VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2007) - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ('Eldorado" the "Company" or "we") (TSX:ELD)(AMEX:EGO) is pleased to announce further results from our ongoing drill program at the Efemcukuru Project in Western Turkey. These results are primarily from the backlog of pending holes that tested the South and Middle Ore Shoots of the Kestane Beleni vein this summer. Initial results from drilling on peripheral targets as well as the North Ore Shoot (see Figure 1) are also disclosed. These data will be used to update the Efemcukuru mineral resources and reserves at year end.
Drilling for the remainder of the year will continue testing the North Ore Shoot, northern and southern extents of the Kestane Beleni vein, and the paralleling Kokarpinar veins (Figure 1). To date, resources and reserves at Efemcukuru are limited to the South and Middle Ore Shoots.
Results from fifty-three additional drill holes have been received. These data are shown in Table 1 and illustrated in a Longitudinal Section (Figure 2). Results are pending from an additional 14 holes. Calculated intervals generally used a 3 g/t gold cut off.
Table 1: EFEMCUKURU DRILL RESULTS
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Estimated Gold
Interval True Width Grade
Hole ID m From m To m m g/t Comments
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South Ore Shoot
KVP-169 130.30 131.80 1.50 1.41 10.95
KVP-205 172.85 176.35 3.50 2.87 30.25
KV-206 no significant mineralization
KV-207 56.00 61.00 5.00 3.98 9.48
KV-210 115.60 116.58 1.20 1.07 7.20
128.10 131.10 3.00 2.67 3.58
KV-212 136.40 149.80 13.40 11.60 14.36
KV-213 106.20 110.55 4.35 4.05 3.92
116.55 117.40 0.85 0.79 8.79
KV-216 125.75 140.40 14.65 12.29 11.10
KV-218 114.80 115.52 0.72 0.67 12.10
128.26 131.30 3.04 2.85 29.62
Including 129.20 130.40 1.20 1.12 63.60 Ag grade equals
90 g/t
KV-219 151.45 152.50 1.05 0.97 18.40
155.26 158.67 0.51 0.47 8.29
158.42 159.50 1.08 0.92 6.64
KVP-220 188.75 193.10 4.35 3.86 7.87
KV-221 173.70 178.42 4.42 3.60 9.20
KV-222 124.60 125.60 1.00 0.92 8.56
130.00 140.80 10.80 9.93 13.60 428 g/t Ag
130.00-130.73
Including 132.80 133.80 1.00 0.92 58.10
KV-224 121.81 123.68 1.87 1.53 5.42
133.10 134.02 0.92 0.75 10.72
139.60 144.60 5.00 4.10 12.84
KVP-225 208.85 210.06 1.21 1.02 46.80
KV-226 132.60 134.60 2.00 1.77 27.76
KVR-228 65.50 66.50 1.00 0.90 29.10
66.50 74.00 4.00 3.60 7.88
Including 71.00 71.50 0.50 0.45 25.80
77.00 78.50 1.50 1.35 5.68
KV-229 203.40 211.10 7.70 6.84 17.69
Including 206.40 207.40 1.00 0.89 87.50 Ag grade equals
65 g/t
KVR-230 53.50 58.50 5.00 4.05 3.19
KV-231 198.08 199.13 1.05 0.97 6.10
201.93 202.65 0.72 0.67 8.88
KV-232 123.80 132.20 8.40 7.12 10.74
138.20 139.20 1.00 0.85 92.10 Ag grade equals
58 g/t
KV-233 177.72 180.00 2.28 2.10 22.81
KVR-234 53.50 55.00 1.50 1.15 11.26
KV-235 119.00 120.50 1.50 1.45 10.50
KV-236 134.10 135.20 1.10 0.84 233.10 Ag grade equals
95 g/t
166.68 169.80 3.12 2.39 3.71
KVR-237 no significant mineralization
KV-239 no significant mineralization
KVP-240 no significant mineralization
KVR-241 66.50 69.00 2.50 2.38 6.12
69.40 73.00 4.00 3.80 3.05
KV-242 84.65 86.56 1.91 1.53 12.43
99.00 100.00 1.00 0.80 45.30
KVP-243 no significant mineralization
KVP-244 259.50 263.56 4.06 3.09 23.10
Including
259.50 260.60 1.10 0.84 75.80 Ag grade equals
56 g/t
272.28 277.40 5.12 3.90 5.40
KVP-245A no significant mineralization
KVP-247 221.50 223.42 1.92 1.49 21.70
KVP-248A no significant mineralization
KV-256 57.20 71.20 14.00 12.24 7.34
Including 67.20 68.20 1.00 0.87 25.30
74.61 77.61 3.00 2.61 6.44
KV-257 67.90 76.50 8.60 8.20 10.56
