VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2014) - Eldorado Gold Corporation ("Eldorado" or "the Company") (TSX:ELD)(NYSE:EGO) today reported the Company's financial and operational results for the third quarter ended September 30, 2014. During the quarter, the Company generated $263.5 million in revenues from metal sales, and adjusted net earnings of $36.1 million ($0.05 per share). Cash flow from operating activities for the quarter totalled $92.2 million ($0.13 per share).

"The Company delivered another solid quarter with all of our mines performing to plan, notable progress at development projects, and advancement of our exploration targets. Combined with our strong operational performance, Eldorado continues to have a first-rate balance sheet and we closed the quarter with total liquidity of $937.3 million while continuing to grow our business," said Paul Wright, Chief Executive Officer of Eldorado. "We are driving our development projects forward and I would like to highlight the significant progress made this quarter at Skouries. The mill foundations were completed and the SAG and ball mill installations are now underway. Eldorado continues to successfully position itself as a leading low-cost operator of high quality assets, boding well in today's volatile markets."

Third Quarter Financial and Operational Highlights

• Gold production of 192,578 ounces (including Olympias production from tailings retreatment).
• Adjusted net earnings of $36.1 million ($0.05 per share). Net profit attributable to shareholders of the Company was $19.8 million ($0.03 per share).
• Gold revenues were $241.2 million on sales of 189,321 ounces of gold at an average realized gold price of $1,274 per ounce.
• Liquidity of $937.3 million, including $562.3 million in cash, cash equivalents and term deposits, and $375.0 million in lines of credit.
• All-in sustaining cash costs averaged $771 per ounce; cash operating costs averaged $488 per ounce.
• Significant developments at Skouries: completion of the mill foundations; installation of the SAG and ball mills underway; rate of underground decline advancement continues to improve and construction of the tailings dam is set to begin in the fourth quarter.
• Feasibility Study at Certej commenced in order to optimize the expanded resource and improve the metallurgical design.
• Further exploration success at the White Mountain and Jinfeng operations in China, as well as at the Piavitsa project in Halkidiki, Greece.
• Appointment of two new members to the Board of Directors: Pamela Gibson and John Webster.

Throughout this press release we use cash operating cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non IFRS measures. Please see page 11 of the MD&A for an explanation and discussion of these non IFRS measures. All dollar amounts in US $, unless stated otherwise.

Financial Results

Summarized financial results	3 months ended September 30,				9 months ended September 30,
	2014		2013		2014		2013
Revenues (millions)	$	263.5	$	287.3	$	808.9	$	892.3
Gold revenues (millions)	$	241.2	$	266.4	$	736.4	$	817.2
Gold sold (ounces)		189,321		199,117		570,570		564,723
Average realized gold price (US$ per ounce)	$	1,274	$	1,338	$	1,291	$	1,447
Cash operating costs (US$ per ounce sold)	$	488	$	472	$	499	$	485
Total cash cost (US$ per ounce sold)	$	543	$	528	$	556	$	544
All-in sustaining cash cost (US$ per ounce sold)	$	771		n/a	$	796		n/a
Gross profit from gold mining operations (millions)	$	102.0	$	123.1	$	298.2	$	404.2
Adjusted net earnings (millions)	$	36.1	$	54.4	$	109.2	$	186.0
Net profit (loss) attributable to shareholders of the Company (millions)	$	19.8	$	36.4	$	88.7	$	34.2
Earnings (loss) per share attributable to shareholders of the Company - Basic (US$/share)	$	0.03	$	0.05	$	0.12	$	0.05
Earnings (loss) per share attributable to shareholders of the Company - Diluted (US$/share)	$	0.03	$	0.05	$	0.12	$	0.05
Dividends paid (Cdn$/share)	$	0.01	$	0.05	$	0.02	$	0.12
Cash flow from operating activities before changes in non-cash working capital (millions)	$	78.7	$	104.8	$	265.6	$	329.6

Financial Results

Net income attributable to shareholders of the Company for the quarter was $19.8 million (or $0.03 per share), compared with $36.4 million (or $0.05 per share) in the third quarter of 2013. Net income was impacted by a non-cash $7.6 million iron ore inventory write-down related to Vila Nova. Gold revenues of $241.2 million were nine percent lower year over year due to lower gold prices and ounces sold. Gross profit from gold mining operations was seventeen percent lower than that of the third quarter of 2013 reflecting lower profit margins and sales volumes. Total cash cost per ounce increased three percent year over year. Adjusted net earnings were $36.1 million or $0.05 per share compared with $54.4 million or $0.08 per share in the third quarter of 2013.

