|September 09, 2008|
Eldorado announces successful repatriation of funds from China
|VANCOUVER, BC -- Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") is pleased to announce that the Board of Qinghai Dachaidan Mining Limited ("QDML"), the joint venture that owns the Tanjianshan gold mine, has declared a US$3.0 million dividend. This dividend has been paid and Eldorado has received its 90% share of funds through its Barbados subsidiary. The QDML Board has also authorized payment of US$8.0 million of inter-company debt to Eldorado. These funds have also been received by the Company.|
"We have been extremely pleased with our operations at the Tanjianshan gold mine. The dividend and repayment of intercompany debt is further confirmation that China is a favorable mining and business jurisdiction," commented Paul N. Wright, President and Chief Executive Officer. "We would like to thank our partners and employees for their diligence and commitment to build a successful mining operation in China which will serve as a foundation for further growth opportunities in the country"
Eldorado is a gold producing and exploration company actively growing businesses in Brazil, Turkey, China, Greece and surrounding regions. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
"Paul N. Wright"
Paul N. Wright
President & Chief Executive Officer
Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward looking statements or information within the meaning of the Securities Act (Ontario) . Such forward looking statements or information include, but are not limited to statements or information with respect to unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking statements. Specific reference is made to "Forward Looking Statements and Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 31, 2008. Forward-looking statements herein include statements regarding the expectations and beliefs of management. Such factors included, amongst others the following: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 31, 2008. We do not expect to update forward-looking statements continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has neither approved nor disapproved the form or content of this release.
Nancy E. Woo, Vice President Investor Relations
Phone: 604.601.6650 or 1.888.353.8166
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Eldorado Gold Corporation
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
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