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Geologia, Desenvolvimento e Viabilidade

Econômica do Projeto Tocantinzinho (Provincia Aurífera do Tapajos, PA)

SIMEXMIN May 22nd 2012

www.eldoradogold.com

1

TZ, Brazil Efemçukuru mine, Turkey Eastern Dragon, China Kişladağ mine, Turkey Perama Hill, Greece Tocantinzinho,

Brazil

www.eldoradogold.com 2

Tocantinzinho

Kişladağ, Turquia

Jinfeng, China

3

ELDORADO GOLD CORPORATION

BRAZAURO RESOURCES

CORPORATION

BRAZAURO RECURSOS

MINERAIS LTDA

CANDALARIA HOLDINGS LTD.

UNAMGEN MINERAÇÃO E

METALURGIA S/A

Canada

Brazil


Market Cap US$ 9.6 B (May 5th 2012)


Tocantinzinho region US$ 11.4 M

Project generation US$ 2.6 M


Acesso de Moraes de Almeida à

Tocantinzinho

Extensão: 102 km

Investimento: US$ 16 milhões

LT de Novo Progresso à

Tocantinzinho

138 kV – 25 MW

200 km

Investimento de US$ 32 milhões


Tocantinzinho

Palito

Cuiu-Cuiu

Bom Jardim

Batalha

Piranhas

Agua Branca

30 Km

Ouro Roxo


Fluids

1

1

Paruari

Tapajos Land Position

Tapajos Overview 11

110.000 ha Land position (TZ, AB, PI)

400.000 ha Applications


TZ, Brazil Efemçukuru mine, Turkey TZ Logistics Tocantinzinho Camp

TZ Hidrological

Study

TZ Drilling

Total Exploration Expenditure: US$ 50,200,000 (US$ 90M at 5%/year)

Current resources: 2.4 [email protected] g/t (US$ 20-35/resource oz)

Total drilling: 70,100 m

Core samples: 39,600

Soil samples: 5,600

Auger samples: 2,900

Metallurgical samples: 1,300

Geophysics (IP): 45 Km

Tocantinzinho Deposit

Granite-hosted, intrusion-related, disseminated, low grade/bulk tonnage gold deposit

M&I resource of 2.4 million ounces @ 1.06 g/t gold

Regionally, mineralization associated with NW-trending Tocantinzinho Trend

On a district scale, mineralization occurs in a structurally favorable site in the periphery of the nearby Maloquinha intrusion

2011-2012 Program

Exploration efforts focused on targets peripheral to deposit, within ~5km radius

Focused on Tocantinzinho Trend and geophysical/geochemical targets

2011 Work Completed

17,270 metres of diamond drilling in 56 holes

2,800 metres of auger drilling in 146 holes

3,000 soil samples covering 47 km2

800 metres of tailings delineation drilling in 57 holes

Total Expenditure of $11.4M for 2011

Tocantinzinho

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Mid 80’s to mid 90’s: Intense garimpo activity. 1997-1998: ALTORO’s soil, auger and channel sampling:

- NW trending >200 ppb Au soil anomaly with 1,000 x 500 meters; - Channels intercepts 38 m @ 2.68g/t Au

2004: Jaguar Resources started a drilling program:

- DDHoles 01 and 04 discovered the Tocantinzinho - Intercepts 91.90m @ 1.01g/t and 170.20m @ 1.84g/t Au

2008: Eldorado Gold starts acquisition of Brazauro and become a partner in Tocantinzinho Project (Resources around 1 Moz)

2010: Eldorado completes acquisition of Brazauro

2008 to 2011: Exploration increased Resources from 1 Moz to 2.4 Moz

2015 Production

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Vista geral

Escritório

Descrição de testemunho Sondagem

Acampamento


10 Km

Tailings average 7.3m

depth

Better grades from grab

samples returned 1-4 g/t

Tocantinzinho Workings/ Tailings

Tocantinzinho 17

Deposit Footprint

500m

Magnetics - 1st Vertical Derivative

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Maloquinha

Parauari ?

Tz


TZ fault

structure


Main fault/shear

coredor


Veinlets

(quartz+chlorite+sulfides)

Shear zones


Hydrothermal Alteration K, Si, Chlorite, Sulfides (Py,Cpy, Ga, Sp)

23 www.eldoradogold.com

1

1

Tension gashes

(qz veinlets)

1.

2.

3.

Stress/Strain Kinematic Framework

N

Z

X

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Mineral Resources

Classification Tonnes Grade g/t Au Ounces

Measured 19,777,000 1.29 820,000

Indicated 50,457,000 0.97 1,574,000

Measured and Indicted 70,234,000 1.06 2,394,000

Inferred 6,950,000 0.66 147,000

Mineral Reserves

Classification Tonnes Grade g/t Au Ounces

Proven 17,735,000 1.39 792,000

Probable 31,315,000 1.17 1,183,000

Proven and Probable 49,050,000 1.25 1,975,000

Cut-off grade 0.49 g/t

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3D Resource model

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Production Data

Total Ore Mined 49.05 MT @ 1.25g/t

Total Reserves 1,98Moz

Total gold Produced 1,78Moz

Mine Throughput 4,4 MT/Yr

Life of Mine 11 Years

Average Annual Gold Production 159 Koz

Metallurgical Recovery 90.1%

Average Strip Ratio (w:o) 3.27:1

Operating Cost/Tone Ore

Mining $7.09/Tonne

Processing $11.16//Tonne

G&A $2.06/Tonne

Total Operating Cost/Tone Ore $ 20.31/Tonne

Cost per

Ounce

Produced

$195.34

$307.45

$56.62

$ 559.41

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Development Projects

Financial Gold Price Sensitivity Analysis

Gold Price /Oz $1,000 $1,250 $1,500

Net Cash Flow $177.7 M $464.1 M $750.5 M

NPV @ 5% $2.9 M $187.2 M $371.5 M

IRR 5.12% 11.79% 17.35%

Gold Price Sensitivity Analysis with IRPJ Tax Incentive

Gold Price/Oz $1,000 $1,250 $1,500

NPV @ 5% $36.9 M $269.6 M $952.7 M

IRR 6.45% 14.36% 20.88%

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