<SEC-DOCUMENT>0001137171-13-000285.txt : 20130805
<SEC-HEADER>0001137171-13-000285.hdr.sgml : 20130805
<ACCEPTANCE-DATETIME>20130802191933
ACCESSION NUMBER:		0001137171-13-000285
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20130802
FILED AS OF DATE:		20130805
DATE AS OF CHANGE:		20130802

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:		131008419

	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>eldorado6k08022013.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>CT 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>August, 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;
        August 02, 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 August 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
Q2 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 Q2 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-99.2
<SEQUENCE>2
<FILENAME>mda.htm
<DESCRIPTION>MD&A Q2 2013
<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="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><IMG SRC="image_009.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>&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 and six-month periods ended June 30, 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 second 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
August 1, 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 and six-month periods ended June 30,
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">Except as noted in our Outlook below, 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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="93%"><B><font face="Arial" size="2">About Eldorado</font></B></td>
    <td width="7%"><font face="Arial" size="2">1</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Second Quarter Summary Results</font></B></td>
    <td width="7%"><font face="Arial" size="2">1</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Outlook</font></B></td>
    <td width="7%"><font face="Arial" size="2">2</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B><font face="Arial" size="2">Review of Financial Results</font></B></P>

    </td>
    <td width="7%"><font face="Arial" size="2">2</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Quarterly updates</font></B></td>
    <td width="7%"></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Operations</font></td>
    <td width="7%"><font face="Arial" size="2">3</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Development projects</font></td>
    <td width="7%"><font face="Arial" size="2">7</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Exploration</font></td>
    <td width="7%"><font face="Arial" size="2">8</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Quarterly results</font></B></td>
    <td width="7%"><font face="Arial" size="2">9</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Non-IFRS measures</font></B></td>
    <td width="7%"><font face="Arial" size="2">9</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Operating cash flow, financial condition and liquidity</font></B></td>
    <td width="7%"></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Capital expenditures, Liquidity and capital resources</font></td>
    <td width="7%"><font face="Arial" size="2">10</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Contractual obligations, Debt, Dividends, Equity</font></td>
    <td width="7%"><font face="Arial" size="2">11</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">&nbsp;</font></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><B><font face="Arial" size="2">Other information</font></B></td>
    <td width="7%"><font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">New accounting developments</font></td>
    <td width="7%"><font face="Arial" size="2">12</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Internal controls over financial reporting</font></td>
    <td width="7%"><font face="Arial" size="2">13</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Qualified person</font></td>
    <td width="7%"><font face="Arial" size="2">14</font></td>
  </tr>
  <tr>
    <td width="93%"><font face="Arial" size="2">Forward-looking information and risks</font></td>
    <td width="7%"><font face="Arial" size="2">14</font></td>
  </tr>
</table>

<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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    <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="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 18pt">&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">&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>Second quarter summary results</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: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Profit attributable to shareholders of the Company (net income) for the
quarter was $43.3 million or $0.06 per share compared to $46.6 million or $0.07 per share for the same quarter in 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: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold revenues were 14% higher than the same quarter in 2012 due to higher
sales volumes partially offset by lower gold prices.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&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: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gross profits from gold mining operations before taxes were $117.2 million
for the quarter, 1% lower than the second 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: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Company generated $84.9 million in cash from operating activities
before changes in non-cash working capital &#8211; a 3% increase over the same quarter in 2012.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&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: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On August 1, 2013, the Company declared that it will pay an eligible
dividend of Cdn$0.05 per Common Share on August 26, 2013 to the holders of the Company&#8217;s outstanding Common Shares as of
the close of business on the record date of August 15, 2013. </FONT></TD></TR></TABLE>

<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>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
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    <!-- 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>Outlook</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">In light of the recent significant decline in gold price the Company
has modified its operating plan for 2013 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">Exploration spending for 2013 has been reduced from $98.5 million
to $51.0 million with an emphasis on mine site and brownfields exploration. Capital spending has been revised down from $670.0
million to $430.0 million. The full Kisladag expansion as envisaged will be deferred pending improvement in metal prices, while
the development of Skouries, Perama Hill and Certej is projected to be delayed by one year from their original planned completion
dates.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Gold production for 2013 is forecast to be 745,000 ounces of gold
with average cash costs of $520/oz. This is in line with previous guidance provided of 705,000 - 760,000 ounces at average cash
costs of $515-530/oz.</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: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>Review of Financial Results</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 8pt">&#9;</FONT></B></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="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"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Summarized Financial Results </B></FONT></TD>
    <TD COLSPAN="2" 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; border-right: 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: 13%; 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>
    <TD STYLE="width: 13%; border-left: 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: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; 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-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">$266.9</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">$244.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$605.0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$515.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; 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 Revenues (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">$243.6</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">$214.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$550.8</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$471.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">176,260</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">132,919</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">365,606</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">283,580</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Average realized gold price ($/ounce)</FONT></TD>
    <TD STYLE="border-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">$1,382</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">$1,612</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,506</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$1,662</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($/ounce sold) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-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">$478</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">$480</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$492</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$465</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ per ounce sold) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-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">$536</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">$550</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$552</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$539</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; 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-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">$117.2</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">$118.7</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$281.0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$269.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Net Income (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">$43.3</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">$46.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">($2.2)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$114.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings per share attributable to shareholders of the Company &#8211; Basic ($/share)</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">$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">$0.07</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.00</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings per share attributable to shareholders of the Company &#8211; Diluted ($/share)</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">$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">$0.07</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.00</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$0.17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Dividends paid (Cdn$/share)</FONT></TD>
    <TD STYLE="border-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">$0.00</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">$0.00</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; 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-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">$84.9</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">$82.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$224.8</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$184.9</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/10pt Times New Roman, Times, Serif; margin-top: 2pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company has included non-IFRS performance measures such as cash
operating costs, total cash costs, gross profit 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 9 for discussion of non-IFRS measures.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt/10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 19.5pt">&nbsp;</P>

<P STYLE="font: 6pt/10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 19.5pt">&nbsp;</P>

<P STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0">Net income for the quarter was $43.3 million (or $0.06 per
share), compared with $46.6 million (or $0.07 per share) in the second quarter of 2012. Higher gold sales volumes offset lower
gold prices resulting in higher revenues from gold mining operations year over year. The increase year over year in gold revenues
was offset by higher production costs and depreciation, depletion and amortization from gold mining operations as a result of higher
sales volumes. Other items affecting net income for the quarter included $5.9 million in foreign exchange losses (second quarter
2012 - $0.8 million loss), and $11.1 million in interest and financing costs (second quarter 2012 - $1.4 million). The foreign
exchange losses related to bank deposits in foreign currencies in Turkey and Canada. The effective tax rate of 36% fell from a
rate of 43% in the second quarter of 2012 mainly as a result of the impact of the recognition of investment tax credits in Turkey.</P>


<!-- Field: Page; Sequence: 3; 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 -->2<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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>Operations update</B></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; background-color: #F3F3F3">
    <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-size: 11pt; font-weight: bold"><FONT STYLE="font: 10pt/109% Arial, Helvetica, Sans-Serif"><B>Summarized Operating Results</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 0.1pt; font-weight: bold; text-align: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 11%; 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>
    <TD STYLE="width: 11%; border-left: 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: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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-right: 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 (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">$117.2</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">$118.7</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$281.0</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$269.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; including pre-commercial production</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">183,971</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">140,694</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">347,739</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">296,229</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$478</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">$480</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$492</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$465</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$536</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">$550</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$552</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$539</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: windowtext 1pt solid; 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>
    <TD STYLE="border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; 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-right: 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 (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">$77.6</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">$74.0</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$162.6</FONT></TD>
    <TD STYLE="border: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$156.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">76,735</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">61,575</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">146,956</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">127,282</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$327</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">$333</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$331</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$336</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$348</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">$357</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$353</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$366</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: windowtext 1pt solid; 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>
    <TD STYLE="border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: 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-right: 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 (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">$12.2</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>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$51.0</FONT></TD>
    <TD STYLE="border: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced (2012 includes pre-commercial production)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">26,289</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">8,222</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">46,145</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">12,515</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$519</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>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$561</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$537</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>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$592</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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="border-right: windowtext 1pt solid; 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>
    <TD STYLE="border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: 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-right: 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 (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">$15.2</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">$20.6</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$34.2</FONT></TD>
    <TD STYLE="border: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$45.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">27,938</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">27,172</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">54,145</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">55,988</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$398</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">$432</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$419</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$419</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$577</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">$621</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$605</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$613</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: windowtext 1pt solid; 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>
    <TD STYLE="border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: 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-right: 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 (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">$8.3</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">$13.0</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$17.0</FONT></TD>
    <TD STYLE="border: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$39.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">28,889</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">25,630</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">50,631</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">60,865</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$757</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">$786</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$789</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$703</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$845</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">$858</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$881</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$776</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: windowtext 1pt solid; 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>
    <TD STYLE="border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-left: 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-right: 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">$3.9</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">$11.1</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$16.2</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$28.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">17,462</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">18,095</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">38,377</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">39,579</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Cash operating costs ($ 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">$742</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">$622</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$683</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$579</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Total cash cost ($ 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">$781</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">$666</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$726</FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$624</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Olympias<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="border-top: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: 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-right: 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 (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">-</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>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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: 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-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Ounces produced &#8211; 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">6,658</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>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">11,485</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; 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>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; 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>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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: 2pt 0 0 7.1pt; text-indent: -7.1pt"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>1</SUP></TD><TD><SUP>Gold concentrate produced at Efemcukuru and Olympias prior to the date of commercial production has been treated as pre-commercial
production. All costs and revenues associated with the production and sale of these concentrate are considered part of the capital
expenditures of the projects. Efemcukuru declared commercial production on December 1, 2012. </SUP></TD></TR></TABLE>

<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>


<!-- Field: Page; Sequence: 4; 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 -->3<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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: 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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes placed on pad</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: 8pt Arial, Helvetica, Sans-Serif">3,301,333</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: 8pt Arial, Helvetica, Sans-Serif">3,259,574</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: 8pt Arial, Helvetica, Sans-Serif">6,216,841</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: 8pt Arial, Helvetica, Sans-Serif">6,400,066</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">1.26</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: 8pt Arial, Helvetica, Sans-Serif">1.30</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: 8pt Arial, Helvetica, Sans-Serif">1.28</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: 8pt Arial, Helvetica, Sans-Serif">1.21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">76,735</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: 8pt Arial, Helvetica, Sans-Serif">61,575</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: 8pt Arial, Helvetica, Sans-Serif">146,956</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: 8pt Arial, Helvetica, Sans-Serif">127,282</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">76,680</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: 8pt Arial, Helvetica, Sans-Serif">61,991</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: 8pt Arial, Helvetica, Sans-Serif">146,930</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: 8pt Arial, Helvetica, Sans-Serif">127,155</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$327</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: 8pt Arial, Helvetica, Sans-Serif">$333</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: 8pt Arial, Helvetica, Sans-Serif">$331</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: 8pt Arial, Helvetica, Sans-Serif">$336</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</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: 8pt Arial, Helvetica, Sans-Serif">$348</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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$353</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: 8pt Arial, Helvetica, Sans-Serif">$366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</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: 8pt Arial, Helvetica, Sans-Serif">$108.6</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: 8pt Arial, Helvetica, Sans-Serif">$99.7</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: 8pt Arial, Helvetica, Sans-Serif">$223.1</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: 8pt Arial, Helvetica, Sans-Serif">$210.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$3.6</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: 8pt Arial, Helvetica, Sans-Serif">$2.6</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: 8pt Arial, Helvetica, Sans-Serif">$6.8</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: 8pt Arial, Helvetica, Sans-Serif">$5.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$77.6</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: 8pt Arial, Helvetica, Sans-Serif">$74.0</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: 8pt Arial, Helvetica, Sans-Serif">$162.6</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: 8pt Arial, Helvetica, Sans-Serif">$156.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$35.3</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: 8pt Arial, Helvetica, Sans-Serif">$47.7</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: 8pt Arial, Helvetica, Sans-Serif">$70.7</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: 8pt Arial, Helvetica, Sans-Serif">$51.4</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 Kisladag during the second quarter of 2013 was
higher than the same quarter of 2012 mainly due to the stacking and leaching sequence. Capital expenditures during the quarter
included waste stripping, mining equipment, and construction activities associated with the Phase IV expansion.</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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</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: 8pt Arial, Helvetica, Sans-Serif">109,349</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: 8pt Arial, Helvetica, Sans-Serif">95,131</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: 8pt Arial, Helvetica, Sans-Serif">196,228</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: 8pt Arial, Helvetica, Sans-Serif">165,777</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">9.28</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: 8pt Arial, Helvetica, Sans-Serif">9.60</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: 8pt Arial, Helvetica, Sans-Serif">8.91</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: 8pt Arial, Helvetica, Sans-Serif">9.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate (to Concentrate)</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: 8pt Arial, Helvetica, Sans-Serif">94.0%</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: 8pt Arial, Helvetica, Sans-Serif">92.9%</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: 8pt Arial, Helvetica, Sans-Serif">93.8%</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: 8pt Arial, Helvetica, Sans-Serif">92.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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 &#8211; incl. pre commercial production (2012)</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: 8pt Arial, Helvetica, Sans-Serif">26,289</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: 8pt Arial, Helvetica, Sans-Serif">8,222</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: 8pt Arial, Helvetica, Sans-Serif">46,145</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: 8pt Arial, Helvetica, Sans-Serif">12,515</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 20.25pt; text-indent: -18pt"><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 &#8211; commercial production</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: 8pt Arial, Helvetica, Sans-Serif">25,187</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">75,478</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$519</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">$561</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</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: 8pt Arial, Helvetica, Sans-Serif">$537</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">$592</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</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: 8pt Arial, Helvetica, Sans-Serif">$31.6</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">$112.7</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$5.3</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">$15.1</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$12.2</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: 8pt Arial, Helvetica, Sans-Serif">-</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: 8pt Arial, Helvetica, Sans-Serif">$51.0</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: 8pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$6.8</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: 8pt Arial, Helvetica, Sans-Serif">$15.5</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: 8pt Arial, Helvetica, Sans-Serif">$16.6</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: 8pt Arial, Helvetica, Sans-Serif">$29.5</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 quarter Efemcukuru recovered 26,289 ounces of gold in
concentrate of which 25,187 was shipped to the commercial refinery. Efemcukuru was undergoing commissioning during the second quarter
of 2012. The mine and mill benefited during the quarter from modifications made to plant and ancilllary equipment which increased
throughput. By the end of the quarter the mine and plant were operating at expected capacity. Capital expenditures during the quarter
included underground development as well as plant upgrades and improvements.</P>

