<SEC-DOCUMENT>0001137171-14-000074.txt : 20140408
<SEC-HEADER>0001137171-14-000074.hdr.sgml : 20140408
<ACCEPTANCE-DATETIME>20140408145501
ACCESSION NUMBER:		0001137171-14-000074
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140408
FILED AS OF DATE:		20140408
DATE AS OF CHANGE:		20140408

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:		14750976

	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>eldorado6k04082014.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION - 6-K
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title>CA Filed by Filing Services Canada Inc. 403-717-3898</title>
</head>

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>April, 2014</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;
        April 8, 2014</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 April 8, 2013</a>
</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>NEWS RELEASE DATED APRIL 8, 2013
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 62.1pt; width: 155.25pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>NEWS RELEASE</B></FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>ELD No. 14-04</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>TSX: ELD NYSE: EGO</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>February 24, 2014</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Cambria, Times, Serif; margin: 0; text-align: center"><B>Certej Project Update: Release of NI-43-101 Technical
Report</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><FONT STYLE="font-size: 12pt"><B> </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Vancouver, British Columbia</B> &#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 provide an update on its Deva Gold SA Certej project in Romania (the &#8220;Certej Project&#8221; or the &#8220;Project&#8221;).
A NI-43-101 Technical Report (&#8220;TR&#8221;) which includes findings of an updated prefeasibility study (&#8220;PFS&#8221;)
was filed April 7<SUP>th</SUP> 2014 on SEDAR and EDGAR.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The TR incorporates certain changes to the
Project that have evolved since Eldorado acquired the Project from European Goldfields Ltd. in 2012, in particular significant
changes to the mineral resources and proposed metallurgical process. These changes, along with other relevant project design parameters,
are summarized below.</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><U>Mineral Resources and Reserves</U></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">The mineral resource block model, which serves
as the basis of the Mineral Resources and Mineral Reserves in the PFS, is based on an additional 55,700 meters of diamond drilling
completed by Deva Gold during 2012 and 2013. This drilling discovered a new zone at depth (the Link Zone) as well as extending
mineralization along strike, and contributed to a greatly enhanced understanding of the geologic controls on mineralization. Table
1 summarizes the Mineral Resources as of December 31, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Table 1 &#8211; Certej Mineral Resources<FONT STYLE="font-size: 9pt">
</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #FFC000">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Resource Category</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tonnes</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Au g/t</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Au Ounces</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Ag g/t</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ag Ounces</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Measured</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;25,680</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.75</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,448</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;7,150</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Indicated</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;85,435</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.23</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3,368</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;24,611</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">M+I</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;111,115</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.35</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,816</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;31,761</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Inferred</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;29,002</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.08</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,010</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;5,268</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">Mineral Reserves for the Project
were calculated using a gold price of $1,250 per ounce and a silver price of $16.50 per ounce. The economic pit limits were calculated
using the Lerchs-Grossman algorithm. The most financially beneficial shell from a series of 40 optimized pit shells that were generated
formed the basis for the reserve pit, which was created and scheduled using all relevant design criteria. The final pit design
incorporates the ramp grade, ramp width, bench heights, bench face angles, bench stack heights, berm width, geotechnical berm width
and inter-ramp angle. Table 2 summarizes the Mineral Reserves as of December 31, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Table 2 &#8211; Certej Mineral Reserves</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #FFC000">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Resource Category</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tonnes</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Au g/t</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Au Ounces</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Ag g/t</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ag Ounces</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>x 1,000</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Proven</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&#9;20,441</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.91</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,255</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;&nbsp;6,283</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Probable</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;&nbsp;26,543</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.41</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,203</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#9;&nbsp;9,967</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">P+P</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&#9;46,984</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.63</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,458</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&#9;16,250</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The operating plan has an elevated
mill feed cut-off grade during the mining phase followed by treating stockpiled lower grade ore later in the mine life. During
the mining phase, a mill feed cut-off of 1.20 g/t Au_Equiv will be used with proven and probable ore between 0.90 and 1.20 g/t
Au_Equiv being stockpiled for treatment later in the minelife. Through direct feed from mining and by stockpile reclaiming, a constant
mill feed of 3.0 million tonnes per annum will be maintained for nearly 15.7 years of which 11 years of mill feed is obtained from
open pit production and the last 4.7 years of mill feed is from stockpiled low-grade ore. The low-grade ore (between 0.90 and 1.20
g/t Au_Equiv) will be placed in either of two dedicated low-grade stockpiles. The low-grade stockpiles will reach a maximum capacity
of approximately 15 Mt at the time at which the open pit production ceases.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The reserve pit also has approximately
113.4 Mt of waste and an overall stripping ratio of 2.41:1 (waste tonnes to ore tonnes). Waste rock from the open pit mining will
be used in pre-production construction fill and embankments for the tailings management facility. All surplus waste rock will be
placed into two waste dumps north of the open pit. All mining at Certej is planned to be performed by owner equipment and personnel
using conventional open pit mining methods with drill and blast of the rock followed by load and haul with diesel powered off road
shovel and truck equipment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B><U>Mineral Processing</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">Eldorado has evaluated several options
for dealing with the refractory nature of the ore at Certej, including the previously proposed Albion process. Based on extensive
testwork, pressure oxidation (POX) was chosen as the best available technology.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The Certej ores will be treated at
a rate of 3.0 Mt per annum and comminuted by crushing, followed by a combination of SAG and ball milling. The ground ore will be
subjected to simple rougher-scavenger and single cleaner flotation to separate the gold-bearing sulphide fraction (pyritic) of
the ore from the host andesite (silicate). Following regrind, flotation concentrate is then subjected to pressure oxidation. The
oxidized solids will be treated with limestone and lime at elevated temperatures to facilitate silver recovery, prior to conventional
precious metal recovery by carbon-in-leach cyanidation (&#8220;CIL&#8221;), carbon stripping and electrowinning. CIL tails will
be subjected to further oxidative and neutralization treatment to ensure that residual cyanide is destroyed before the tails are
impounded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The Project will produce 135,000oz
Au and 800,000oz Ag per annum, as a gold-silver dor&eacute;, assaying roughly 15% Au and 85% Ag. Overall recovery of the precious
metal values from the Certej ore via the pressure oxidation process will be 87.4% and 80% for gold and silver, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B><U>Capital Costs and Project Economics</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The Capital Cost Estimate included
Initial, Sustaining and Closure costs. Capital cost estimates were developed to a high level of accuracy with mobile and plant
equipment budget quotations obtained, labour cost built up from first principles of salaries, burdens and overhead and unit rates
verified by Romanian contractor quotations. Contingency was applied to each item based on the source and accuracy of the estimate
data resulting in an overall Initial and Sustaining Contingency of 17% and 24% respectively. The Capital Cost Summary is included
in Table 3.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B>Table 3 &#8211; Capital Cost Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #FFC000">
    <TD NOWRAP STYLE="width: 14%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Area</B></TD>
    <TD NOWRAP STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Description</B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Initial</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$ x 1,000</B></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sustaining</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$ x 1,000</B></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Closure</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$ x 1,000</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">A</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Overall Site</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">15,362</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,618</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,817</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mine</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">84,402</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,111</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">C</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Crushing</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">12,157</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>

