Eldorado Gold Corp. - Kisladag - Summary

Kişladağ mine

Summary

LOCATION	Uşak, Western Turkey
PROPERTY SIZE	157 km²
RESERVES (in ounces Au; at December 31, 2011)
Proven + Probable	10,516,000 @ 0.71 g/t
RESOURCES (in ounces Au; at December 31, 2011)
Measured + Indicated Inferred	12,055,000 @ 0.65 g/t 4,921,000 @ 0.40 g/t
PRODUCTION (in ounces Au)
2006 2007 2008 2009 2010 2011 2012 Forecast	70,895 135,306 190,334 237,210 274,592 284,648 285,000-295,000
CASH OPERATING COST (per ounce Au)
2006 2007 2008 2009 2010 2011 2012 Forecast	$206 $189 $254 $280 $329 $374 $385-395
OWNERSHIP	100% (through Eldorado’s wholly owned Turkish subsidiary Tüprag Metal Madencilik Sanayi ve Ticaret SA - "Tüprag")
PROJECT STATUS AND HISTORY	Operating mine Phase IV expansion to 25 million tonnes per year underway. Project completion estimated for Q3 2014 Received permit to increase throughput to 12.5 million tonnes of ore per year in 2011 Began commercial production in Q3 2006 Poured first gold in Q2 2006 Received construction permit in Q3 2004 Received Environmental Positive Certificate in Q2 2003 Completed Feasibility Study in Q1 2003

Description

The Kişladağ gold mine is the largest gold mine in Turkey. We advanced Kişladağ from an exploration discovery through development to construction and production. Kişladağ is a low grade, bulk tonnage open pit operation using heap leaching for gold recovery.

In 2011 we placed 12.4 million tonnes of ore on the leach pad. The increased ore production (from 10 million tonnes in 2010) was the result of the expansion project undertaken in 2010.

Capital spending in 2012 is estimated at US$130 million. Most of this is for the commencement of engineering works on the expansion project to take Kişladağ up to 25 Mtpa of crushed material, plus 8 Mtpa of run-of-mine material. The total cost for this project is US$354 million and commissioning is expected during 2014.