<SEC-DOCUMENT>0001137171-15-000135.txt : 20150629
<SEC-HEADER>0001137171-15-000135.hdr.sgml : 20150629
<ACCEPTANCE-DATETIME>20150629114512
ACCESSION NUMBER:		0001137171-15-000135
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150629
FILED AS OF DATE:		20150629
DATE AS OF CHANGE:		20150629

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:		15957103

	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>eldorado6k06292015.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>June, 2015</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;
        June 29, 2015</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Dawn Moss<br>
        <br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dawn
        Moss, Corporate Secretary</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">Exhibits</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.1&nbsp;&nbsp;&nbsp;
<a href="newsrelease.htm">Press Release #15-10</a></p>

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

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

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

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

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

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE #15-10
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA 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: 3.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 336.4pt"><IMG SRC="image_001.jpg" ALT="&thorn;&yuml;" STYLE="height: 83px; width: 208px" align="right" width="208" height="83"></P>

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

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

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

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

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

<P STYLE="font: bold 14pt/17.05pt Calibri, Helvetica, Sans-Serif; margin: 9.15pt 0 0 5.75pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><b><font size="4">&nbsp;NEWS RELEASE</font></b></TD>
    <TD STYLE="width: 50%">
     <p align="right"><b><font size="4">&nbsp;ELD No. 15-10</font></b></p>
    </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><b><font size="4">&nbsp;TSX: ELD NYSE: EGO</font></b></TD>
    <TD>
     <p align="right"><b><font size="4">&nbsp;June 29, 2015</font></b></p>
    </TD></TR>
</TABLE>
<p> </P>
<p> </P>
<p> </P>
<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 3pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>Eldorado
Receives Project</B></FONT><B> <FONT STYLE="letter-spacing: -0.05pt">Permit</FONT> <FONT STYLE="letter-spacing: -0.05pt">Approval
for</FONT> <FONT STYLE="letter-spacing: -0.05pt">the Eastern Dragon Project</FONT></B></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 8.65pt 0 5.8pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="letter-spacing: -0.05pt"><B>Vancouver,</B></FONT><B><FONT STYLE="letter-spacing: 1.2pt">
</FONT>BC<FONT STYLE="letter-spacing: 1.25pt"> </FONT></B>&#8211;<FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Eldorado</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Gold</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Corporation</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">(&#8220;Eldorado&#8221;</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT>or<FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Company&#8221;),</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">is</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">pleased</FONT><FONT STYLE="letter-spacing: 1.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">to</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">announce</FONT><FONT STYLE="letter-spacing: 1.35pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 2.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Company</FONT><FONT STYLE="letter-spacing: 1.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">has</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">received</FONT><FONT STYLE="letter-spacing: 1.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Project</FONT><FONT STYLE="letter-spacing: 1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Permit</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Approval</FONT><FONT STYLE="letter-spacing: 1.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">(&#8220;PPA&#8221;)</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT>for<FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">its</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Eastern</FONT><FONT STYLE="letter-spacing: 1.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Dragon</FONT><FONT STYLE="letter-spacing: 1.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Project</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 1.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Heilongjiang</FONT><FONT STYLE="letter-spacing: 2.85pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Province,</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">China.</FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 8.5pt 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">PPA</FONT><FONT STYLE="letter-spacing: 0.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">most</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">significant</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">permit</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">required,</FONT><FONT STYLE="letter-spacing: 0.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">approval</FONT><FONT STYLE="letter-spacing: 0.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">process</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">includes</FONT><FONT STYLE="letter-spacing: 0.6pt">
</FONT>a<FONT STYLE="letter-spacing: 0.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">review</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">verification</FONT><FONT STYLE="letter-spacing: 2.95pt">
</FONT>of<FONT STYLE="letter-spacing: 2.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">previous</FONT><FONT STYLE="letter-spacing: 2.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">permits</FONT><FONT STYLE="letter-spacing: 2.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">granted,</FONT><FONT STYLE="letter-spacing: 2.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">including</FONT><FONT STYLE="letter-spacing: 2.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 2.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Environmental</FONT><FONT STYLE="letter-spacing: 2.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Protection</FONT><FONT STYLE="letter-spacing: 2.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Assessment,</FONT><FONT STYLE="letter-spacing: 2.35pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 2.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Social</FONT><FONT STYLE="letter-spacing: 2.25pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">Risk</FONT><FONT STYLE="letter-spacing: 3.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Management</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">License,</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">all</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">relevant</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">business</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">licenses.</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">The</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT>PPA<FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">was</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">approved</FONT> <FONT STYLE="letter-spacing: -0.05pt">at</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">central</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">government</FONT> level <FONT STYLE="letter-spacing: -0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT>