<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">D</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 35%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Process Plant (Concentrator)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">59,031</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,000</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">E</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">POX</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">99,750</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,000</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">F</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">CIL</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">17,376</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">G</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tailings</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">23,586</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">73,803</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">H</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Infrastructure</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">10,206</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,170</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">J</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ancillary Facilities</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">7,166</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">K</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Off Site Infrastructure</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right">30,501</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,000</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Direct </B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right"><B>359,537</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>179,702</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Indirects</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right"><B>88,374</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>15,228</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Owner&#8217;s Cost</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right"><B>11,960</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>-</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Contingency</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: right"><B>79,276</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>45,873</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>5,908</B></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Total Installed Cost</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>539,147</B></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>240,803</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>17,725</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0.1in 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0.1in 6pt 0; text-align: justify"></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%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0.1in 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0.1in 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">Operating costs were developed from
first principles, inclusive of labour, consumables, fleet maintenance and repair, and general and administration. The Operating
Cost Summary is included in Table 4.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B>Table 4 &#8211; Operating Cost
Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #FFCC00">
    <TD NOWRAP STYLE="width: 41%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Operating Costs</B></TD>
    <TD NOWRAP STYLE="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Units</B></TD>
    <TD NOWRAP STYLE="width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LOM Average</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LOM Expenditure</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$M</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mining Cost (mined)</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$/t mined</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.87</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mining Cost (ore)</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$/t ore</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.40</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">301</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Processing Cost</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$/t ore</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19.54</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">918</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">G&amp;A</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$/t ore</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.79</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">131</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Operating Cost</B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>$/t ore</B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>28.73</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>1,350</B></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Oxygen Plant Lease</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$/t ore</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.13</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">147</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Total Operating Cost</B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>$/t ore</B></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>31.86</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>1,497</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The Project will produce an average
of 135,000 oz Au and 800,000 oz Ag per annum. The Project economic analysis has been carried out for a range of gold prices with
$1,300 per ounce selected as the base case, at a cash operating cost of $606 per ounce. The analysis demonstrates that the Project
will generate a positive Net Present Value of $175 million and a positive Internal Rate of Return of 10%. Sensitivity of the Project
to fluctuations in gold price are illustrated in Figure 1 below. Sensitivity to changing capital or operating costs for the base
case is illustrated in Table 5 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B>Figure 1</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0.1in 6pt 0.5in; text-align: justify"><IMG SRC="image_001.gif" ALT="" STYLE="height: 230px; width: 510px"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B>Table 5 &#8211; Sensitivity Analysis:
Capex &amp; Opex</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 21%; border: black 1pt solid; background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>IRR</B></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>CAPEX</B></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">431 </TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">485 </TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-bottom: black 1pt dotted; background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">539 </TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">593 </TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">647 </TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>OPEX</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">90%</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">110%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">120%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt dotted; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">25.49 </TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.6%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.1%</TD>
    <TD STYLE="background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.1%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.4%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.9%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt dotted; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">28.67 </TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">90%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.4%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.1%</TD>
    <TD STYLE="background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.2%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.5%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.1%</TD></TR>
<TR STYLE="background-color: #FFCC00">
    <TD STYLE="border-right: black 1pt dotted; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">31.86 </TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.1%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.1%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.6%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.2%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt dotted; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">35.05 </TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">110%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.7%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.6%</TD>
    <TD STYLE="background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.9%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.4%</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt dotted; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">38.23 </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">120%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.1%</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #FFCC00; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.4%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.0%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.7%</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">Gold Price: $1,300/oz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">Silver Price: $22.00/oz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">There are significant opportunities
to improve the economics, and several potential cost optimization strategies that may have a positive impact on the Project economics
have been identified and will be subject to further study. The Certej Project is ideally located to take advantage of the region&#8217;s
highly developed infrastructure, in close proximity to the site, including:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Power available within 14 km, from the national grid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Fresh water available within 10 km, from the Mures River;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Fuel and lubrication bulk supply in Deva;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Limestone available by quarrying within 13 km;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Processing plant sites immediately adjacent to the open pit;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Waste rock dumps immediately north of the open pit; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Tailings facilities within close proximity to the processing plant sites.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The Project is located in a region
with a favorable attitude to mining and that is seeking investment. The villages and cities in the county of Hunedoara are a source
of skilled mining labour and the region will benefit with employment opportunities and the flow on effect of investment in the
Project.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><B><U>Permitting</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">The following key permits have been
secured for the Project:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Environmental permit for the Zonal Urbanization Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Approval of Zonal Urbanization Plan; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Environmental permit for the development of the Project. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">These permits allow Deva Gold to
proceed with obtaining the Construction Permit and Forestry Permit necessary to begin development of the Project, following any
updates and addendums to the existing permits based on design revisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify">In a low metal price environment
the Certej Project generates limited cashflow on a stand-alone basis. However, located in a mineral rich area of the world with
a strong history and understanding of mining, the Company believes it can take advantage of opportunities to exploit other resources
in the region and to use the Certej Project as a platform on which to develop further business within Romania and Eastern Europe.
A work plan, developed specifically for Deva Gold to evaluate these opportunities, will strengthen the Project leading to the preparation
of a feasibility study and the next phase of project development.</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%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>About Eldorado</U></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">Eldorado is a gold producing, exploration and
development company actively growing businesses in Turkey, China, Brazil, Greece, 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: 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 on the New York Stock Exchange (NYSE: EGO).</P>