Exploration expenses fell $6.4 million year over year reflecting changes in the Company's exploration program in response to lower gold prices. The Company reported a foreign exchange loss of $4.5 million for the quarter as compared to a gain of $0.9 million for the third quarter of 2013 mainly as a result of the impact on cash deposits of the weakening of the Canadian, Brazilian and Turkish currencies against the US dollar. Interest and financing costs fell $2.9 million year over year, reflecting an increase in capitalization of interest on the Company's Greek development projects.

The effective tax rate for the quarter was sixty-four percent as compared to a rate of fifty percent in the third quarter of 2013. The increase in the effective tax rate year over year was due to the impact of the fall in the Turkish lira on the deferred tax balances of the Company's Turkish entity as well as an increase in the percentage of unrecognized tax losses due to lower profits.

Operations Update

Summarized Operating Results	3 months ended September 30,				9 months ended September 30,
	2014		2013		2014		2013
Gross profit - gold mining operations (millions)	$	102.0	$	123.1	$	298.2	$	404.2
Ounces produced - including Olympias production from tailings retreatment		192,578		204,620		589,652		552,359
Cash operating costs ($ per ounce sold)	$	488	$	472	$	499	$	485
Total cash cost ($ per ounce sold)	$	543	$	528	$	556	$	544
Kisladag
Gross profit - gold mining operations (millions)	$	62.9	$	79.5	$	163.1	$	242.1
Ounces produced		78,030		84,762		222,085		231,718
Cash operating costs ($ per ounce sold)	$	411	$	324	$	435	$	328
Total cash cost ($ per ounce sold)	$	427	$	343	$	454	$	349
Efemcukuru
Gross profit - gold mining operations (millions)	$	10.3	$	13.9	$	36.6	$	64.9
Ounces produced		26,838		23,438		78,841		69,583
Cash operating costs ($ per ounce sold)	$	547	$	551	$	541	$	558
Total cash cost ($ per ounce sold)	$	564	$	568	$	562	$	586
Tanjianshan
Gross profit - gold mining operations (millions)	$	12.7	$	15.3	$	39.7	$	49.6
Ounces produced		25,387		28,179		79,556		82,324
Cash operating costs ($ per ounce sold)	$	381	$	377	$	399	$	405
Total cash cost ($ per ounce sold)	$	563	$	557	$	575	$	589
Jinfeng
Gross profit - gold mining operations (millions)	$	12.4	$	9.9	$	41.7	$	26.9
Ounces produced		39,421		40,212		126,284		90,843
Cash operating costs ($ per ounce sold)	$	609	$	684	$	590	$	743
Total cash cost ($ per ounce sold)	$	693	$	767	$	673	$	831
White Mountain
Gross profit - gold mining operations (millions)	$	3.7	$	4.5	$	17.0	$	20.7
Ounces produced		18,130		19,287		65,603		57,664
Cash operating costs ($ per ounce sold)	$	648	$	713	$	611	$	693
Total cash cost ($ per ounce sold)	$	691	$	751	$	651	$	734
Olympias
Ounces produced from tailings retreatment		4,772		8,742		17,283		20,227

Kisladag

Operating Data		3 months ended September 30,				9 months ended September 30,
		2014		2013		2014		2013
Tonnes placed on pad			3,326,835		3,336,465		9,621,645		9,553,306
Average treated head grade - grams per tonne (g/t)			1.28		1.28		1.11		1.28
Gold (ounces)
	Produced		78,030		84,762		222,085		231,718
	Sold		82,374		85,029		222,041		231,959
Cash operating costs (per ounce sold)		$	411	$	324	$	435	$	328
Total cash costs (per ounce sold)		$	427	$	343	$	454	$	349
Financial Data (millions)
Gold revenues		$	105.2	$	113.4	$	285.4	$	336.5
Depreciation and depletion		$	6.8	$	4.1	$	19.5	$	10.9
Gross profit - gold mining operations		$	62.9	$	79.5	$	163.1	$	242.1
Sustaining capital expenditures		$	5.4	$	8.4	$	30.5	$	19.0

