An Example of a Complete Company Report

The report listed below is an example of the Complete Report on Eldorado Gold Corporation that you could have accessed on April 9, 2007, if you were an InfoMine subscriber at the Advanced, Advanced Plus, Professional, Professional Plus, Corporate, or Corporate Plus level (Please note that each property, listed in the Mineral Property Interests section, has its own Complete Report.) For more information on becoming a subscriber, or to subscribe online, please refer to the Subscribe section.

1188-550 BURRARD STREET, BENTALL 5
VANCOUVER, BC
Canada V6C 2B5
Phone:+1 (604) 687-4018
Fax:+1 (604) 687-4026
Reference Date: August 30/2006

The company is engaged in gold exploration, development and mining 
in Brazil, China, Africa and Turkey.

Corporate News March 7, 2007 Eldorado's 90-per-cent-owned Tanjianshan gold mine in Qinghai province, China, has received its gold mining certificate from the National Development and Reform Commission. The gold mining certificate certifies the company as an official gold producer under the laws of the People's Republic of China. The certificate is the first one granted to a North American gold producer with operations in China. February 19, 2007 Eldorado Gold Corp. (TSX:ELD) and Centerra Gold Inc. (TSX:CG) confirmed speculation Friday that they discussed a possible combination but said the talks have been "discontinued." (See Canadian Press: Eldorado Gold and Centerra Gold confirm merger talks, now 'discontinued' ) December 7, 2006 Eldorado Gold released further results from drilling at the Efemcukuru project located in Turkey. December 5, 2006 First gold has been poured at Eldorado Gold's Tanjianshan mine in China. October 18, 2006 Damage from a fire at the Tanjianshan gold project in China will likely have little long-term impact on Canadian-based majority owner Eldorado Gold Corp. (TSX:ELD), a Merrill Lynch analyst says. Eldorado announced late Tuesday after markets closed that a section of the process plant in China's Qinghai province had caused limited damage. The company said it was assessing the effect this will have on the startup of the project. (See Canadian Press: Analyst says fire at Eldorado Gold plant unlikely to have long term impact ) October 5, 2006 Eldorado Gold Corporation announced the commencement of commisioning at the Tanjianshian mine in Qinghai, China. August 1, 2006 Eldorado Gold have released results from ongoing drilling at the Tanjianshan project located in the Qinghai province of China. Highlights of the drilling from the Jinlonggou deposit include: 40.00 m grading 18.99 g/t Au from 101.00 m in hole JD202; 19.40 m grading 11.79 g/t Au from 92.80 m in hole JD229; and 18.40 m grading 12.50 m from 102.50 m in hole JD201. At Jinlonggou, 4,500 metres of diamond drilling in 35 holes were drilled so far this year. Results of the drilling to date are positive and supportive of further reserve increases. Notably, the existing high grade gold mineralization at the southwest end of the deposit was confirmed and extended further south, beyond the current open pit design limits. Production is scheduled to begin on the property in the fourth quarter. July 18, 2006 El Dorado Gold announced that its 100% owned Kisladag mine in Usak, Turkey officially commenced commercial production on July 1, 2006. Mine production continues according to the 2006 plan with approximately 500,000 tonnes of ore being mined monthly. Gold production presently is approximately 350 ounces daily and continues to increase consistent with the buildup of heap inventory and the expansion of area under leach. It is expected that the Kisladag mine with a 14-year mine life will provide direct employment for 350 people. May 12, 2006 Eldorado Gold Corp has made its first pouring of gold at the Kisladag mine in western Turkey. The start-up of the operation commenced on April 21, 2006. Production at the mine continues to proceed according to the plan, with 1.4 million tonnes of ore presently placed on the leach pad. April 21, 2006 Eldorado Gold Corp has commenced ore processing at its Kisladag gold mine in Turkey after all the required operatindug permits to produce gold have been obtained. The process plant has been commissioned and leaching solution is being applied to the leach pad. Currently there are one million tonnes of oxide ore on the leach pad and a total of 5.5 million tonnes is planned to be heap-leached within the year. Kisladag is set to produce 120,000 ounces of gold in 2006 at an estimated cash cost of US$215 per gold ounce, with production increasing to 240,000 oz in 2007. March 23, 2006 Eldorado Gold Corp. (TSX:ELD) posted a net loss of US$49.1 million in 2005 taking a $19.5-million writedown on assets as it plans to wind up operations at the Sao Bento mine in Brazil. The Vancouver-based miner said its loss amounted to 17 cents per share diluted and compared to a loss of $13.9 million or five cents per share in 2004. The company reports its results in U.S. dollars. (See Canadian Press: Eldorado Gold posts bigger annual loss of US$49.1 million after writedown ) January 24, 2006 Axmin and Eldorado reported the final round of drill results from the Kaomahun prospect, Nimini Hills project, Sierra Leone. Selected results include 28.0 m at 2.4g/t Au from 16.0 m (hole NWKD005); 19.4 m at 2.2g/t Au from 49.50 m (hole NWKD010); and 11.0 m at 1.6g/t Au from 67.0 m (hole NWKD008). These results complement earlier results and indicate a strike length of at least 650 m with potential for 1,400 m based on the gold in soil anomaly. A 1,200 m follow up core drilling program is currently being planned for later in the first quarter 2006. December 22, 2005 Eldorado Gold has announced an increase in mineral resources for the Tanjianshan Gold Project located in Qinghai Province, China. Based on a 1.0 g/t Au cut off grade, the measured and indicated resources now total 11.9 million tonnes grading 3.5 g/t Au containing 1.35 million ounces of gold and the inferred resources total 1.7 million tonnes grading 4.3 g/t Au containing 239,000 ounces of gold. In 2005, 68 diamond drill holes were completed totaling 9,377 m. A total of 33,136 m of drilling has now been incorporated in the resource estimate. Further drilling is being planned for 2006. December 20, 2005 Eldorado Gold has announced an updated resource estimate for the Vila Nova iron ore project in Amapa state, Brazil. The inferred mineral resource of 8.7 million tonnes has been estimated with an iron content of 61.5%. The inferred resource is based on 19 diamond drill holes located on section lines 100 metres to 200 metres apart over a strike length of 1,400 metres. Reconnaissance geologic mapping and positive results from a recently flown airborne magnetic survey show good potential to add resources to the north and west, respectively. November 17, 2005 Axmin has announced the results from the first five drill holes at the Koamahun Prospect within the Nimini Hills West permit, Sierra Leone. Highlights from the results include: 2.35 m grading 46.5 g/t Au (from 49.85 m) in hole NWKD001a; 5.00 m grading 9.5 g/t Au (from 99.00 m) in hole NWKD003; and 2.00 m grading 66.6 g/t Au (from 18.00 m) in hole NWED003. Assay results are still pending from the remaining eight drill holes of the drill program. Drilling has tested a total of some 700 m of strike length, with five fences on 80 m spacing and a further three fences on 160 m spacing and the main structure is still open to both the northeast and southwest. September 20, 2005 Eldorado Gold has announced the initial drill results from the current rotary and reverse circulation drill program at the AS project located in Turkey. Highlights from the drilling include: 115.0 m grading 0.82% Cu and 0.80 g/t Au (from 0.0 m) in hole AS-13; 50.0 m grading 0.86% Cu and 0.77 g/t Au (from 0.0 m) in hole AS-09; and 30.0 m grading 1.06% Cu and 0.96 g/t Au (from 18.0 m) in hole AS-09. The plan for the current drill program is to drill 1,800 m of rotary and 2,800 m of reverse circulation, followed by an initial 1,200 m of diamond drilling commencing early in the fourth quarter of 2005. September 13, 2005 Eldorado Gold and Afcan Mining completed their compromise plan. Eldorado acquired all of the issued and outstanding shares and warrants of Afcan. Every six and a half shares of Afcan have been exchanged for one Eldorado common share. July 11, 2005 Afcan Mining's board has unanimously recommended that shareholders approve a takeover offer from Eldorado Gold, an all-stock deal worth more than Can$68.9 million at Monday's prices. Under the agreement, Afcan shareholders will receive one common share of Eldorado for every 6.5 common shares of Afcan and one purchase warrant for every 6.5 Afcan purchase warrants. Eldorado will issue 20.4 million shares under the transaction and will have 296.9 million common shares outstanding, with Afcan shareholders holding about 7%. (See Canadian Press: Afcan Mining, Eldorado Gold set Can$69 million takeover accord, to close Sept. 16) June 22, 2005 Afcan Mining has reported on construction progress at its TJS gold mine in Qinghai province, China, scheduled for completion in the third quarter, 2006. Construction activities have begun on site with the civil earthworks contractor mobilizing and commencing work on the plant site and accommodation blocks. The engineering, construction and procurement management (EPCM) contractor, BGRIMM (a Chinese company) is on schedule with engineering design and the procurement process has commenced. Eldorado Gold proposed a merger with Afcan in May 2005. Eldorado has agreed to acquire all of the shares of Afcan in a transaction with an estimated value of Can$ 60.4 million. June 6, 2005 Startup of Eldorado Gold's project in Turkey has been delayed by two months due to weather and the late delivery of key components, the company said Monday. Eldorado said final commissioning of its Kisladag gold project in western Turkey is now forecast for February 2006 compared with December 2005 as previously planned. As a result, gold production for 2006 has been revised to 144,000 ounces from 164,000 ounces. (See Canadian Press: Startup of Eldorado Gold project in Turkey delayed two months; costs up) June 6, 2005 Eldorado Gold has announced updates exploration and development activities at the Kisladag gold mine, Usak province, western Turkey. Since the revision of the feasibility cost update to the Kisladag feasibility study in May, 2004, and commencement of construction, changes in global market conditions have negatively affected both capital and operating cost forecasts for the Kisladag mine. These factors combined with modifications in the engineering design incorporating aspects of the planned phase II expansion have resulted in an increase in overall capital costs of approximately 25% (USD16.7 million) to USD83.4 million and 10% on life-of-mine operating costs (USD16/oz) to USD181/oz. Diesel fuel makes up approximately 18% of the total cash cost, labour 12% and cyanide 9%. Approximately 70% of the costs are based on the strengthening of the Turkish Lira (TL) against the U.S. dollar. A change of USD5/barrel of crude oil will result in a change in operating cost of approximately USD6/oz Au produced. Final commissioning of the completed facility is now forecast for February, 2006. May 31, 2005 Eldorado Gold will buy Afcan Mining in an all-stock deal to gain entry into Chinese gold production, the mining companies announced Tuesday. Eldorado will acquire all of Afcan's issued and outstanding shares. Afcan is a gold producer with an 85 per cent interest in Tanjianshan gold project in the Qinghai province in Western China. The board-approved agreement will see Afcan shareholders receive one common share of Eldorado for every 6.5 common shares of Afcan. Eldorado will issue about 20.4 million common