Eldorado Gold Corporation

Eldorado Gold Corporation

September 15, 2005 06:00 ET

Eldorado Receives Environmental Positive Certificate for Efemcukuru Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 15, 2005) - Paul Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD)(AMEX:EGO) ("Eldorado" the "Company" or "we") is pleased to announce the receipt of the Environmental Positive Certificate (the "Certificate") for its 100% owned Efemcukuru Gold Project ("Efemcukuru Project") located in western Turkey.

The Certificate was granted to the Company's wholly owned Turkish subsidiary, Tuprag Metal Madencilik Sanayi Ve Ticaret Limited ("Tuprag") by the Turkish Ministry of the Environment and Forestry. "The acceptance of our Environmental Impact Assessment Report and the subsequent issuance of the Certificate are significant milestones in Tuprag's permitting process," commented Paul Wright, President and Chief Executive Officer. "The timely receipt of the certificate serves to reaffirm the Company's confidence in the Efemcukuru Project development schedule with construction expected to commence by year end 2006. The Efemcukuru Project's development continues to benefit from the continued support of the local community and all levels of government."

The Efemcukuru Project is based on an epithermal vein structure which extends over 900 meters in strike length within which two ore shoots contribute to the resource presently defined through drilling (Table 1).

Efemtukuru Resource (Table 1)
Tonnes (x1000) Au (g/t) AuOz. (x1000)
Measured 665 15.11 323
Indicated 1,172 13.94 525
Measured & Indicated 1,837 14.36 848
Inferred 552 12.07 214

The vein system to date has not been fully defined at depth with the deepest holes drilled to approximately 250 meters (To view Long Section and Cross Section maps, please click on the following links:

Long Section: http://www.ccnmatthews.com/docs/eld0915a.jpg

Cross Section: http://www.ccnmatthews.com/docs/eld0915b.jpg

Future drilling will be directed at both upgrading existing resources and testing for down dip extensions of the identified ore shoots.

A prefeasibility study completed in 1999 and subsequently revised in 2000 (the "Prefeasibility Study") established the technical and economic viability of the Efemcukuru Project. As envisaged in the Prefeasibility Study, the Efemcukuru mine will be developed as a trackless underground operation with adit access mining and processing approximately 800 tonnes per day. Capital costs and investment costs in the Prefeasibility Study were estimated at US$45 million with project cash operating costs of US$149/oz.Au.

With the Certificate awarded, over the next 15 months Tuprag will be engaged in completing the remaining permitting and engineering required to commence construction. It is anticipated that the design criteria established in the Prefeasibility Study will be adhered to with the exception of the production rate which is anticipated to increase to 1,000 tonnes per day. The increased throughput will provide for approximately 125,000 oz. of annualized gold production.

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

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made

The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with National Instruction 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

For a detailed discussion of resource and reserve estimates and related matters see the Company's technical reports, including the Annual Information Form and other reports filed under the Company's name at www.sedar.com. A qualified person has verified the data contained in this release.

Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It can not be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

Certain of the statements made herein may contain forward-looking statements within the meaning of Section 1E of the Securities Exchange Act of 1934, which involve known and unknown risks, 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 are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking statements. Specific reference is made to "Narrative Description of the Business - Risk Factors" in the Company's Annual Information Form, Form 40-F dated March 30, 2005 for the fiscal year ended December 31, 2004. Forward-looking statements herein include statements regarding the expectations and beliefs of management. Such factors included, amongst others the following: 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).

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

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