<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>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 5; 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 -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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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: 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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</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: 8pt Arial, Helvetica, Sans-Serif">273,065</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: 8pt Arial, Helvetica, Sans-Serif">245,456</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: 8pt Arial, Helvetica, Sans-Serif">520,126</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: 8pt Arial, Helvetica, Sans-Serif">508,249</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">3.50</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: 8pt Arial, Helvetica, Sans-Serif">3.73</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: 8pt Arial, Helvetica, Sans-Serif">3.61</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: 8pt Arial, Helvetica, Sans-Serif">3.87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</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: 8pt Arial, Helvetica, Sans-Serif">83.6%</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: 8pt Arial, Helvetica, Sans-Serif">84.1%</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: 8pt Arial, Helvetica, Sans-Serif">82.3%</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: 8pt Arial, Helvetica, Sans-Serif">82.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,938</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: 8pt Arial, Helvetica, Sans-Serif">27,172</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: 8pt Arial, Helvetica, Sans-Serif">54,145</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: 8pt Arial, Helvetica, Sans-Serif">55,988</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27,938</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: 8pt Arial, Helvetica, Sans-Serif">27,172</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: 8pt Arial, Helvetica, Sans-Serif">54,145</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: 8pt Arial, Helvetica, Sans-Serif">55,988</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$398</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: 8pt Arial, Helvetica, Sans-Serif">$432</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: 8pt Arial, Helvetica, Sans-Serif">$419</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: 8pt Arial, Helvetica, Sans-Serif">$419</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</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: 8pt Arial, Helvetica, Sans-Serif">$577</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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</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: 8pt Arial, Helvetica, Sans-Serif">$38.4</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: 8pt Arial, Helvetica, Sans-Serif">$43.9</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: 8pt Arial, Helvetica, Sans-Serif">$81.0</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: 8pt Arial, Helvetica, Sans-Serif">$93.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$6.7</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: 8pt Arial, Helvetica, Sans-Serif">$6.3</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: 8pt Arial, Helvetica, Sans-Serif">$13.3</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: 8pt Arial, Helvetica, Sans-Serif">$13.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$15.2</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: 8pt Arial, Helvetica, Sans-Serif">$20.6</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: 8pt Arial, Helvetica, Sans-Serif">$34.2</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: 8pt Arial, Helvetica, Sans-Serif">$45.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$3.2</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: 8pt Arial, Helvetica, Sans-Serif">$2.8</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: 8pt Arial, Helvetica, Sans-Serif">$5.0</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: 8pt Arial, Helvetica, Sans-Serif">$6.9</FONT></TD></TR>
</TABLE>
<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">Gold production at Tanjianshan during the second
quarter of 2013 was slightly higher than the same quarter of 2012 as a result of additional mill throughput, partially offset by
lower head grades and recovery rates. Cash operating costs per ounce decreased from the second quarter 2012 slightly. Capital spending
included exploration activities and process improvements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</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: 8pt Arial, Helvetica, Sans-Serif">336,707</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: 8pt Arial, Helvetica, Sans-Serif">337,560</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: 8pt Arial, Helvetica, Sans-Serif">688,608</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: 8pt Arial, Helvetica, Sans-Serif">706,316</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">3.33</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: 8pt Arial, Helvetica, Sans-Serif">2.68</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: 8pt Arial, Helvetica, Sans-Serif">2.87</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: 8pt Arial, Helvetica, Sans-Serif">2.93</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</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: 8pt Arial, Helvetica, Sans-Serif">84.5%</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: 8pt Arial, Helvetica, Sans-Serif">85.3%</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: 8pt Arial, Helvetica, Sans-Serif">83.4%</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: 8pt Arial, Helvetica, Sans-Serif">85.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,889</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: 8pt Arial, Helvetica, Sans-Serif">25,630</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: 8pt Arial, Helvetica, Sans-Serif">50,631</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: 8pt Arial, Helvetica, Sans-Serif">60,865</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28,993</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: 8pt Arial, Helvetica, Sans-Serif">25,661</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: 8pt Arial, Helvetica, Sans-Serif">50,676</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: 8pt Arial, Helvetica, Sans-Serif">60,858</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$757</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: 8pt Arial, Helvetica, Sans-Serif">$786</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: 8pt Arial, Helvetica, Sans-Serif">$789</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: 8pt Arial, Helvetica, Sans-Serif">$703</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</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: 8pt Arial, Helvetica, Sans-Serif">$845</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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$881</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: 8pt Arial, Helvetica, Sans-Serif">$776</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</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: 8pt Arial, Helvetica, Sans-Serif">$40.8</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: 8pt Arial, Helvetica, Sans-Serif">$41.6</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: 8pt Arial, Helvetica, Sans-Serif">$75.9</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: 8pt Arial, Helvetica, Sans-Serif">$101.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$8.1</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: 8pt Arial, Helvetica, Sans-Serif">$6.6</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: 8pt Arial, Helvetica, Sans-Serif">$14.2</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: 8pt Arial, Helvetica, Sans-Serif">$15.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$8.3</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: 8pt Arial, Helvetica, Sans-Serif">$13.0</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: 8pt Arial, Helvetica, Sans-Serif">$17.0</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: 8pt Arial, Helvetica, Sans-Serif">$39.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$15.4</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: 8pt Arial, Helvetica, Sans-Serif">$5.9</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: 8pt Arial, Helvetica, Sans-Serif">$29.3</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: 8pt Arial, Helvetica, Sans-Serif">$14.9</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 in the second quarter
of 2013 was higher than the same quarter of 2012 due to higher head grades. The ore zone in the open pit was accessed during the
quarter and contributed to the improved head grade. Capital spending during the quarter included open pit stripping, underground
mine development, and process improvements.</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: 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: 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes Milled</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: 8pt Arial, Helvetica, Sans-Serif">203,033</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: 8pt Arial, Helvetica, Sans-Serif">188,038</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: 8pt Arial, Helvetica, Sans-Serif">401,967</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: 8pt Arial, Helvetica, Sans-Serif">346,152</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average treated head grade - grams per tonne (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">3.25</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: 8pt Arial, Helvetica, Sans-Serif">3.60</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: 8pt Arial, Helvetica, Sans-Serif">3.52</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: 8pt Arial, Helvetica, Sans-Serif">3.99</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Recovery Rate</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: 8pt Arial, Helvetica, Sans-Serif">87.0%</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: 8pt Arial, Helvetica, Sans-Serif">86.9%</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: 8pt Arial, Helvetica, Sans-Serif">86.3%</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: 8pt Arial, Helvetica, Sans-Serif">86.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold (ounces)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,462</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: 8pt Arial, Helvetica, Sans-Serif">18,095</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: 8pt Arial, Helvetica, Sans-Serif">38,377</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: 8pt Arial, Helvetica, Sans-Serif">39,579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,462</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: 8pt Arial, Helvetica, Sans-Serif">18,095</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: 8pt Arial, Helvetica, Sans-Serif">38,377</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: 8pt Arial, Helvetica, Sans-Serif">39,579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$742</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: 8pt Arial, Helvetica, Sans-Serif">$622</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: 8pt Arial, Helvetica, Sans-Serif">$683</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: 8pt Arial, Helvetica, Sans-Serif">$579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Total cash costs (per ounce sold)</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: 8pt Arial, Helvetica, Sans-Serif">$781</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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$726</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: 8pt Arial, Helvetica, Sans-Serif">$624</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gold revenues</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: 8pt Arial, Helvetica, Sans-Serif">$24.2</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: 8pt Arial, Helvetica, Sans-Serif">$30.0</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: 8pt Arial, Helvetica, Sans-Serif">$58.1</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: 8pt Arial, Helvetica, Sans-Serif">$65.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$6.6</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: 8pt Arial, Helvetica, Sans-Serif">$5.7</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: 8pt Arial, Helvetica, Sans-Serif">$13.9</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: 8pt Arial, Helvetica, Sans-Serif">$12.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt 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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$3.9</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: 8pt Arial, Helvetica, Sans-Serif">$11.1</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: 8pt Arial, Helvetica, Sans-Serif">$16.2</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: 8pt Arial, Helvetica, Sans-Serif">$28.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$5.8</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: 8pt Arial, Helvetica, Sans-Serif">$5.5</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: 8pt Arial, Helvetica, Sans-Serif">$11.9</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: 8pt Arial, Helvetica, Sans-Serif">$11.8</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 in the second quarter of 2013 was
lower than in the same period of 2012. This decrease was largely a result of lower head grades and reduced process throughput.
Cash operating costs per ounce increased due to increased contract miner and plant repair costs. Capital spending this quarter
included underground development, exploration, process plant improvements, and construction of a new mobile maintenance work shop.</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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes Processed</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: 8pt Arial, Helvetica, Sans-Serif">179,864</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: 8pt Arial, Helvetica, Sans-Serif">176,418</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: 8pt Arial, Helvetica, Sans-Serif">392,775</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: 8pt Arial, Helvetica, Sans-Serif">366,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Produced</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: 8pt Arial, Helvetica, Sans-Serif">155,172</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: 8pt Arial, Helvetica, Sans-Serif">152,965</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: 8pt Arial, Helvetica, Sans-Serif">338,598</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: 8pt Arial, Helvetica, Sans-Serif">318,866</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Grade (% Fe)</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: 8pt Arial, Helvetica, Sans-Serif">60.1%</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: 8pt Arial, Helvetica, Sans-Serif">64.4%</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: 8pt Arial, Helvetica, Sans-Serif">59.8%</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: 8pt Arial, Helvetica, Sans-Serif">63.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Iron Ore Tonnes</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 20.25pt; text-indent: -18pt"><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="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81,874</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: 8pt Arial, Helvetica, Sans-Serif">172,024</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: 8pt Arial, Helvetica, Sans-Serif">211,421</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: 8pt Arial, Helvetica, Sans-Serif">260,605</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average Realized Iron Ore Price</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: 8pt Arial, Helvetica, Sans-Serif">$106</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: 8pt Arial, Helvetica, Sans-Serif">$85</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: 8pt Arial, Helvetica, Sans-Serif">$113</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: 8pt Arial, Helvetica, Sans-Serif">$85</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Cash Costs (per tonne produced)</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: 8pt Arial, Helvetica, Sans-Serif">$74</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: 8pt Arial, Helvetica, Sans-Serif">$62</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: 8pt Arial, Helvetica, Sans-Serif">$69</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: 8pt Arial, Helvetica, Sans-Serif">$63</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 8pt Arial, Helvetica, Sans-Serif">Revenues</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: 8pt Arial, Helvetica, Sans-Serif">$8.7</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: 8pt Arial, Helvetica, Sans-Serif">$14.7</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: 8pt Arial, Helvetica, Sans-Serif">$23.8</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: 8pt Arial, Helvetica, Sans-Serif">$22.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$0.9</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: 8pt Arial, Helvetica, Sans-Serif">$1.4</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: 8pt Arial, Helvetica, Sans-Serif">$2.1</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: 8pt Arial, Helvetica, Sans-Serif">$2.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</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: 8pt Arial, Helvetica, Sans-Serif">$1.8</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: 8pt Arial, Helvetica, Sans-Serif">$2.7</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: 8pt Arial, Helvetica, Sans-Serif">$7.2</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: 8pt Arial, Helvetica, Sans-Serif">$3.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$0.2</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: 8pt Arial, Helvetica, Sans-Serif">$0.1</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: 8pt Arial, Helvetica, Sans-Serif">$3.6</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: 8pt Arial, Helvetica, Sans-Serif">$0.3</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">Iron ore production in the second quarter of 2013 increased 1% at
Vila Nova as compared to the same quarter of 2012. Iron ore sales were 52% lower as a result of the incident that occurred at the
Anglo-Ferrous port facility during the quarter. While the Anglo-Ferrous port facility remains closed Vila Nova has been shipping
reduced quantities of iron ore through the public port in Santana City.</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>

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


<!-- Field: Page; Sequence: 7; 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 -->6<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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>Stratoni</B></P>

<P STYLE="font: 12pt 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>
    <TD STYLE="vertical-align: bottom; border: 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</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>3 months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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: center"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>6 months ended June 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; 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="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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>
    <TD STYLE="width: 12%; border-bottom: windowtext 1pt solid; border-right: 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: 12%; border-bottom: windowtext 1pt solid; border-right: 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="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: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore mined (wet)</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: 8pt Arial, Helvetica, Sans-Serif">60,109</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: 8pt Arial, Helvetica, Sans-Serif">66,529</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: 8pt Arial, Helvetica, Sans-Serif">114,234</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: 8pt Arial, Helvetica, Sans-Serif">85,471</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Tonnes ore processed (dry)</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: 8pt Arial, Helvetica, Sans-Serif">62,331</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: 8pt Arial, Helvetica, Sans-Serif">64,272</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: 8pt Arial, Helvetica, Sans-Serif">110,852</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: 8pt Arial, Helvetica, Sans-Serif">80,874</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Pb grade (%)</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: 8pt Arial, Helvetica, Sans-Serif">6.57%</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: 8pt Arial, Helvetica, Sans-Serif">6.58%</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: 8pt Arial, Helvetica, Sans-Serif">6.41%</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: 8pt Arial, Helvetica, Sans-Serif">6.40%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Zn grade (%)</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: 8pt Arial, Helvetica, Sans-Serif">9.38%</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: 8pt Arial, Helvetica, Sans-Serif">10.06%</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: 8pt Arial, Helvetica, Sans-Serif">9.37%</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: 8pt Arial, Helvetica, Sans-Serif">9.78%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Ag grade (g/t)</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: 8pt Arial, Helvetica, Sans-Serif">173</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: 8pt Arial, Helvetica, Sans-Serif">172</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: 8pt Arial, Helvetica, Sans-Serif">168</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: 8pt Arial, Helvetica, Sans-Serif">169</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate produced</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: 8pt Arial, Helvetica, Sans-Serif">16,054</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: 8pt Arial, Helvetica, Sans-Serif">17,278</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: 8pt Arial, Helvetica, Sans-Serif">28,332</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: 8pt Arial, Helvetica, Sans-Serif">21,140</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Tonnes of concentrate sold</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: 8pt Arial, Helvetica, Sans-Serif">16,783</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: 8pt Arial, Helvetica, Sans-Serif">15,821</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: 8pt Arial, Helvetica, Sans-Serif">30,751</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: 8pt Arial, Helvetica, Sans-Serif">21,390</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Average realized concentrate price (per tonne)</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: 8pt Arial, Helvetica, Sans-Serif">$781</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: 8pt Arial, Helvetica, Sans-Serif">$893</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: 8pt Arial, Helvetica, Sans-Serif">$849</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: 8pt Arial, Helvetica, Sans-Serif">$949</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Cash Costs (per tonne of concentrate sold)</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: 8pt Arial, Helvetica, Sans-Serif">$829</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: 8pt Arial, Helvetica, Sans-Serif">$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: 8pt Arial, Helvetica, Sans-Serif">$829</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: 8pt Arial, Helvetica, Sans-Serif">$650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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-size: 9pt; font-weight: bold"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Financial Data (millions)</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">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; 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="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: 8pt Arial, Helvetica, Sans-Serif">Revenues</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: 8pt Arial, Helvetica, Sans-Serif">$13.1</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: 8pt Arial, Helvetica, Sans-Serif">$13.3</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: 8pt Arial, Helvetica, Sans-Serif">$26.1</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: 8pt Arial, Helvetica, Sans-Serif">$19.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Depreciation and depletion</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: 8pt Arial, Helvetica, Sans-Serif">$2.1</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: 8pt Arial, Helvetica, Sans-Serif">$1.9</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: 8pt Arial, Helvetica, Sans-Serif">$3.9</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: 8pt Arial, Helvetica, Sans-Serif">$2.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Gross profit from mining operations</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: 8pt Arial, Helvetica, Sans-Serif">-$3.0</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: 8pt Arial, Helvetica, Sans-Serif">$1.9</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: 8pt Arial, Helvetica, Sans-Serif">-$3.3</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: 8pt Arial, Helvetica, Sans-Serif">$2.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt Arial, Helvetica, Sans-Serif">Capital expenditure on mining interests</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: 8pt Arial, Helvetica, Sans-Serif">$0.5</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: 8pt Arial, Helvetica, Sans-Serif">$2.5</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: 8pt Arial, Helvetica, Sans-Serif">$0.6</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: 8pt Arial, Helvetica, Sans-Serif">$3.0</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 second quarter, Stratoni mined 60,109 tonnes of run-of-mine
ore and produced 16,054 tonnes of lead and zinc concentrate at an average cash cost of $829 per tonne of concentrate sold. During
the same period, Stratoni sold 16,783 tonnes of concentrate at an average price of $781 per tonne.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Stratoni operating and financial data for 2012 shown in the table
above reflect operations subsequent to February 24, 2012, the date of the European Goldfields Ltd. acquisition.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Olympias</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">During the second quarter, Olympias treated 116,972 tonnes of tailings
and produced 6,658 payable gold ounces. Commissioning of the plant continued during the quarter with commercial production expected
during the third quarter. Capital spending during the quarter included underground decline development, underground rehabilitation
and process plant improvements.</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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">Clearing, grubbing and grading of the plant site area was ongoing.
Site clearing and geotechnical drilling on the tailings dam area continued during the quarter. A review of the tailings dam construction
materials and methodology was completed with the goal of optimizing the cost and time required to complete the tailings dam. Progress
continued to be made on the underground decline 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 0 3pt"><B>Olympias</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ground water inflows were intersected in the decline from Stratoni
to the Olympias deposit and limited the advance during the quarter. A grouting company was brought in to deal with the inflow.
Rehabilitation of the existing underground mine continued during the quarter.</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 0 3pt"><B>&nbsp;</B></P>

