><P style="margin:0px" align=center><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=50><P style="margin:0px" align=right><B><font size="2">Quoted Prices in Active Markets for Identical Assets</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=50><P style="margin:0px" align=center><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=50><P style="margin:0px" align=right><B><font size="2">Significant Other Observable Inputs</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=50><P style="margin:0px" align=center><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=50><P style="margin:0px" align=right><B><font size="2">Significant Unobservable inputs</font></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=17><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=17><P style="margin:0px" align=right><B><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=17><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=17><P style="margin:0px" align=right><B><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=17><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=17><P style="margin:0px" align=right><B><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=17><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=17><P style="margin:0px" align=right><B><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</font></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=19.267><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.667 height=19.267><P style="margin:0px" align=center><B><font size="2">&#160;</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=19.267><P style="margin:0px" align=center><B><font size="2">&#160;</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=110.667 height=19.267><P style="margin:0px" align=right><B><font size="2">(Level 1)</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=19.267><P style="margin:0px" align=right><B><font size="2">&#160;</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.667 height=19.267><P style="margin:0px" align=right><B><font size="2">(Level 2)</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=19.267><P style="margin:0px" align=right><B><font size="2">&#160;</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667 height=19.267><P style="margin:0px" align=right><B><font size="2">(Level 3)</font></B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=16><P style="margin:0px"><B><font size="2">Assets</font></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=16><P style="margin:0px"><font size="2"><BR></font></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=3><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=3><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=18><P style="margin:0px"><I><font size="2">Available-for-sale financial assets</font> </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=18><P style="margin:0px"><font size="2">&nbsp;&nbsp;Marketable securities</font></P>
</TD><TD style="margin-top:0px" valign=bottom width=90.667 height=18><P style="margin:0px" align=right><font size="2">3,352</font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=110.667 height=18><P style="margin:0px" align=right><font size="2">3,352</font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=102.667 height=18><P style="margin:0px" align=right><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333 height=18><P style="margin:0px" align=right><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px" valign=bottom width=82.667 height=18><P style="margin:0px" align=right><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=5><P style="margin:0px"><font size="2"><BR></font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=90.667 height=5><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=5><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=110.667 height=5><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=5><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.667 height=5><P style="margin:0px" align=right><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.333 height=5><P style="margin:0px" align=right><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82.667 height=5><P style="margin:0px" align=right><font size="2">&#160;</font></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=221.333 height=19><P style="margin:0px"><B><font size="2">Total assets</font></B></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=90.667 height=19><P style="margin:0px" align=right><font size="2">3,352</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=9.333 height=19><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=110.667 height=19><P style="margin:0px" align=right><font size="2">3,352</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=9.333 height=19><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=102.667 height=19><P style="margin:0px" align=right><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=9.333 height=19><P style="margin:0px"><font size="2">&#160;</font></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=82.667 height=19><P style="margin:0px" align=right><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
</TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 7pt 0 5pt 18pt">No liabilities are measured at fair value on a
recurring basis as at March 31, 2013.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">The fair value of financial instruments traded
in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are
readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those
prices represent actual and regularly occurring market transactions on an arm&rsquo;s length basis. The quoted market price used
for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included
in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt; text-align: justify">The following table provides the
carrying value and the fair value of financial instruments at March 31, 2013 and December 31, 2012:</P>


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            <p align="right">&nbsp;(8)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD width=234.667 /><TD width=112 /><TD width=78.667 /><TD width=16 /><TD width=105.333 /><TD width=78.667 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=190.667 height=17 colspan=2><P style="margin:0px" align=center><B>March 31, 2013</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=184 height=17 colspan=2><P style="margin:0px" align=center><B>December 31, 2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=234.667 height=23><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" width=112 height=23><P style="margin:0px" align=center><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px" width=78.667 height=23><P style="margin:0px" align=center><B>Fair value</B></P>
</TD><TD style="margin-top:0px" width=16 height=23><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" width=105.333 height=23><P style="margin:0px" align=center><B>Carrying amount</B></P>
</TD><TD style="margin-top:0px" width=78.667 height=23><P style="margin:0px" align=center><B>Fair value</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=112 height=17><P style="margin:0px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.667 height=17><P style="margin:0px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=105.333 height=17><P style="margin:0px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.667 height=17><P style="margin:0px" align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><B>Financial Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><I>Available-for-sale </I></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Marketable securities</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;&nbsp;3,352 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,352 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><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;1,988 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,988 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=4><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=4><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=4><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=4><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=4><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=4><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><I>Loans