shares and one Eldorado warrant for every 6.5 outstanding Afcan warrants under the transaction. (See Canadian Press: Eldorado Gold buys Afcan Mining to gain entry into Chinese gold production) May 2, 2005 Afcan Mining has released the results of geological interpretation at M7 together with drilling targets for the 2005 drilling program at Tanjianshan, China. Highlights include confirmation of the connection between the gold mineralization in the Jinlonggou deposit and M7, a satellite deposit, 300 m to the east and from M7 to the second satellite deposit of Pubugou, 250 m to the south. This area is beyond current resource limits and has the potential to add substantially to the total resource inventory. This potential will be tested in 2005 with additional drilling not included in current resources. Drilling will start at Tanjianshan in mid-May. April 28, 2005 Eldorado Gold saw its first-quarter losses increase this year due to lower sales and higher operating costs at its Sao Bento mine in Brazil, the Vancouver miner said Thursday. Eldorado reported it lost CAD8.96 million or three cents a share for the quarter, compared with a net loss of CAD660,000, or nil per share, in the 2004 quarter. (See Canadian Press: Eldorado Gold posts wider Q1 loss on lower sales, higher costs at Brazil mine) April 12, 2005 Afcan Mining has commenced the 2005 field exploration programs at Tianjianshan in China. At Jinlonggou, the targets are the zones between the main deposit and the satellite deposits of M7 and Pubugou. The work program will comprise of mapping, trenching, surface and underground validation sampling and 5,000 m of HQ core drilling. At Qinlongtan, a 2,000 m HQ core drilling program will target the down plunge extensions of the mineralisation to the south and this is expected to greatly increase the high grade resources there. Mapping, sampling, ground geophysical methods and 3,000 m of drilling are planned for some of the more promising of the 23 prospects delineated on the four exploration tenements. At Xijingou, old surface mine workings together with limited drilling have identified substantial zones of gold mineralisation. A 12 holes program of shallow drilling, together with validation sampling is expected to provide appropriate data for resource estimation. April 5, 2005 Afcan Mining has confirmed that the bankable feasibility study for the Tianjianshan gold project in China has shown improvements. The new results show an improvement in the return, a lowering of the cash and total costs and an increase in the capital costs. Currently the detailed design has commenced and the SAG mill has been purchased and about to undergo refurbishment. March 22, 2005 Mineweb reports Eldorado Gold President and CEO Paul Wright as saying that a new undisclosed mining prospect is on the horizon that will be the Vancouver junior's "most prospective project we have in the portfolio.". Meanwhile, although Eldorado is not going to place "big bets" on China in the short-term, Wright strongly believes that rewards exist in Chinese properties if a company is patient and finds the right partner. In a telephone conference with analysts Monday, Wright admitted that the operating performance of the São Bento mine in Brazil "was disappointing." He added that drilling results in 2004 found that the geological model used for the past two decades at the mine "has started to break up on us," and that the orebody will probably be exhausted in 2008. The company produced a total of 82,024 ounces of gold in 2004 at a cash cost of USD294 per ounce. All of that production came from São Bento. (See Mineweb: New prospect looms on Eldorado Gold's horizon) March 21, 2005 Eldorado Gold has cut its losses by more than two thirds last year but produced lower sales from its international operations. The Vancouver-based miner said Monday it lost USD13.9 million or five cents a share for the year, compared with a net loss of USD45 million or 20 cents a share in 2003. (See Canadian Press: Eldorado Gold Corp. slashes full year loss to nearly USD14 million from USD45 million) March 10, 2005 Afcan Mining has announced that it will proceed immediately with start the detailed design and construction of the Tanjianshan project located in China with the first gold pour expected in the second quarter of 2006, subject to financing. On March 04, 2005 it was reported that nearly 300,000 ounces of gold would be produced from its Tanijanshan gold project. Afcan also announced today that it plans to spend USD2.5 million on exploration in 2005. March 4, 2005 Shares of Afcan Mining rose more than 8% Friday after the company said it expects to produce nearly 300,000 ounces of gold from its Tanjianshan project in China. Afcan stock gained 3 cents to 39.5 cents in trading on the Toronto Stock Exchange, a jump of 8.22%. Earlier Friday, the Toronto company released the results of a feasibility study on Afcan's 85% owned Tanjianshan project in Qinghai province. Afcan said the results show a "robust" project that will allow the company to become a major gold producer in China next year. (See Canadian Press: Afcan shares jump after Chinese mine estimates 2 yr, 296,000 oz. gold production) January 11, 2005 Afcan Mining has announced the results of the drilling program at the Mt. Kakoulima Nickel project in Guinea. The results confirm the initial concept of a basal contact structure with disseminated sulphide zones intersected in holes AF0007 to AF0012 dips to the south (inwardly) along its northern contact. The rock types encountered in the KIC are consistent with other mineralized maficultramafic intrusions and the contamination of the intrusion by gneissic wall rocks is a positive feature. The KIC rocks along its basal contact host local brecciation associated with disseminated sulphides. Diamond drill holes AF0007 to AF0012 have intersected disseminated sulphide mineralization at the base of the intrusion in favourable magnesian host rocks over a 1.6-kilometre strike length. Assays will determine the nickel (as well as copper, cobalt and platinum group elements) content of the sulphides. Initial assays are expected later this month. November 19, 2004 AFCAN Mining has raised CAD10 million to fund the construction of the Tanjianshan Gold Project in China. AFCAN issued 41,732,117 units at 25 cents each for gross proceeds of CAD10,433,029. AFCAN plans to start construction following the bankable feasibility study completion. AFCAN owns 85 % of the TJS Project at Tanjianshan in Qinghai Province, China. A resource estimation at both Jinlonggou and Qinlongtan are currently underway and a resource estimate is expected to be available in November. November 12, 2004 Eldorado Gold has raised CAD77.62 million in a "bought deal" financing to fund exploration on the company's properties in Turkey and Brazil, for property acquisitions and for general corporate purposes. Eldorado issued 20.7 million common shares at CAD3.75 a share to a syndicate of underwriters led by Orion Securities Inc. Eldorado is an international gold miner with a mine in Brazil, the São Bento Mine, located in Minas Gerais State, and the Kisladag gold development project in Turkey, as well as other property interests in Turkey, Brazil and China. Eldorado has received all the permits and approvals necessary to construct the Kisladag mine in Turkey. Eldorado is on schedule to commence production late in 2005. Kisladag will commence production at an annualized rate of 164,000 ounces for its first year increasing in year two to 240,000 ounces annually at a cash operating cost of USD165 per ounce for a planned mine life of 14 years. November 1, 2004 AFCAN Mining has completed the drilling program on the TJS project at the Tanjianshan in the Qinghai province, China. Highlights include 26.03 m at 9.69 g/t including 3.70 m at 32.72 g/t and 0.85 m at 94.82 g/t, 9.23 m at 10.47 g/t including 2.90 m at 15.60 g/t and 3.13 m at 15.23 g/t, 2.39 m at 26.02 g/t, 14.76 m at 3.64 g/t, 9.95 m at 6.21 g/t, 16.80 m at 3.35 g/t. Resource estimation work is currently underway and it is expected to be completed by mid-November. October 28, 2004 Eldorado Gold narrowed its quarterly loss to USD1.3 million, the miner said Thursday, blaming lower gold sales and higher operating costs. Eldorado's loss came to zero cents per share for the third quarter ended Sept. 30. That compared with a loss of USD1.6 million, or one cent per share, in the year-earlier quarter. Sales at Eldorado, which reports in U.S. dollars, dropped to USD9.2 million from USD9.8 million. (See Canadian Press: Eldorado Gold narrows Q3 loss to USD1.3 million from USD1.6 million year ago ) October 26, 2004 Eldorado Gold plans to raise CAD67.5 million in a "bought deal" financing to fund exploration on the company's properties in Turkey and Brazil, for property acquisitions and for general corporate purposes. Eldorado will issue 18 million common shares at CAD3.75 a share to a syndicate of underwriters led by Orion Securities Inc. Eldorado is an international gold miner with a mine in Brazil, the São Bento Mine, located in Minas Gerais State, and the Kisladag gold development project in Turkey, as well as other property interests in Turkey, Brazil and China. Eldorado has received all the permits and approvals necessary to construct the Kisladag mine in Turkey. Eldorado is on schedule to commence production late in 2005. Kisladag will commence production at an annualized rate of 164,000 ounces for its first year increasing in year two to 240,000 ounces annually at a cash operating cost of USD165 per ounce for a planned mine life of 14 years. October 19, 2004 Afcan Mining has provided further drill results from the TJS project in Tianjianshan in Qinghai province, China. The majority of holes reported are located in the central and northern parts of the Jinlonggou deposit. Most of the intercepts are within the area of existing resources and confirm geological interpretations. Highlights include 7.60 m at 30.38 g/t, 18.00 m at 6.06 g/t, 26.54 m at 6.03 g/t, and12.10 m at 6.43 g/t. A resource estimation at both Jinlonggou and Qinlongtan are currently underway and a resource estimate is expected to be available in November. October 13, 2004 Eldorado Gold has released an update on the exploration activities in Turkey. The company has been active in the Western Pontides, the joint venture areas and the Biga Peninsula with the main focus on the Western Pontides and the joint venture areas. On the Western Pontides the focus has been on the Pontide volcanic arc, where the company concentrated on three areas: the Koyulhisar districtm Toplak Tepe and the AT project. Work to date at the Koyulhisar has defined two areas of specific interests, which have been referred to as the KK zone and the S zone. The plan for the remainder of 2004 is to systematically map and sample outcrops and road cuts on the ridge to provide drill targets for 2005. At the S zone Tuprag has commenced with the permitting of three trenches designed to cross the heart of the S zone geochemical anomaly. At the Toplak Tepe plans for 2005 will consist of detailed mapping and sampling along with road building to provide access for drilling in the year and at the AT project plans are to sample intermediate soil lines to better define the mineralization, followed by an initial drill program to test the main structures, using the geochemical and old workings as a guide. October 5, 2004 AFCAN has discovered a new ore zone in the F30 thrust fault at Siwuguo in the southern part of the Jinlonggou deposit, TJS Gold project, China. The resources in the newly discovered zone are additional to the currently delineated resources at Jinglongguo. Highlights include 10.43 g/t over 3.3 m, 5.11 g/t over 10.9 m, 6.25 g/t over 14.7 m including 20.60 g/t over 2 m. Construction is expected to commence in 2005 