<FONT STYLE="letter-spacing: -0.05pt">National Development</FONT> <FONT STYLE="letter-spacing: -0.05pt">and Reform Commission</FONT>
<FONT STYLE="letter-spacing: -0.05pt">(NDRC).</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 8.5pt 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">With</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">granting</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">PPA</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Eldorado</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">will</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">recommence</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">work</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">at</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">site</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">July,</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">initially</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">focusing
</FONT>on<FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">completion</FONT><FONT STYLE="letter-spacing: 4.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 1.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">testing</FONT><FONT STYLE="letter-spacing: 2.05pt">
</FONT>of<FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 2.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">mill</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">circuit</FONT><FONT STYLE="letter-spacing: 2.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">along</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 1.95pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 2.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">work</FONT><FONT STYLE="letter-spacing: 1.95pt">
</FONT>on<FONT STYLE="letter-spacing: 1.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 2.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">power</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">water</FONT><FONT STYLE="letter-spacing: 1.9pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">supplies.</FONT><FONT STYLE="letter-spacing: 1.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Earthworks</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">are</FONT><FONT STYLE="letter-spacing: 4.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">expected to</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">commence</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">late</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">in
the</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">pending</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">timely</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">receipt</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT>of<FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">outstanding forestry</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">permits.</FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 8.5pt 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Eastern</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Dragon</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Project</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT>a<FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">high-grade</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">gold</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT>silver<FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">epithermal</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT>vein<FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">deposit</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">that</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">will</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">mined</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">using</FONT><FONT STYLE="letter-spacing: 3.75pt"> </FONT>a<FONT STYLE="letter-spacing: 0.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">combination</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT>of<FONT STYLE="letter-spacing: 0.5pt">
</FONT>open<FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">pit</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">underground</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">methods.</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Current</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT>proven<FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">probable</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">reserves</FONT><FONT STYLE="letter-spacing: 0.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">stand</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">at</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.15pt">3.0</FONT><FONT STYLE="letter-spacing: 3.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">million</FONT>
<FONT STYLE="letter-spacing: -0.05pt">tonnes</FONT> <FONT STYLE="letter-spacing: -0.05pt">grading</FONT> <FONT STYLE="letter-spacing: -0.05pt">7.70</FONT>
<FONT STYLE="letter-spacing: -0.05pt">grams</FONT> per <FONT STYLE="letter-spacing: -0.05pt">tonne</FONT> <FONT STYLE="letter-spacing: -0.05pt">gold</FONT>
and 70 <FONT STYLE="letter-spacing: -0.05pt">grams</FONT> <FONT STYLE="letter-spacing: -0.05pt">per</FONT> <FONT STYLE="letter-spacing: -0.05pt">tonne</FONT>
<FONT STYLE="letter-spacing: -0.05pt">silver.</FONT> <FONT STYLE="letter-spacing: -0.05pt">The</FONT> ore <FONT STYLE="letter-spacing: -0.05pt">is</FONT>
<FONT STYLE="letter-spacing: -0.05pt">free-milling,</FONT> <FONT STYLE="letter-spacing: -0.05pt">with</FONT> <FONT STYLE="letter-spacing: -0.05pt">average</FONT>
<FONT STYLE="letter-spacing: -0.05pt">recoveries</FONT> of <FONT STYLE="letter-spacing: -0.05pt">95%</FONT> <FONT STYLE="letter-spacing: -0.05pt">for</FONT>
<FONT STYLE="letter-spacing: -0.05pt">gold</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">80%</FONT>
<FONT STYLE="letter-spacing: -0.05pt">for</FONT> <FONT STYLE="letter-spacing: -0.05pt">silver.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Once</FONT>
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">full</FONT> <FONT STYLE="letter-spacing: -0.05pt">production</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Company</FONT> <FONT STYLE="letter-spacing: -0.05pt">expects</FONT>
<FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">produce</FONT> <FONT STYLE="letter-spacing: -0.05pt">approximately</FONT>
<FONT STYLE="letter-spacing: -0.05pt">70,000</FONT> <FONT STYLE="letter-spacing: -0.05pt">ounces</FONT> of <FONT STYLE="letter-spacing: -0.05pt">gold</FONT>
<FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">570,000</FONT> of <FONT STYLE="letter-spacing: -0.05pt">silver</FONT>
<FONT STYLE="letter-spacing: -0.05pt">annually</FONT> <FONT STYLE="letter-spacing: -0.05pt">at</FONT> <FONT STYLE="letter-spacing: -0.05pt">cash</FONT>
<FONT STYLE="letter-spacing: -0.05pt">costs</FONT> <FONT STYLE="letter-spacing: -0.05pt">(net</FONT> of <FONT STYLE="letter-spacing: -0.05pt">by-</FONT>
<FONT STYLE="letter-spacing: -0.05pt">product</FONT> <FONT STYLE="letter-spacing: -0.05pt">credits)</FONT> of <FONT STYLE="letter-spacing: -0.05pt">$175