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

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

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

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


<!-- Field: Page; Sequence: 8; 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 -->7<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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 0 3pt"><B>Perama Hill</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Final approval of the Environmental Impact Assessment (&#8220;EIA&#8221;)
for Perama Hill is expected during the second half of 2013. Approval of the EIA will allow construction of the initial infrastructure
to commence, and is required in order to obtain the permits to commence full construction. Preliminary engineering continued on
the project during the quarter with completion expected in the third quarter this year. Metallurgical testwork to confirm and optimise
the process will be completed during the third quarter this year, with detailed engineering expected to begin shortly thereafter.
Geotechnical drilling was completed during the quarter in order to examine the foundation conditions for the plant and tailings
dump sites. In addition, drilling was begun in the open pit area to reconfirm the geotechnical conditions used in the feasibility
pit slope design.</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">Geotechnical drilling was carried out during the quarter to provide
data for pit slope stability and soil analyses. Metallurgical testing was conducted on samples from recently drilled extensions
to the ore zones. Extensive flotation testing was carried out to confirm results from previous work, and to generate concentrate
material for oxidation testing. Results of the testing will be used to finalize the process design during the third quarter. Engineering
work was begun to establish alternatives for supply of power to the site from the national grid and to rehabilitate the water supply
lines from the Mures River. Work was begun on construction of an alternate access road to the property.</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">Permitting activities continued during the quarter at both the state
and federal levels. Project engineers continued to focus on reduction of capital requirements in order to optimize the project,
including consideration of Semi-Autogenous Grind (&#8220;SAG&#8221;) milling as opposed to three-stage crushing. Cost reductions
have been generated through changes to the design of the tailings management facility and waste dump as well as optimization of
earthmoving for the plant and administration sites. There is also the potential to reduce capital costs further by utilising contract
miners. Preliminary discussions are ongoing with mining contractors for both short term and long term mining contracts. The mine
plan is scheduled to be updated by the end of this year. Site activities are focused on site characterization data collection from
established points. Field surveys along the logging road are ongoing. Nonessential field work has been cancelled.</P>

<P STYLE="font: 11pt Times New Roman, Times, 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">Eastern Dragon remained on care and maintenance pending resolution
of permitting issues. Site management worked with the local authorities to maintain local permits and permissions in good standing.
Work continued on preparing the necessary paperwork to submit to the National Development and Reform Commission (&#8220;NDRC&#8221;),
as well as determining the timeline for review and approval.</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>Exploration update </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the second quarter approximately 65,000 metres of exploration
drilling were completed at the company&#8217;s operations, development projects, and exploration projects. In Greece, sterilization
drilling was completed at Perama Hill, and the 2013 resource drilling program commenced at the Piavitsa project. In Romania, drilling
focused on resource expansion and infill drilling at the Certej deposit. In Turkey, drilling was completed on several targets at
the Efemcukuru minesite, and at the Ardala/Salinbas exploration project. Drilling in China included resource expansion programs
at the Jinfeng, White Mountain, and Tanjianshan mine sites, and on exploration targets peripheral to the Jinfeng and Tanjianshan
mines. In Brazil, resource expansion drilling was completed at the Vila Nova minesite, and an initial phase of drilling was completed
at the Chapadinha early-stage exploration project.</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>&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>


<!-- Field: Page; Sequence: 9; 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 -->8<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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>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: 17%; 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>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: 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>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></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"><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"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>First 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>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>
    <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 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>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></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">$266.9</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">$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></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">Net income</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">$43.3</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">($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></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Earnings 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; 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></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">($0.06)</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></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">($0.06)</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></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 loss for the first quarter of 2013 was due to a one-time
$125.2 million non-cash adjustment related to an increase in Greek income tax rates.</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>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"><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="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 68%; 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>Reconciliation of cash operating costs to production costs</B></FONT></TD>
    <TD STYLE="width: 8%; 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: 8%; 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>
    <TD STYLE="width: 8%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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: 8%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: 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 STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">millions (except for gold ounces sold and cash operating cost per ounce sold)</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>Q2</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>Q2</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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>YTD</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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>YTD</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"><B>Production costs &#8211; excluding Vila Nova and Stratoni</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">(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">$96.2</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">$74.4</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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">$206.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: 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">$155.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>Less:</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">By-product credits and other adjustments</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(1.7)</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">$(1.3)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(4.6)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(2.6)</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>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">$94.5</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">$73.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$201.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$152.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">Royalty expense and production taxes</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(10.3)</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">$(9.3)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(22.1)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$(20.8)</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>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">$84.2</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">$63.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$179.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$132.0</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">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">176,260</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">132,919</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">365,606</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">283,580</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>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">$536</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">$550</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$552</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$539 </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>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">$478</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">$480</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$492</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif">$465</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>


<!-- Field: Page; Sequence: 10; 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 -->9<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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>Gross profit from gold mining operations</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We use <I>gross profit 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: 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
$84.9 million in cash this quarter, compared to $82.1 million in the same quarter of 2012.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We invested $116.5 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 totalled $46.1 million:</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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$1.0 million at Eastern Dragon</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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$1.7 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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$2.3 million at Perama Hill</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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$22.0 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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$11.8 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: 12.3pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$7.3 million at Certej</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Spending at our producing mines totalled $67.0 million:</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$35.3 million at Kisladag, mostly related to the Phase IV expansion and
sustaining capital</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$6.8 million at Efemcukuru mostly on mine development and completion
of start-up</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$15.4 million at Jinfeng, mostly on land acquisition and waste stripping</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$5.8 million at White Mountain, mainly related to underground mine development</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$3.2 million at Tanjianshan, mainly related to sustaining capital</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: 14.2pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$0.5 million at Stratoni </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We also spent $3.2 million on land acquisition costs in Turkey, and
$0.2 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-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right"><B>June 30,</B></P>
        <P STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: right"><B>2013</B></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"><FONT STYLE="font: 8pt/109% Arial, Helvetica, Sans-Serif"><B>December 31, 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">Cash, cash equivalents and 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">$743.6</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">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">$853.6</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">$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">Restricted collateralized accounts</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">$0.3</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">$0.2</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">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">$596.6</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">$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 June 30, 2013, 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>


<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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>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: 7.2pt; 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: 7.2pt; 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 7.2pt 0 0; text-align: right">2013</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 7.2pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 0 0; text-align: right">2014</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 7.2pt; 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 7.2pt 0 0; text-align: right">2015</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-right: 7.2pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 0 0; text-align: right">2016</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 7.2pt; 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 7.2pt 0 0; text-align: right">2017 and<BR>
        later</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 1%; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 7.2pt; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 0 0; text-align: right">Total</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.2pt 3pt 0; text-align: right">$</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 21.6pt; text-indent: -21.6pt"><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: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">612.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 21.6pt; text-indent: -21.6pt"><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: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 10.8pt; text-indent: -10.8pt"><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: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">38.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 21.6pt; text-indent: -21.6pt"><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: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">121.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.1</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; 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 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">188.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 21.6pt; text-indent: -21.6pt"><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: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">139.0</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">32.5</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">19.7</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">630.8</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 2pt 7.2pt 2pt 21.6pt; text-align: right; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-right: 7.2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">844.3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 76.05pt">&nbsp;</P>

<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 June 30, 2013, Hellas Gold had entered into off-take agreements
pursuant to which Hellas Gold agreed to sell a total 44,599 dry metric tonnes of zinc concentrates and 20,437 dry metric tonnes
of lead/silver concentrates cumulative through the financial year ending December 31, 2013.</P>

<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 June 30, 2013 approximately 5.6 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In May 2013, the Company, in connection with Hellas, entered into
a Letter of Guarantee in favour of the Greek Ministry of Environment, Energy and Climate Change, in the amount of Euro50.0 million,
as security for the due and proper performance of rehabilitation works committed in connection with the Environmental Impact Assessment
approved for the Kassandra Mines. The Letter of Guarantee is renewed annually and expires on July 26, 2026. The Letter of Guarantee
has an annual fee of 0.57 basis points.</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; 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 ($16.2 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
June 30, 2013, Jinfeng has drawn down RMB 78.0 million ($12.6 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"><I>&nbsp;</I></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 June 30, 2013 is $582.8 million. Net deferred financing costs of $16.0 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>


<!-- Field: Page; Sequence: 12; 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 -->11<!-- 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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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; background-color: white"><FONT STYLE="font-weight: normal"><I>Entrusted
loan</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The entrusted loan was increased to RMB 720.0 million ($116.5 million)
in May 2013. The interest rate on this loan as at June 30, 2013 was 4.59%. As at June 30, 2013, RMB 622.0 million ($100.7 million)
had been drawn under the entrusted loan. The entrusted loan has been recorded on a net settlement basis.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Dividends</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">No dividends were paid 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"><B>Equity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This quarter we received net proceeds of $0.2 million for issuing
30,000 common shares related to stock options and warrants being exercised.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We may make minor accounting adjustments to these figures before
they are presented in future consolidated financial statements.</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 July 31, 2013</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 21.3pt; text-indent: -12.3pt">- as of June 30, 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">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">715,038,288</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">715,038,288</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 July 31, 2013</P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">(Weighted average exercise price per share: $12.74 Cdn)</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">18,575,836</FONT></TD></TR>
</TABLE>
<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: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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"><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"><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"><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"><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"><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><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt">&nbsp;</TD><TD STYLE="width: 17.85pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></TD><TD><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt"></TD><TD><font face="Arial" size="2">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.</font></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"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>
  <p style="word-spacing: 0; 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>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 21.25pt; text-indent: 0cm">&nbsp;</P>


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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: 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>
  <p style="word-spacing: 0; 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>

<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">&nbsp;</TD><TD STYLE="width: 17.85pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></TD><TD><font face="Arial" size="2">&nbsp;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;Impairment of Assets&#8217;.&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></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 21.25pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 21.25pt; text-indent: 0cm">&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"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>
  <p style="word-spacing: 0; 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. The adoption did not require any adjustments to its unaudited condensed
interim consolidated financial statements but will require extended disclosures at year end.</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"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>
  <p style="word-spacing: 0; 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 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 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"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>
  <p style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRIC 20 <I>&#8216;Stripping costs in the production phase of a surface</I>
mine&#8217; &#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, &#8216;Inventories&#8217;. 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; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white"><B>Internal controls over financial
reporting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; 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 second quarter of 2013 that have materially affected, or are reasonably
likely to materially affect, internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; background-color: white">&nbsp;</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 Arial, Helvetica, Sans-Serif; margin: 0">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</P><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">for the three and six-month periods ended June 30, 2013</FONT></P></TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%"><P STYLE="margin: 0">&nbsp;<IMG SRC="image_007.jpg" ALT=""></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/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; 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"><B>&nbsp;</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 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/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; background-color: white"><B>Forward-looking
information and risks</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>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"></TD><TD STYLE="width: 9pt">&#8226;</TD><TD>acquisition risks, and</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"></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>



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<DESCRIPTION>NEWS RELEASE DATED AUGUST 2, 2013
<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="margin: 0"></P>

<P STYLE="font: bold 17pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 88px; width: 222px" width="222" height="88"></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%">
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    <td width="50%"><font face="Times New Roman" size="3"><b>NEWS RELEASE</b></font></td>
    <td width="50%">
      <p align="right"><font face="Times New Roman" size="3"><b>ELD
No. 13-10</b></font></td>
  </tr>
  <tr>
    <td width="50%"><font face="Times New Roman" size="3"><b>TSX: ELD NYSE: EGO</b></font></td>
    <td width="50%">
      <p align="right"><font face="Times New Roman" size="3"><b>August 2, 2013</b></font></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 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">2013 Second Quarter Financial and Operating
Results</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Increased Production and Revenue at
Lower Costs</B></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 &#8211; Paul N. Wright, Chief
Executive Officer of Eldorado Gold Corporation, (&#8220;Eldorado&#8221; the &#8220;Company&#8221; or &#8220;we&#8221;) is pleased
to report on the Company's financial and operational results for the second quarter ended June 30, 2013. Profit attributable to
shareholders of the Company for the quarter was $43.3 million or $0.06 per share compared to $46.6 million or $0.07 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">&#8220;During the second quarter Eldorado produced
183,971 ounces of gold at an average cash operating cost of $478 per ounce, a 31% increase over Q2 2012 gold production. Our gold
mines continue to perform to plan and generate significant cash flows&#8221; said Paul Wright, CEO of Eldorado Gold. &#8220;With
its strong balance sheet and comparatively low cost gold mining operations, Eldorado is well positioned to confront the recent
weakness in gold prices.&#8221;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>Gold production of 183,971 ounces at an average cash operating cost of $478 per ounce (Q2 2012 gold production &#8211; 140,694
ounces at $480 per ounce).</TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>Gold sales of 176,260 ounces at an average gold price of $1,382 per ounce (Q2 2012 sales of 132,919 ounces at an average gold
price of $1,612).</TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>Continued strong cash generation from operating activities before changes in non-cash working capital of $84.9 million (Q2
2012 - $82.1 million).</TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>On August 1, 2013, the Company declared that it will pay an eligible dividend of Cdn$0.05 per Common Share on August 26, 2013
to the holders of the Company&#8217;s outstanding Common Shares as of the close of business on the record date of August 15, 2013.</TD></TR></TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In light of the recent significant decline
in gold price the Company has modified its operating plan for 2013. Exploration spending for 2013 has been reduced from $98.5 million
to $51.0 million with an emphasis on mine site and brownfields exploration. Capital spending has been revised down from $670.0
million to $430.0 million. The full Kisladag expansion as envisaged will be deferred pending improvement in metal prices, while
the initial production from Skouries, Perama Hill and Certej is projected to be delayed by one year. Gold production for 2013 is
forecast to be 745,000 ounces of gold with cash costs of $520/oz. This is in line with original guidance provided of 705,000 -
760,000 ounces at cash costs of $515-530/oz.</P>