with production of 110,000 oz/year in 2006. September 16, 2004 AFCAN Mining plans to raise up to CAD11 million to fund the construction of the Tanjianshan Gold Project in China. AFCAN will issue up to 43,925,000 units at 25 cents each for gross proceeds of CAD10,981,250. AFCAN plans to start construction following the bankable feasibility study completion in December, 2004. AFCAN owns 85 % of the TJS Project at Tanjianshan in Qinghai Province, China. Earlier this week AFCAN announced the discovery of new mineralized zones with additional resources at the Jinlonggou deposit on the TJS project. Highlights include 2.0 m grading 15.16 g/t Au including 1.54 m grading 19.35 g/t Au and 3.8 m grading 7.14 g/t and 1.08 m grading 19.06 g/t. The new mineralized zones demonstrate the continuity of mineralization at Jinlonggou. September 14, 2004 Afcan has discovered new mineralized zones with additional resources at the Jinlonggou deposit on the TJS project at Tanjianshan in Qinghai Province, China. Highlights include 2.0 m grading 15.16 g/t Au including 1.54 m grading 19.35 g/t Au and 3.8 m grading 7.14 g/t and 1.08 m grading 19.06 g/t. The new mineralized zones demonstrate the continuity of mineralization at Jinlonggou. (See Canadian Press: Afcan Mining finds new gold bearing zones at Jinlonggou project in China strike ) September 8, 2004 Afcan Mining has reported results from the drilling program at Qinlongtan, a second deposit of the TJS project in China, which show a new high grade core zone and extends the zone along strike to the north and the south. Also discovered is a repetition of the central ore shoot. Detailed results from 10 of the 16 holes in the 2004 Qinlongtan programme that have now been received. Select highlights include 14.7 m at 9.56 g/t (Hole QD016), 15.2 m at 17.63 g/t (Hole QD019), 16.8 m at 13.94 g/t (Hole QD020) and 11.5 m at16.20 g/t (including 2 m at 65.17 g/t) in Hole QD025. September 8, 2004 Eldorado Gold has received all the permits and approvals necessary to construct the Kisladag mine in Turkey. Site activities will be under way in September and includes road construction, mobilizing of contractors to site, water well drilling and electrical power line construction. Eldorado remains on schedule to commence production late in 2005. Kisladag will commence production at an annualized rate of 164,000 ounces for its first year increasing in year two to 240,000 ounces annually at a cash operating cost of USD165 per ounce for a planned mine life of 14 years. August 3, 2004 Afcan Mining has announced further drill results at the TJS gold project in Qinghai province, China. Selected drill highlights from the Jinlonggou deposit include 2.2 m at 60.96 g/t; 11.52 m at 7.31 g/t; and 2.6 m at 10.36 g/t. The mineralization represents new zones at Jinlonggou. Drilling is continuing at the Qinlongtan deposit located 16 km north-northwest of Jinlonggou with 13 holes of the 16-hole program now complete. Results are pending. July 26, 2004 Eldorado Gold has reported a net loss of USD1.7 million on revenue of USD6.9 million for the second quarter, compared with a net income of USD1.4 million on revenue of USD9.0 million for the corresponding period of 2003. The decrease in revenues for the quarter was attributed to lower gold production due shaft deepening at the São Bento Mine. Eldorado sold 17,424 ounces of gold at an average realized price of USD396 an ounce compared with 24,368 ounces at an average realized price of USD344 an ounce in the second quarter 2003. July 8, 2004 Afcan Mining has reported further drill results from the TJS project in China. The intercepts represent new zones and continue to demonstrate continuity of mineralization of the flat-lying structures. Highlights of drilling include 6.0m grading 4.80 g/t Au and 2.63 m grading 2.45 g/t Au from Hole JD062. Drilling also commenced at the Qinlongtan deposit. The objective of this program was to increase indicated resources by testing the northern and southern extents of the mineralized fault. Drilling continues on the property. June 15, 2004 Eldorado Gold has reported that the Turkish government has passed legislation exempting the production of gold in Turkey from Value Added Tax (VAT) and made amendments to the Mining Law, which according to Eldorado positively impacts the company's Kisladag gold Project. The initial capital investment for the project will decrease by USD10.7 million and cash operating cost will decrease by USD23.00 per ounce to USD165.00 as stated in the May 20, 2004 press release. Paul Wright, President and CEO, commented the change improves the return on the Kisladag Project to 43% at a USD350.00/oz gold price. June 15, 2004 AFCAN has reported initial exploration results from the TJS Project in China. Highlights include from Hole JD068, 20.95 m grading 13.56 g/t Au. Included within this interval was a 8.48 m section grading 20.71 g/t Au. Partial results from holes JD065, JD067, JD068 and JD069 were reported with further results from these holes to come. AFCAN plans to convert inferred resources to indicated resources at Jinlonggou; to increase resources at both Jinlonggou and Qinlongtan; and to test a selection of the 25 regional gold prospects delineated by previous work. May 20, 2004 Eldorado Gold has revised their cost feasibilty cost update for their Kisladag Gold Project in Turkey. Changes include value added tax, fuel price, gold price and more. No changes have been made to the original technical concepts of the feasibility report. May 13, 2004 Eldorado Gold has reported a net loss of USD0.7 million on revenue of USD9.9 million for the first quarter ended March 31, 2004, compared with a net income of USD1.7 million on revenue of USD9.4 million for the corresponding period of 2003. April 20, 2004 Afcan Mining has started its USD4.5 million exploration program for 2004 in China. The program aims to both increase the resources previously announced at the TJS Project and to upgrade the inferred resources to indicated resources. The flat lying structure discovered during the end of the drilling campaign in 2003 at the Jinlonggou deposit will be a major target area. Exploration of the 23 geochemical anomalies on the licence area of 341 km² will be the target of separate regional exploration program and USD1 million of the USD4.5 million has been allocated to regional exploration. April 19, 2004 Eldorado Gold has completed the acquisition of all private lands required for development of the Kisladag gold project located in western Turkey. Eldorado has successfully negotiated the purchase and completed the title transfer of 417 parcels of privately held agricultural land within the overall site totaling 219 ha. Purchase agreements were reached for each of the 1,131 shareholdings within the total area. Eldorado had previously purchased all necessary Treasury Land and is moving forward to secure the lease agreements for access to forestry land. Successful completion of the private land purchase will enable the company to proceed with the final stages in the permitting process, specifically the submission of the zoning plan and application for the construction permit leading to a construction decision in the second quarter of 2004. April 6, 2004 AXMIN has announced that its wholly owned subsidiary AXMIN Limited has signed a Heads of Agreement with AFCAN Barbados Limited, a subsidiary of AFCAN Mining Corporation, for the 98 sq km Nimini East and West properties in Sierra Leone where historic drilling includes intersections of 2.5 g/t Au over 40 m, 4.6 g/t Au over 13.7 m and 8.6 g/t Au over 5.5 m. The agreement is in the form of an exclusive six month option for which AXMIN will pay AFCAN USD20,000. During the option period AXMIN will confirm and, where possible, extend existing targets through follow up sampling and trenching.AXMIN Chief Executive Officer, Dr Jonathan Forster states "We view Sierra Leone as an excellent country in which to explore for gold, with Archaean greenstone belts similar to those of the Central African Republic and essentially no modern exploration, yet abundant evidence for gold bearing systems. Sierra Leone has been through a severe episode of insurgency but with the support of the United Nations and the British Government the country is now recovering." March 18, 2004 Afcan Mining reports that it has increased to 90%, from 78%, the metallurgical recovery of the sulphide ores from its Tanjianshan gold project in Qinghai, China. Metallurgical testwork showed that a two-stage roasting provides a recovery of 90.1% for the sulphide material. The samples used for the study were obtained mainly from Jinlonggou deposit within the project. February 10, 2004 AFCAN has announced highlights of a program of underground sampling at its Tanjianshan project in China. The work resulted in validation of previous underground sampling (including the 17.70 m at 28.37 g/t); discovery of new zones of mineralization (including 15 m at 6.61 g/t and extension of known intercepts. The objective of the program was to validate channel sampling data collected by previous explorers Qinghai No1 Exploration Brigade (Q1) and Sino Mining. February 4, 2004 Afcan and its JV partner Semafo have signed an option agreement with FNX Mining on the Mt Kakoulima Ni-Cu-Co-PGE exploration project in Guinea, West Africa. The project area includes 3 licences covering 295 km² and is located 30 km from Conakry, the capital of Guinea. The licences will be held in trust by Les Minéraux SGV SA, a Guinean company that is owned 53% by Afcan and 47% by Semafo with Afcan as the operator. FNX has the option to acquire a 100% interest in the licences by incurring a total of USD2,400,000 of exploration expenditures on the licences over a five year period, and by completing a bankable feasibility study or incurring further exploration or development expenditures in an amount of USD2,000,000. December 24, 2003 AFCAN Mining has reached an agreement with Sino Gold Limited with regards to its purchase of 85% of the TJS Gold Project in Qinghai Province, China. The agreement now includes the postponement for 2 years of the payment by Afcan of USD700,000 due on December 31, 2003; the purchase by Afcan of the net profit interest royalties due to Sino on production; a fixed amount payable annually to Sino commencing on December 31, 2004. Afcan will pay interest to Sino on the loan at the rate of U.S. prime plus 2% on a quarterly basis. Under the original purchase agreement Afcan agreed to pay a 15% net profit interest capped at AUD7.5 million. This has now been converted into a series of fixed annual payments starting on December 31, 2004 and finishing on the December 31, 2009 totalling USD2 million with an additional payment of up to USD1 million payable as a royalty of USD2 per ounce after the production of 600,000 ounces. December 18, 2003 AFCAN Mining has reported more positive results from its drilling campaign on the 85% owned TJS Project in Quinghai Province, China. Most of the results either support or extend the mineralization previously reported. Significantly, the results from holes JD055 to JD060 indicate the potential for a much larger gold resource at Jinlonggou. These 6 holes targeted the flat dipping eastern extensions to the orebody and have demonstrated continuity of mineralisation to the satellite deposit at Pubugou and the likelihood of the mineralization extending towards the other satellite deposit of M7 and provide additional support for an open cut mine. The eastern extensions of the orebody will be targeted in the 2004 drilling program. It should be noted that JD058 ended in mineralization with an intercept of 19.35 m @ 10.58 g/t with the very bottom of the hole grading 2.9 m @ 53 g/t Au. Work is continuing on interpretation of the geology at Jinlonggou in plan and section. November 19, 2003 Afcan