per</FONT> <FONT STYLE="letter-spacing: -0.05pt">ounce.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/99% Calibri, Helvetica, Sans-Serif; margin: 0 8.55pt 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Paul</FONT><FONT STYLE="letter-spacing: 2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">N.</FONT><FONT STYLE="letter-spacing: 1.9pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Wright,</FONT><FONT STYLE="letter-spacing: 2.05pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Eldorado&#8217;s</FONT><FONT STYLE="letter-spacing: 2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Chief</FONT><FONT STYLE="letter-spacing: 1.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Executive</FONT><FONT STYLE="letter-spacing: 2.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Officer</FONT><FONT STYLE="letter-spacing: 1.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">commented,</FONT><FONT STYLE="letter-spacing: 1.9pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;The</FONT><FONT STYLE="letter-spacing: 1.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">PPA</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT><FONT STYLE="letter-spacing: 1.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">major</FONT><FONT STYLE="letter-spacing: 2.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">permit</FONT><FONT STYLE="letter-spacing: 1.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">approval</FONT><FONT STYLE="letter-spacing: 3.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">required</FONT><FONT STYLE="letter-spacing: 1.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 1.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">development</FONT><FONT STYLE="letter-spacing: 1.45pt">
</FONT>of<FONT STYLE="letter-spacing: 1.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">what</FONT><FONT STYLE="letter-spacing: 1.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">we</FONT><FONT STYLE="letter-spacing: 1.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">consider</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT>one<FONT STYLE="letter-spacing: 1.5pt"> </FONT>of<FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">highest</FONT><FONT STYLE="letter-spacing: 1.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">quality</FONT><FONT STYLE="letter-spacing: 1.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">gold</FONT><FONT STYLE="letter-spacing: 1.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">assets</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 1.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">China.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">This</FONT> <FONT STYLE="letter-spacing: -0.05pt">permit</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">represents</FONT> <FONT STYLE="letter-spacing: -0.05pt">years</FONT> of <FONT STYLE="letter-spacing: -0.05pt">hard</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT>work <FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">determination</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT> our<FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">team</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">China,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">combination</FONT> <FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">key</FONT> <FONT STYLE="letter-spacing: -0.05pt">support</FONT> <FONT STYLE="letter-spacing: -0.05pt">from
the</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Canadian</FONT> <FONT STYLE="letter-spacing: -0.05pt">and
Chinese</FONT> <FONT STYLE="letter-spacing: -0.1pt">governments.&#8221;</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>About</B></FONT><B>
<FONT STYLE="letter-spacing: -0.05pt">Eldorado Gold</FONT></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 8.5pt 0 5.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Eldorado</FONT><FONT STYLE="letter-spacing: 2.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT><FONT STYLE="letter-spacing: 2.05pt"> </FONT>a<FONT STYLE="letter-spacing: 2.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">leading</FONT><FONT STYLE="letter-spacing: 2.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">low</FONT><FONT STYLE="letter-spacing: 2.1pt">
</FONT>cost<FONT STYLE="letter-spacing: 2.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">gold</FONT><FONT STYLE="letter-spacing: 2.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">producer</FONT><FONT STYLE="letter-spacing: 2.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">mining,</FONT><FONT STYLE="letter-spacing: 2.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">development</FONT><FONT STYLE="letter-spacing: 2.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">exploration</FONT><FONT STYLE="letter-spacing: 2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">operations</FONT><FONT STYLE="letter-spacing: 2.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 3.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Turkey,</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">China,</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Greece,</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Romania</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Brazil.</FONT>
<FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">The</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Company&#8217;s</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">success</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT>to<FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">date</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">based</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT>on<FONT STYLE="letter-spacing: 0.2pt"> </FONT>a<FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">low</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">cost</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">strategy,</FONT><FONT STYLE="letter-spacing: 2.55pt">
</FONT>a<FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">highly</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">skilled</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">dedicated</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">workforce,</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">safe</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">responsible</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">operations,</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">long-term</FONT>
<FONT STYLE="letter-spacing: -0.05pt">partnerships</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">with
the</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">communities</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">where</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">it</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">operates.</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Eldorado&#8217;s</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">common</FONT> <FONT STYLE="letter-spacing: -0.05pt">shares</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">trade</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT>on<FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Toronto</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Stock</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Exchange</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT>(TSX: ELD) <FONT STYLE="letter-spacing: -0.05pt">and the</FONT> <FONT STYLE="letter-spacing: -0.05pt">New</FONT> <FONT STYLE="letter-spacing: -0.05pt">York</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Stock</FONT> <FONT STYLE="letter-spacing: -0.05pt">Exchange</FONT> <FONT STYLE="letter-spacing: -0.05pt">(NYSE:</FONT>
<FONT STYLE="letter-spacing: -0.05pt">EGO).</FONT></P>