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              <p align="right">&nbsp;1</p>
            </td>
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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 0 6pt; text-align: justify"><B>Amendment to the Dividend Policy</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Considering our revised capital program over the next two years
and projected cash flows from our operating mines at current gold prices, we have revised the gradation of our existing dividend
policy to provide the following fixed dollar amount per ounce of gold sold.<FONT STYLE="font-size: 12pt"><B> </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, 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: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="width: 63%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/109% Times New Roman, Times, Serif; margin: 3pt 0 0.1pt"><B>Realised Gold Price</B></P>
        <P STYLE="font: 10pt/109% Times New Roman, Times, Serif; margin: 3pt 0 0.1pt"><B>(US$/oz)</B></P></TD>
    <TD STYLE="width: 37%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/109% Times New Roman, Times, Serif; margin: 3pt 0 0.1pt; text-align: right"><B>Dividend</B></P>
        <P STYLE="font: 10pt/109% Times New Roman, Times, Serif; margin: 3pt 0 0.1pt; text-align: right"><B>(CDN$/oz)</B></P></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-size: 10pt; line-height: 109%">$1,251 - $1,399</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$25</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-size: 10pt; line-height: 109%">$1,400 - $1,549</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$50</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-size: 10pt; line-height: 109%">$1,550 - $1,599</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$75</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-size: 10pt; line-height: 109%">$1,600 - $1,649</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$100</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-size: 10pt; line-height: 109%">$1,650 - $1,699</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$125</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-size: 10pt; line-height: 109%">$1,700 - $1,749</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$150</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-size: 10pt; line-height: 109%">$1,750 &#8211; $1,849</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$175</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-size: 10pt; line-height: 109%">$1,850 &#8211; $1,999</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$225</FONT></TD></TR>
</TABLE>
<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"><B>Review of Financial Results</B></P>

<P STYLE="font: 11pt Times New Roman, Times, 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="3" STYLE="width: 100%; font: 10pt 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"><FONT STYLE="font-size: 10pt; line-height: 109%"><B>Summarized Financial Results &#8211; quarter ended June 30,</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-size: 10pt; line-height: 109%"><B>2013&nbsp;&nbsp;</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-size: 10pt; line-height: 109%"><B>2012&nbsp;&nbsp;</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-size: 10pt; line-height: 109%">Revenues (millions)</FONT></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-size: 10pt">$266.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$244.2</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-size: 10pt; line-height: 109%">Gold Revenues (millions)</FONT></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-size: 10pt">$243.6</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$214.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Gold sold (ounces)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">176,260</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">132,919</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Average realized gold price ($/ounce)</FONT></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-size: 10pt">$1,382</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1,612</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Cash operating costs ($/ounce sold) <SUP>(1)</SUP></FONT></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-size: 10pt">$478</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$480</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Total cash cost ($ per ounce sold) <SUP>(1)</SUP></FONT></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-size: 10pt">$536</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$550</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-size: 10pt; line-height: 109%">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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$117.2</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$118.7</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-size: 10pt; line-height: 109%">Profit attributable to shareholders of the Company (millions)</FONT></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-size: 10pt">$43.3</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$46.6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Earnings per share attributable to shareholders of the Company &#8211; Basic ($/share)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.06</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 7.1pt"><FONT STYLE="font-size: 10pt; line-height: 109%">Earnings per share attributable to shareholders of the Company &#8211; Diluted ($/share)</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.06</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.07</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-size: 10pt; line-height: 109%">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-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$84.9</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$82.1</FONT></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 9 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; text-align: justify">Net income for the quarter was $43.3 million
(or $0.06 per share), compared with $46.6 million (or $0.07 per share) in the second quarter of 2012. Higher gold sales volumes
offset lower gold prices resulting in higher revenues from gold mining operations year over year. The increase year over year in
gold revenues was offset by higher production costs and depreciation, depletion and amortization from gold mining operations as
a result of higher sales volumes. Other items affecting net income for the quarter included $5.9 million in foreign exchange losses
(second quarter 2012 - $0.8 million loss), and $11.1 million in interest and financing costs (second quarter 2012 - $1.4 million).
The foreign exchange losses related to bank deposits in foreign currencies in Turkey and Canada. The effective tax rate of 36%
fell from a rate of 43% in the second quarter of 2012 mainly as a result of the impact of the recognition of investment tax credits
in Turkey.</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>Operations 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: 6pt 0 0"><B><I>Kisladag, Turkey</I></B><BR>
<BR>
</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes placed on pad</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,301,333</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,259,574</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade (grams per tonne)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.26</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1.30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">76,735</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">61,575</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">76,680</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">61,991</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$327</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$333</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$348</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$357</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$108.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$99.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$77.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$74.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$35.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$47.7</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 Kisladag during the second
quarter of 2013 was higher than the same quarter of 2012 mainly due to the stacking and leaching sequence. Capital expenditures
during the quarter included waste stripping, mining equipment and construction activities associated with the Phase IV expansion.</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>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Efemcukuru, Turkey</I></B><BR>
<BR>
</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">109,349</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">95,131</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade (grams per tonne)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9.28</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9.60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate (to Concentrate)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">94.0%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">92.9%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">26,289</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8,222</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,187</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$519</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$537</FONT></TD>
    <TD STYLE="vertical-align: top; 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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$31.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$12.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$15.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><SUP>1 Ounces produced in 2012 were pre-commercial</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter, Efemcukuru recovered 26,289
ounces of gold in concentrate of which 25,187 was shipped to the commercial refinery. Efemcukuru was undergoing commissioning during
the second quarter of 2012. The mine and mill benefited during the quarter from modifications made to plant and ancillary equipment
which increased throughput. By the end of the quarter, the mine and plant were operating at expected capacity. Capital expenditures
during the quarter included underground development as well as plant upgrades and improvements.</P>


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              <p align="right">&nbsp;3</p>
            </td>
          </tr>
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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, China</I></B><BR>
<BR>
</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">273,065</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">245,456</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade (grams per tonne)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.50</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.73</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">83.6%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">84.1%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">27,938</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">27,172</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">27,938</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">27,172</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$398</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$432</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$577</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$621</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$38.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$43.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$15.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$20.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.8</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 Tanjianshan during the second
quarter of 2013 was slightly higher than the same quarter of 2012 as a result of additional mill throughput, although partially
offset by lower head grades and recovery rates. Cash operating costs per ounce decreased from the second quarter 2012 slightly.
Capital spending included exploration activities and process improvements.</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>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">336,707</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">337,560</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade (grams per tonne)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.33</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2.68</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">84.5%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">85.3%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,889</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,630</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">28,993</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,661</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$757</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$786</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$845</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$858</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$40.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$41.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$8.1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$8.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$13.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$15.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.9</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 in the second quarter
of 2013 was higher than the same quarter of 2012 due to higher head grades. The ore zone in the open pit was accessed during the
quarter and contributed to the improved head grade. Capital spending during the quarter included open pit stripping, underground
mine development and process improvements.</P>

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


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            </td>
          </tr>
        </table>
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        </table>
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      &nbsp;</DIV>
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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: 0; text-align: justify"><B><I>White Mountain, China</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Milled</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">203,033</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">188,038</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average treated head grade (grams per tonne)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3.60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Recovery Rate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">87.0%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">86.9%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold (ounces)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,462</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,095</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,462</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,095</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash operating costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$742</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$622</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total cash costs (per ounce sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$781</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$666</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gold revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$24.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$30.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$6.6</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$3.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$11.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$5.5</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">Gold production at White Mountain in the second
quarter of 2013 was lower than in the same period of 2012. This decrease was largely a result of lower head grades. Cash operating
costs per ounce increased due to increased contract miner and plant repair costs. Capital spending this quarter included underground
development, exploration, process plant improvements and construction of a new mobile maintenance work shop.</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, Brazil</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</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 &#8211; quarter ended
      June 30,</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes Processed</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">179,864</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">176,418</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Iron Ore Produced</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">155,172</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">152,965</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Grade (% Fe)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">60.1%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">64.4%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Iron Ore Tonnes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">81,874</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">172,024</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average Realized Iron Ore Price</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$106</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$85</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash Costs (per tonne sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$74</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$62</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$8.7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$14.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gross profit &#8211; gold mining operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.1</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 in the second quarter of
2013 increased 1% at Vila Nova as compared to the same quarter of 2012. Iron ore sales were 52% lower as a result of the incident
that occurred at the Anglo-Ferrous port facility during the quarter. While the Anglo-Ferrous port facility remains closed, Vila
Nova has been shipping reduced quantities of iron ore through the public port in Santana City.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</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 &#8211; quarter ended
      June 30,</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<SUP>1</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes ore mined (wet)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">60,109</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">66,529</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes ore processed (dry)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">62,331</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">64,272</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Pb grade (%)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6.57%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">6.58%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zn grade (%)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">9.38%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">10.06%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Ag grade (g/t)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">173</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">172</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes of concentrate produced</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,054</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">17,278</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tonnes of concentrate sold</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">16,783</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">15,821</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Average realized concentrate price (per tonne)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$781</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$893</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash Costs (per tonne of concentrate sold)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$829</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$593</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>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$13.1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$13.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Depreciation and depletion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Earnings from operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-$3.0</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$1.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital expenditure on mining interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$0.5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$2.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><SUP>1 Stratoni operating and financial data for 2012 shown in the
table above reflect operations subsequent to February 24, 2012, the date of the European Goldfields Ltd. acquisition.</SUP></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">During the second quarter, Stratoni mined 60,109
tonnes of run-of-mine ore and produced 16,054 tonnes of lead and zinc concentrate at an average cash cost of $829 per tonne of
concentrate sold. During the same period, Stratoni sold 16,783 tonnes of concentrate at an average price of $781 per tonne.</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 0 3pt"><B><I>Olympias, Greece</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the second quarter, Olympias treated
116,972 tonnes of tailings and produced 6,658 payable gold ounces. Commissioning of the plant continued during the quarter with
commercial production expected during the third quarter, 2013. Capital spending during the quarter included underground decline
development, underground rehabilitation and process plant improvements.</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: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt"><B>Development Projects Update</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Clearing, grubbing and grading of the plant
site area was ongoing. Site clearing and geotechnical drilling on the tailings dam area continued during the quarter. A review
of the tailings dam construction materials and methodology was completed with the goal of optimizing the cost and time required
to complete the tailings dam. Progress continued to be made on the underground decline during the quarter.</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 0 3pt"><B><I>Olympias, Greece</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ground water inflows were intersected in the
decline from Stratoni to the Olympias deposit and limited the advance during the quarter. A grouting company was brought in to
deal with the inflow. Rehabilitation of the existing underground mine continued during the quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Final approval of the Environmental Impact
Assessment (&#8220;EIA&#8221;) for Perama Hill is expected during the second half of 2013. Approval of the EIA will allow construction
of the initial infrastructure to commence and is required in order to obtain the permits to commence full construction. Preliminary
engineering continued on the project during the quarter with completion expected in the third quarter this year. Metallurgical
testwork to confirm and optimise the process will be completed during the third quarter this
year, with detailed engineering expected to
begin shortly thereafter.</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">Geotechnical drilling was completed during the quarter in order to examine the foundation conditions
for the plant and tailings dump sites. In addition, drilling began in the open pit area to reconfirm the geotechnical conditions
used in the feasibility pit slope design.</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, Romania</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Geotechnical drilling was carried out during
the quarter to provide data for pit slope stability and soil analyses. Metallurgical testing was conducted on samples from recently
drilled extensions to the ore zones. Extensive flotation testing was carried out to confirm results from previous work and to generate
concentrate material for oxidation testing. Results of the testing will be used to finalize the process design during the third
quarter. Engineering work began to establish alternatives for supply of power to the site from the national grid and to rehabilitate
the water supply lines from the Mures River. Work began on construction of an alternate access road to the property.</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, Brazil</I></B><I>
</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Permitting activities continued during the
quarter at both the state and federal levels. Project engineers continued to focus on reduction of capital requirements in order
to optimize the project, including consideration of Semi-Autogenous Grind (&#8220;SAG&#8221;) milling as opposed to three-stage
crushing. Cost reductions have been generated through changes to the design of the tailings management facility and waste dump
as well as optimization of earthmoving for the plant and administration sites. There is also the potential to reduce capital costs
further by utilising contract miners. Preliminary discussions are ongoing with mining contractors for both short-term and long-term
mining contracts. The mine plan is scheduled to be updated by the end of this year. Site activities are focused on site characterization
data collection from established points. Field surveys along the logging road are ongoing. Non-essential field work has been cancelled.</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, China</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eastern Dragon remained on care and maintenance
pending resolution of permitting issues. Site management worked with the local authorities to maintain local permits and permissions
in good standing. Work continued on preparing the necessary paperwork to submit to the National Development and Reform Commission
(&#8220;NDRC&#8221;), as well as determining the timeline for review and approval.</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; text-align: justify"><B>&nbsp;</B></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">In the second quarter approximately 65,000
metres of exploration drilling were completed at the company&#8217;s operations, development projects and exploration targets.
In Greece, sterilization drilling was completed at Perama Hill and the 2013 resource drilling program commenced at the Piavitsa
project. In Romania, drilling focused on resource expansion and infill drilling at the Certej deposit. In Turkey, drilling was
completed on several targets at the Efemcukuru minesite and at the Ardala/Salinbas exploration project. Drilling in China included
resource expansion programs at the Jinfeng, White Mountain and Tanjianshan mine sites and on exploration targets peripheral to
the Jinfeng and Tanjianshan mines. In Brazil, resource expansion drilling was completed at the Vila Nova minesite and an initial
phase of drilling was completed at the Chapadinha early-stage exploration project.</P>