Mining has reported signficant and continuous gold intersections from a drill program below the open pit at Quinlongtan indicating consistent gold mineralization open to north south and at depth on its TJS project in China. Selected mineralization intervals greater than 1g/t Au over 1 m in holes QD003 – QD012 are up to 18.51 g/t over 8.30 m from a depth of 120.0 m downhole in QD12. All these holes had at least one significant intersection as did the first two which were previously reported. Resource estimation work on the Qinlongtan deposit is currently underway. November 13, 2003 Afcan has received the results of a LANDSAT study on the TJS gold project in China. The study has identified a number of major structural attributes that are common to the main centres of gold mineralisation in the area. Repetitions of such underlying structural settings, of which there are 12 within Afcan’s tenement block of 334km² are coincident with drainage and gold-in-soil geochemical anomalies (of which there are 23) previously delineated by the Qinghai No.1 Exploration Team (Q1) in the early 1990’s. A substantial exploration programme was currently being planned for next year, in addition to further developing and extending the resources at Jinlonggou and Qinlongtan. October 30, 2003 Eldorado Gold has reported a net loss of USD1.3 million or 1 cent per share on revenue of USD9.8 million for the third quarter of 2003, compared to a net income of USD1.4 million or 1 cent per share on revenue of USD10.6 million for the corresponding quarter of 2002. The loss was attributed mostly to higher costs, a loss in foreign exchange, as well as an accounting loss on the early redemption of the 8.25% convertible debentures. Cash flow from operations was USD1.8 million for the three months ended September 30, 2003, compared to USD4.7 million for the same period of 2002. In the third quarter of 2003 Sao Bento mine produced 23,327 ounces of gold at a cash operation cost of USD245 per ounce, compared to 28,469 ounces at a cash operating cost of USD185 per ounce in the third quarter of 2002. Contributing to the lower production rate is the shaft deepening project which is on schedule and is planned for completion in the first quarter of 2005. October 30, 2003 Eldorado Gold has entered into an agreement with Fury Explorations whereby Eldorado will purchase 2.5 million units of Fury at CAD.62 per unit, for a total of CAD1.55 million. Each unit will consist of one Common Share and one common share purchase warrant. The warrants are exercisable at a price of CAD0.80 per for one year from the date of closing of the transaction. Fury has also agreed to a non-brokered private placement of 1,250,000 units at a price of CAD0.62 per unit for a total of CAD775,000. These units are under the same terms as the Eldorado units. Fury plans to use the proceeds for exploration on the company's projects in China. October 22, 2003 AFCAN has reported assay results from diamond drill holes JD28, JD30 to JD35 from its 85% owned TJS Project at Tanjianshan in Qinghai Province, China. Fifteen drill intercepts greater than 1 g/t Au were reported from the three holes. The highest grade interval was from JD035 which returned 24.80 g/t Au over 0.58 m true width at a depth of 26.15 m. The widest intercept reported was also from JD035 with a true width of 6.55 m and a grade of 9.87 g/t Au. All significant intercepts reported today start at a depth of 105.70 m or less and range from 0.75 m to 8.50 m in width. The three holes were completed in the central and southern part of the deposit. October 8, 2003 AFCAN has announced more results from diamond core drilling on its 85% owned TJS Project in Quighai Province, China. Best results are from hole JD026 from a depth of 109.27 m downhole with 12.43 m (8.83 m true width) grading 17.23 g/t Au. The results from JD22 – JD27 and JD29 include 25 intercepts with greater than 1 g/t Au. Overall, the results continue to confirm the picture of steeply east dipping continuous and predictable ore zones on the western side of the deposit, and a subhorizontal stratabound zone of variable grade orebodies on the eastern side. October 3, 2003 Afcan Mining has raised CAD10 million to finance the continuation of drilling, underground exploration and complete a bankable feasibility study on its 85% owned Tanjianshan Gold (TJS Gold) project in China. Afcan issued 40 million units at 25 cents. Afcan Mining plans to use the proceeds of the financing to continue drilling on the TJS Gold Project to increase the resources and to upgrade presently inferred resources to indicated resources and to complete the bankable feasibility study for a 70,000 oz/year gold mine. September 23, 2003 Afcan Mining is in discussions with agents Kingsdale Capital Partners to increase a previously announced financing from CAD5 million to CAD10 million to finance the continuation of drilling, underground exploration and complete a bankable feasibility study on its 85% owned Tanjianshan Gold (TJS Gold) project in China. The revision follows a previous upward revision, from CAD3 million to CAD5 million earlier this month. Afcan Mining plans to use the proceeds of the financing to continue drilling on the TJS Gold Project to increase the resources and to upgrade presently inferred resources to indicated resources and to complete the bankable feasibility study for a 70,000 oz/year gold mine. September 15, 2003 Eldorado Gold has increased mineable reserves by 11% at its wholly-owned Kisladag Gold Project in western Turkey, increasing the contained gold reserves to 5.1 million ounces. The increase of 521,000 ounces of gold is derived from additional drilling subsequent to the completion of the Kisladag feasibility study resource estimate. A total of 7,057 m of RC drilling has been completed on the Project in 2003, increasing the total drilling to 37,190 m. This program succeeded in upgrading inferred resources within and peripheral to the feasibility pit design. The revised resource estimate is 214,803,800 tonnes grading 1.04 g/t Au for 7,192,600 ounces in the measured and indicated categories at a cut off of 0.4 g/t Au. Revisions to the Kisladag pit design have resulted in an increase in overall tonnage of 17%. The company received the Environmental Positive Certificate in June and continues to complete the remaining permitting, engineering and land acquisition steps enabling the planned construction decision by year-end. September 12, 2003 Afcan Mining is in discussions with agents Kingsdale Capital Partners and Kingsdale Capital Markets to increase a previously announced financing from CAD3 million to CAD5 million to finance the continuation of drilling, underground exploration and complete a bankable feasibility study on its 85% owned Tanjianshan Gold (TJS Gold) project in China. Afcan Mining plans to use the proceeds of the financing to continue drilling on the TJS Gold Project to increase the resources and to upgrade presently inferred resources to indicated resources and to complete the bankable feasibility study for a 70,000 oz/year gold mine. Yesterday, Afcan reported more results from diamond drill core on the properties, which confirm steeply east dipping continuous and predictable ore zones on the western side of the deposit, and a sub horizontal stratabound zone of variable grade orebodies on the eastern side. Results from four batches of samples are expected shortly and drilling is continuing. September 11, 2003 Afcan Mining has reported more results from diamond drill core on its 85% owned TJS Project in Quinghai Province, China. Results were reported for JD11 – JD22 for selected mineralization intervals greater than 1g/t Au over 1 m. Of 23 intersections reported these include 9.9 m grading 8.19 g/t Au and 16.1 m grading 8.88 g/t Au with a 3.6 m section grading 31.5 g/t Au. Overall, the results confirm the picture of steeply east dipping continuous and predictable ore zones on the western side of the deposit, and a sub horizontal stratabound zone of variable grade orebodies on the eastern side. Another four batches of samples have now been dispatched from site, and results are expected shortly. Drilling is continuing. August 25, 2003 Vancouver-based Eldorado Gold has raised CAD77.5 million, in a bought deal financing, to finance to complete construction of its Kisladag Mine in Turkey and for general corporate purposes. Eldorado issued a total of 25 million units at CAD3.10, each unit consisting of one common share and one-half of a common share purchase warrant. The financing included the exercising of an option for the underwriters to acquire an additional 5 million units, over and above the initial 20 million units. Eldorado received an Environmental Positive Certificate for its Kisladag Gold project in June. Kisladag has proven and probable gold reserves of 4.5 million ounces and is planned as a 15-year, open pit, heap leach gold mine with anticipated cash operating costs of USD152 per ounce of gold. August 19, 2003 Afcan Mining has announced diamond core drilling program results from its 85% owned TJS Project in Qinghai Province, China. Highlights from selected mineralization intervals greater than 1m included in hole JD 7 with 17.55 m grading 3.49 g/t Au true width from a depth of 62.94 downhole. Holes JD6 – JD11 reported numerous significant intersections including 2.16 m true width grading 4.91 g/t Au including 0.75 m grading 12.10 g/t Au and 4.16 m true width grading 8.18 g/t Au including 0.64 m of 21.60 m. The Phase 1 drilling program carried out from April to June 2003 and comprising 26 holes for 2943 m is now complete, although more drill results are pending. August 6, 2003 Eldorado Gold has entered into a bought deal agreement with a syndicate of underwriters led by Orion Securities to raise CAD62 million to complete construction of its Kisladag Mine in Turkey and for general corporate purposes. Under the agreement, the syndicate will purchase 20 million units consisting of one common share and one-half of a common share purchase warrant at a price of CAD3.10 per unit. Each whole common share purchase warrant will entitle its holders to acquire one common share of Eldorado at a price of CAD4.10 per common share for a period of 12 months following the closing date of this offering. Eldorado Gold currently trades at CAD3.15 on the TSX and has 212,598,776 common shares outstanding. The company received an Environmental Positive Certificate for its Kisladag Gold project at the end of June. Kisladag has proven and probable gold reserves of 4.5 million ounces and is planned as a 15-year, open pit, heap leach gold mine with anticipated cash operating costs of USD152 per ounce of gold. July 29, 2003 AFCAN has announced the first results of the diamond drilling program recently completed at its 85%-owned TJS project in Qinghai Province in China. Results from holes JD1 – JD5 drilled at the Jinlonggou minesite are available with best results including 6.85 m grading 7.35 g/t Au from a depth of 10.8 m in hole JD4 which includes 1.44 m grading 23.05 g/t Au. Results confirm existing interpretations of mineralization on the western margins, but also indicate that a number of additional parallel zones have been intersected. The next three batches of samples have now been dispatched from site, and results are expected shortly. Following recent mapping program on surface and underground it has become apparent that a new interpretation of the orientation of mineralisation may be appropriate, and which, if proved correct, has the potential to substantially increase the total resource. The Phase 2 core drilling program comprising 3,300 m at Jinlonggou commenced on the July 26 with 2 diamond drill rigs and an additional HQ core drilling program of 2,500 m at the Qinlongtan minesite is expected to commence in early August. July 24, 2003 