and receivables</I></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;668,615 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668,615 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816,843 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816,843 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Term depostis</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;158,927 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158,927 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><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;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Restricted cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;&nbsp;&nbsp;&nbsp;&nbsp;261 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><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;&nbsp;&nbsp;241 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Accounts receivable and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;83,252 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,252 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,600 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,600 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Restricted assets and other</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;20,081 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,081 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><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;17,001 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,001 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=5><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=5><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=5><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=5><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=5><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=5><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px"><B>Financial Liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;228,113 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,113 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224,567 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224,567 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=234.667 height=17><P style="margin:0px">&nbsp;&nbsp;Debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=112 height=17><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;595,762 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637,192 </P>
</TD><TD style="margin-top:0px" valign=bottom width=16 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=105.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,315 </P>
</TD><TD style="margin-top:0px" valign=bottom width=78.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622,341 </P>
</TD></TR>
</TABLE>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>11.</B></TD><TD STYLE="padding-right: 2cm"><B>Supplementary cash flow information</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">March 31, 2013</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">March 31, 2012</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Changes in non-cash working capital</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Accounts receivable and other</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">14,895</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">5,447</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Inventories</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">10,787</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(18,210)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,486</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(6,778)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Total</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">27,168</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(19,541)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 76.55pt; text-indent: -76.55pt; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Supplementary cash flow information</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Income taxes paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">27,318</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">36,999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,323</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 10.1pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 76.55pt; text-indent: -71.25pt; line-height: 13pt; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: windowtext">Non-cash investing and financing activities</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0cm"><FONT STYLE="font-weight: normal">Shares,
        options and DPUs issued on acquisition of European </FONT></P>
        <P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-indent: 0cm"><FONT STYLE="font-weight: normal">Goldfields
        Ltd.</FONT></P></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">2,440,375</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><B>12.</B></TD><TD STYLE="padding-right: 2cm"><B>Segment information</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">Identification of reportable
segments</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">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="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">The CODM considers the business
from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit
and loss as well as assets and liabilities. These measures include gross profit (loss), expenditures on exploration, property,
plant and equipment and non-current assets, as well as total debt. As at March 31, 2013, Eldorado had six reportable segments based
on the geographical location of mining and exploration and development activities.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">12.1&#9; Geographical segments&#9;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">Geographically, the operating
segments are identified by country and by operating mine or mine under construction as follows:</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Brazil reporting segment includes the Vila Nova mine, development
activities of Tocantinzinho and exploration activities in </FONT></p>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2"> Brazil. </FONT></p>
</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">
            <p align="right">&nbsp;(9)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Turkey reporting segment includes the Ki&#351;lada&#287; and the
Efem&ccedil;ukuru mines and exploration activities in Turkey. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The China reporting segment includes the Tanjianshan (&ldquo;TJS&rdquo;),
Jinfeng and White Mountain mines, the Eastern Dragon development project and exploration activities in China.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Greece reporting segment includes the Stratoni mine and the
  Olympias,
Skouries and Perama Hill development projects and exploration activities in Greece. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Greece reporting segment includes the Stratoni mine and the
  Olympias,
Skouries and Perama Hill development projects and exploration activities in Greece. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Romania reporting segment includes the Certej development project.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font-family: Symbol" size="2">&#183;</FONT></TD><TD>
  <p style="text-indent: 0; word-spacing: 0; line-height: 100%; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">Other reporting segment includes operations of Eldorado&rsquo;s corporate
office and exploration activities in other countries. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="739" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 120%; font-size: 12pt; font-family: 'Times New Roman', Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD width="25"></TD><TD valign="top" width="710">

<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 100%; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; text-indent: 0cm; margin: 0">Financial information about each
of these operating segments is reported to the CODM on at least a monthly basis.</P>

</TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 76.55pt; text-indent: -76.55pt">12.