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


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<P STYLE="font: 11pt 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>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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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; text-align: justify"><B><I>&#8220;Paul N. Wright&#8221;</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 to discuss the 2013 Second Quarter Financial and Operating Results on Friday, August 2, 2013 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.</I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 2.7pt 0 0; text-align: justify"><B><I>The call will be available
on Eldorado&#8217;s website. www.eldoradogold.com. A replay of the call will be available until August 9, 2013 by dialling 905-694-9451
in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code: 5235773.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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&#8217;s Second Quarter , 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 &#8220;Forward-Looking Statements&#8221; and &quot;Risk
Factors&quot; in the Company's Annual Information Form &amp; Form 40-F dated March 28, 2013. </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>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&#8217;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>


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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="50%">Nancy Woo, VP Investor Relations</td>
    <td width="50%"></td>
  </tr>
  <tr>
    <td width="50%">Eldorado Gold Corporation</td>
    <td width="50%"></td>
  </tr>
  <tr>
    <td width="50%">Phone: 604.601-6650 or 1.888.353.8166</td>
    <td width="50%">1188,
550 Burrard Street</td>
  </tr>
  <tr>
    <td width="50%">Fax: 604.687.4026</td>
    <td width="50%">Vancouver, BC V6C 2B5</td>
  </tr>
  <tr>
    <td width="50%">Email: nancyw@eldoradogold.com</td>
    <td width="50%">Website:
www.eldoradogold.com</td>
  </tr>
  <tr>
    <td width="100%" colspan="2">Request for information packages: laurelw@eldoradogold.com</td>
  </tr>
</table>


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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center; text-indent: 0cm"><FONT STYLE="font-size: 14pt; font-style: normal">ELDORADO
GOLD</FONT><BR>
<FONT STYLE="font-size: 14pt">Q2 2013 Gold Production Highlights </FONT>(in US$)<BR>
<BR>
</P>

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    <TD STYLE="width: 36%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><BR CLEAR="ALL" STYLE="mso-special-character: line-break">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">First</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2013</P></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Second</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Quarter</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2013</B></P></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Second</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Quarter</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2012</P></TD>
    <TD STYLE="width: 13%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>First </B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Six Months</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2013</B></P></TD>
    <TD STYLE="width: 12%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">First</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Six Months 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; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Gold Production</U></B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">189,346</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>176,260</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">132,919</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>365,606</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">283,580</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">163,768</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>183,971</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">140,694</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>347,739</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">296,229</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP>2,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">505</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>478</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">480</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>492</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">465</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">567</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>536</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">550</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>552</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">539</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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Realized Price ($/oz - sold)<SUP> </SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,622</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>1,382</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,612</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>1,506</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,662</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Ki&#351;lada&#287; Mine, Turkey</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">70,250</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>76,680</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">61,991</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>146,930</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">127,155</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">70,221</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>76,735</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">61,575</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>146,956</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">127,282</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes to Pad</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,915,508</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3,301,333</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3,259,574</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>6,216,841</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6,400,066</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1.29</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>1.26</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1.30</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>1.28</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1.21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">334</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>327</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">333</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>331</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">336</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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">359</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>348</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">357</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>353</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Efemcukuru Mine, Turkey</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">50,291</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>25,187</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>75,478</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">19,856</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>26,289</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">8,222</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>46,145</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">12,515</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">86,879</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>109,349</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">95,131</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>196,228</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">165,777</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">8.47</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>9.28</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9.60</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>8.91</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9.23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">582</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>519</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>561</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">619</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>537</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>592</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</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; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Tanjianshan Mine, China</U></B></FONT></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>27,938</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">27,172</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>54,145</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">55,988</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">26,207</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>27,938</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">27,172</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>54,145</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">55,988</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">247,061</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>273,065</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">245,457</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>520,126</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">508,249</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.74</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.50</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.73</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.61</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.87</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">442</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>398</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">432</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>419</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">419</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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">636</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>577</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">621</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>605</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">613</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Jinfeng Mine, China</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">21,683</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>28,993</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">25,661</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>50,676</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">60,858</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">21,742</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>28,889</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">25,630</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>50,631</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">60,865</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">351,901</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>336,707</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">337,560</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>688,608</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">706,316</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.43</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.33</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.68</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>2.87</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.93</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP> 4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">832</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>757</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">786</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>789</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">703</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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP> 3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">930</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>845</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">858</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>881</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">776</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>White Mountain Mine, China</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>17,462</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">18,095</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>38,377</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">39,579</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">20,915</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>17,462</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">18,095</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>38,377</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">39,579</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">198,934</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>203,033</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">188,038</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>401,967</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">346,152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.80</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.25</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.60</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.52</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.99</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP> 4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">634</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>742</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">622</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>683</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">579</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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP> 3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">679</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>781</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">666</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>726</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">624</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Olympias, Greece</U></B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; 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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Sold</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Ounces Produced<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4,827</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>6,658</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>11,485</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Tonnes Milled</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">89,112</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>116,972</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>206,084</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Grade (grams / tonne)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.97</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.80</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>3.86</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Cash Operating Cost ($/oz)<SUP>4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></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; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Total Cash Cost ($/oz)<SUP>3,4,5</SUP></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #D9D9D9; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><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 Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><SUP>2</SUP></TD><TD STYLE="text-align: justify">Cost figures calculated in accordance with the Gold Institute Standard.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Cash Operating Costs, plus royalties and the cost of off-site administration.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><SUP>5</SUP></TD><TD STYLE="text-align: justify">Cash operating costs and total cash costs have been recalculated for prior quarters based on ounces
sold.</TD></TR></TABLE>

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


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<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 0 0 76.55pt; text-indent: -76.55pt">Unaudited Condensed
Consolidated Balance Sheets</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif">
<TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: center">Note</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; text-align: right">June 30, 2013</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; text-align: center">December 31, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: right">&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-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; vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">ASSETS</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>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">Current assets</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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">522,158</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">816,843</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Term deposits</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">221,441</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Restricted cash</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">261</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">241</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Marketable securities <FONT STYLE="font: normal 9pt Times New Roman, Times, Serif; color: black"><B> </B></FONT></TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,434</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,988</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Accounts receivable and other</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">105,556</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">112,324</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Inventories</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">217,109</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">220,766</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,068,959</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,152,162</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Investments in associates</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31,038</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27,949</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Deferred income tax assets</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,740</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,149</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Restricted assets and other</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,238</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31,846</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Defined benefit pension plan</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,007</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,571</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Property, plant and equipment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,009,707</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,868,742</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Goodwill</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">839,710</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">839,710</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right">8,001,399</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right">7,928,129</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: left">LIABILITIES &amp; EQUITY</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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">Current liabilities</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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Accounts payable and accrued liabilities</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">202,770</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">224,567</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="padding-left: 12px; vertical-align: top; text-align: left">Current debt</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">6</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">12,624</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">10,341</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">215,394</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">234,908</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Debt</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">583,973</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">582,974</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Asset retirement obligations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80,696</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79,971</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Deferred income tax liabilities</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">951,979</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">816,941</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">1,832,042</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">1,714,794</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">Equity</TD>
    <TD STYLE="color: #0C2D83; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #0C2D83; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0C2D83; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0C2D83; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Share capital</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">8</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,306,947</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,300,957</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Treasury stock</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11,775)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(7,445)</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Contributed surplus</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71,389</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">65,382</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Accumulated other comprehensive loss</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(25,952)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(24,535)</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">Retained earnings</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">542,446</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">594,876</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">Total equity attributable to shareholders of the Company</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,883,055</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,929,235</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">Attributable to non-controlling interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">286,302</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">284,100</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&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; border-bottom: windowtext 0.5pt solid; text-align: right">6,169,357</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">6,213,335</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">8,001,399</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">7,928,129</TD></TR>
</TABLE>


<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Approved on behalf of the Board of Directors</B></P>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="5%"></td>
    <td width="35%"><I>(Signed)</I> <I>Robert R. Gilmore </I></td>
    <td width="17%">Director</td>
    <td width="29%"><I>(Signed)</I>
<I>Paul N. Wright&nbsp; </I></td>
    <td width="14%">Director</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
    <td width="17%">&nbsp;</td>
    <td width="29%">&nbsp;</td>
    <td width="14%">&nbsp;</td>
  </tr>
</table>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"> <I>&nbsp; </I>&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" align="center">The
accompanying notes are an integral part of these consolidated financial
statements.</P>

<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; Sequence: 16 -->
    <DIV STYLE="page-break-before: always; margin-top: 6pt">

<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 0 0 76.55pt; text-indent: -76.55pt">Unaudited Condensed
Consolidated Income Statements</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars except per share amounts)</P>



      &nbsp;
      <p>&nbsp;</DIV>
    <!-- Field: /Page -->

<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 COLSPAN="2" STYLE="font-weight: bold; text-align: center">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Six months ended</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-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</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-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>
    <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: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: left">&nbsp;</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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">266,929</TD>
    <TD STYLE="text-align: right">244,191</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">604,997</TD>
    <TD STYLE="text-align: right">515,740</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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">116,133</TD>
    <TD STYLE="text-align: right">94,486</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">246,501</TD>
    <TD STYLE="text-align: right">185,725</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">35,234</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">25,145</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">72,348</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">52,553</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">151,367</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">119,631</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">318,849</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">238,278</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">115,562</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">124,560</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">286,148</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">277,462</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&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">10,240</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,073</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,864</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18,769</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">18,239</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,665</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34,725</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35,827</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">619</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">626</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,248</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,261</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">3,291</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,791</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12,168</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12,814</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">1,649</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,453</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: left">Foreign exchange loss (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">5,920</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">806</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,818</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(301)</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">77,253</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; text-align: right">87,950</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; text-align: right">214,325</TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 0.5pt solid; text-align: right">189,639</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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">(51)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">659</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">446</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">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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 associates</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">214</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">463</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,123</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,744</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">(3,138)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,431)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5,114)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,377)</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">386</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">503</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">725</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">871</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">11,061</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,446</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">21,562</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">2,134</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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">68,781</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">86,310</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">196,065</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">187,853</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">24,550</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36,805</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">195,802</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64,530</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left">Profit 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">44,231</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">49,505</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">263</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">123,323</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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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">43,274</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46,624</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,189)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">114,475</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">957</TD>
    <TD STYLE="text-align: right">2,881</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">2,452</TD>
    <TD STYLE="text-align: right">8,848</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: left">Profit 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: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">44,231</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">49,505</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">263</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">123,323</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>
    <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: 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>
    <TD>&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">715,038&nbsp;</TD>
    <TD STYLE="text-align: right">711,449&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">714,739&nbsp;</TD>
    <TD STYLE="text-align: right">662,949&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">715,426&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">713,050&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">715,256&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">664,634&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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="5" STYLE="font-weight: bold; vertical-align: top; text-align: left">Earnings per share attributable to shareholders of the Company:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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="4" STYLE="vertical-align: top; text-align: left">Basic earnings 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">0.07</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.00</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left">Diluted earnings 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">0.07</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">0.00</TD>
    <TD STYLE="text-align: right">0.17</TD></TR>
</TABLE>


<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>


<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Black" align="center">The
accompanying notes are an integral part of these consolidated financial
statements.</P>

<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;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>


<!-- Field: Page; Sequence: 17 -->
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<P STYLE="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 0 0 76.55pt; text-indent: -76.55pt">Unaudited Condensed
Consolidated Statements of Comprehensive Income</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt">(Expressed in thousands of U.S.
dollars)</P>



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

<P STYLE="font: 9pt/normal Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</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: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Three months ended</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Six months ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</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; vertical-align: bottom; text-align: right; width: 59pt">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; width: 59pt">2012&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; width: 59pt">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; width: 59pt">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; vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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 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; vertical-align: bottom; text-align: right">44,231</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">49,505</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">263</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">123,323</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; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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: bottom; text-align: right">(918)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,024)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,400)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,137)</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="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(24)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">Actuarial losses on defined benefit pension plans</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">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(5,701)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(5,701)</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="vertical-align: bottom; text-align: right">(918)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,725)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,417)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,862)</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; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">43,313</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">42,780</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">(1,154)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">116,461</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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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="vertical-align: bottom; text-align: right">42,356</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39,899</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,606)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">107,613</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="vertical-align: bottom; text-align: right">957</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,881</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,452</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,848</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-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">43,313</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">42,780</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">(1,154)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: windowtext 0.5pt solid; border-bottom: windowtext 1pt solid; text-align: right">116,461</TD></TR>
</TABLE>


<P STYLE="font: 9pt/normal Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>


<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 9pt; font-family: Sans-Serif; color: Black; margin: 0" align="center">The
accompanying notes are an integral part of these consolidated financial
statements.</P>

<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;12</p>
      </td>
    </tr>
  </table>
</div>
<div STYLE="page-break-before: always; width: 736; height: 22; 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>
    <tr>
      <td STYLE="text-align: center; width: 100%">&nbsp;</td>
    </tr>
    <tr>
      <td STYLE="text-align: center; width: 100%">

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

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt" align="left">Unaudited Condensed
Consolidated Statements of Cash Flows</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt" align="left">(Expressed in thousands of U.S.
dollars)</P>