Eldorado Gold earned USD1.8 million, or 1 cent a share, on revenue of USD9 million for the second quarter, down from earnings of USD2.3 million, or 2 cents a share, on revenue of USD10.4 million for the corresponding 2002 quarter. Improved results for the quarter were attributed to a gain of foreign exchange of USD2.5 million. Decreased revenues were attributed to reduced gold sales of 24,368 ounces at a realized price of USD344 per ounce (excluding a total hedging gain of USD634) down from 31,376 ounces at a realized price of USD303 per ounce (excluding a total hedging gain of USD868 in 2002). The Sao Bento mine produced 26,772 ounces of gold at cash operating cost of USD230 per ounce compared with 27,702 ounces at a cash operating cost of USD195 produced during the corresponding 2002 quarter. Lower production was attributed to slower than planned advancement of the ramp development at the mine. Eldorado plans to deepen its existing shaft at the Sao Bento mine by approximately 370 m at an estimated cost of USD12.0 million. Eldorado has revised its 2003 and 2004 production and cost forecasts to 95,000 ounces with cash costs of USD230 per ounce. July 15, 2003 Eldorado Gold has opted out of exploring Ecstall Mining’s Dusty Mac gold property at Okanagan Falls in southern B.C. Eldorado directed a CAD200,000 drill program in April and May 2003, which was funded through a private placement in Ecstall. Four holes were drilled and as previously announced, the solitary drill hole under the pit did not test Ecstall’s principal target, below the gold mineralized quartz breccia body, because of unanticipated faulting which, evidently, has down dropped the postulated high grade vein target a probable 200 m below the level tested. Ecstall plans future deep drill testing below the open pit, but near term work at Dusty Mac will concentrate on two untested near surface targets. June 30, 2003 Eldorado Gold Corporation has received an Environmental Positive Certificate for its Kisladag Gold project in western Turkey, as anticipated following the release of the project's feasibility study in March. The project has proven and probable mineral reserves of 4,532,000 ounces of gold, and is planned as a conventional 15-year, open pit, heap leach gold mine with anticipated cash operating costs of USD152 per ounce of gold. Paul Wright, President and CEO comments, "the timely receipt of the Certificate reaffirms the company’s confidence in its development schedule which anticipates a construction decision in the fourth quarter 2003." June 25, 2003 AFCAN plans to raise CAD3 million in a brokered private placement to finance the continuation of drilling, underground exploration and complete a bankable feasibility study on its 85% owned Tanjianshan Gold (TJS Gold) project in China. AFCAN also plans to conduct metallurgical work on the existing heap leach pads and tailings dam and commence a regional exploration program to investigate known anomalies. AFCAN has appointed Kingsdale Capital Partners and Kingsdale Capital Markets to act as an agent in the financing, to offer up to 12 million units at 25 cents. Each unit will consist of a common share and half a warrant, with each warrant entitling the holder to purchase an additional share of the company. AFCAN shares currently trade at 20 cents on the TSX, with 23 million shares currently issued and outstanding. AFCAN commenced production at the TJS Gold project in April and expects to 650 ounces per month for the next four months. The project consists of four large contiguous exploration licenses that encompass the Jinlonggou and Qinlonggou gold deposits, currently mined by open pit and underground methods to produce about 8,000 ounces of gold per year. AFCAN also announced the completion of a 1,000 m drill program last month, with results expected this month. June 24, 2003 South African gold miner Gold Fields has sold its shareholding in Vancouver-based Eldorado Gold, a shareholding that was originally acquired by Gold Field's predecessor Gencor. Late last year Gold Fields owned 30,479,959 (14.78%) of the issued and outstanding shares of Eldorado, and since January, has reduced its interest in Eldorado to zero by selling into the market. Gencor acquired its initial shareholding in Eldorado in 1996 through the acquisition from Gencor of a portfolio of assets, which included the Sao Bento Mine in Brazil. May 27, 2003 Afcan Mining has sold its first gold production from its 85% owned TJS Gold Project in China, with 350 ounces expected to be sold next month. A total of 354 ounces was sold yesterday from the existing plant on the property. Gold production commenced last month with an estimated production of approximately 650 ounces per month for the next five months. The shortfall in production was attributed to gold in circuit, which will be recovered at the end of this year's production. Afcan reported earlier this month that the average daily feed is 160 tonnes at a head grade of 5.8 g/t Au from existing surface stockpiles, with recovery averaging 78%. Afcan is also processing stockpiled material through its roasting section, with a throughput averaging 16 tonnes per day at 50 g/t. Recovery of 78% has also been achieved. The next gold sale of approximately 350 ounces is expected in the next 2 weeks. Also, Afcan has completed a 1,000 m drill program, with results expected next month. May 20, 2003 Eldorado Gold has downwardly revised its production and cost forecasts at the Sao Bento Mine, Minas Gerais, Brazil. Eldorado Gold has revised its estimated production and cash costs for 2003 from 105,000 ounces at USD190 per ounce to 95,000 ounces at USD230 per ounce. Production and operating costs in 2004 are projected at similar levels, improving to approximately 110,000 ounces at USD195 per ounce in 2005 upon completion of shaft deepening. Eldorado Gold attributed the revision to the strengthening of the Brazilian currency over the last year which has negatively affecting operating costs; the increase in shaft deepening costs of USD12 million; and 15 to 20% producer inflation greater than the 12% originally forecast. Eldorado Gold has also terminated its option to acquire CVRD's Brumal property, 5 km from Sao Bento. Eldorado Gold's 2002 drilling program failed to demonstrate the necessary continuity of the mineralization to support a mining operation at Brumal. May 14, 2003 Afcan Mining has commenced production on its 85% owned TJS Gold Project in China. Afcan plans to produce approximately 650 ounces per month for the next five months, from the existing plant. The average daily feed is 160 tonnes at a head grade of 5.8 g/t Au from existing surface stockpiles, with recovery averaging 78%. Afcan is also processing stockpiled material through its roasting section, with a throughput averaging 16 tonnes per day at 50 g/t. Recovery of 78% has also been achieved. Afcan expects its first gold sale of approximately 800 ounces before the end of the month. April 30, 2003 AFCAN Mining has signed a heads of agreement with Ashanti Goldfields on its Nimini East and Nimini West exclusive prospecting licences for gold in Sierra Leone in the Nimini Hills Archean greenstone belt. Ashanti can earn its interest in the properties by paying USD25,000 for the right to explore for four months during which time it has the right to withdraw from the project, then by successive option payments of USD75,000 and spending USD500,000 on exploration over a two-year period to acquire a 51% interest in the properties. More successive option payments of USD275,000 after four years and spending another USD1,000,000 on exploration to acquire a further 20% interest in the properties. After the completion of a bankable feasibility study, Ashanti shall acquire an additional 9% interest in the properties (for a total 80%). Ashanti must withdraw if it has not completed a bankable feasibility study within six years. Ashanti is planning to start an exploration program in early May, to achieve as much as possible before the wet season in July. April 30, 2003 Eldorado Gold earned USD2.6 million, or 1 cent a share, on revenue of USD9.2 million for the first quarter, up from a loss of USD0.3 million on revenue of USD5 million for the corresponding 2002 period. Stronger financial performance was attributed to a stronger Canadian US dollar exchange rate. Increased revenue was attributed to the sale of 23,854 ounces of gold at a realized price of USD356 per ounce, excluding hedging revenue amortization, in the quarter compared with 13,792 ounces of gold at a realized price of USD292, excluding hedging revenue amortization, per ounce during the corresponding 2002 quarter. During the quarter, Sao Bento produced 21,831 ounces at a cash cost of USD215 per ounce compared with 16,963 ounces of gold at a total cash cost of USD171 per ounce during the corresponding 2002 quarter. April 2, 2003 Eldorado Gold Corporation is planning to deepen the shaft at its Sao Bento Mine in Minas Gerais, Brazil. Preparation for shaft deepening activities are expected to commence in the second quarter with the deepened shaft to be commissioned in December 2004. The 5.2 m diameter concrete lined shaft will be extended by some 370 m at a cost of USD12.0 million to provide a bottom working elevation approximately 1,300 m below surface at the mine’s 28th Level. The capital required to complete the shaft will be provided by internally generated cash flows from the mine. In October 2002 an agreement with AngloGold provided the opportunity to explore and develop resources below the 30th Level. Throughout the year a definition and exploration drilling program totaling in excess of 17,500 m resulted in an updated reserve of 531,355 oz gold (proven and probable) and 706,063 oz in the measured and indicated resource category. April 1, 2003 AFCAN has raised CAD2.74 million for drilling on the Tanjianshan Gold Project in China and to pay debts. AFCAN plans to conduct a drill program on the property to increase the resources and to upgrade presently inferred resources to indicated resources and then complete a bankable feasibility study. The project consists of four large contiguous exploration licenses that encompass the Jinlonggou and Qinlonggou gold deposits, currently mined by open pit and underground methods to produce about 8,000 ounces of gold per year. April 1, 2003 Eldorado Gold has announced positive results for a feasibility study done for its wholly-owned Kisladag Project in Turkey. The project has been planned as a conventional open pit, heap leach gold mine, constructed and operated in two successive phases. A mine production rate of 5 million tonnes per year of ore has been set for the first four years of the mine’s life. Annual ore production will increase to 7.5 Mtpy in year 5, and to 10 Mtpy the following year, remaining at that level until the end of mine life. Average annual gold production for Phase I is 143,000 ounces. The initial capital cost for Phase I is USD54.4 million. Unit operating costs are USD3.82/tonne and cash operating costs are USD152/oz Au. The IRR is 32.6% for a pay back period of 2.6 years. The Ministry of Environment is reviewing the Kisladag EIA and the company anticipates being in receipt of the Environmental Positive Certificate issued by the MOE by mid 2003. April 1, 2003 Eldorado Gold has reported its total proven and probable reserves and resources as of December 31, 2002, have increased by 1.7 million ounces gold to 5.8 million ounces gold, predominantly through the completion of the feasibility study for the Kisladag Project, Turkey and accompanying additions at the São Bento Mine, Brazil. Proven and probable reserves have been calculated based on a gold price of USD325 per ounce and have been derived from defined measured and indicated resources. March 6, 2003 AFCAN has signed a Heads of Agreement with