Eldorado Gold Corporation

Eldorado Gold Corporation

June 29, 2005 08:30 ET

Eldorado Announces Appointments to Board and Management

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - Eldorado Gold Corporation (TSX:ELD)(AMEX:EGO) ("Eldorado" the "Company" or "we") is pleased to announce the appointments of Donald M. Shumka to the Board of Directors of the Company; Norman Pitcher, PGeo as Chief Operating Officer; and Stephen J. Juras, P.Geo as Manager of Geology.

Mr. Donald Shumka's appointment to the Eldorado Board of Directors was effective May 3, 2005. Donald Shumka is President and Managing Director of Walden Management Ltd. providing financial consulting and advisory services to financial, manufacturing and processing industries. Donald holds an MBA from Harvard University and a BA from the University of British Columbia. His extensive experience includes 15 years in the investment banking industry with Raymond James Ltd. and CIBC World Markets and 25 years experience in the forest industry with 10 years as Vice President Finance and Chief Financial Officer of West Fraser Timber Co. Ltd. Donald's knowledge and expertise will complement the current skill sets of our Board.

Mr. Norman Pitcher is appointed Chief Operating Officer effective July 1, 2005. Prior to becoming COO, he was Vice President Exploration and Corporate Development of Eldorado where he led our exploration activities and identified new business opportunities. Norm holds a BSc in Geology from the University of Arizona and has more than 25 years of experience in the mining industry. Throughout his career he has been involved in the exploration, evaluation and exploitation of open pit and underground mineral deposits on an international scale.

Mr. Stephen Juras is appointed Manager of Geology effective July 15, 2005. Prior to joining Eldorado he was the Chief Geologist with AMEC Americas. Stephen holds a BSc from the University of Manitoba, a MSc from the University of New Brunswick and a PhD in geology from the University of British Columbia. His 28 years of international experience in consulting and operations will greatly enhance our operational team.

"We are extremely pleased with the announced appointments and the resultant strengthening of our Board and Management. These appointments are consistent with the Company's stated intention to successfully grow as an international gold mining company," said Paul N. Wright, President and CEO of Eldorado Gold Corporation.

Eldorado Gold Corporation is a gold producing and exploration company actively growing businesses in Brazil, Turkey and China. 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 in this release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the anticipated benefits of the proposed business combination, estimates relating to mineral reserves, future gold production and mine life, and other statements regarding future events on the Company's properties, or otherwise relating to the Company. Forward-looking statements are subject to a variety of risks and uncertainties including but not limited to gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; 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 section entitled "Business - Risk Factors" in the Company's Annual Information Form and Form 40F dated March 30 ,2005 for the fiscal year ended December 31, 2004. We do not expect to update forward-looking statements 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 shares trade on the Toronto Stock Exchange (TSX:ELD) and the American Stock Exchange (AMEX:EGO).

Request for information packages: info@eldoradogold.com

The TSX has neither approved nor disapproved the form or content of this release.

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