      </td>
    </tr>
  </table>
</div>


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<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></TD>
    <TD></TD>
    <TD STYLE="text-align: center"></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Three months ended</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Six months ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</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">Note</TD>
    <TD STYLE="font-weight: bold; text-align: right">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2012&nbsp;</TD>
    <TD>&nbsp;</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>
    <TD>&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>
    <TD>&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>
    <TD>&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 for the 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="text-align: right">44,231</TD>
    <TD STYLE="text-align: right">49,505</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">263</TD>
    <TD STYLE="text-align: right">123,323</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>
    <TD>&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">386</TD>
    <TD STYLE="text-align: right">503</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">725</TD>
    <TD STYLE="text-align: right">871</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">35,234</TD>
    <TD STYLE="text-align: right">25,145</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">72,348</TD>
    <TD STYLE="text-align: right">52,553</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Unrealized foreign exchange loss (gain)</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">403</TD>
    <TD STYLE="text-align: right">(877)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">524</TD>
    <TD STYLE="text-align: right">(363)</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">560</TD>
    <TD STYLE="text-align: right">2,298</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">136,448</TD>
    <TD STYLE="text-align: right">(6,688)</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">(51)</TD>
    <TD STYLE="text-align: right">659</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD STYLE="text-align: right">446</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Loss on investments in associates</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">214</TD>
    <TD STYLE="text-align: right">463</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,123</TD>
    <TD STYLE="text-align: right">1,744</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">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&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">3,291</TD>
    <TD STYLE="text-align: right">3,791</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,168</TD>
    <TD STYLE="text-align: right">12,814</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">619</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">626</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,248</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,261</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">84,887</TD>
    <TD STYLE="text-align: right">82,113</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">224,811</TD>
    <TD STYLE="text-align: right">184,929</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>
    <TD>&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">(63,433)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(123,116)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(36,265)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(142,657)</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">21,454</TD>
    <TD STYLE="text-align: right">(41,003)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">188,546</TD>
    <TD STYLE="text-align: right">42,272</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>
    <TD>&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">-</TD>
    <TD>&nbsp;</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">(116,549)</TD>
    <TD STYLE="text-align: right">(114,598)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(217,763)</TD>
    <TD STYLE="text-align: right">(167,112)</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">136</TD>
    <TD STYLE="text-align: right">132</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">192</TD>
    <TD STYLE="text-align: right">791</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">10,900</TD>
    <TD STYLE="text-align: right">13,958</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,228</TD>
    <TD STYLE="text-align: right">20,022</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Purchase of marketable securities</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">-</TD>
    <TD STYLE="text-align: right">(2,152)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">(2,152)</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">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">332</TD>
    <TD STYLE="text-align: right">230</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">Funding of non-registered supplemental retirement plan</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: middle; 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>
    <TD STYLE="vertical-align: bottom">&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="2" STYLE="vertical-align: middle; text-align: left">investments, net</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20,509</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14,486</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Investments in associates</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">(2,716)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6,357)</TD>
    <TD STYLE="text-align: right">(3,412)</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">(62,514)</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(221,441)</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">15</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(382)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(1,669)</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">(168,012)</TD>
    <TD STYLE="text-align: right">(85,249)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(429,804)</TD>
    <TD STYLE="text-align: right">(120,027)</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>
    <TD>&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">179</TD>
    <TD STYLE="text-align: right">10,741</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,601</TD>
    <TD STYLE="text-align: right">16,831</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Dividend paid to non-controlling interests</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">-</TD>
    <TD STYLE="text-align: right">(1,271)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">(1,271)</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">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&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">(168)</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6,462)</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">-</TD>
    <TD STYLE="text-align: right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,412</TD>
    <TD STYLE="text-align: right">50,000</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">-</TD>
    <TD STYLE="text-align: right">(5,524)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10,354)</TD>
    <TD STYLE="text-align: right">(11,087)</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">90</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(383)</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">101</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">53,946</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(53,427)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(1,418)</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">(146,457)</TD>
    <TD STYLE="text-align: right">(72,306)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(294,685)</TD>
    <TD STYLE="text-align: right">(79,173)</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">668,615</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">386,896</TD>
    <TD>&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>
    <TD STYLE="vertical-align: bottom">&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: windowtext 1pt solid; text-align: right">522,158</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right">314,590</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right">522,158</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: right">314,590</TD></TR>
</TABLE>


<P STYLE="font: 9pt/normal Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>


<P STYLE="font-style: normal; font-variant: normal; font-weight: normal; font-size: 9pt; font-family: Sans-Serif; color: black; margin: 0" align="center">The
accompanying notes are an integral part of these consolidated financial
statements.</P>

<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;13</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>
    <tr>
      <td STYLE="text-align: center; width: 100%">&nbsp;</td>
    </tr>
    <tr>
      <td STYLE="text-align: center; width: 100%">

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

<P STYLE="color: #0C2D83; font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt" align="left">Unaudited Condensed
Consolidated Statements of Changes in Equity</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 76.55pt; text-indent: -76.55pt" align="left">(Expressed in thousands of U.S.
dollars)</P>



      </td>
    </tr>
  </table>
</div>


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<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 COLSPAN="2" STYLE="font-weight: bold; text-align: center">Three months ended</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Six months ended</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 COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30,</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">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2013&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2012&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2013&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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&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">5,303,095</TD>
    <TD STYLE="text-align: right">5,258,949</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">5,300,957</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">179</TD>
    <TD STYLE="text-align: right">10,741</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">1,601</TD>
    <TD STYLE="text-align: right">16,831</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">273</TD>
    <TD STYLE="text-align: right">11,648</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">989</TD>
    <TD STYLE="text-align: right">18,156</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">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</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</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">phantom units</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3,400</TD>
    <TD STYLE="text-align: right">1,030</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">3,400</TD>
    <TD STYLE="text-align: right">11,552</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">5,306,947</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">5,282,368</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">5,306,947</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">5,282,368</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="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif">&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">(12,307)</TD>
    <TD STYLE="text-align: right">(8,457)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,445)</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">(168)</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,462)</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">700</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">1,102</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">2,132</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">2,674</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">(11,775)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(7,355)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(11,775)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(7,355)</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="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif">&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">71,827</TD>
    <TD STYLE="text-align: right">80,289</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">65,382</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">3,935</TD>
    <TD STYLE="text-align: right">3,935</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">12,528</TD>
    <TD STYLE="text-align: right">12,150</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">(700)</TD>
    <TD STYLE="text-align: right">(1,102)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,132)</TD>
    <TD STYLE="text-align: right">(2,674)</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">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">31,130</TD></TR>
<TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Deferred phantom units granted on acquisition of European</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">&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="padding-left: 12px; vertical-align: middle; text-align: left">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">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</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</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">&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="padding-left: 12px; vertical-align: middle; text-align: left">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">(3,673)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(12,678)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(4,389)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 0.5pt solid; text-align: right">(29,708)</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">71,389</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">70,444</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">71,389</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">70,444</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="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif">&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">(25,034)</TD>
    <TD STYLE="text-align: right">(10,206)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(24,535)</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">(918)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(6,725)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(1,417)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(6,862)</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">(25,952)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(16,931)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(25,952)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">(16,931)</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="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif">&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">499,172</TD>
    <TD STYLE="text-align: right">400,687</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">594,876</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">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&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 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">43,274</TD>
    <TD STYLE="text-align: right">46,624</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,189)</TD>
    <TD STYLE="text-align: right">114,475</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">542,446</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">447,311</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">542,446</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">447,311</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">5,883,055</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5,775,837</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5,883,055</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">5,775,837</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-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="font-family: Arial, Helvetica, Sans-Serif">&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">285,595</TD>
    <TD STYLE="text-align: right">322,547</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">284,100</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">957</TD>
    <TD STYLE="text-align: right">2,881</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">2,452</TD>
    <TD STYLE="text-align: right">8,848</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Dividends declared to non-controlling interests</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">(9,399)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">(9,399)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Non-controlling interest acquired from European Goldfields Ltd.</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">260,093</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; text-align: left">Non-controlling interest buy out</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(250)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">(250)</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right">-</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">286,302</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">316,029</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">286,302</TD>
    <TD STYLE="border-bottom: windowtext 0.5pt solid; text-align: right; border-top-color: windowtext; border-top-width: 0.5pt">316,029</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-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: windowtext 1pt solid; text-align: right">6,169,357</TD>
    <TD STYLE="vertical-align: middle; border-bottom: windowtext 1pt solid; text-align: right">6,091,866</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: windowtext 1pt solid; text-align: right">6,169,357</TD>
    <TD STYLE="vertical-align: middle; border-bottom: windowtext 1pt solid; text-align: right">6,091,866</TD></TR>
</TABLE>


<p align="center">The accompanying notes are an integral
part of these consolidated financial statements.</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>notes.htm
<DESCRIPTION>NOTES TO THE Q2 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="margin: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<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 and mining company. The Company has operations and 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>

<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>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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><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>

<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"><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><TR STYLE="vertical-align: top">
<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 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><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><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: 0; margin-bottom: 7.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">-</FONT></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><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"></TD><TD><font size="2">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.</font></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><font face="Times New Roman" 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&rsquo;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 STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-indent: 0cm">&nbsp;</P>

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


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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 0cm">&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">3.</TD><TD>Adoption of new accounting standards<FONT STYLE="font-weight: normal"><I> (continued)</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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.&nbsp;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>
  <p style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 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></p>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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. The adoption did not require any adjustments to its unaudited condensed
interim consolidated financial statements but will require extended disclosures at year end.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD>
  <p style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 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></p>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 55; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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 </FONT><FONT size="2" face="Times New Roman"> 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 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 13pt; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="23"><B>4.</B></TD><TD STYLE="padding-right: 2cm" width="636"><B>Critical accounting estimates and judgements</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 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>

<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 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>


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<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>

<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: 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>Purchase price allocation</B></TD></TR><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>

<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>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><TR STYLE="vertical-align: top">
<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>

<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>Current and deferred taxes</B></TD></TR><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>

<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>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>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&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: 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>5.</B></TD><TD STYLE="padding-right: 2cm"><B>Acquisition of European Goldfields Ltd.</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">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.</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">The Company acquired EGU to increase its presence
in the Aegean region and leverage local operating knowledge and expertise.</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">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.</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">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.</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">In April 2007, Hellas Gold (&ldquo;Hellas&rdquo;),
a subsidiary of EGU, agreed to sell to Silver Wheaton (Caymans) Ltd. (&ldquo;Silver Wheaton&rdquo;) 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.</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">The allocation of the purchase price is as follows:</TD></TR></TABLE>

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

<P STYLE="color: Red; font: 9pt/13pt Sans-Serif; margin: 0 0 6pt 18pt"></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; font-family: 'Times New Roman', Times, Serif" width="100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Purchase price:</TD>
    <TD STYLE="font-weight: bold" width="752">&nbsp;</TD>
    <TD STYLE="text-align: center" width="88">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD width="388">&nbsp;</TD>
    <TD width="319">&nbsp;</TD>
    <TD STYLE="font-weight: bold" width="752">&nbsp;</TD>
    <TD STYLE="text-align: center" width="88">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" width="1463">157,959,316 common shares of shares of Eldorado at C$15.05/share</TD>
    <TD STYLE="text-align: right" width="88" align="right">$ 2,380,140</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" width="1463">4,713,248 replacement options</TD>
    <TD STYLE="text-align: right" width="88" align="right">31,130</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" width="1463">1,931,542 equity settled deferred phantom units</TD>
    <TD STYLE="text-align: right" width="88" align="right">29,105</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Cash consideration</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">19</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Total Consideration</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: 0.5pt solid windowtext; border-bottom: 1pt solid windowtext" width="90" align="right">$ 2,440,394</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right" width="388">&nbsp;</TD>
    <TD width="319">&nbsp;</TD>
    <TD width="752">&nbsp;</TD>
    <TD width="88" align="right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Net assets acquired:</TD>
    <TD width="752">&nbsp;</TD>
    <TD width="88" align="right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right" width="388">&nbsp;</TD>
    <TD width="319">&nbsp;</TD>
    <TD width="752">&nbsp;</TD>
    <TD width="88" align="right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD width="388">Cash</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="319">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">$ 18,808</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Accounts receivable</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">20,844</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD width="388">Inventory</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="319">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">9,689</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD width="388">Other assets</TD>
    <TD width="319">&nbsp;</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">9,232</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Mining interests</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">2,745,440</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD width="388">Goodwill</TD>
    <TD width="319">&nbsp;</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">473,782</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Accounts payable</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">(71,944)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Other liabilities</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">(45,457)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Deferred income taxes</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">(495,744)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" width="709">Non-controlling interest</TD>
    <TD width="752">&nbsp;</TD>
    <TD STYLE="text-align: right" width="88" align="right">(224,256)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="388">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="319">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif" width="752">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: 0.5pt solid windowtext; border-bottom: 1pt solid windowtext" width="90" align="right">$ 2,440,394</TD></TR>
</TABLE>


<P STYLE="color: Red; font: 9pt/13pt Sans-Serif; margin: 0 0 6pt 18pt"><B></B></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>


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<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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>The purchase price
  allocation was finalized as at March 31, 2013. There were no changes from what
  was reported in the Company's annual financial statements for the year ended
  December 31, 2012.</TD></TR></TABLE>

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

<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: 70%; padding-right: 7.2pt; text-align: right; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 7.2pt; text-align: right; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 14.2pt; text-align: right; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 7.2pt; text-align: right; font-weight: normal">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 21.6pt; text-indent: -21.6pt"><FONT STYLE="font-size: 10pt">Risk-free interest rate </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 14.2pt">
      <p align="right"><FONT STYLE="font-size: 10pt">&#9;1.28%</FONT></p>
    </TD>
    <TD STYLE="vertical-align: bottom; padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt"><FONT STYLE="font-size: 10pt">Expected volatility (range)</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt">
      <p align="right"><FONT STYLE="font-size: 10pt">39% &ndash; 44%</FONT></p>
    </TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt"><FONT STYLE="font-size: 10pt">Expected life (range)</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt">
      <p align="right"><FONT STYLE="font-size: 10pt">0.7 &ndash; 1.7 years</FONT></p>
    </TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt"><FONT STYLE="font-size: 10pt">Expected dividends per share</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn $0.09&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt"><FONT STYLE="font-size: 10pt">Forfeiture rate</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7.1pt; text-align: right"><FONT STYLE="font-size: 10pt">0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 21.6pt; text-indent: -21.6pt">&nbsp;</TD></TR>
</TABLE>
<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: 18pt"></TD><TD>Acquisition related costs of $1,649 have been charged
to transaction costs in the unaudited condensed consolidated income statement for the three months ended June 30, 2012
  (YTD &ndash;
$19,453).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>The unaudited condensed consolidated financial statements
for the period ended June 30, 2012 include EGU&rsquo;s results from February 24, 2012 to June 30, 2012. The revenue included in
the unaudited condensed consolidated income statement for the period from February 24, 2012 to June 30, 2012 contributed by EGU
was $19,382. This was from the sales of zinc, lead and silver concentrates produced at the Stratoni Mine in Greece. The net loss
before tax was $16,602.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Had EGU been consolidated from January 1, 2012,
the unaudited condensed consolidated income statement for the period ended June 30, 2012 would include additional revenue of $27,610
and a net loss before tax of $40,575 from EGU.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 18pt">&nbsp;</P>

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

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<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>

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<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">June 30, 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">12,624</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">12,624</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">583,973</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">596,597</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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><I><b>(a) Jinfeng CMB working
capital loan</b></I></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>On January 16, 2013, Jinfeng entered into a RMB
100.0 million ($16,185) 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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>As at June 30, 2013, Jinfeng has drawn down RMB
78.0 million ($12,624) 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%.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><I><b>(b) Eastern Dragon
HSBC revolving loan facility</b></I></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>In March 2013, Eastern Dragon re-paid the full amount
of this loan.</TD></TR></TABLE>

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<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>

<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><I>(c) Senior notes</I></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>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 $16,027 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.</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 fair market value of the notes as at June 30,
2013 was $582.8 million.</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><I><b>(d) Entrusted loan</b></I></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><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 ($1,942) entrusted loan agreement, which was subsequently increased to
RMB 180.0 million ($29,132) in September 2011, RMB 620.0 million ($100,345) in September 2012 and RMB 720.0 million ($116,529)
in May 2013.</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>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 June 30, 2013 was 4.59%.</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>As at June 30, 2013, RMB 622.0 million ($100,668)
had been drawn under the entrusted loan.</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 entrusted loan has been recorded on a net settlement
basis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 13pt; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="31"><B>7.</B></TD><TD STYLE="padding-right: 2cm" width="628"><B>Income tax expense and deferred taxes</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 13pt; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="31"></TD><TD width="704">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.</TD></TR></TABLE>

<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 June 30, 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/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">264,750</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">1,601</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">989</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 for deferred phantom units</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">429,062</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">3,400</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 June 30, 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">715,038,288</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">5,306,947</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>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></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>

