Operations & Projects

Eldorado Gold has seven operating mines - five gold, one polymetallic and one iron ore mine:

The Kişladağ gold mine was a greenfield discovery of Eldorado Gold. It is located in Uşak Province and is the largest gold mine in Turkey. Kişladağ is an open pit, heap leach mine, which began commercial production in July 2006.

The Efemçukuru gold mine is located in Izmir Province, Turkey. The high grade epithermal gold vein deposit is suited for underground mechanized mining. The mine started up in June 2011. Efemçukuru's Ore is being processed through a milling and flotation concentrate circuit on site; the flotation concentrate will be transported to our Kişladağ mine.

The Jinfeng gold mine is an open pit and underground mine located in Guizhou Province, China. It began commercial production in September 2007.

The Tanjianshan gold mine (TJS), located in Qinghai Province, China was acquired as an advanced development project in September 2005. Tanjianshan is an open pit, float-roast-CIL operation. When TJS began commercial production in February 2007, Eldorado Gold became the first North American gold producer to build and operate a gold mine in China.

The White Mountain gold mine located in Jilin Province, China, is an underground mine using a sub-level and cut-and-fill stoping mining method. It commenced commercial production in January 2009.

Our 2012 production forecast is 730,000-775,000 ounces of gold at a cash operating cost of $430-450 per ounce.

The Stratoni polymetallic mine, located on the Chalkidiki peninsula in northern Greece, is an underground mine. It operates at a mining and processing rate of approximately 18,000 to 20,000 tonnes of ore per month and produces lead-silver and zinc concentrates.

The Vila Nova iron ore mine, located in Amapa State, Brazil, is an open pit mine and ore processing facility producing lump ore and sinter fines. Trial mining production commenced in Q3 2010 and the first two shipments of ore totalling 90,000 tonnes were sold to the Chinese spot market in 2010. Vila Nova's iron ore production forecast for 2011 is 508,000 tonnes at a cash cost of $62 per tonne.

ELDORADO GOLD: 2011 Gold Production Highlights

(Costs and Prices in US dollars)

	First Quarter 2011	Second Quarter 2011	Third Quarter 2011	Fourth Quarter 2011	2011
Gold Production
Ounces Sold	148,530	162,164	179,513	168,712	658,919
Ounces Produced	148,577	162,429	179,195	168,451	658,652
Cash Operating Cost ($/oz)1,3	410	397	397	418	405
Total Cash Cost ($/oz)2,3	462	477	463	486	472
Realized Price ($/oz - sold)	1,397	1,510	1,700	1,686	1,581
Kişladağ Mine, Turkey
Ounces Sold	50,832	66,392	87,121	80,572	284,917
Ounces Produced	50,833	66,688	86,788	80,339	284,648
Tonnes to Pad	2,341,635	3,194,051	3,520,220	3,374,541	12,430,447
Grade (grams / tonne)	1.04	0.92	0.90	0.97	0.95
Cash Operating Cost ($/oz)3	386	389	377	353	374
Total Cash Cost ($/oz)2,3	408	411	401	379	398
Tanjianshan Mine, China
Ounces Sold	28,493	31,977	26,935	27,564	114,969
Ounces Produced	28,493	31,977	26,935	27,567	114,972
Tonnes Milled	238,070	264,698	218,330	284,138	1,005,236
Grade (grams / tonne)	3.90	4.23	4.25	3.56	3.96
Cash Operating Cost ($/oz)3	402	343	353	415	377
Total Cash Cost ($/oz)2,3	515	596	541	616	567
Jinfeng Mine, China
Ounces Sold	48,518	46,381	44,187	38,672	177,758
Ounces Produced	48,564	46,350	44,202	38,641	177,757
Tonnes Milled	384,400	397,987	379,352	383,226	1,544,965
Grade (grams / tonne)	4.32	4.05	4.26	3.63	4.06
Cash Operating Cost ($/oz)3	430	401	424	525	442
Total Cash Cost ($/oz)2,3	482	457	509	596	507
White Mountain Mine, China
Ounces Sold	20,687	17,414	21,270	21,904	81,275
Ounces Produced	20,687	17,414	21,270	21,904	81,275
Tonnes Milled	140,211	192,558	191,157	184,956	708,882
Grade (grams / tonne)	5.71	3.71	4.15	4.29	4.37
Cash Operating Cost ($/oz)3	438	518	475	472	474
Total Cash Cost ($/oz)2,3	475	564	519	519	517
Efemcukuru Mine, Turkey 4
Tonnes Milled	-	-	-	53,013	112,612
Grade (grams / tonne)	-	-	-	7.84	8.21
Gold Produced (oz)	-	-	-	484	484
Cash Operating Cost ($/oz)3	-	-	-	-	-
Total Cash Cost ($/oz)2,3	-	-	-	12,207	26,098

¹Cost figures calculated in accordance with the Gold Institute Standard.
²Cash Operating Costs, plus royalties and the cost of off-site administration.
³Cash operating costs and total cash costs are non-IFRS measures. See the section "Non-IFRS Measures" in our 2011 annual report.
⁴Efemcukuru started production in June 2011; gold concentrate has been shipped to Kisladag for processing.

2011 Iron Ore Production Highlights

(Costs and prices in U.S. dollars)

Vila Nova Iron Ore Mine, Brazil	First Quarter 2011	Second Quarter 2011	Third Quarter 2011	Fourth Quarter 2011	2011
Tonnes Sold	85,421	43,418	170,782	173,766	473,387
Tonnes Produced	119,037	132,980	127,721	150,309	537,958
Cash Cost ($/tonne)	53	64	63	70.80	64

*Trial mining started in Q4, 2010