Gold production for the quarter at Kisladag was lower year over year due to lower average head grade of ore placed on the leach pad. Run of mine ore contributed to increased tonnes placed on the pad during the quarter. Cash costs were higher than in the same period in 2013 due to an increase in production waste mining (2014 - 6.4 million tonnes versus 2013 - 0.2 million tonnes). Capital expenditures during the quarter included waste stripping and leach pad construction.

Efemcukuru

Operating Data		3 months ended September 30,						9 months ended September 30,
		2014			2013			2014			2013
Tonnes Milled			106,942			105,641			324,149			301,869
Average treated head grade - grams per tonne (g/t)			9.08			8.50			8.54			8.77
Average Recovery Rate (to Concentrate)			93.3	%		93.2	%		93.2	%		93.6	%
Gold (ounces)
	Produced		26,838			23,438			78,841			69,583
	Sold		24,033			26,410			77,115			101,888
Cash operating costs (per ounce sold)		$	547		$	551		$	541		$	558
Total cash costs (per ounce sold)		$	564		$	568		$	562		$	586
Financial Data (millions)
Gold revenues		$	30.0		$	35.4		$	99.7		$	148.1
Depreciation and depletion		$	5.8		$	5.9		$	18.9		$	20.9
Gross profit - gold mining operations		$	10.3		$	13.9		$	36.6		$	64.9
Sustaining capital expenditures		$	7.7		$	5.3		$	18.9		$	21.8

Gold production during the quarter at Efemcukuru was higher year over year due to higher mill throughput and average treated head grade. Sales during the quarter were lower year over year due to the timing of concentrate shipments. Cash operating costs per ounce were lower due to higher average treated head grade and continued cost reduction efforts. Capital spending during the quarter included costs related to capitalized underground development, mobile equipment, surface infrastructure, and process improvements.

Tanjianshan

Operating Data		3 months ended September 30,						9 months ended September 30,
		2014			2013			2014			2013
Tonnes Milled			281,862			285,406			823,698			805,532
Average treated head grade - grams per tonne (g/t)			3.50			3.40			3.41			3.54
Average Recovery Rate			81.4	%		82.9	%		81.5	%		82.5	%
Gold (ounces)
	Produced		25,387			28,179			79,556			82,324
	Sold		25,387			28,179			79,556			82,324
Cash operating costs (per ounce sold)		$	381		$	377		$	399		$	405
Total cash costs (per ounce sold)		$	563		$	557		$	575		$	589
Financial Data (millions)
Gold revenues		$	32.1		$	38.1		$	102.7		$	119.0
Depreciation and depletion		$	4.9		$	6.7		$	16.7		$	20.0
Gross profit - gold mining operations		$	12.7		$	15.3		$	39.7		$	49.6
Sustaining capital expenditures		$	2.1		$	4.2		$	6.9		$	9.3

Gold production during the quarter at Tanjianshan was lower year over year as a result of lower tonnage throughput and lower recovery rate due to the treatment of stockpile material. Capital spending included resource evaluation activities and waste stripping.

Jinfeng

Operating Data		3 months ended September 30,						9 months ended September 30,
		2014			2013			2014			2013
Tonnes Milled			353,048			363,798			1,090,006			1,052,406
Average treated head grade - grams per tonne (g/t)			3.86			3.66			4.01			3.15
Average Recovery Rate			87.1	%		88.0	%		87.1	%		85.0	%
Gold (ounces)
	Produced		39,421			40,212			126,284			90,843
	Sold		39,397			40,212			126,255			90,888
Cash operating costs (per ounce sold)		$	609		$	684		$	590		$	743
Total cash costs (per ounce sold)		$	693		$	767		$	673		$	831
Financial Data (millions)
Gold revenues		$	50.7		$	53.8		$	163.7		$	129.7
Depreciation and depletion		$	11.0		$	13.0		$	37.0		$	27.2
Gross profit - gold mining operations		$	12.4		$	9.9		$	41.7		$	26.9
Sustaining capital expenditures		$	0.9		$	15.0		$	8.0		$	44.3

Gold production during the quarter at Jinfeng was lower year over year due to an increase in gold in circuit inventory. Cash operating costs per ounce were lower mainly due to less waste tonnage from the open pit. Capital spending during the quarter included underground mine development and tailings dam construction.

