Eldorado Gold Corporation 2009 Year End Financial Results Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 by 24hgold

Re: News Release - Thursday, March 18, 2010
Title: 2009 Year End Financial Results Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 per share

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

VANCOUVER, BC -- 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 results for the fourth quarter and for the year ended December 31, 2009. Eldorado reported net income of $33.3 million or $0.08 per share for the quarter and for the year net income of $102.4 million or $0.26 per share. Eldorado reported cash generated from operating activities before changes in non-cash working capital of $56.6 million or $0.13 per share for the quarter and for the year of $146.9 million or $0.38 per share.

"This was a very successful quarter and year for Eldorado," stated Paul Wright. "We had record quarterly production with strong performance from both our Kisladag and Tanjianshan gold mines. And with the successful completion of our acquisition of Sino Gold and the continued development of our projects in Turkey, China and Greece, we are solidifying our position as one of the world's lowest cost gold producers. Our gold sales revenue increased by 29 percent to $358.5 million as we benefited from increased production and gold prices. Looking ahead, we anticipate 2010 production of 550,000 to 600,000 ounces of gold at a cash operating cost of between $385 and $400 per ounce."

Q4 2009 Highlights

Produced 107,904 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $308 per ounce;
Sold 131,068 ounces of gold at a realized average price of $1,103 per ounce;
Reported earnings of $0.08 per share; and
Completed our acquisition of Sino Gold Mining by purchasing all of Sino Gold's issued and outstanding shares -- a transaction that values Sino Gold at approximately CDN$1.7 billion.

Financial Results
Eldorado's consolidated net income for the fourth quarter of 2009 was $33.3 million or $0.08 per share, compared with $28.2 million or $0.08 per share (excluding the gain on the sale of Sao Bento mine) in the fourth quarter of 2008. Net income for the twelve-month period ended December 31, 2009 was $102.4 million or $0.26 per share, compared to $163.7 million or $0.46 per share in 2008. Net income in 2008 included a gain on the sale of Sao Bento of $72.5 million or $0.20 per share. Eldorado cash generated from operating activities before changes in non-cash working capital for the fourth quarter of 2009 was $56.6 million or $0.13 per share compared with $27.3 million or $0.07 per share in the fourth quarter of 2008. Cash generated from operating activities before changes in non-cash working capital for the twelve month period ended December 31, 2009 was $146.9 million or $0.38 per share compared to $125.9 million or $0.35 per share in 2008.

Over the quarter, we sold 64 per cent more ounces of gold at a 38 percent increase in price as compared to the same period in 2008. In Q4 2009 we sold 131,068 ounces of gold at an average price of $1,103 per ounce, compared to 79,965 ounces at an average price of $800 per ounce in the fourth quarter of 2008.

Corporate Activities
Completion of Sino Gold acquisition
On December 15, 2009, we acquired all the remaining shares of Sino Gold that had not previously been held by us. With this acquisition, we have acquired Sino Gold's interests in the Jinfeng Gold mine (the second-largest gold mine in China) as well as the White Mountain Gold mine and the Eastern Dragon Gold project.

Operating Performance
Kisladag
During the quarter, we placed 3,679,685 tonnes of ore on the leach pad at an average grade of 0.86 grams of gold per tonne. We produced 70,131 ounces of gold at a cash cost of $296 per ounce, compared to production of 57,902 ounces of gold in the third quarter of 2009 and 60,753 ounces in the fourth quarter of 2008.

Tanjianshan
We produced 37,773 ounces of gold at a cash operating cost of $330 per ounce in the fourth quarter, up from 31,016 ounces in the third quarter and compared to 21,092 ounces in the fourth quarter of 2008. Gold production has increased with the commissioning of the roaster, and recoveries in the flotation circuit have increased from around 65 percent to over 80 percent.

Jinfeng
For the month of December 2009, Jinfeng produced 14,541 ounces of gold at a cash operating cost of $472 per ounce. During the month 136,054 tonnes were milled at an average grade of 3.97 grams per tonne gold.

White Mountain
For the month of December 2009, White Mountain produced 6,148 ounces of gold at a cash operating cost of $364 per ounce. The mine reported 58,074 tonnes were milled at an average grade of 4.26 grams per tonne gold.

