Eldorado Gold Corporation

Eldorado Gold Corporation

July 14, 2009 13:18 ET

Eldorado Amends Agreement to Acquire Gold Fields' Stake in Sino Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2009) - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we") (TSX:ELD)(NYSE Amex:EGO) is pleased to announce that Eldorado has amended its agreement with Gold Fields Australasia (BVI) Limited ("Gold Fields") whereby Eldorado will acquire 57.9 million shares of Sino Gold Mining Limited ("Sino Gold") (representing approximately 19.9% of the issued and outstanding shares of Sino Gold) in exchange for 27,824,654 shares of Eldorado, subject to certain adjustments (the "Gold Fields Transaction"). The amendment provides for a filing of a prospectus solely in respect of the Gold Fields Transaction, for closing of the Gold Fields Transaction and extends the date of closing prior to the end of July 2009. A receipt for the preliminary prospectus has been issued. The closing of the Gold Fields Transaction remains subject to certain conditions.

Sino Gold is an Australian public company focused on the exploration and production of gold in China and is listed on the Australian Stock Exchange and Hong Kong Stock Exchange. It has two operating mines, Jinfeng and White Mountain.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.


Paul N. Wright, President and Chief Executive Officer

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Such forward-looking statements or information include, but are not limited to statements or information with respect to the transaction. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors included, amongst others, the following: the completion of the transaction being subject to the satisfaction of certain closing conditions and that the number of shares to be acquired or issued are subject to certain adjustments; gold price volatility; discrepancies between actual and estimated production, reserves, and metallurgical recoveries; mining operational risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 31, 2009.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX:ELD) and the NYSE-Amex US (NYSE Amex:EGO).

Request for information packages: laurelw@eldoradogold.com

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