White Mountain

Operating Data		3 months ended September 30,						9 months ended September 30,
		2014			2013			2014			2013
Tonnes Milled			218,500			209,581			632,923			611,548
Average treated head grade - grams per tonne (g/t)			2.79			3.28			3.48			3.44
Average Recovery Rate			89.4	%		84.0	%		88.1	%		85.5	%
Gold (ounces)
	Produced		18,130			19,287			65,603			57,664
	Sold		18,130			19,287			65,603			57,664
Cash operating costs (per ounce sold)		$	648		$	713		$	611		$	693
Total cash costs (per ounce sold)		$	691		$	751		$	651		$	734
Financial Data (millions)
Gold revenues		$	23.2		$	25.7		$	84.9		$	83.9
Depreciation and depletion		$	6.9		$	6.7		$	25.0		$	20.6
Gross profit - gold mining operations		$	3.7		$	4.5		$	17.0		$	20.7
Sustaining capital expenditures		$	5.8		$	9.1		$	15.1		$	20.9

Gold production during the quarter at White Mountain was lower year over year mainly as a result of lower average treated head grade, partially offset by higher average recovery rates. Cash operating costs per ounce decreased year over year mainly due to reduced backfill costs. Capital spending this quarter included underground development, exploration and delineation, and camp improvements.

Vila Nova

Operating Data		3 months ended September 30,						9 months ended September 30,
		2014			2013			2014			2013
Tonnes Processed			208,583			219,925			602,785			612,700
Iron Ore Produced			180,152			189,858			517,951			528,456
Average Grade (% Fe)			63.4	%		63.2	%		63.0	%		63.1	%
Iron Ore Tonnes
	Sold		135,093			126,835			439,993			338,256
Average Realized Iron Ore Price		$	46		$	74		$	65		$	98
Cash Costs (per tonne produced)		$	60		$	58		$	62		$	65
Financial Data (millions)
Revenues		$	6.3		$	9.4		$	28.8		$	33.3
Depreciation and depletion		$	1.3		$	1.2		$	4.3		$	3.3
Gross profit / loss from mining operations		$	(10.6	)	$	0.9		$	(10.2	)	$	8.1
Sustaining capital expenditures		$	0		$	0.3		$	1.0		$	3.9

The Company recorded a $7.6 million inventory write-down against gross profit/loss for Vila Nova during the quarter as a result of the continued fall in iron ore prices. The Company has decided to place the mine on care and maintenance pending a review of options to return it to profitability. Not including the inventory write-down, Vila Nova recorded a loss of $3.0 million for the quarter compared with gross profit of $0.9 million in the third quarter of 2013.

Stratoni

Operating Data	3 months ended September 30,						9 months ended September 30,
	2014			2013			2014			2013
Tonnes ore mined (wet)		60,006			60,011			174,523			174,245
Tonnes ore processed (dry)		58,230			56,463			169,227			167,315
Pb grade (%)		5.63	%		6.33	%		5.96	%		6.39	%
Zn grade (%)		9.66	%		9.37	%		10.75	%		9.49	%
Ag grade (g/t)		146			161			153			166
Tonnes of concentrate produced		14,363			14,586			46,013			42,918
Tonnes of concentrate sold		15,884			12,096			45,590			42,847
Average realized concentrate price (per tonne)	$	960		$	820		$	885		$	840
Cash Costs (per tonne of concentrate sold)	$	737		$	547		$	716		$	749
Financial Data (millions)
Revenues	$	15.2		$	9.9		$	40.3		$	36.0
Depreciation and depletion	$	2.3		$	2.2		$	6.3		$	7.5
Gross profit from mining operations	$	1.3		$	1.1		$	1.5		$	(3.6	)
Sustaining capital expenditures	$	1.2		$	1.4		$	2.7		$	2.0

Combined metal concentrate production at Stratoni for the quarter was the same year over year, with lower lead concentrate production offset by higher zinc concentrate production as a result of changes in metal head grades. Concentrate sales were higher year over year due to the timing of sales. Prices received for lead and zinc concentrates were both higher year on year.