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<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 1.95pt 5.6pt 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Certain</FONT><FONT STYLE="letter-spacing: 0.85pt">
</FONT>of<FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.9pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.9pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">made</FONT><FONT STYLE="letter-spacing: 1.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">herein</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">may</FONT><FONT STYLE="letter-spacing: 0.9pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">contain</FONT><FONT STYLE="letter-spacing: 1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 0.9pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">within</FONT><FONT STYLE="letter-spacing: 0.85pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 1.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">meaning</FONT><FONT STYLE="letter-spacing: 1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 1pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.9pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">United</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">States</FONT><FONT STYLE="letter-spacing: 0.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Private</FONT><FONT STYLE="letter-spacing: 4.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Securities</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Litigation</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Reform</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT>Act<FONT STYLE="letter-spacing: 0.5pt"> </FONT>of<FONT STYLE="letter-spacing: 0.5pt"> </FONT>1995<FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">applicable</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Canadian</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">securities</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">laws.</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Often,</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">but</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">always,</FONT><FONT STYLE="letter-spacing: 0.6pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">forward-</FONT><FONT STYLE="letter-spacing: 4.95pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">looking</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.05pt">can</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">identified</FONT> <FONT STYLE="letter-spacing: -0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">use</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">words such</FONT> <FONT STYLE="letter-spacing: -0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;plans&quot;,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">&quot;expects&quot;,</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;is</FONT> <FONT STYLE="letter-spacing: -0.05pt">expected&quot;,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">&quot;budget&quot;,</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;scheduled&quot;,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">&quot;estimates&quot;,</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;forecasts&quot;,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">&quot;intends&quot;,</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;anticipates&quot;,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;believes&quot;</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">negatives</FONT>
<FONT STYLE="letter-spacing: -0.05pt">thereof</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT>
<FONT STYLE="letter-spacing: -0.05pt">variations</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">such</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">words</FONT>
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">phrases</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT>
<FONT STYLE="letter-spacing: -0.1pt">statements</FONT> <FONT STYLE="letter-spacing: -0.1pt">that</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">certain</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">actions,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">events</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">results</FONT>
<FONT STYLE="letter-spacing: -0.05pt">&quot;may&quot;,</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&quot;could&quot;,</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">&quot;would&quot;,</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">&quot;might&quot;</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;will&quot;</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.1pt">taken,</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">occur</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">be</FONT>
<FONT STYLE="letter-spacing: -0.05pt">achieved.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Forward-looking</FONT> <FONT STYLE="letter-spacing: -0.05pt">statements</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.05pt">herein</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">include,</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">but</FONT>
<FONT STYLE="letter-spacing: -0.05pt">are</FONT> <FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">limited</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>to<FONT STYLE="letter-spacing: -0.1pt">
the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Eastern</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Dragon</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT>Project<FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Permit</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Approval.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.65pt 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Forward-looking</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">their</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">nature</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 1.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">based</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">on</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">assumptions</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 1.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">involve</FONT><FONT STYLE="letter-spacing: 1.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">known</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 1.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">unknown</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">risks,</FONT><FONT STYLE="letter-spacing: 2.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">uncertainties
and</FONT><FONT STYLE="letter-spacing: -0.1pt"> other</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">factors
which</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">may cause </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: -0.05pt">
actual</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">results,</FONT> <FONT STYLE="letter-spacing: -0.05pt">performance
or achievements of</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: -0.05pt">
Company to</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">be materially different</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">from any</FONT><FONT STYLE="letter-spacing: 4.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">future</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">results,</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">performance</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">achievements</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">expressed</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 1.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">implied</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT>such<FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 1.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 1.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">information.</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT>We<FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">have made</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">certain</FONT><FONT STYLE="letter-spacing: 3.85pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">assumptions</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">about</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT>even<FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">though</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">our</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">management</FONT>
