2009 Production Guidance Remains Intact

Earnings of $0.08 per share; Cash Operating Cost of $297/oz.

(all figures in United States dollars, unless otherwise noted)

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the "Company" or "we") is pleased to report on the Company's financial and operational results for the third quarter ended September 30, 2009. The Company reported net income of $30.2 million, or $0.08 per share, and cash flow from operations of $27.6 million or $0.07 per share for the third quarter ended September 30, 2009.

"This quarter, we took a major step forward in establishing Eldorado as the world's premier intermediate global gold producer," stated Paul N. Wright, President and Chief Executive Officer of Eldorado. "If accepted by Sino Gold's shareholders, our proposal to acquire all of Sino Gold's issued and outstanding shares will establish us as the leading international gold producer in China and reinforce our position as one the world's lowest cost and highest growth global gold producers."

Q3 2009 Highlights and Updates

- Produced 88,918 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $297 per ounce;

- Sold 85,246 ounces of gold at a realized average price of $957 per ounce;

- Reported earnings of $0.08 per share;

- Announced drilling results at Kisladag that extend ore grade gold mineralization at depth and increase measured and indicated resources to 10.4 million ounces;

- Announced an agreement with Sino Gold Mining Limited ("Sino Gold") to purchase all of Sino Gold's issued and outstanding shares - a transaction that values Sino Gold at approximately CDN$2.0 billion;

- Listed on the New York Stock Exchange (EGO) October 22, 2009.

Financial Results

Eldorado's consolidated net income for the third quarter of 2009 was $30.2 million or $0.08 per share, compared with $17.0 million or $0.05 per share in the third quarter of 2008. Net income for the nine-month period ended September 30, 2009 was $69.1 million or $0.18 per share, compared to $62.9 million or $0.18 per share in the comparable period from 2008.

Over the quarter, we sold 85,246 ounces of gold at an average price of $957 per ounce, compared to 74,740 ounces at an average price of $870 per ounce in the third quarter of 2008.

Corporate Activities

Agreement to acquire Sino Gold shares

On July 27, 2009, we acquired 58.0 million shares of Sino Gold in a private transaction with Gold Fields in exchange for 27.8 million Eldorado shares. On August 26, 2009, we entered into an agreement to acquire all of the issued and outstanding shares of Sino Gold that we do not currently own. Under the terms of the agreement, Sino Gold shareholders will be offered 0.55 Eldorado shares for each Sino Gold share. The transaction values Sino Gold at approximately CDN $2.0 billion.

Operating Performance

Kisladag

During the quarter we produced 57,902 ounces of gold at a cash cost of $276 per ounce. We placed 2,523,546 tonnes of ore on the leach pad at an average grade of 1.22 grams per tonne of gold.

The mine performed well during the quarter at rates consistently above budget targets. Gold production was also above budget and we maintain our 2009 guidance of 230,000 - 240,000 ounces.

Tanjianshan

At Tanjianshan we produced 31,016 ounces of gold at a cash cost of $338 per ounce, up from 21,587 ounces in the second quarter. The increase in gold production was directly related to the improved operating performance of the roaster as several design improvements were implemented. We maintain our 2009 guidance of 95,000 - 100,000 ounces.

Development

Efemcukuru

The drilling program in the North Ore Shoot has been completed which will allow the drills to begin testing other targets on the property. During the quarter major earthworks, including the plant site retaining wall, were completed and the focus has now shifted to pouring concrete foundations at the plant site and completion of the water treatment plant. Spending in the quarter totalled $8.7 million.

Vila Nova Iron Ore

We acquired the remaining 25% interest in our Vila Nova Iron Ore Project. With strengthening demand and prices for iron ore, we are reviewing our options for the project, which include beginning production or selling the asset.

Perama Hill

The Preliminary Environmental Impact Assessment ("PEIA") for the Perama Project was prepared during the quarter and has been submitted to the Greek authorities. The PEIA incorporated changes in the site layout of the facilities and a switch to a de-watered tailings storage facility.

Tocantinzinho

At our Tocantinzinho project in Brazil, we completed the diamond drilling program during the quarter. Our focus will now shift to interpreting the drill results and starting exploration activities in the adjacent land package. In total, we spent $2.7 million at Tocantinzinho during the quarter.

Exploration

Turkey

During the quarter we completed the planned drilling program at Sayacik, the volcanic center adjacent to the Kisladag mine. At our new MH project we conducted regional mapping and soil and rock sampling, outlining a broad gold anomaly that will be the target of follow-up work in 2010.

At Efemcukuru we finished drilling the North Ore Shoot and have moved the drill to test the Kokarpinar structure, which is a parallel structure to the main vein approximately 500 meters to the northeast. At Kisladag we finished the planned drilling program, which was successful in extending the ore grade mineralization at depth to the south and east below the current pit limits. New target areas generated by this program will be tested in early 2010.

China

At Tanjianshan, we discovered a new zone of high-grade gold mineralization south of the Qinlongtan deposit. Initial results indicate a zone of mineralization showing geometric and lithologic similarities to the Qinlongtan deposit. Four drill rigs are currently drilling this structure along strike and down dip.

United States (Nevada) AuEx JV

We completed fieldwork with our AuEx Joint Venture that included mapping, sampling and soil sampling to define potential drill targets at Buffalo Canyon and Green Monster, and we intend to drill at both locations in 2010. Through our Bronco Creek Joint Venture, we conducted bulk leach extractable gold sampling at Cathedral Well that outlined an area of anomalous gold values, and additional claims were staked accordingly. Permitting is ongoing at Cathedral Well to support a drilling program in 2010. At Richmond Mountain, we are preparing to drill test a target beneath the pediment cover and are planning a minimum of three RC drill holes in late 2010.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. 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, President and Chief Executive Officer

Eldorado will host a conference call Friday October 30, 2009 to discuss the 2009 Third Quarter Financial and Operating Results at 11:30 a.m. ET (8:30 a.m. PT). You may participate in the conference call by dialling 416-695-6622 in Toronto or 1-800-355-4959 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. The call will be available on Eldorado's website www.eldoradogold.com. A replay of the call will be available until November 6, 2009 by dialling 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 3086410.

Cautionary Notes:

Cautionary Note Regarding Forward-Looking Statements

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 applicable Canadian securities laws. Such forward-looking statements or information include, but are not limited to statements or information with respect to the Transaction and the impact of the implementation of the Transaction on Eldorado, its operations, financial position and gold production.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information, including assumptions about the price of gold, anticipated costs and expenditures and the ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: the completion of the Transaction being subject to the satisfaction of certain conditions, including obtaining Sino Gold shareholder approval, court approval, and other regulatory approvals; the number of shares issued is subject to certain adjustments, including conversions of options and warrants; gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; ability to complete acquisitions; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 31, 2009. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.