VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/30/08 -- (all figures in U.S. dollars unless otherwise noted)
Norman S. Pitcher Chief Operating Officer of Eldorado Gold Corporation (TSX: ELD)(AMEX: EGO) ("Eldorado" the "Company" or "we") is pleased to present an update of its 2008 exploration activities in Turkey, China, Brazil and Nevada, USA. Subsequent to the Brazauro Resources transaction Eldorado anticipates planned total exploration expenditures to be $20.0 million in 2008.
Turkey
Exploration in Turkey has focused on the Kisladag, Efemcukuru, and Sayacik Projects as well as regional reconnaissance and license evaluations.
Kisladag
The 2007 drilling program at Kisladag was successful in identifying new inferred resources in the deeper, western portions of the deposit. The 2008 program is designed to increase the confidence of these resources and to continue following the mineralized trend to the west.
The final drill hole of the 2008 program is currently being drilled at Kisladag which will result in a total of approximately 16,500 meters of diamond and reverse circulation drilling. Of these, 7 holes were geotechnical holes designed to assist in defining final pit wall design.
Of the 30 holes drilled for mineralization at Kisladag, results have been received for 20, and the significant assay intervals are listed in Table 1 and shown in Figure 1. The mineralized portions of the geotechnical holes will be submitted for assaying once the detailed logging is completed. The results for the remaining 10 exploration holes are expected by mid-October.
The results to date of the 2008 program continue to show that there is potential to increase the deposit dimensions both laterally and at depth.
Table 1
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HOLE # FROM (M) LENGTH AU G/T COMMENTS
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303 - No significant values
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304 185.00 107.5 1.45 Outside pit limits, extends
mineralization to west
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307 - No significant values
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309 27.50 57.5 1.06 Infill, below pit limits
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309 120.00 62.5 0.75 Infill, below pit limits
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310 137.50 15.0 1.01 Indicated-inferred contact, oxide
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310 342.50 57.5 0.76 Indicated-inferred contact, sulfide
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311 67.50 27.5 0.91 Oxide
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312 95.00 80.0 0.80 Sulfide
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312 217.50 27.5 0.75 Sulfide
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315 175.00 132.5 1.56 Infill
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315 405.00 27.4 1.08 Ended in mineralization
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321 42.50 52.5 0.91 New oxide zone
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321 142.50 252.5 0.91 New oxide zone
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325 227.50 47.5 0.55 Extends mineralization to west
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325 380.00 25.0 0.74 Extends mineralization to west
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326 No significant values
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327 No significant values
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329 145.00 37.5 0.76 Extends mineralization to west
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329 402.50 12.3 0.56 Sulfide
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330 No significant values
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331 247.50 20.0 0.70
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332 Pending
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333 No significant values
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334 62.40 45.0 0.73 New oxide zone
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Efemcukuru
Exploration at Efemcukuru in 2008 has focused on mapping and geochemical sampling outside of the main ore zones, and preparation for a small drilling program which targets the North Ore Shoot ("NOS").
The results of the geochemical sampling are presented in Figure 2.
The sampling has confirmed several previously known targets, including the Kestanebeleni NW gold-silver zone, and the Kokarpinar anomalies (main, NW and SE). In addition, two silver-base metal anomalies (Goktepe) have been identified which are associated with flat lying faults and replacement style mineralization in calcareous sediments.
Previous drilling in the main zone at Efemcukuru (the South and Middle Ore Shoots of the Kestanebeleni vein) has identified a proven and probable mineral reserve of 3,785,000 tonnes at 10.04 g/t for 1,221,000 ounces. Due to drilling access considerations, future drilling on the down dip extensions of the South Ore Shoot and Middle Ore Shoot will take place once underground access is established. We have recently initiated a 10 hole (2,000 meters) diamond drilling program targeting the NOS, which has seen limited exploration in the past and is the on strike extension of the main ore zones.
Sayacik
The Sayacik Project is a volcanic center adjacent to, and overlapping with, the Kisladag volcanic complex.
Prior to 2008, work at Sayacik consisted of wide spaced geochemical sampling, regional mapping and limited drilling. This year the exploration crews have extended the soil sampling lines, taken rock chip samples, and done more detailed mapping over the areas of interest.
Four anomalies have been identified at Sayacik based on soil and rock chip geochemistry peripheral to the previously drilled central altered intrusive (see Figure 3).