<FONT STYLE="letter-spacing: -0.05pt">believes</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">that</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">assumptions</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">made</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">expectations</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">represented</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">such</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT> <FONT STYLE="letter-spacing: -0.05pt">reasonable,</FONT> <FONT STYLE="letter-spacing: -0.05pt">there</FONT>
<FONT STYLE="letter-spacing: -0.05pt">can</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT>
<FONT STYLE="letter-spacing: -0.05pt">no</FONT> <FONT STYLE="letter-spacing: -0.1pt">assurance</FONT> <FONT STYLE="letter-spacing: -0.05pt">that</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statement</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT>
<FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.05pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">prove</FONT>
<FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">accurate.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Furthermore,</FONT> <FONT STYLE="letter-spacing: -0.1pt">should</FONT> <FONT STYLE="letter-spacing: -0.05pt">one</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.1pt">the</FONT>
<FONT STYLE="letter-spacing: -0.05pt">risks,</FONT> <FONT STYLE="letter-spacing: -0.05pt">uncertainties</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT>
<FONT STYLE="letter-spacing: -0.1pt">other</FONT> <FONT STYLE="letter-spacing: -0.05pt">factors</FONT> <FONT STYLE="letter-spacing: -0.05pt">materialize,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">should underlying</FONT> <FONT STYLE="letter-spacing: -0.1pt">assumptions</FONT>
<FONT STYLE="letter-spacing: -0.05pt">prove</FONT> <FONT STYLE="letter-spacing: -0.05pt">incorrect,</FONT> <FONT STYLE="letter-spacing: -0.1pt">actual</FONT>
<FONT STYLE="letter-spacing: -0.05pt">results</FONT> <FONT STYLE="letter-spacing: -0.05pt">may</FONT> <FONT STYLE="letter-spacing: -0.05pt">vary</FONT>
<FONT STYLE="letter-spacing: -0.05pt">materially</FONT> <FONT STYLE="letter-spacing: -0.05pt">from</FONT> <FONT STYLE="letter-spacing: -0.05pt">those</FONT>
<FONT STYLE="letter-spacing: -0.05pt">described</FONT> <FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT>
<FONT STYLE="letter-spacing: -0.05pt">statements</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">information.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">These</FONT> <FONT STYLE="letter-spacing: -0.05pt">risks,</FONT> <FONT STYLE="letter-spacing: -0.05pt">uncertainties</FONT>
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">other</FONT> <FONT STYLE="letter-spacing: -0.05pt">factors</FONT>
<FONT STYLE="letter-spacing: -0.05pt">include,</FONT> <FONT STYLE="letter-spacing: -0.05pt">among</FONT> <FONT STYLE="letter-spacing: -0.05pt">others,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">following:</FONT> <FONT STYLE="letter-spacing: -0.05pt">gold</FONT>
<FONT STYLE="letter-spacing: -0.05pt">price</FONT> <FONT STYLE="letter-spacing: -0.05pt">volatility;</FONT> <FONT STYLE="letter-spacing: -0.05pt">discrepancies</FONT>
<FONT STYLE="letter-spacing: -0.05pt">between</FONT> <FONT STYLE="letter-spacing: -0.1pt">actual</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">estimated</FONT> <FONT STYLE="letter-spacing: -0.05pt">production,</FONT> <FONT STYLE="letter-spacing: -0.05pt">mineral</FONT>
<FONT STYLE="letter-spacing: -0.05pt">reserves</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">resources</FONT>
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">metallurgical</FONT> <FONT STYLE="letter-spacing: -0.05pt">recoveries;</FONT>
<FONT STYLE="letter-spacing: -0.05pt">mining</FONT> <FONT STYLE="letter-spacing: -0.05pt">operational</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">development</FONT> <FONT STYLE="letter-spacing: -0.05pt">risk;</FONT> <FONT STYLE="letter-spacing: -0.05pt">litigation</FONT>
<FONT STYLE="letter-spacing: -0.05pt">risks;</FONT> <FONT STYLE="letter-spacing: -0.05pt">regulatory</FONT> <FONT STYLE="letter-spacing: -0.05pt">restrictions,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">including</FONT> <FONT STYLE="letter-spacing: -0.05pt">environmental</FONT> <FONT STYLE="letter-spacing: -0.05pt">regulatory</FONT>
<FONT STYLE="letter-spacing: -0.05pt">restrictions</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">liability;</FONT>
<FONT STYLE="letter-spacing: -0.05pt">risks</FONT> of <FONT STYLE="letter-spacing: -0.05pt">sovereign</FONT> <FONT STYLE="letter-spacing: -0.05pt">investment;</FONT>
<FONT STYLE="letter-spacing: -0.05pt">currency</FONT> <FONT STYLE="letter-spacing: -0.05pt">fluctuations;</FONT> <FONT STYLE="letter-spacing: -0.05pt">speculative</FONT>
<FONT STYLE="letter-spacing: -0.05pt">nature</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">gold</FONT>
<FONT STYLE="letter-spacing: -0.05pt">exploration;</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">global</FONT><FONT STYLE="letter-spacing: 1.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">economic</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">climate;</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">dilution;</FONT><FONT STYLE="letter-spacing: 1.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">share
price</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">volatility;</FONT><FONT STYLE="letter-spacing: 1.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">competition;</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">loss</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">key</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">employees;</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">additional</FONT><FONT STYLE="letter-spacing: 1.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">funding</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">requirements;</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">defective</FONT> <FONT STYLE="letter-spacing: -0.05pt">title</FONT>
<FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">mineral</FONT> <FONT STYLE="letter-spacing: -0.05pt">claims</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">property,</FONT><FONT STYLE="letter-spacing: 1.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">well</FONT> <FONT STYLE="letter-spacing: -0.05pt">as</FONT>
<FONT STYLE="letter-spacing: -0.05pt">those</FONT> <FONT STYLE="letter-spacing: -0.05pt">factors</FONT> <FONT STYLE="letter-spacing: -0.05pt">discussed</FONT>
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">sections</FONT>
<FONT STYLE="letter-spacing: -0.05pt">entitled</FONT> <FONT STYLE="letter-spacing: -0.05pt">&#8220;Forward-Looking</FONT> <FONT STYLE="letter-spacing: -0.05pt">Statements&#8221;</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">&quot;Risk</FONT> <FONT STYLE="letter-spacing: -0.05pt">Factors&quot;</FONT>
<FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: -0.1pt"> the</FONT><FONT STYLE="letter-spacing: -0.05pt">
Company's </FONT><FONT STYLE="letter-spacing: -0.1pt">Annual </FONT><FONT STYLE="letter-spacing: -0.05pt">Information</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Form </FONT>&amp; <FONT STYLE="letter-spacing: -0.05pt">Form 40-F</FONT> <FONT STYLE="letter-spacing: -0.1pt">dated