<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 STYLE="letter-spacing: -0.1pt"><I><b>(a)
Share option plans</b></I></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD STYLE="padding-right: 2cm"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"></TD><TD STYLE="padding-right: 2cm">Movements in the number of share options outstanding
and their related weighted average exercise prices are as follows:</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&nbsp;</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">10.30</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">5,749,185</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">6.03</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">(264,750)</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">13.77</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">(1,891,670)</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 June 30,</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">12.74</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">18,667,209</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: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0cm">&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>At June 30, 2013, 12,914,273 share options (June 30,
2012 &ndash; 11,074,740) with a weighted average exercise price of Cdn$13.17 (June 30, 2012 &ndash; Cdn$12.58) had vested and were
exercisable.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Share based compensation expense related to share
options for the quarter ended June 30, 2013 was $2,698 (YTD &ndash; $8,215).</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><FONT STYLE="letter-spacing: -0.1pt"><I><b>(b)
Restricted share unit plan</b></I></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>A total of 657,151 restricted share units (&ldquo;RSUs&rdquo;)
at a grant-date fair value of Cdn$10.43 per unit were granted during the six month period ended June 30, 2013 under the Company&rsquo;s
RSU plan and 219,050 were exercisable as at June 30, 2013.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>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.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>A summary of the status of the RSU plan and changes
during the period ended June 30, 2013 is as follows:</TD></TR></TABLE>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0cm">&nbsp;</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; font-weight: bold; line-height: 120%; text-align: right"><FONT STYLE="font-size: 10pt; color: windowtext"><B>Total RSUs</B></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">657,151</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">(238,028)</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 June 30, 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">884,955</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&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">&nbsp;</TD><TD>&nbsp;As at June 30, 2013, 884,955 common shares purchased
by the Company remain held in trust in connection with this plan. At the end of the period, 267,254 RSUs were fully vested and
exercisable. These shares purchased and held in trust have been included in treasury stock in the balance sheet.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Restricted share units expense for the quarter
ended June 30, 2013 was $1,237 (YTD &ndash; $4,313).</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD><FONT STYLE="letter-spacing: -0.1pt"><I><b>(c)
Deferred share units plan</b> </I></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>At June 30, 2013, 188,783 deferred share units
(&ldquo;DSUs&rdquo;) were outstanding with a value of $1,168, which is included in accounts payable and accrued liabilities.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>Compensation income
  related to the DSUs was $644 for the quarter ended June 30, 2013 (YTD -
  $360).</TD></TR></TABLE>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&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>

<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">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.</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt">&nbsp;</TD><TD STYLE="padding-right: 2cm">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt"></TD><TD STYLE="padding-right: 2cm">The three levels of the fair value hierarchy are
described below:</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 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>

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<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>

<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">&nbsp;</TD><TD STYLE="padding-right: 2cm">Assets and liabilities measured at fair value as
at June 30, 2013 include:</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.4pt">&nbsp;</TD><TD STYLE="padding-right: 2cm">&nbsp;</TD></TR></TABLE>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="20%" align="right"></td>
    <td width="14%" align="right">
      <p align="right"><font size="2"><b>Balance at June 30, 2013</b></font></td>
    <td width="2%" align="right"></td>
    <td width="24%" align="right"><font size="2"><b>Quoted Prices in Active Markets for Identical Assets</b></font></td>
    <td width="2%" align="right"></td>
    <td width="19%" align="right"><font size="2"><b>Significant Other Observable Inputs</b></font></td>
    <td width="2%" align="right"></td>
    <td width="17%" align="right"><font size="2"><b>Significant Unobservable inputs</b></font></td>
  </tr>
  <tr>
    <td width="20%" align="right"></td>
    <td width="14%" align="right"><font size="2">$</font></td>
    <td width="2%" align="right"></td>
    <td width="24%" align="right"><font size="2">$</font></td>
    <td width="2%" align="right"></td>
    <td width="19%" align="right"><font size="2">$</font></td>
    <td width="2%" align="right"></td>
    <td width="17%" align="right"><font size="2">$</font></td>
  </tr>
  <tr>
    <td width="20%" align="right"></td>
    <td width="14%" align="right" style="border-bottom: 1 solid #000000"></td>
    <td width="2%" align="right" style="border-bottom: 1 solid #000000"></td>
    <td width="24%" align="right" style="border-bottom: 1 solid #000000"><font size="2"><b>(level
      1)</b></font></td>
    <td width="2%" align="right" style="border-bottom: 1 solid #000000"></td>
    <td width="19%" align="right" style="border-bottom: 1 solid #000000"><font size="2"><b>(Level
      2)</b></font></td>
    <td width="2%" align="right" style="border-bottom: 1 solid #000000"></td>
    <td width="17%" align="right" style="border-bottom: 1 solid #000000"><font size="2"><b>(level
      3)</b></font></td>
  </tr>
  <tr>
    <td width="20%"><font size="2"><b>Assets</b></font></td>
    <td width="14%"></td>
    <td width="2%"></td>
    <td width="24%"></td>
    <td width="2%"></td>
    <td width="19%"></td>
    <td width="2%"></td>
    <td width="17%"></td>
  </tr>
  <tr>
    <td width="20%"><i><font size="2">Available-for-sale financial assets</font></i></td>
    <td width="14%"></td>
    <td width="2%"></td>
    <td width="24%"></td>
    <td width="2%"></td>
    <td width="19%"></td>
    <td width="2%"></td>
    <td width="17%"></td>
  </tr>
  <tr>
    <td width="20%">&nbsp;<font size="2"> Marketable securities</font></td>
    <td width="14%" style="border-bottom: 1 solid #000000" align="right"><font size="2">2,434</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000" align="right"></td>
    <td width="24%" style="border-bottom: 1 solid #000000" align="right"><font size="2">2,434</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000" align="right"></td>
    <td width="19%" style="border-bottom: 1 solid #000000" align="right">-</td>
    <td width="2%" style="border-bottom: 1 solid #000000" align="right"></td>
    <td width="17%" style="border-bottom: 1 solid #000000" align="right">-</td>
  </tr>
  <tr>
    <td width="20%"><b>Total assets</b></td>
    <td width="14%" style="border-bottom: 2 solid #000000" align="right"><font size="2">2,434</font></td>
    <td width="2%" style="border-bottom: 2 solid #000000" align="right"></td>
    <td width="24%" style="border-bottom: 2 solid #000000" align="right"><font size="2">2,434</font></td>
    <td width="2%" style="border-bottom: 2 solid #000000" align="right"></td>
    <td width="19%" style="border-bottom: 2 solid #000000" align="right">-</td>
    <td width="2%" style="border-bottom: 2 solid #000000" align="right"></td>
    <td width="17%" style="border-bottom: 2 solid #000000" align="right">-</td>
  </tr>
</table>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 6pt 18pt">&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">&nbsp;</TD><TD>&nbsp;No
  liabilities are measured at fair value on a recurring basis as at June 30,
  2013.</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">&nbsp;</TD><TD>&nbsp;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'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.</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">&nbsp;</TD><TD>&nbsp;The
  following table provides the carrying value and the fair value of financial
  instruments at June 30, 2013 and December 31, 2012:</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 18pt; text-align: justify">&nbsp;</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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: Red; font: 9pt/120% Sans-Serif; margin: 0 0 0 18pt"></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 COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">June 30, 2013</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">December 31, 2012</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: windowtext; border-top-width: 0.5pt">Carrying amount</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: windowtext; border-top-width: 0.5pt">Fair value</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: windowtext; border-top-width: 0.5pt">Carrying amount</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: windowtext; border-top-width: 0.5pt">Fair value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: center">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Financial Assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Available-for-sale</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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: bottom">
    <TD>Marketable securities</TD>
    <TD STYLE="text-align: right">2,434</TD>
    <TD STYLE="text-align: right">2,434</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,988</TD>
    <TD STYLE="text-align: right">1,988</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Loans and receivables</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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: bottom">
    <TD>Cash and cash equivalents</TD>
    <TD STYLE="text-align: right">522,158</TD>
    <TD STYLE="text-align: right">522,158</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">816,843</TD>
    <TD STYLE="text-align: right">816,843</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Term depostis</TD>
    <TD STYLE="text-align: right">221,441</TD>
    <TD STYLE="text-align: right">221,441</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Restricted cash</TD>
    <TD STYLE="text-align: right">261</TD>
    <TD STYLE="text-align: right">261</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">241</TD>
    <TD STYLE="text-align: right">241</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Accounts receivable and other</TD>
    <TD STYLE="text-align: right">95,980</TD>
    <TD STYLE="text-align: right">95,980</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">105,600</TD>
    <TD STYLE="text-align: right">105,600</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Restricted assets and other</TD>
    <TD STYLE="text-align: right">19,864</TD>
    <TD STYLE="text-align: right">19,864</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,001</TD>
    <TD STYLE="text-align: right">17,001</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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: bottom">
    <TD STYLE="font-weight: bold">Financial Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Accounts payable and accrued liabilities</TD>
    <TD STYLE="text-align: right">202,770</TD>
    <TD STYLE="text-align: right">202,770</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">224,567</TD>
    <TD STYLE="text-align: right">224,567</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Debt</TD>
    <TD STYLE="text-align: right">596,597</TD>
    <TD STYLE="text-align: right">595,374</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">593,315</TD>
    <TD STYLE="text-align: right">622,341</TD></TR>
</TABLE>


<P STYLE="color: Red; font: 9pt/120% Sans-Serif; margin: 0 0 0 18pt"></B></P>

<P STYLE="font: 12pt/normal 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: 22.3pt"><B>11.</B></TD><TD STYLE="padding-right: 56.9pt"><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="padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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: center; text-indent: 0cm">Three months ended</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0cm">June 30,</P></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; text-indent: 0cm; line-height: 13pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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: center; text-indent: 0cm">Six months ended</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0cm">June 30,</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; text-indent: 0cm; line-height: 13pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 12%; 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">2013</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD>
    <TD STYLE="width: 11%; padding-left: 5.4pt; padding-right: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">2012</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; text-align: right; text-indent: 0cm; line-height: 13pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; 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">2013</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</P></TD>
    <TD STYLE="width: 11%; padding-left: 5.4pt; padding-right: 5.4pt">
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">2012</P>
        <P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0cm">$</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>
    <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>
    <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>
    <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>
    <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">(20,586)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(4,189)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(5,691)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1258</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">(12,693)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(15,153)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(1,906)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">(33,363)</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">(30,154)</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">(103,774)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</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">(28,668)</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">(110,552)</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">(63,433)</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">(123,116)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</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">(36,265)</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">(142,657)</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>
    <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>
    <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>
    <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">29,951</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">25,638</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">57,269</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">62,637</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">16,923</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">1,777</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">17,356</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">3,100</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>
    <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>
    <TD STYLE="padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <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="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 7.05pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 7.05pt; text-align: right; line-height: 120%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD><b>Identification of reportable
segments</b></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD>&nbsp;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.</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"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD>&nbsp;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 June 30, 2013, Eldorado had six reportable segments based
on the geographical location of mining and exploration and development activities.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD><b>12.1 Geographical segments</b></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><i><b><font style="letter-spacing: -0.1pt">&nbsp;</font></b></i></TD><TD>&nbsp;Geographically, the operating
segments are identified by country and by operating mine or mine under construction as
  follows:</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>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</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: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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 Brazil. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt" valign="top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif" size="2">The Romania reporting segment includes the Certej development project
and exploration activities in Romania. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Univers 45 Light; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><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>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">Financial information about each
of these operating segments is reported to the CODM on at least a monthly basis.</P>

