Name and Location
Tocantinzinho gold project, Pará state, Brazil.

Client
Eldorado Gold and subsidiary Brazauro Recursos Minerais.

Project Description
Tocantinzinho has proven and probable reserves estimated at 41.09-million tonnes grading 1.43 g/t of gold.
Measured and indicated resources are estimated at 48,73-million tonnes grading 1.35 g/t of gold, and inferred resources of 2.4-million tonnes grading 0.90 g/t of gold.

A feasibility study completed on the Tocantinzinho deposit envisions an owner-operated conventional openpit mine.

Mining will be completed using 5 m benches in the saprolite zone and 10 m benches in the primary zone.

Updated pit-wall-angle designs and Brazilian mining regulations have been incorporated into the mine plan.

The mine is forecast to produce sufficient ore to maintain a steady state of feed to the process of four-million tonnes a year for ten years, stockpiling a small amount of saprolite ore to be processed in Year 11. The feasibility study has concluded that high gold recoveries can be achieved with a conventional process of comminution, gravity concentrate, flotation and flotation concentrate leaching.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 5% discount rate, of $245-million and an internal rate of return of 13.5%.

Value
The initial capital cost of the project is estimated at $466.39-million.

Duration
Not stated.

Latest Developments
Eldorado has stated that the remote location of the project presents challenges to the costs; however, it has indicated that a conventional approach to mining and processing provides a solid platform on which to develop this well-defined gold deposit. Opportunities to improve the economics and value of the project have been identified during the study. These areas will continue to be investigated as development of the project continues.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Eldorado Gold VP for investor relations and corporate communications Krista Muhr, tel + 1 604 601 6701 or
email kristam@eldoradogold.com.