</FONT><FONT STYLE="letter-spacing: -0.05pt">March</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>27, 2015.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">There</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">can</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">no</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">assurance</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">that</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">will</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">prove</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">to</FONT><FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">accurate,</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">actual</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">results</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">future</FONT><FONT STYLE="letter-spacing: 0.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">events</FONT><FONT STYLE="letter-spacing: 0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">could</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">differ</FONT><FONT STYLE="letter-spacing: 4.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">materially</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">from</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">those</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">anticipated</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT>in<FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">such</FONT><FONT STYLE="letter-spacing: 1.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">statements.</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Accordingly,</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">you</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">should</FONT><FONT STYLE="letter-spacing: 1.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">place</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">undue</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">reliance</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">on</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 1.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or</FONT><FONT STYLE="letter-spacing: 4.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">contained herein.</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Except</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">required</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">law,</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT>we<FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">do</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT>expect<FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">to</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">update</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">forward-looking</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">statements</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">continually</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT>as <FONT STYLE="letter-spacing: -0.05pt">conditions</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">change</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">you</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT>
referred<FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">to</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">full</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">discussion</FONT><FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Company's</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">business</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">contained</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT>in<FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Company's</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">reports</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">filed</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT>with<FONT STYLE="letter-spacing: 0.25pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">securities</FONT>
<FONT STYLE="letter-spacing: -0.05pt">regulatory authorities </FONT>in<FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Canada</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: -0.05pt">
U.S.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic bold 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Cautionary</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Note</FONT> <FONT STYLE="letter-spacing: -0.05pt">Regarding Mineral</FONT><FONT STYLE="letter-spacing: -0.2pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Reserves</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and
Mineral</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Resources</FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.65pt 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The
terms &#8220;Mineral</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Reserve&#8221;,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">&#8220;Proven</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Reserve&#8221; </FONT><FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Probable
Mineral</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Reserve&#8221; used</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">this
release </FONT>are<FONT STYLE="letter-spacing: -0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">Canadian </FONT><FONT STYLE="letter-spacing: -0.05pt">mining</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">terms as defined</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT>in<FONT STYLE="letter-spacing: 5.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">accordance</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">National</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Instrument</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">43-101</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT>&#8211;<FONT STYLE="letter-spacing: 0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Standards</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Disclosure</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">for</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Projects</FONT><FONT STYLE="letter-spacing: 0.3pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">under</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.35pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">guidelines</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">set</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">out</FONT><FONT STYLE="letter-spacing: 0.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Canadian</FONT><FONT STYLE="letter-spacing: 0.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Institute</FONT><FONT STYLE="letter-spacing: 0.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 3.55pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Mining,</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Metallurgy</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">and</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Petroleum</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT>(the<FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;CIM&#8221;)</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">Standards</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT>on<FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Resources</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Reserves,</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">adopted</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT><FONT STYLE="letter-spacing: 0.7pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT><FONT STYLE="letter-spacing: 0.7pt">
</FONT>CIM<FONT STYLE="letter-spacing: 0.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Council</FONT><FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">on</FONT><FONT STYLE="letter-spacing: 0.75pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">August</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT>20,<FONT STYLE="letter-spacing: 5.95pt"> </FONT>2000<FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">may</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">amended</FONT><FONT STYLE="letter-spacing: 0.75pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">from</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">time</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">time</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">CIM.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">These</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">definitions</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">differ</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">from</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">definitions</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">United</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">States</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Securities</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT>&amp; <FONT STYLE="letter-spacing: -0.1pt">Exchange</FONT> <FONT STYLE="letter-spacing: -0.05pt">Commission</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">(&#8220;SEC&#8221;)</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">Guide</FONT>