<P STYLE="font: 10pt/normal 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 3pt 76.3pt; text-indent: -76.3pt">12.
Segment information
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<div align="left">
  <table border="0" cellspacing="0" width="100%">
    <tr>
      <td width="33%"></td>
      <td width="9%"></td>
      <td width="9%"></td>
      <td width="8%"></td>
      <td width="7%"></td>
      <td width="3%"></td>
      <td width="9%"></td>
      <td width="8%"></td>
      <td width="3%"></td>
      <td width="7%"></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><b><font face="Times New Roman" size="2">For the three
        months ended June 30, 2013</font></b></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="center"><b><font face="Times New Roman" size="2">Turkey</font></b></td>
      <td align="right"><b><font face="Times New Roman" size="2">China</font></b></td>
      <td align="right"><b><font face="Times New Roman" size="2">Brazil</font></b></td>
      <td align="center"><b><font face="Times New Roman" size="2">Greece</font></b></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><b><font face="Times New Roman" size="2">Romania</font></b></td>
      <td align="right"><b><font face="Times New Roman" size="2">Other</font></b></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><b><font face="Times New Roman" size="2">Total</font></b></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><b><font face="Times New Roman" size="2">Information
        about profit and loss</font></b></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Metal sales from
        external customers</font></td>
      <td align="right"><font face="Times New Roman" size="2">141,454</font></td>
      <td align="right"><font face="Times New Roman" size="2">103,653</font></td>
      <td align="right"><font face="Times New Roman" size="2">8,680</font></td>
      <td align="right"><font face="Times New Roman" size="2">13,142</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">-</font></td>
      <td align="right"><font face="Times New Roman" size="2">-</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">266,929</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Production costs</font></td>
      <td align="right"><font face="Times New Roman" size="2">41,467</font></td>
      <td align="right"><font face="Times New Roman" size="2">54,696</font></td>
      <td align="right"><font face="Times New Roman" size="2">6,060</font></td>
      <td align="right"><font face="Times New Roman" size="2">13,910</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">-</font></td>
      <td align="right"><font face="Times New Roman" size="2">-</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">116,133</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Depreciation</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">8,967</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">21,436</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">871</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">3,447</font></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">513</font></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">35,234</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><b><font face="Times New Roman" size="2">Gross profit
        (loss)</font></b></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">91,020</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">27,521</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">1,749</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">(4,215</font></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">)</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">(513</font></td>
      <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">)</font></td>
      <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">115,562</font></td>
    </tr>
    <tr>
      <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><b><font face="Times New Roman" size="2">Other material
        items of income and expense</font></b></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Exploration costs</font></td>
      <td align="right"><font face="Times New Roman" size="2">2,791</font></td>
      <td align="right"><font face="Times New Roman" size="2">1,602</font></td>
      <td align="right"><font face="Times New Roman" size="2">3,208</font></td>
      <td align="right"><font face="Times New Roman" size="2">26</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">97</font></td>
      <td align="right"><font face="Times New Roman" size="2">2,516</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">10,240</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Income tax expense</font></td>
      <td align="right"><font face="Times New Roman" size="2">20,345</font></td>
      <td align="right"><font face="Times New Roman" size="2">5,608</font></td>
      <td align="right"><font face="Times New Roman" size="2">859</font></td>
      <td align="right"><font face="Times New Roman" size="2">(2,370</font></td>
      <td align="left"><font face="Times New Roman" size="2">)</font></td>
      <td align="right"><font face="Times New Roman" size="2">108</font></td>
      <td align="right"><font face="Times New Roman" size="2">-</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">24,550</font></td>
    </tr>
    <tr>
      <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font face="Times New Roman" size="2">Additions to
        property, plant and</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left" style="TEXT-INDENT:5.760010pt"><font face="Times New Roman" size="2">equipment
        during the year</font></td>
      <td align="right"><font face="Times New Roman" size="2">50,815</font></td>
      <td align="right"><font face="Times New Roman" size="2">26,580</font></td>
      <td align="right"><font face="Times New Roman" size="2">1,935</font></td>
      <td align="right"><font face="Times New Roman" size="2">36,465</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">7,338</font></td>
      <td align="right"><font face="Times New Roman" size="2">36</font></td>
      <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
      <td align="right"><font face="Times New Roman" size="2">123,169</font></td>
    </tr>
  </table>
</div>
<p style="MARGIN:0px">&nbsp;</p>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt 76.3pt; text-indent: -76.3pt">&nbsp;</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: middle">
    <TD STYLE="font-weight: bold">For the three months ended June 30, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">Turkey</TD>
    <TD STYLE="font-weight: bold; text-align: right">China</TD>
    <TD STYLE="font-weight: bold; text-align: right">Brazil</TD>
    <TD STYLE="font-weight: bold; text-align: right">Greece</TD>
    <TD STYLE="font-weight: bold; text-align: right">Romania</TD>
    <TD STYLE="font-weight: bold; text-align: right">Other</TD>
    <TD STYLE="font-weight: bold; text-align: right">Total</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Information about profit and loss</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Metal sales from external customers</TD>
    <TD STYLE="text-align: right">100,669</TD>
    <TD STYLE="text-align: right">114,727</TD>
    <TD STYLE="text-align: right">14,658</TD>
    <TD STYLE="text-align: right">14,137</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">244,191</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Production costs</TD>
    <TD STYLE="text-align: right">23,118</TD>
    <TD STYLE="text-align: right">51,237</TD>
    <TD STYLE="text-align: right">10,592</TD>
    <TD STYLE="text-align: right">9,539</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">94,486</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Depreciation</TD>
    <TD STYLE="text-align: right">2,673</TD>
    <TD STYLE="text-align: right">18,692</TD>
    <TD STYLE="text-align: right">1,405</TD>
    <TD STYLE="text-align: right">1,921</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">454</TD>
    <TD STYLE="text-align: right">25,145</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Gross profit (loss)</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">74,878</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">44,798</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">2,661</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">2,677</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">(454)</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">124,560</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Other material items of income and expense</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Exploration costs</TD>
    <TD STYLE="text-align: right">1,498</TD>
    <TD STYLE="text-align: right">3,736</TD>
    <TD STYLE="text-align: right">3,075</TD>
    <TD STYLE="text-align: right">124</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">1,640</TD>
    <TD STYLE="text-align: right">10,073</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Income tax expense</TD>
    <TD STYLE="text-align: right">20,975</TD>
    <TD STYLE="text-align: right">15,219</TD>
    <TD STYLE="text-align: right">1,302</TD>
    <TD STYLE="text-align: right">- 671</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">- 20</TD>
    <TD STYLE="text-align: right">36,805</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Additions to property, plant and</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9px; text-align: left">equipment during the year</TD>
    <TD STYLE="text-align: right">54,861</TD>
    <TD STYLE="text-align: right">25,317</TD>
    <TD STYLE="text-align: right">5,868</TD>
    <TD STYLE="text-align: right">18,488</TD>
    <TD STYLE="text-align: right">2,134</TD>
    <TD STYLE="text-align: right">4,073</TD>
    <TD STYLE="text-align: right">110,741</TD></TR>
</TABLE>


<P STYLE="color: Red; font: 9pt/normal Sans-Serif; margin: 0 0 0 18pt; text-indent: 0cm"><B></B></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%">&nbsp;</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: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<table border="0" cellspacing="0" width="100%">
  <tr>
    <td width="33%"></td>
    <td width="8%"></td>
    <td width="9%"></td>
    <td width="8%"></td>
    <td width="9%"></td>
    <td width="3%"></td>
    <td width="8%"></td>
    <td width="8%"></td>
    <td width="3%"></td>
    <td width="8%"></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b><font face="Times New Roman" size="2">For the six months
      ended June 30, 2013</font></b></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="33%" align="right"></td>
    <td width="8%" align="right"><b><font face="Times New Roman" size="2">Turkey</font></b></td>
    <td width="9%" align="right"><b><font face="Times New Roman" size="2">China</font></b></td>
    <td width="8%" align="right"><b><font face="Times New Roman" size="2">Brazil</font></b></td>
    <td width="9%" align="right"><b><font face="Times New Roman" size="2">Greece</font></b></td>
    <td width="3%" align="right"></td>
    <td width="8%" align="right"><b><font face="Times New Roman" size="2">Romania</font></b></td>
    <td width="8%" align="right"><b><font face="Times New Roman" size="2">Other</font></b></td>
    <td width="3%" align="right"></td>
    <td width="8%" align="right"><b><font face="Times New Roman" size="2">Total</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><b><font face="Times New Roman" size="2">$</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b><font face="Times New Roman" size="2">Information about
      profit and loss</font></b></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Metal sales from
      external customers</font></td>
    <td align="right"><font face="Times New Roman" size="2">339,596</font></td>
    <td align="right"><font face="Times New Roman" size="2">215,468</font></td>
    <td align="right"><font face="Times New Roman" size="2">23,840</font></td>
    <td align="right"><font face="Times New Roman" size="2">26,093</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">604,997</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Production costs</font></td>
    <td align="right"><font face="Times New Roman" size="2">100,367</font></td>
    <td align="right"><font face="Times New Roman" size="2">106,083</font></td>
    <td align="right"><font face="Times New Roman" size="2">14,561</font></td>
    <td align="right"><font face="Times New Roman" size="2">25,490</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">246,501</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Depreciation</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">22,080</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">41,585</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">2,107</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">5,577</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">999</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">72,348</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b><font face="Times New Roman" size="2">Gross profit
      (loss)</font></b></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">217,149</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">67,800</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">7,172</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">(4,974</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">)</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">(999</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">)</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">286,148</font></td>
  </tr>
  <tr>
    <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b><font face="Times New Roman" size="2">Other material
      items of income and expense</font></b></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Exploration costs</font></td>
    <td align="right"><font face="Times New Roman" size="2">4,965</font></td>
    <td align="right"><font face="Times New Roman" size="2">2,974</font></td>
    <td align="right"><font face="Times New Roman" size="2">4,481</font></td>
    <td align="right"><font face="Times New Roman" size="2">914</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">483</font></td>
    <td align="right"><font face="Times New Roman" size="2">4,047</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">17,864</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Income tax expense</font></td>
    <td align="right"><font face="Times New Roman" size="2">52,797</font></td>
    <td align="right"><font face="Times New Roman" size="2">15,436</font></td>
    <td align="right"><font face="Times New Roman" size="2">1,704</font></td>
    <td align="right"><font face="Times New Roman" size="2">125,701</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">108</font></td>
    <td align="right"><font face="Times New Roman" size="2">56</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">195,802</font></td>
  </tr>
  <tr>
    <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Additions to
      property, plant and</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="center"><font face="Times New Roman" size="2">equipment during
      the year</font></td>
    <td align="right"><font face="Times New Roman" size="2">95,491</font></td>
    <td align="right"><font face="Times New Roman" size="2">49,634</font></td>
    <td align="right"><font face="Times New Roman" size="2">7,524</font></td>
    <td align="right"><font face="Times New Roman" size="2">57,415</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">11,843</font></td>
    <td align="right"><font face="Times New Roman" size="2">877</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">222,784</font></td>
  </tr>
  <tr>
    <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b><font face="Times New Roman" size="2">Information about
      assets and liabilities</font></b></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Property, plant and
      equipment</font></td>
    <td align="right"><font face="Times New Roman" size="2">776,742</font></td>
    <td align="right"><font face="Times New Roman" size="2">1,962,578</font></td>
    <td align="right"><font face="Times New Roman" size="2">202,974</font></td>
    <td align="right"><font face="Times New Roman" size="2">2,460,243</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">604,941</font></td>
    <td align="right"><font face="Times New Roman" size="2">2,229</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">6,009,707</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Goodwill</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">365,928</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">473,782</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">-</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">839,710</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">776,742</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">2,328,506</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">202,974</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">2,934,025</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">604,941</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">2,229</font></td>
    <td align="left" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right" style="border-bottom:3px double #000000;"><font face="Times New Roman" size="2">6,849,417</font></td>
  </tr>
  <tr>
    <td colspan="10"><font face="Times New Roman" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font face="Times New Roman" size="2">Debt</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="right"><font face="Times New Roman" size="2">12,624</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">-</font></td>
    <td align="right"><font face="Times New Roman" size="2">583,973</font></td>
    <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td align="right"><font face="Times New Roman" size="2">596,597</font></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 0 76.3pt; text-indent: -76.3pt">&nbsp;</P>

<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.&#9;Segment information
<FONT STYLE="font-weight: normal"><I>(continued)</I></FONT>&#9;</P>

<P STYLE="color: Red; font: 9pt/normal Sans-Serif; margin: 0 0 12pt 18pt; text-indent: 0cm"><B></B></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: middle">
    <TD STYLE="font-weight: bold">For the six months ended June 30, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">Turkey</TD>
    <TD STYLE="font-weight: bold; text-align: right">China</TD>
    <TD STYLE="font-weight: bold; text-align: right">Brazil</TD>
    <TD STYLE="font-weight: bold; text-align: right">Greece</TD>
    <TD STYLE="font-weight: bold; text-align: right">Romania</TD>
    <TD STYLE="font-weight: bold; text-align: right">Other</TD>
    <TD STYLE="font-weight: bold; text-align: right">Total</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Information about profit and loss</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Metal sales from external customers</TD>
    <TD STYLE="text-align: right">212,225</TD>
    <TD STYLE="text-align: right">261,577</TD>
    <TD STYLE="text-align: right">22,106</TD>
    <TD STYLE="text-align: right">19,832</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">515,740</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Production costs</TD>
    <TD STYLE="text-align: right">48,497</TD>
    <TD STYLE="text-align: right">106,869</TD>
    <TD STYLE="text-align: right">16,383</TD>
    <TD STYLE="text-align: right">13,976</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">185,725</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Depreciation</TD>
    <TD STYLE="text-align: right">5,399</TD>
    <TD STYLE="text-align: right">41,496</TD>
    <TD STYLE="text-align: right">2,147</TD>
    <TD STYLE="text-align: right">2,677</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">834</TD>
    <TD STYLE="text-align: right">52,553</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Gross profit (loss)</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">158,329</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">113,212</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">3,576</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">3,179</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">(834)</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">277,462</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Other material items of income and expense</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Exploration costs</TD>
    <TD STYLE="text-align: right">3,403</TD>
    <TD STYLE="text-align: right">7,038</TD>
    <TD STYLE="text-align: right">5,357</TD>
    <TD STYLE="text-align: right">124</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">2,847</TD>
    <TD STYLE="text-align: right">18,769</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Income tax expense</TD>
    <TD STYLE="text-align: right">34,245</TD>
    <TD STYLE="text-align: right">30,014</TD>
    <TD STYLE="text-align: right">835</TD>
    <TD STYLE="text-align: right">(576)</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">12&nbsp;</TD>
    <TD STYLE="text-align: right">64,530</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Additions to property, plant and</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9px; text-align: left">equipment during the year</TD>
    <TD STYLE="text-align: right">73,719</TD>
    <TD STYLE="text-align: right">43,306</TD>
    <TD STYLE="text-align: right">10,911</TD>
    <TD STYLE="text-align: right">22,954</TD>
    <TD STYLE="text-align: right">2,555</TD>
    <TD STYLE="text-align: right">4,943</TD>
    <TD STYLE="text-align: right">158,388</TD></TR>
</TABLE>


<P STYLE="color: Red; font: 9pt/normal Sans-Serif; margin: 0 0 12pt 18pt; text-indent: 0cm"><B></B></P>

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

<P STYLE="color: Red; font: 9pt/13pt Sans-Serif; margin: 0 0 6pt 18pt; text-indent: 0cm"><B></B></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: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">For the year ended December 31, 2012</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">Turkey</TD>
    <TD STYLE="font-weight: bold; text-align: right">China</TD>
    <TD STYLE="font-weight: bold; text-align: right">Brazil</TD>
    <TD STYLE="font-weight: bold; text-align: right">Greece</TD>
    <TD STYLE="font-weight: bold; text-align: right">Romania</TD>
    <TD STYLE="font-weight: bold; text-align: right">Other</TD>
    <TD STYLE="font-weight: bold; text-align: right">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD>
    <TD STYLE="font-weight: bold; border-bottom: windowtext 0.5pt solid; text-align: right">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">Information about assets and liabilities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Property, plant and equipment</TD>
    <TD STYLE="text-align: right">699,182</TD>
    <TD STYLE="text-align: right">1,952,545</TD>
    <TD STYLE="text-align: right">198,586</TD>
    <TD STYLE="text-align: right">2,422,868</TD>
    <TD STYLE="text-align: right">593,210</TD>
    <TD STYLE="text-align: right">2,351</TD>
    <TD STYLE="text-align: right">5,868,742</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Goodwill</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">365,928</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">473,782</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">839,710</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">699,182</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">2,318,473</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">198,586</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">2,896,650</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">593,210</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">2,351</TD>
    <TD STYLE="border-top: windowtext 0.5pt solid; border-bottom: windowtext 0.5pt solid; text-align: right">6,708,452</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Debt</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">10,341</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">582,974</TD>
    <TD STYLE="text-align: right">593,315</TD></TR>
</TABLE>


<P STYLE="color: Red; font: 9pt/13pt Sans-Serif; margin: 0 0 6pt 18pt; text-indent: 0cm"><B></B></P>

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


<!-- Field: Page; Sequence: 11 -->
    <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%">&nbsp;</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/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-indent: 0cm">&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>12.2 Economic dependence</b></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"></TD><TD>At June 30, 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="24%"><font size="2">TJS Mine</font></td>
    <td width="72%"><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="24%"><font size="2">Jinfeng Mine</font></td>
    <td width="72%"><font size="2">Zijin
Refinery</font></td>
  </tr>
  <tr>
    <td width="4%"></td>
    <td width="24%"><font size="2">White Mountain Mine</font></td>
    <td width="72%"><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 6pt 18pt; text-indent: -18pt">&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>

<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>13.</B></TD><TD STYLE="padding-right: 2cm"><B>Events occurring after the reporting date</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="742" STYLE="font-style: normal; font-variant: normal; font-weight: normal; line-height: 13pt; font-size: 10pt; font-family: 'Times New Roman', Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD width="1"></TD><TD width="28">&nbsp;</TD><TD width="707">On August 1, 2013,
  the Company declared that it will pay an eligible dividend of CDN$0.05 per
  Common Share on August 26, 2013 to the holders of the Company's outstanding
  Common Shares as of the close of business on the record date of August 15,
  2013.</TD></TR></TABLE>

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