Development Project Update

Kisladag Mine Expansion

During the third quarter work began at Kisladag on the engineering of an additional 7.5 million tonne per annum (Mtpa) crushing/screening circuit and its integration with the new gyratory crusher station. Work also began on the design of a new stockpile facility to provide feed to the existing crushing/screening circuit as well as the additional 7.5 Mtpa circuit. Total capacity for crushed ore will be raised to 20 Mtpa as per the expansion plan approved during the second quarter. Work continued during the quarter on upgrading the overland conveyor and stacking system that feeds the leach pad to handle the additional crushed throughput. Capital spending totaled $6.8 million during the quarter.

Skouries

The mill foundations at Skouries were completed during the quarter. These include the semi-autogenous grind (SAG) mill, ball mill, and the regrind mills. A key milestone of the project was also achieved, with the transportation to site, and start of installation, of the SAG and ball mill shells. Placement of the mills is scheduled to be completed during the fourth quarter. During the quarter the project received approval of the technical study for the construction of the first tailings dam which has allowed construction work to start in the fourth quarter. Piling also commenced in the flotation building area. During the quarter, pit preparation work continued with the removal of topsoil and overburden from the open pit. The pit work will increase during the fourth quarter as waste material is mined for construction of the tailings dam facility. The procurement process for the open pit mining contractor also began during the quarter with a site visit by potential bidders on the contract.
Progress continued on the underground decline with the advancement rate improving. Capital spending totaled $35.4 million during the quarter.

Olympias

A total of 137,566 tonnes of tailings were reprocessed during the quarter at a grade of 2.69 grams per tonne and a total of 4,772 payable ounces of gold in concentrate were produced. Cash proceeds from the sale of concentrate generated $6.5 million during the quarter on 5,393 ounces of gold in concentrate. Capital spending totalled $27.9 million during the quarter including: $8.4 million related to tailings reprocessing, production royalties and transportation and selling costs; $2.2 million related to capitalized interest; and the remainder on mine development as well as Phase II engineering.

Plans for transitioning the plant operation from Phase l tailings retreatment to Phase II processing of underground ore continued to be studied during the quarter. The plans are based on upgrading the existing plant facilities to handle a throughput of up to 650,000 tonnes per year of ore to produce gold, lead/silver and zinc concentrates.

Perama Hill

Preliminary engineering was complete with the final front end engineering design report received during the quarter. The Company continues to work with Greek government authorities to facilitate approval of the environmental impact assessment (EIA). Capital spending totaled $1.6 million during the quarter.

Certej

During the quarter the feasibility study commenced in order to optimize the expanded resource and improve the metallurgical design. Construction permits were obtained for the 2014 site works program allowing mobilization of the site earthworks contractor to begin rough grading of the south plant site and construction of the pilot water treatment plant. Capital spending totaled $3.6 million during the quarter.

Tocantinzinho

During the quarter work continued on optimization of the Tocantinzinho feasibility study. Following a review of the geological model, which updated the overall tonnes and grade in the deposit, a rework of the mine design and plant throughput has been incorporated into the ongoing optimization analysis. Construction on a portion of the recently approved forest road began, which will allow 4x4 access in the dry season. Capital spending totaled $1.2 million during the quarter.

Eastern Dragon

The Eastern Dragon site continued under care and maintenance during the quarter with permitting activities ongoing. The Company was informed that the approval process for the project EIA is to be conducted by the Heilongjiang Provincial Environment Protection Bureau, an interim step to approval of the Project Permit Approval (PPA) by the National Development and Reform Commission (NDRC). Site personnel continued to provide support to the permitting team, particularly at the local and provincial level.

Exploration Update

During the third quarter, a total of 19,000 metres of exploration drilling were completed at the Company's mine sites, development projects, and exploration projects.

Greece

In the Halkidiki District, a 6,000 metre drilling program continued during the quarter at the Piavitsa deposit, which is located 2 kilometres west of the Stratoni project. This program consists largely of infill drillholes, designed to confirm the continuity of mineralization delineated in widely-spaced drillholes drilled during 2012 and 2013. Results to date showed grades and thicknesses in general agreement with the resource model.