7. In<FONT STYLE="letter-spacing: -0.1pt"> the</FONT> <FONT STYLE="letter-spacing: -0.1pt">United</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">States,</FONT> a<FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">reserve</FONT> <FONT STYLE="letter-spacing: -0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.1pt">defined</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT> a<FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">part</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT>a<FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">deposit</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">which</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">could</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">economically</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">legally</FONT> <FONT STYLE="letter-spacing: -0.05pt">extracted</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">or produced</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">at</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">the time the mineral</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">reserve
determination</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">is made.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">terms</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Mineral</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Resource&#8221;,</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Measured</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.75pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Resource&#8221;,</FONT><FONT STYLE="letter-spacing: 0.85pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Indicated</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Resource&#8221;,</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;Inferred</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.85pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Resource&#8221;</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">used</FONT><FONT STYLE="letter-spacing: 0.75pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 0.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">this</FONT><FONT STYLE="letter-spacing: 0.8pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">release</FONT><FONT STYLE="letter-spacing: 0.8pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 4.15pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">Canadian</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">mining</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">terms</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">defined</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">in</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">accordance</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">National</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Instruction</FONT><FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">43-101</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT>&#8211;<FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">Standards</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Disclosure</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">for</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Projects</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">under</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">guidelines</FONT><FONT STYLE="letter-spacing: 5.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">set</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">out</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT>in<FONT STYLE="letter-spacing: -0.1pt"> the</FONT><FONT STYLE="letter-spacing: -0.05pt"> </FONT>CIM<FONT STYLE="letter-spacing: -0.05pt">
Standards.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Mineral Resources which</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">are
not</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Mineral</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT>Reserves<FONT STYLE="letter-spacing: -0.05pt"> do</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">have demonstrated</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>economic <FONT STYLE="letter-spacing: -0.05pt">viability.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.7pt 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">For</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT>a<FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">detailed</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">discussion</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT>of<FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">resource</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">reserve</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">estimates</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">related</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">matters</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">see</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Company&#8217;s</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">reports,</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">including</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Annual</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Information</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Form</FONT><FONT STYLE="letter-spacing: 4.65pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">Form </FONT>40-F <FONT STYLE="letter-spacing: -0.1pt">dated
</FONT><FONT STYLE="letter-spacing: -0.05pt">March</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>27, 2015<FONT STYLE="letter-spacing: -0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">technical</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">reports</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">filed</FONT><FONT STYLE="letter-spacing: -0.1pt">
under</FONT><FONT STYLE="letter-spacing: 0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Company&#8217;s name at</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">www.sedar.com</FONT><FONT STYLE="letter-spacing: -0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">www.sec.gov</FONT> <FONT STYLE="letter-spacing: -0.05pt">respectively.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: italic bold 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Cautionary</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Note</FONT> <FONT STYLE="letter-spacing: -0.05pt">to </FONT>US<FONT STYLE="letter-spacing: -0.05pt">
Investors</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Concerning Estimates</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">of Measured, Indicated</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">and
</FONT>Inferred<FONT STYLE="letter-spacing: -0.05pt"> Resources</FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic 8pt Calibri, Helvetica, Sans-Serif; margin: 0 5.65pt 0 5.75pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="letter-spacing: -0.05pt">Note
to</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">U.S.</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Investors.</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">While
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 1.4pt"> </FONT>terms<FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;mineral</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">resource&#8221;,
&#8220;measured</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: 1.25pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">resource,&#8221;</FONT><FONT STYLE="letter-spacing: 1.3pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;indicated