Ashanti to earn up to 85% interest in Afcan's Loubougoula exploration authorisation in Mali, West Africa, about 30 km north along strike of the Syama Gold Mine. Ashanti is planning an exploration program using stream sediment and geochemical sampling, geophysics and basic geological mapping which, if successful, will be followed by trenching and drilling. March 6, 2003 Eldorado Gold earned USD2.1 million, or 1 cent a share, on revenue of USD34.1 million, for 2002, up from a net loss of USD4.4 million on revenue of USD34.4 million for 2001. The decrease in gold revenue was attributed to lower volumes of gold sold by Sao Bento, offset by lower gold prices realized from the prior two years due to a higher hedged gold price. Gold sold during the year totaled 99,659 ounces, down from 105,349 ounces during 2001. Total gold production of 103,533 ounces, at a cash operating cost of USD184 per ounce, for the year compares with production of 102,841 per ounces, at a cash operating cost of USD216 per ounce during 2001. Eldorado attributes the increase in production to Sao Bento returning to steady production in the second quarter following the total elimination of the temporary Brazilian power restrictions and the completion of the number 2 Autoclave repair. Eldorado realized a gold price of USD306 per ounce sold and liquidated its gold hedge position during 2002. Eldorado plans to produce 105,000 ounces of gold at a cash cost of USD190 per ounce, this year. March 5, 2003 Afcan plans to raise CAD2,475,000 in two financings to commence drilling on the Tanjianshan gold project in northwestern China. Afcan proposes to issue units at 20 cents, consisting of one share and one half warrant and 0.75 warrant of a warrant. Each full warrant will entitle the holder to purchase an additional Afcan share. Last month, Afcan completed its acquisition of the Tanjianshan gold project by acquiring the total outstanding share capital of TJS Limited, a Cayman Island company, which has an 85% equity interest in Qinghai Dachaidan Mining Limited (the JV Company formed to develop the Tanjianshan Project). The project consists of four large contiguous exploration licenses that encompass the Jinlonggou and Qinlonggou gold deposits, currently mined by open pit and underground methods to produce about 8,000 ounces of gold per year. Afcan plans to use the drilling program to increase the resources and to upgrade presently inferred resources to indicated resources and then complete a bankable feasibility study. February 28, 2003 Afcan has completed its acquisition of the Tanjianshan gold project in northwestern China by acquiring the total outstanding share capital of TJS Limited, a Cayman Island company, which has an 85% equity interest in Qinghai Dachaidan Mining Limited (the JV Company formed to develop the Tanjianshan Project). The remaining 15% is held by The First Brigade for Geology and Mineral Exploration of Qinghai Province and Dachaidan Gold Mine, both governed by the laws of China. The project consists of four large contiguous exploration licences encompass the Jinlonggou and Qinlonggou gold deposits, currently mined by open pit and underground methods to produce about 8,000 ounces of gold per year. Afcan is currently reviewing operations with a view to increasing the current production and preparing to undertake a drilling program in order to convert the current feasibility study that demonstrates a 6-year mine life producing 70,000 ounces of gold per year to a bankable feasibility study. Inferred resources are estimated at 3.35 million tonnes at an average grade of 6 g/t with 645,000 ounces of contained gold. Exploration work to convert those inferred resources into indicated resources has been proposed for this year. February 12, 2003 Afcan Mining has negotiated a CAD1.5 million loan for work on the Tanjianshan gold project in Qinghai Province in Northwest China. Afcan Mining will issue three units each consisting of a debenture and a number of warrants proportionate to the face value of the debenture. A total of 2.5 million warrants will be issued, each warrant entitling its holder to purchase one Afcan Mining share at an exercise price of 34.5 cents. Afcan Mining shares currently trade at 30 cents on the TSX, with 23 million shares currently issued and outstanding. Afcan Mining's subsidiary Afcan (Barbados) Limited acquired an 85% interest in the 342 sq km Tanjianshan project earlier this year. The Tanjianshan project consists of four large contiguous exploration licenses encompassing the Jinlonggou and Qinlonggou gold deposits. Afcan Mining plans to focus on converting inferred resources, estimated at 3.35 million tonnes at an average grade of 6g/t with 645,000 ounces of contained gold, into indicated resources. February 11, 2003 Afcan has been granted the Loubougoulou exploration authorisation for gold in Mali, West Africa. The 239 square km exploration authorisation is located in the Loubougoulou area, Sikasso region of southern Mali, about 30 km north along strike of the Syama Gold Mine. The authorisation is for gold and valid for 90 days renewable twice. Afcan is planning an exploration program using stream sediment and geochemical sampling, geophysics and basic geological mapping which, if successful, will be followed by trenching and drilling. January 20, 2003 AFCAN Mining signed a Heads of Agreement with Ashanti Goldfields on the Kalako exploration permit in Mali, West Africa. Ashanti can earn up to 85% interest by spending USD1,000,000 and completing a bankable feasibility study. The 37 square kilometre Kalako permit is located in the Yanfolila area, Sikasso region of southern Mali, 3 kilometres east of the Kalana Gold Mine. Ashanti is proposing a auger drilling program on the permit as soon as a drilling rig becomes available to follow up on work done by the Société Minière de Kalako, Rochat & Associés (SMK-RA) who discovered alluvial gold in the streams and proposed an alluvial mining operation. January 7, 2003 Afcan Mining, through its wholly owned subsidiary Afcan (Barbados) Limited has acquired an 85% interest in the Tanjianshan Project in Qinghai Province in Northwest China. Afcan's partners holding the remaining 15% in the joint venture company are The First Brigade for Geology and Mineral Exploration of Qinghai Province and Dachaidan Gold Mine, both governed by the laws of China. The Tanjianshan project consists of four large contiguous exploration licenses covering 342 sq km and encompassing the Jinlonggou and Qinlonggou gold deposits. Current mining is by open pit and underground methods with treatment of the oxides by heap leaching and of the sulphides by a float/roast/CIP process. These current combined operations produce about 8,000 oz/year. Exploration work is proposed this year in order to convert inferred resources, estimated at 3.35 million tonnes at an average grade of 6g/t with 645,000 ounces of contained gold, into indicated resources. A feasibility study already completed demonstrates, according to Afcan, a 6-year mine life producing 70,000 ounces of gold per year. December 23, 2002 Eldorado Gold has closed a previously announced financing of 28,750,000 units at CAD1.60, for gross proceeds of CAD46.0 million, with Yorkton Securities, Sprott Securities, BMO Nesbitt Burns, TD Securities, National Bank Financial, Research Capital, and Haywood Securities as agents. Eldorado Gold plans to use the net proceeds of the financing to fund the development and construction of the Kisladag gold project in Turkey and for general corporate purposes. Last month, Eldorado Gold reported an updated independent resource estimate for the Kisladag gold project, which forms the basis for the reserve estimate of the feasibility study on the project. The measured and indicated resource stands at 166.4 million tonnes grading 1.13 g/t Au for 6,050,000 ounces contained at a cutoff of 0.4 g/t Au. The total resource was increased from a previously announced 7.3 million ounces in June to 7.9 million ounces. As of last month, the permitting activities and completion of the feasibility study were on schedule for March 2003. December 5, 2002 Afcan has been granted the Kalako exploration permit in Mali, West Africa and the Nimini East exploration permit in Sierra Leone. The Kalako permit comprises 37 square km in the Yanfolila area, Sikasso region of southern Mali, 3 km east of the Kalana Gold Mine. The permit contains alluvial gold in the streams and a proposed alluvial mining operation.The Nimini East permit comprises 42 square km permit is contiguous with its Nimini West exploration permit in the Nimini Hills greenstone belt of Sierra Leone. The permit contains the Nimikord gold prospect, a large gold in soil anomaly and is a gold in BIF target. December 5, 2002 Eldorado Gold has entered into a bought deal agreement with a syndicate of underwriters led by Yorkton Securities to purchase 20,000,000 units consisting of one common share and one-half of a common share purchase warrant of the company at a price of CAD1.60 per unit for gross proceeds of CAD32 million. Each whole common share purchase warrant will entitle its holders to acquire one common share of Eldorado at a price of CAD2.00 per common share for a period of 12 months following the closing date of this offering. Net proceeds are intended to be used to finance the development of the Kisladag Property and for general corporate purposes. The company's shares closed at CAD1.65 on the TSX today. December 4, 2002 Eldorado Gold has completed the drilling program at its Brumal project in Brazil designed to validate the São Bento BIF model and test for a shallow resource capable of providing supplementary feed to the São Bento mill. Results from the initial 6 hole program provided encouragement in terms of grades and widths but did not demonstrate continuity of the mineralization. Following additional field mapping and reinterpretation of available data, four additional holes were drilled into a fold hinge containing the best widths of mineralization on the property to test the down dip continuity of the mineralization. Although additional drilling successfully intercepted mineralization associated with the BIF, continuity of the structure could not be demonstrated. Based on drill results to date, the company says it appears that insufficient near surface resources exist to support an initial shallow mining operation. November 26, 2002 Eldorado Gold has reported an updated independent resource estimate which will form the basis for the reserve estimate in the feasibility study on its Kisladag gold project in western Turkey. Meaured and indicated resource (mostly indicated) stands at 166.4 million tonnes grading 1.13 g/t Au for 6,050,000 ounces contained at a cutoff of 0.4 g/t Au. The revision reflects the completion of another 10,700 m of RC and diamond core drilling completed in 2002. The principal objective of this drill program was to upgrade classification of the resource. In addition, the total resource has been increased from the previously announced 7.3 M ounces in June to 7.9 M oz. The permitting activities and completion of the feasibility study remain on schedule for March 2003. November 25, 2002 Vancouver-based gold mining company Eldorado Gold has eliminated its residual bank debt and gold hedge book. The company reported last month that it planned to deliver the remaining hedge book, which at the end of the quarter was 10,972 ounces, in the fourth quarter. "Our final payment today of USD2.1 million to NM Rothschild & Sons Ltd leaves the company free of all bank debt and with a cash balance of approximately USD8.9 million", commented Paul N. Wright, President and CEO. "Through a disciplined approach during a period of depressed gold prices, the company has succeeded in eliminating USD40.0 million of bank debt while retaining and