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ON BEHALF OF THE BOARD OF DIRECTORS OF</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ELDORADO GOLD CORPORATION</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"><B><I>&#8220;Paul N. Wright&#8221;</I></B></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">Paul N. Wright</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 the Certej Project Update and the release of the NI-43-101 Technical Report.</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, 2014. </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: 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"><B><I>Cautionary Note to US Investors Concerning
Estimates of Measured, Indicated and Inferred Resources</I></B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Note to U.S. Investors. &nbsp;While
the terms &#8220;mineral resource&#8221;, &#8220;measured mineral resource,&#8221; &#8220;indicated mineral resource&#8221;,
and &#8220;inferred mineral resource&#8221; are recognized and required by Canadian regulations, they are not defined terms
under standards in the United States and normally are not permitted to be used in reports and registration statements filed
with the SEC.&nbsp; As such, information contained in this report concerning descriptions of mineralization and resources
under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings.&nbsp; With
respect to &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; there is a great amount of
uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility.&nbsp; It cannot be
assumed that all or any part of an &#8220;indicated mineral resource&#8221; or &#8220;inferred mineral resource&#8221; will
ever be upgraded to a higher category.&nbsp; Investors are cautioned not to assume that any part or all of mineral deposits
in these categories will ever be converted into reserves.</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"></P>

<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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: 10pt 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"><B>Contact</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">Nancy Woo&#9;&nbsp;&nbsp;VP Investor Relations, Eldorado
Gold Corporation</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 63.8pt">604 601 6650</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 63.8pt">nancyw@eldoradogold.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 63.8pt">www.eldoradogold.com</P>



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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