Segment information
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD width=250.667 /><TD width=63.133 /><TD width=72 /><TD width=62.667 /><TD width=69.8 /><TD width=64 /><TD width=58.667 /><TD width=73.333 /></TR>
<TR><TD style="margin-top:0px" width=250.667 height=17><P style="margin:0px"><B>For the three months ended March 31, 2013</B></P>
</TD><TD style="margin-top:0px" width=63.133 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=72 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=62.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=69.8 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=64 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=58.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=73.333 height=17><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right><B>Romania</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=63.133 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=62.667 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=69.8 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=64 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=58.667 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=73.333 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Information about profit and loss</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Metal sales from external customers</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,142 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,815 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,160 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,951 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&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=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338,068 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Production costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,900 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,387 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,501 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,580 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&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=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,368 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Depreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,113 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,149 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,236 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,130 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,114 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Gross profit (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,129 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,279 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,423 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>(759)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64 height=17><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; border-bottom:1px solid #000000" valign=bottom width=58.667 height=17><P style="margin:0px" align=right>(486)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,586 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Other material items of income and expense</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Exploration costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,174 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,372 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,273 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,531 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,624 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,452 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,828 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>845</P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,071 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,252 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Additions to property, plant and</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px; text-indent:13.333px">equipment during the year</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,676 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,054 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,589 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,950 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,505 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,615 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Information about assets and liabilities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Property, plant and equipment (*)</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734,897 </P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,957,612 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,578 </P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,437,426 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597,663 </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,707 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,932,883 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Goodwill</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><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=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365,928 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" 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=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473,782 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&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=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839,710 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.133 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734,897 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,323,540 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,578 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=69.8 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,911,208 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597,663 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,707 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,772,593 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=72 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=69.8 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=63.133 height=17><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=72 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,442 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" 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=69.8 height=17><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" valign=bottom width=64 height=17><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=58.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;583,320 </P>
</TD><TD style="margin-top:0px" valign=bottom width=73.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595,762 </P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Univers 45 Light; margin: 6pt 0 6pt 18pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">
            <p align="right">&nbsp;(10)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><B>Eldorado Gold Corporation</B></P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify>Notes to the unaudited condensed consolidated financial statements</P>

<P style="line-height: 100%; font-size: 14pt; color: #0C2D83; text-indent: 0; word-spacing: 0; margin-left: 0; margin-right: 0; margin-top: 0px; margin-bottom: 0px" align=justify><font color="#000000" size="2">(Expressed in thousands of U.S. dollars, unless otherwise stated)</font></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD width=250.667 /><TD width=62.667 /><TD width=70.667 /><TD width=62.667 /><TD width=64 /><TD width=64 /><TD width=65.333 /><TD width=75.333 /></TR>
<TR><TD style="margin-top:0px" width=250.667 height=25><P style="margin:0px"><B>For the three months ended March 31, 2012</B></P>