progressing its core assets." Eldorado forecasts production and cash costs for the year of approximately 105,000 ounces and USD185 per ounce, respectively. October 31, 2002 Eldorado Gold has completed an agreement with AngloGold South America Limited to further both parties interests in and around Eldorado's Sao Bento mine and AngloGold's adjacent properties in the state of Minas Gerais, Brazil. Eldorado was granted the right to explore, develop and mine any reserves discovered down dip beyond its existing property boundary in exchange for an NSR to be paid to AngloGold according to a graduated scale ranging from 0.5% to 4.0% depending on the gold price. AngloGold has been granted an option valid for a period of three years, that provides it with the right, in the event that a mining operation is developed at its Corrego do Sitio project, to access surplus milling capacity at the Sao Bento plant. AngloGold also has the option to expand the Sao Bento plant at its sole cost and without disruption to Eldorado's operations. Underground drilling between the 28th and 32nd levels is continuing to confirm the Sao Bento orebody of 1350 metres vertically. A total of 7,400 m of drilling is underway from the 23rd level crosscut to test the ore zones between the 29th and 32nd levels. A further 7,500 m is planned to establish reserves 350 m to 500 m below the current operations. October 24, 2002 Eldorado Gold has reported net earnings for the third quarter of USD2 million, on gold revenue of USD9.7 million, compared with a loss of USD1 million, on gold revenue of USD8 million last year. This also compares with earnings of USD1.9 million, on gold revenue of USD9.3 million last quarter. Total revenues for the quarter were USD11.9 million compared with USD8 million last year and USD11.3 million last quarter. In the third quarter, Sao Bento produced 28,469 ounces of gold at a total cash cost of USD189 per ounce compared with 27,702 ounces of gold at a total cash cost of USD201 per ounce last quarter. Eldorado realized a gold price of USD307 per ounce in the third quarter compared to USD296 per ounce last year. Eldorado is currently delivering into the remaining hedge book, which at the end of the quarter was 10,972 ounces. Eldorado plans to liquidate its gold hedge position in the fourth quarter. Eldorado forecasts production and cash costs for the year of approximately 105,000 ounces and USD185 per ounce, respectively. October 16, 2002 Afcan Mining has signed a letter of intent with Australian-based Sino Gold for the purchase of 85% of the Tanjianshan gold project in China containing indicated resources of 3.35 million tonnes at 6 g/t gold, with 645,000 ounces of contained gold. The permit covers an area of 350 square km and is located in the Qinghai province in central China. On signing the letter of intent, Afcan will pay to Sino Gold USD25,000 and will undertake final due diligence which is anticipated to be completed by the end of November 2002. A feasibility study already completed on the project demonstrates a six-year mine life producing 60,000 ounces of gold per year. September 9, 2002 Eldorado Gold has awarded the feasibility study for the Kisladag project in Turkey to Hatch Associates. Scheduled for completion in March 2003, the feasibility study will detail the initial development and planned expansion of the project designed to deliver maximum value from the presently defined 7.3 million ounce resource. The 2002 work program, in support of the feasibility study, remains on schedule including the completion this month of the 4,000 m infill drill program. In addition, the environmental impact assessment report is planned to be submitted to the Minister of the Environment in the fourth quarter of 2002. September 5, 2002 Afcan Mining closed the private placement of 2.25 million units at a price of 20 cents per unit for a total of CAD450,000, and proposes to complete another private placement of 2.25 million units at a price of 20 cents per unit for additional CAD450,000. The proceeds of the offering will be used primarily for acquiring gold properties in West Africa. Afcan's West African property portfolio includes properties on Guinea, Sierra Leone and Burkina Faso. Last month, Afcan identified several coinciding MaxMin conductors and magnetic anomalies on Mount Kakoulima, Guinea, where nickelcopper- cobalt-platinum mineralization is known to occur. Also, joint venture partner, SEMAFO declined to finance any further programs and will now be diluted by Afcan. July 26, 2002 Eldorado Gold has reported net earnings for the second quarter of USD1.9 million compared with a loss of USD1.2 million for the corresponding period in 2001. This also compares with net earnings for the first quarter of USD400,000. Gold revenues for the quarter were USD9.3 million compared with USD8.8 million for 2001. This compares with gold revenues for the first quarter of USD5.9 million. Total revenues for the quarter were USD11.3 million. In the second quarter of 2002, Sao Bento produced 27,702 ounces of gold at a total cash cost of USD201 per ounce compared with 16,963 ounces of gold at a total cash cost of USD171 per ounce for the first quarter. Increased production reflected the completion of the repair of the mine's no. 2 Autoclave in March and the elimination of energy restrictions effective March 1, 2002. Eldorado Gold is currently delivering into the remaining hedge book and plans to liquidate the remainder of its gold hedge position over the remainder of 2002. The company realized a gold price of USD304/oz in the second quarter compared with USD297/oz in the second quarter of 2001. June 21, 2002 Eldorado Gold has increased its gold resource at Kisladag in Turkey to 7.3 million ounces and intersected high gold grades through initial drilling at its Brumal property in Brazil. An independent interim resource estimate incorporating the results from this year's drill program was based on the previously developed geological model and includes data from the over 23,800 m of drilling and trenching to date. The revised resource estimate at Kisladag has been estimated at a 0.4 g/t cut-off as in previous estimates. Resources in the measured and indicated categories total 149 million tonnes grading 1.14 g/t Au for a total of 5.46 million ounces; with 61.9 million tonnes grading 0.92 g/t Au for 1.8 million contained ounces in the inferred category. Additional metallurgical testwork is ongoing, Environment Impact Assessment is underway and a 4,000 m infill drill program will be commencing before the end of the month to prepare for a full feasibility by the first quarter of 2003. Diamond drilling from surface continues on the Brumal property located 5 km from the company's Sao Bento Mine. The drill program is designed to confirm and extend the previously identified mineralization within the banded iron formation. Significant intercepts of up to 32.22 g/t Au over 3.87 m and 22.82 g/t Au over 5.23 in holes SJ-01 and -05 respectively were reported. June 7, 2002 Afcan Mining has proposed a non-brokered private placement of 3 million units at a price of 20 cents per unit for a total of CAD600,000. The proceeds of the offering will be used for acquiring gold properties in West Africa and for general working-capital purposes. June 3, 2002 Eldorado has signed an eighth amendment to the amended and restated credit agreement with its creditor NM Rothschild & Sons Limited. The amendment releases Eldorado, upon the reduction of the credit facility to less than USD3 million (accomplished May 31), from the requirement of maintaining a new gold hedge position. Eldorado's gold hedge position consists of 35,689 ounces of spot deferreds at a price of USD300 per ounce and 12,000 ounces of "puts" at a strike price of USD275. The company is delivering into its hedge book with the objective of fully retiring the hedge position over the next six months. As of December 31, 2001, Eldorado's proven and probable reserves totaled 4.1 million ounces of gold. June 3, 2002 Afcan has purchased from SEMAFO, its 75% holding in Nimini Mining Ltd., a Sierra Leone company that holds the Nimini West prospecting licence, for USD100. The other 25% is held by a private investor. The Nimini West (Komahun) concession is a 56 square km prospecting licence in eastern Sierra Leone, in the Nimini Hills Archean greenstone belt. Afcan proposes an exploration program in the next field season to further delineate this deposit. Afcan pointed out that following the successful and peaceful presidential elections in Sierra Leone, the country is open for business and a number of foreign companies have started exploration programs. May 2, 2002 Eldorado Gold has reported net earnings for the first quarter of USD400,000 compared with a loss of USD1.1 million in 2001. Gold revenues for the quarter were USD5.9 million compared with USD9.3 million for 2001. In the first quarter of 2002, Sao Bento produced 16,963 ounces of gold at a total cash cost of USD171 per ounce compared with 28,086 ounces at a total cash cost of USD228 per ounce in 2001. Production for the quarter was reduced as planned during the scheduled repair of the operation's No. 2 autoclave. Eldorado's hedge position provided an average realized gold price of USD292 per ounce in the first quarter compared with USD302 per ounce in the first quarter of 2001. Reduced production at Sao Bento was also due to energy restrictions by the Brazilian government which imposed a 20% reduction in power to Sao Bento operations last June. In March, the Brazilian government completely eliminated energy restrictions, however. Eldorado plans to produce 105,000 ounces of production at cash costs of USD185 per ounce this year. March 11, 2002 Solitario Resources has released phase II drill results that include significant new PGM mineralization on two previously undrilled prospects on its Pedra Branca project in Brazil. At the Santo Amaro prospect, all but one of five core holes drilled intersected significant PGM mineralization with up to 39.1 m grading 1.57 g/t PGM + Au. At the Cedro prospects, two holes were drilled at Cedro I, the first of which intersected a 2 m high-grade interval containing 10.13 g/t PGM+gold. Solitario is currently planning a major phase III drilling program that will test several new undrilled prospects, as well as further defining and expanding known areas of mineralization. March 7, 2002 Eldorado Gold expects that the the number 2 autoclave at its Sao Bento Mine in Brazil will be back in operation on March 18. Reduced plant throughput resulting from the autoclave repair has resulted in a 30,000 ton stockpile of ore on surface, which Eldorado expects to produce from this year. Also, the company expects drilling to commence within the month on the Brumal property, with an initial 2,000 m diamond drill program consisting of 6 holes designed to confirm and extend the previously identified mineralization. Updating developments at the company's Kisladag project in Turkey, a 3,400 metre deep drill program began this week. The program is designed to test the northern and southern flanks of the porphyry system and investigate higher-grade sulphide zones at depth to test the validity of a target in excess of the presently defined 6.7 million ounce resource. Eldorado plans to use the drill results to update its resource estimate for the property in May. This work is part of a program designed to bring Kisladag to full feasibility in the first quarter of next year. March 6, 2002 Eldorado Gold has reported a net loss of USD3.9 million (4 cents per share) on revenues of USD34.5 million for the year 2001, compared with net income of USD1.1 million (1 cent per share) on revenues of USD53.4 million for the year 2000. Production of 102,841 ounces of gold for the year 2001 at a total cash cost of USD221 per ounce