82.78 84.33 1.55 1.48 11.09
KV-259 no significant mineralization
Middle Ore Shoot
KV-209 12.85 19.80 6.95 6.44 19.34
KVP-211 177.70 179.50 1.80 1.17 4.36 Ag grade equals
83 g/t
KV-238 64.85 68.75 3.90 2.06 13.67
Including 65.55 66.22 0.66 0.35 60.90 Ag grade equals
52 g/t
KV-246 229.00 231.27 2.27 1.40 4.30
254.60 257.00 2.40 1.48 4.92 Ag grade equals
137 g/t
KV-249 189.15 190.14 1.49 1.02 6.90
KV-250 57.43 75.70 18.27 15.80 4.23
81.55 91.67 10.12 8.75 11.94
106.80 111.20 4.40 3.81 9.99
KVP-251 432.10 434.30 2.16 1.79 4.45 Ag grade equals
63 g/t
KV-254 no significant mineralization
KVR-255 38.00 48.00 10.00 9.52 12.26
KVR-258 0.00 3.00 3.00 2.39 6.22
4.50 9.00 4.50 3.59 13.87
KV-260 82.65 83.80 1.15 0.78 34.30
99.60 101.99 2.39 1.61 7.40
KV-261 51.20 54.80 3.60 2.43 5.36
59.51 62.54 3.03 2.05 7.53
KV-262 44.00 50.95 6.95 4.75 8.48
67.00 73.45 6.45 4.41 18.81
North Ore Shoot
KV-252 no significant mineralization
KV-265 39.78 46.85 7.07 5.61 4.56
46.85 53.18 6.33 5.02 12.52
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The results are predominantly from the South Ore Shoot and provide clearer definition of the mid- to high grade gold mineralized boundaries of this deposit. Notable results include those from KV-229 and KVP-244. The thick and high grade intersection in KV-229 builds on the result in KV-165 to confirm the presence of a third mineralized lobe in the South Ore Shoot. KVP-244 returned bonanza-type grades from the deepest test yet on the South Ore Shoot.
Transition Zone and Middle Ore Shoot generally confirmed predicted thicknesses and level of gold mineralization in the areas tested. One of two deep tests (the other is pending), KVP-251, successfully intersected quartz-rhodonite vein material and gold mineralization, albeit of lower grade.
Our initial results from the North Ore Shoot drilling including KV-252 intersected a narrow vein interval whereas KV-265 nicely confirmed our earlier interpretation of a mid-grade gold zone in the North Ore Shoot.
"These results continue to confirm the Company's view of the defined resource as well as the tremendous opportunity for subsequent resources and reserve expansion," commented Paul N. Wright, President and Chief Executive Officer.
Stephen Juras, Ph.D., P.Geo., Manager, Geology is the qualified person for the technical disclosure in this press release. Samples are prepared at Eldorado's facility in Turkey and assayed at the ALS facility at Vancouver, Canada. Analysis for gold is done on sawn half core samples and reverse circulation cuttings using fire assay (AA finish). Higher grade samples (greater than or equal to 5 g/t) were re-assayed using fire assay with a gravimetric finish. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. In addition, about 20% of the samples are re-submitted for duplicate analysis at Assayers Canada laboratory in Vancouver, Canada.
Eldorado is a gold producing and exploration company actively growing businesses in Brazil, Turkey and China. 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
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 29, 2007. 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 29, 2007. 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).
Request for information packages: info@eldoradogold.com
To view the Figures accompanying this release please click on the following link: http://www.ccnmatthews.com/docs/eld0912.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Eldorado Gold Corporation
Nancy E. Woo
Manager Investor Relations
(604) 601-6650 or 1-888-353-8166
(604) 687-4026 (FAX)
Email: nancyw@eldoradogold.com
Website: www.eldoradogold.com