</TD><TD style="margin-top:0px" width=62.667 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=70.667 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=62.667 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=64 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=64 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=65.333 height=25><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=75.333 height=25><P style="margin:0px"><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" width=62.667 height=17><P style="margin:0px" align=right><B>Turkey</B></P>
</TD><TD style="margin-top:0px" width=70.667 height=17><P style="margin:0px" align=right><B>China</B></P>
</TD><TD style="margin-top:0px" width=62.667 height=17><P style="margin:0px" align=right><B>Brazil</B></P>
</TD><TD style="margin-top:0px" width=64 height=17><P style="margin:0px" align=right><B>Greece</B></P>
</TD><TD style="margin-top:0px" width=64 height=17><P style="margin:0px" align=right><B>Romania</B></P>
</TD><TD style="margin-top:0px" width=65.333 height=17><P style="margin:0px" align=right><B>Other</B></P>
</TD><TD style="margin-top:0px" width=75.333 height=17><P style="margin:0px" align=right><B>Total</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=62.667 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=70.667 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=62.667 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=64 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=65.333 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=75.333 height=17><P style="margin:0px" align=right><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Information about profit and loss</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Metal sales from external customers</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,556 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,850 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,448 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,695 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=65.333 height=17><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=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271,549 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Production costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,379 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,632 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,791 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,437 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=65.333 height=17><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=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,239 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Depreciation</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,726 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,804 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=65.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 </P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,408 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Gross profit (loss)</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,451 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,414 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 </P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64 height=17><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; border-bottom:1px solid #000000" valign=bottom width=65.333 height=17><P style="margin:0px" align=right>(380)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,902 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><B>Other material items of income and expense</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Exploration costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,905 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,302 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,282 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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 height=17><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=65.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,207 </P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,696 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Income tax expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,270 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,795 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>(467)</P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><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=65.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 </P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,725 </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px">Additions to property, plant and</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=center><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=250.667 height=17><P style="margin:0px; text-indent:13.333px">equipment during the year</P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,858 </P>
</TD><TD style="margin-top:0px" valign=bottom width=70.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,989 </P>
</TD><TD style="margin-top:0px" valign=bottom width=62.667 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,043 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,466 </P>
</TD><TD style="margin-top:0px" valign=bottom width=64 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 </P>
</TD><TD style="margin-top:0px" valign=bottom width=65.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 </P>
</TD><TD style="margin-top:0px" valign=bottom width=75.333 height=17><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,647 </P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 0 18pt; text-indent: 0cm">&nbsp;</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="100%">&nbsp;<img border="0" src="notesimg1.jpg" width="725" height="150" align="left"></td>
  </tr>
  <tr>
    <td width="100%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * Net of revenues from sale of
pre-commercial production</td>
  </tr>
</table>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 76.55pt; text-indent: -76.55pt">12.
Segment information
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">The Turkey and China segments
derive their revenues from sales of gold. The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives
its revenue from sales of zinc, lead and silver concentrates.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 9pt 17.85pt; text-indent: 0cm">The measure of total debt represents
the current and long-term portions of debt.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">12.2&#9; Economic dependence&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>At March 31, 2013, each of our Chinese mines had one major customer, to whom each sells its entire production, as follows:</TD></TR></TABLE>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="4%"></td>
    <td width="22%"><font size="2">TJS Mine</font></td>
    <td width="74%"><font size="2">Henan Zhongyuan
Gold Smelter Factory Co. Ltd.of Zhongjin Gold Holding Co. Ltd.</font></td>
  </tr>
  <tr>
    <td width="4%"></td>
    <td width="22%"><font size="2">Jinfeng Mine</font></td>
    <td width="74%"><font size="2">Zijin
Refinery</font></td>
  </tr>
  <tr>
    <td width="4%"></td>
    <td width="22%"><font size="2">White Mountain Mine</font></td>
    <td width="74%"><font size="2">Refinery
of Shandong Humon Smelting Co. Ltd.</font></td>
  </tr>
</table>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><B>12.3 Seasonality/cyclicality of operations</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Management does not consider operations to be of a significant seasonal or cyclical nature.</TD></TR></TABLE>

<P STYLE="color: #0C2D83; font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 17.85pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
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            <p align="right">&nbsp;(11)</p>
          </TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