Eldorado is a gold producing and exploration company actively growing businesses in Turkey, China, Brazil, Greece and the surrounding regions. We have four operating mines, two mines under construction, a project in the developing stages and an extensive exploration program with 125,000 meters of drilling planned for 2010. 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"

Paul N. Wright
President and Chief Executive Officer

Eldorado will host a conference call Friday March 19, 2010 to discuss the Year End 2009 Financial 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 March 26, 2010 by dialling 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 8574327.

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 and even though 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 statement 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 number of shares issued is subject to certain adjustments; 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; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; 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. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information 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 common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Eldorado's CDIs trade on the Australian Securities Exchange (ASX: EAU). The TSX has neither approved nor disapproved the form or content of this release.

Contact:
Nancy Woo, VP Investor Relations
Phone: 604.601-6650 or 1.888.353.8166
Fax: 604.687.4026
Email: nancyw@eldoradogold.com
Request for information packages:laurelw@eldoradogold.com

Eldorado Gold Corporation
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Website www.eldoradogold.com

PRODUCTION HIGHLIGHTS

	First Quarter 2009	Second Quarter 2009	Third Quarter 2009	Fourth Quarter 2009	Fourth Quarter 2008	2009	2008
Gold Production
Ounces Produced	61,426	84,572	88,918	128,593	81,845	363,509	308,802
Cash Operating Cost ($/oz)^1,4	296	300	297	329	298	309	257
Total Cash Cost ($/oz)^2,4	315	322	326	364	319	337	289
Total Production Cost ($/oz)^3,4	375	387	430	486	404	430	370
Realized Price ($/oz - sold)	909	927	957	1,103	800	995	876
Kisladag Mine, Turkey⁵
Ounces Produced	46,192	62,985	57,902	70,131	60,753	237,210	190,334
Tonnes to Pad	2,084,714	2,428,611	2,523,546	3,679,685	2,371,101	10,716,556	7,555,881
Grade (grams / tonne)	1.34	1.18	1.22	0.86	1.34	1.11	1.27
Cash Operating Cost ($/oz)⁴	274	269	276	296	279	280	254
Total Cash Cost ($/oz)^2,4	276	271	278	298	281	282	256
Total Production Cost ($/oz)^3,4	315	309	336	354	314	330	291
Tanjianshan Mine, China
Ounces Produced	15,234	21,587	31,016	37,773	21,092	105,610	118,468
Tonnes Milled	228,066	231,874	257,730	256,828	216,273	974,498	858,829
Grade (grams / tonne)	3.97	5.63	5.73	5.81	4.33	5.31	5.31
Cash Operating Cost ($/oz)⁴	362	390	338	330	352	349	261
Total Cash Cost ($/oz)^2,4	432	470	414	424	429	432	343
Total Production Cost ($/oz)^3,4	557	616	604	670	664	623	496
Jinfeng Mine, China⁶
Ounces Produced	-	-	-	14,541	-	14,541	-
Tonnes Milled	-	-	-	136,054	-	136,054	-
Grade (grams / tonne)	-	-	-	3.97	-	3.97	-
Cash Operating Cost ($/oz)⁴	-	-	-	472	-	472	-
Total Cash Cost ($/oz)^2,4	-	-	-	516	-	516	-
Total Production Cost ($/oz)^3,4	-	-	-	623	-	623	-
White Mountain Mine, China⁶
Ounces Produced	-	-	-	6,148	-	6,148	-
Tonnes Milled	-	-	-	58,074	-	58,074	-
Grade (grams / tonne)	-	-	-	4.26	-	4.26	-
Cash Operating Cost ($/oz)⁴	-	-	-	364	-	364	-
Total Cash Cost ($/oz)^2,4	-	-	-	400	-	400	-
Total Production Cost ($/oz)^3,4	-	-	-	535	-	535	-

1 Cost figures calculated in accordance with the Gold Institute Standard.
2 Cash Operating Costs, plus royalties and the cost of off-site administration.
3 Total Cash Costs, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses.
4 Cash operating, total cash and total production costs are non-GAAP measures. See the section "Non-GAAP Measures" of this Review.
5 The Kisladag mine temporarily ceased operations on August 18, 2007 and reopened on March 6, 2008.
6 Jinfeng and White Mountain production for the period December 4 to December 31, 2009 only.

See accompanying notes to the consolidated financial statements.

Click here for Consolidated Financial Statements, Management's Discussion and Analysis PDF.

To view News Release PDF, please click here.

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