mineral</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">resource&#8221;,</FONT><FONT STYLE="letter-spacing: 1.3pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 1.35pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;inferred
mineral</FONT><FONT STYLE="letter-spacing: 4.75pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">resource&#8221;</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">recognized
and</FONT><FONT STYLE="letter-spacing: 0.4pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">required</FONT><FONT STYLE="letter-spacing: 0.4pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">by</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Canadian
regulations,</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">they</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">not
defined</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">terms</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">under</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">standards
</FONT>in<FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT><FONT STYLE="letter-spacing: 0.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">United</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">States
and</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">normally</FONT><FONT STYLE="letter-spacing: 0.6pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 4.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">not
permitted</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">be
used in</FONT> <FONT STYLE="letter-spacing: -0.05pt">reports</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 1.45pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">registration</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">statements
</FONT><FONT STYLE="letter-spacing: -0.05pt">filed</FONT> <FONT STYLE="letter-spacing: -0.05pt">with</FONT><FONT STYLE="letter-spacing: 1.45pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">SEC.</FONT> As <FONT STYLE="letter-spacing: -0.05pt">such,
information</FONT> <FONT STYLE="letter-spacing: -0.1pt">contained</FONT> <FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">this
report</FONT><FONT STYLE="letter-spacing: 1.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">concerning</FONT><FONT STYLE="letter-spacing: 4.65pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">descriptions</FONT> of <FONT STYLE="letter-spacing: -0.05pt">mineralization</FONT>
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">resources</FONT> <FONT STYLE="letter-spacing: -0.1pt">under
</FONT><FONT STYLE="letter-spacing: -0.05pt">Canadian</FONT> <FONT STYLE="letter-spacing: -0.1pt">standards</FONT> <FONT STYLE="letter-spacing: -0.05pt">may
not</FONT> <FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">comparable</FONT> <FONT STYLE="letter-spacing: -0.05pt">to
similar</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.05pt">made</FONT> <FONT STYLE="letter-spacing: -0.05pt">public
by</FONT> U.S <FONT STYLE="letter-spacing: -0.05pt">companies</FONT> <FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">SEC
filings.</FONT> <FONT STYLE="letter-spacing: -0.05pt">With</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">respect
to</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;indicated</FONT> <FONT STYLE="letter-spacing: -0.05pt">mineral
resource&#8221;</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">&#8220;inferred
mineral</FONT> <FONT STYLE="letter-spacing: -0.05pt">resource&#8221;</FONT><FONT STYLE="letter-spacing: 1.2pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">there
is</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT>a <FONT STYLE="letter-spacing: -0.05pt">great</FONT> <FONT STYLE="letter-spacing: -0.05pt">amount
of</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">uncertainty</FONT> <FONT STYLE="letter-spacing: -0.05pt">as
to</FONT><FONT STYLE="letter-spacing: 1.25pt"> </FONT>their<FONT STYLE="letter-spacing: 4.65pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">existence
</FONT><FONT STYLE="letter-spacing: -0.1pt">and</FONT> a <FONT STYLE="letter-spacing: -0.05pt">great</FONT> <FONT STYLE="letter-spacing: -0.1pt">uncertainty
</FONT><FONT STYLE="letter-spacing: -0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.1pt">their
</FONT><FONT STYLE="letter-spacing: -0.05pt">economic</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">legal
feasibility. </FONT>It <FONT STYLE="letter-spacing: -0.1pt">cannot</FONT> <FONT STYLE="letter-spacing: -0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">assumed
</FONT><FONT STYLE="letter-spacing: -0.1pt">that</FONT> <FONT STYLE="letter-spacing: -0.05pt">all</FONT> or <FONT STYLE="letter-spacing: -0.1pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">part</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">an
</FONT><FONT STYLE="letter-spacing: -0.1pt">&#8220;indicated</FONT> <FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: 4.75pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">resource&#8221;</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">or
&#8220;inferred</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">resource&#8221;</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">will
</FONT>ever<FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">be</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">upgraded</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">to
</FONT>a<FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">higher</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">category.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Investors</FONT><FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">are</FONT><FONT STYLE="letter-spacing: 0.45pt"> </FONT><FONT STYLE="letter-spacing: -0.1pt">cautioned
</FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT><FONT STYLE="letter-spacing: 0.5pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">to
assume</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">that</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">any</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">part
or</FONT><FONT STYLE="letter-spacing: 0.55pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">all</FONT><FONT STYLE="letter-spacing: 0.5pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">mineral</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">deposits in</FONT> <FONT STYLE="letter-spacing: -0.1pt">these</FONT><FONT STYLE="letter-spacing: -0.05pt">
categories</FONT> <FONT STYLE="letter-spacing: -0.05pt">will</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>ever<FONT STYLE="letter-spacing: -0.05pt">
be converted</FONT><FONT STYLE="letter-spacing: -0.1pt"> into</FONT> <FONT STYLE="letter-spacing: -0.05pt">reserves.<I>&nbsp;</I></FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Contact</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 5.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Krista</FONT><FONT STYLE="letter-spacing: -0.15pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Muhr</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 205.5pt 0 5.75pt"><FONT STYLE="letter-spacing: -0.05pt">Vice</FONT><FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">President</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Investor</FONT><FONT STYLE="letter-spacing: -0.1pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Relations</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT>&amp;<FONT STYLE="letter-spacing: 0.05pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">Corporate</FONT><FONT STYLE="letter-spacing: -0.1pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">Communications</FONT><FONT STYLE="letter-spacing: 1.95pt">
</FONT><FONT STYLE="letter-spacing: -0.05pt">604</FONT><FONT STYLE="letter-spacing: 0.05pt"> </FONT><FONT STYLE="letter-spacing: -0.05pt">601
</FONT><FONT STYLE="letter-spacing: -0.1pt">6701</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 363.25pt 0 5.75pt; text-indent: -0.05pt; color: blue"><FONT STYLE="letter-spacing: -0.05pt">kristam@eldoradogold.com</FONT>
<FONT STYLE="letter-spacing: -0.05pt">www.eldoradogold.com</FONT></P>



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

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

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