compares to production of 152,436 ounces at a total cash cost of USD223 per ounce in 2000. A significant portion of the reduction in gold production resulted from the sale of the La Colorada mine in Mexico in November 2000. Production at the La Colorada mine in 2000 was 39,486 ounces. During 2001 the Sao Bento Mine managed a number of operating difficulties relating to electrical energy reduction and the shutdown of the autoclave 2 for major repairs. As of the beginning of this month, the energy restrictions have been eliminated. For 2002, Eldorado plans to produce 105,000 ounces of gold at an average cash cost of USD185 per ounce and expects to see higher cash flow from operations together with opportunities for further increases in production and continued cost reduction. The company plans to focus on continuing improvement at the Sao Bento mine, and on the potential of the Brumal property in Brazil and continues to expand its asset base in Turkey. February 15, 2002 Eldorado Gold completed a private placement of 59,523,810 special warrants at a price of 42 cents per special warrant for a total of CAD25 million. The proceeds of the financing will be used to advance the company's projects in Turkey and Brazil, and for the working capital. February 4, 2002 Eldorado Gold announced that Sprott Securities has exercised its option to purchase up to an additional 11,904,762 special warrants at a price of 42 cents each for proceeds to Eldorado of approximately CAD5.0 million. Sprott Securities had previously agreed to purchase 47,619,048 special warrants, on an underwritten private placement basis, at a price of 42 cents per special warrant for aggregate proceeds of approximately CAD20.0 million. The company expects the offering to close around February 13, 2002. January 30, 2002 Eldorado Gold has announced that as of February 1 its Sao Bento operation will only be subject to a 10% reduction in power due to restrictions being relaxed by the Brazilian government. The Sao Bento operation has been subject to a 20% reduction in available power since last June and will now be restricted by only 10%. Higher than normal rainfall levels in recent months have resulted in replenishment of the water reservoirs. Government spokesmen have publicly stated their expectation that complete lifting of the energy restrictions will occur in the second quarter of 2002. The Sao Bento mine is expected to produce some 105,000 ounces of gold at cash costs of USD185 per ounce in 2002. January 22, 2002 Eldorado Gold arranged an underwritten private placement of 47,619,048 special warrants at a price of CAD0.42 per special warrant for a total of CAD20 million. The offeing is expected to close about February 13, 2002, and the funds will be added to the company's working capital. January 15, 2002 The Sao Bento gold mine in Minas Gerais state, southeast Brazil, produced 102,841 ounces of gold last year at a total cash cost of USD196/oz, net of currency losses, owner Vancouver-based Eldorado Gold said in a preliminary report of its 2001 performance. That compares with a mine plan of 117,500 ounces at a total cost of USD209/oz for 2001, and production of 112,950 ounces at total cash costs of USD201/oz in 2000. Eldorado plans to focus on continuing to improve the performance of the Sao Bento mine and the potential of the Brumal property in Brazil. (See BN Americas: Eldorado pleased with Sao Bento ) December 3, 2001 Eldorado has announced the signing of a Letter of Agreement with Brazilian Companhia Vale do Rio Doce (CVRD) concerning CVRD's Brumal project located within the well known Quadrilatero Ferrifero ("Iron Quadrangle") geological region in the Santa Barbara district of Minas Gerais, Brazil. One condition of the agreement will see Eldorado's Brazilian subsidiary, Sao Bento Mineracao S.A., spend US$1.5 million over 2.5 years on the gold property. The Brumal project is located 3 km southeast of Eldorado's Sao Bento Gold Mine. Eldorado plans a drill program early in the new year designed to confirm the continuity of mineralization associated with previously drill-tested zones. November 15, 2001 Eldorado Gold has received an addendum reflecting economic changes to the prefeasibility study on its Kisladag gold deposit in Turkey. The addendum principally reflects the effects of the devaluation of the Turkish lire, reduction in power and fuel costs, application of used crushing equipment, and contract mining. The reserve base and production rate remain unchanged. Total direct and indirect costs amount to about US$29.6 million and the resulting average cash operating cost has been reduced to US$149/oz from the previous US$154/oz. Based on a US$275 realized gold price, the Phase I Project produces an internal rate of return after taxes and royalties of 32% on a 100% equity basis and a net present value of US$36.3 million at a discount rate of 8%. October 29, 2001 Eldorado Gold has reported a net loss of US$2.8 million, or $0.03 per share, on revenues of US$26.8 million for the nine months ended September 30, 2001. Over the comparable period last year, the company reported net earnings of US$0.8 million, or $0.01 per share on revenues of US$42.1 million. Gold revenues for the first nine months of 2001 were US$26.1 million compared to US$41.3 million for the same period in 2000. Gold production from the Sao Bento mine for the first nine months of 2001 was 79,841 ounces with a total cash cost of US$228 per ounce compared to 85,675 ounces for the first nine months of 2000 with a total cash cost of US$218 per ounce. September 28, 2001 Eldorado Gold plans to unwind its Brazilian currency hedge in July 2001 and has lowered cash operating costs to below US$170 per ounce at its Sao Bento Mine, Brazil. The company's forecast gold production is hedged until February 28, 2002, at an average price of US$295. The company believes it is therefore in a position to benefit from rising gold prices. As part of restructuring, four board members will be resigning effective September 30, 2001. August 8, 2001 Eldorado Gold has completed the first reconnaissance drilling program at the Sayacik Prospect located 6 km southwest of its Kisladag Project in Turkey. Four widely spaced reverse circulation holes totaling 1,000 m tested approximately one third of a 3 km long semicircular geophysical and silver in soil anomaly. Holes SRC-1 and SRC-2, spaced approximately 100 m apart on the north side of the target zone cut 250 m and 330 m respectively of advanced argillic alteration containing anomalous silver and lead mineralization. Holes SRC-3 and SRC-4, drilled in a fence on the west side of the target, also intersected sections of advanced argillic alteration containing anomalous silver and lead. Additionally, hole SRC-3 cut high grade copper mineralization from 37.5 m to 42.5 m grading 8.2% Cu, followed by 137 m from 42.5 m to 180 m grading 0.1% Cu. August 3, 2001 Eldorado Gold reported for the six month period ended June 30, 2001, a net loss of US$1.9 million ($0.02 per share) on revenues of US$18.1 million, compared to a net income of US$1.1 million ($0.01 per share) on revenues of US$28.0 million. Gold production at Sao Bento mine for the six months was 54,740 ounces, compared to 82,129 ounces for the six months of 2000, which included the production from La Colorada mine too. The company's hedge position provided an average realized gold price of US$297 per ounce. Sao Bento operations have been affected from June 2001, by power restrictions in Brazil, which are expected to reduce production at Sao Bento by 15% for the duration of the power rationing program. July 6, 2001 Eldorado Gold has announced revised plans stemming from power rationing at its Sao Bento mine in Brazil. The reduction in electrical energy and a scheduled autoclave repair has resulted in a revision in 2001 forecast performance to 94,000 oz of gold at US$225 cash operating cost from the planned production of 117,000 oz at US$209 per ounce. Cost forecasts are also made more complex because of recent and possible future volatility in the US$/Real exchange rate. The US dollar has ranged from a low of 2.14 to 2.50 Reals as of today in response to economic uncertainty stemming from the energy crisis and financial uncertainties in neighbouring countries. May 31, 2001 Eldorado Gold announced that on May 25, the Brazilian government issued a resolution based on Decree 2148-1 to reduce the usage of electric energy. Effective June 1, Eldorado's Sao Bento Mine near Santa Barbara, Brazil, will be subject to energy rationing to 80% of its current consumption for, at present, an unspecified period. Brazil relies on hydropower to meet its electric energy needs and the recent drought has reduced power generation. The company is currently reviewing its operational requirements and developing alternatives to meet the government's rationing plan. Last year the mine produced approximately 113,000 ounces of gold at cash costs around US$200 per ounce. May 28, 2001 Eldorado Gold announced results of an independent positive prefeasibility study for the Phase I development of its wholly-owned Kisladag Gold Project in western Turkey. The study presents the development of the 6.7 million ounce Kisladag resource and considers a 3.4 million tonne per year operation with an estimated mine life of 11.5 years producing some 103,600 ounces of gold per year. Initial capital costs are estimated at US$47.4 million with cash costs of US$154 per ounce of gold produced. April 27, 2001 Eldorado reported for the first quarter ended March 31, 2001 a net loss of US$0.9 million (0.01 per share) with revenue from gold sales of US$9.3 million, compared to net earnings of US$1.0 million ( 0.01 per share) with revenue from gold sales of US$14.6 million over the same period in 2000. In the quarter, 28,086 ounces were produced at a total cash cost of US$228 per ounce. This compares with 43,338 ounces at a total cash cost of US$207 per ounce in the first quarter of 2000. Decreased revenues in the first quarter of 2001 over the same period in 2000 occurred as a result of reduced production partly offset by higher realized gold price. March 12, 2001 Eldorado Gold reported for the year 2000, a net profit of US$1.1 million ($0.01 per share) on revenue of US$53.41 million, compared to a net profit of US$5.4 million ($0.07 per share) on revenue of US$63.52 million in 1999. The lower profit was attributed in part to a decrease in gold production following the sale of the La Colorada Mine in November 2000, as well as lower grades and plant availability at the Sao Bento Mine. January 24, 2001 Eldorado Gold negotiated an agreement to restructure its credit facility with NM Rothschild & Sons Ltd. The outstanding balance of the credit facility was reduced to $24 million. January 9, 2001 Eldorado Gold Corp has completed an updated scoping study on its Kisladag gold project in Turkey. Production rates of 3.3 million tonnes and 10.0 million tonnes per year were studied. Both scenarios indicated a 10 year mine life with cash costs of US$151 and US$138 per ounce of gold produced, based on 3.3 million and 10.0 million tonnes per year respectively. In addition, Eldorado is planning to drill test the Sayacik prospect, located 5 km southwest of Kisdalag. November 27, 2000 Eldorado Gold completed a private placement of 18,245,458 special warrants at a price of CDN$0.55 per special warrant for a total of CDN$10,035,001. The proceeds would be used to advance projects in Turkey, and for working capital. November 21, 2000 Eldorado Gold completed the sale of shares and related assets of wholly owned Mexican subsidiaries to Conservacion y Senalmiento Vial and Exploraciones Mineras del Desierto S.A. de C.V. The principal asset in the transaction is the La Colorado mine in Sonora, Mexico. Eldorado plans to concentrate efforts on the lower-cost product