At the Stratoni mine, step-out drilling targeted the western and down-dip extensions of the orebody. The best results were obtained from just below the current production levels where thick massive sulfide intercepts indicate down-dip continuity of the orebody.

In the Perama and Sapes district, exploration activities during the quarter focused on updating the geological model for the Sapes deposit for the purposes of refining the resource model and identifying exploration drilling targets.

Romania

In the Certej project area, exploration drilling during the quarter tested satellite targets at Magura and Bocsa, both of which were sites of historical underground exploration. No significant results were obtained from the first three drillholes on these targets. These prospects will be further tested during the fourth quarter, upon receipt of required drilling permits.

At Muncel, located 15 kilometres southwest of Certej, the final three drillholes of the first phase of exploration drilling were completed. One of these drillholes was abandoned after intersecting underground workings, while the other two cut zones of sulfide stringer veinlets.

The Certej deposit is currently the subject of a detailed geological reinterpretation program, which will be completed in the fourth quarter with updated deposit geology and resource models.

Turkey

Exploration drilling during the quarter in Turkey was limited to the Efemcukuru project, where 2,900 metres of drilling tested the Dedebag vein system and segments of the Kokarpinar vein. The best results were obtained from the central and northern portions of the Kokarpinar vein, where sulfide-rich rhodochrosite vein intercepts of several metres in width were obtained.

Reconnaissance exploration activities included mapping and sampling of volcanic centres in the greater Kisladag region to evaluate potential for buried porphyry systems, and evaluations of regional prospects in the northern part of the country.

China

At Tanjianshan, drilling programs were completed at the Dushugou prospect and at the Qinlongtan (QLT) deposit. At QLT, drilling confirmed the continuity of the QLT Northwest zone in the previously untested gap between the 2013 drillholes and the QLT open pit.

Exploration drilling at the White Mountain mine (4,700 metres completed) tested step-outs along-strike and down-plunge from the ore body. Mining grades and thicknesses were confirmed in five separate areas, with highest grades encountered in the North and North Deep ore zones. Surface drilling of the North Deep zone also commenced during the quarter.

Brazil

Exploration drilling during the quarter in Brazil tested two projects in the Tapajos region. At the Ruben Zilio project, located along strike southeast of Tocantinzinho, soil geochemical anomalies were tested in thr...ee target areas; none of this drilling identified significant mineralization. At Tocantinzinho, additional sampling extended the Cu-Mo-Au mineralization over a 6 km trend. Four drillholes tested different areas of this anomaly, and all encountered intervals of quartz and sulfide vein mineralization.

Board of Directors Update

The Board of Directors is pleased to announce that it has appointed two new directors following a search process conducted by the Corporate Governance and Nominating Committee of the Board. Joining the board are Pamela Gibson and John Webster.

Pamela Gibson was appointed to the Board of Directors on September 2, 2014. Ms. Gibson has over 30 years of experience, primarily as a corporate lawyer at Shearman & Sterling LLP, advising companies on capital market transactions, governance, disclosure, compliance and other corporate strategic matters. Ms. Gibson has extensive industry experience in the metals and mining, oil and gas, energy, telecom and technology sectors. Ms. Gibson was the Managing Partner of both the Toronto office (1990 to 1995) and London office (1995 to 2002), head of the Europe and Asia Capital Markets Group (2002 to 2004), and is currently Of Counsel at Shearman & Sterling LLP. Ms. Gibson also serves on the Board of Directors of NYSE listed GasLog Partners LP. Ms. Gibson holds a Bachelor of Arts degree, with distinction, from York University, a Bachelor of Laws degree from Osgoode Hall Law School and a Master of Laws degree from New York University. Ms. Gibson was also a law clerk to the Honorable Justice Howland, Chief Justice of the Ontario Court of Appeal.

Effective January 1, 2015, John Webster will join the Company's Board of Directors. Mr. Webster holds a BA (Hons) Degree in Economic and Social History from the University of Kent. Mr. Webster is a Member of the Institute of Chartered Accountants in England and Wales, a Member of the Institute of Chartered Accountants of British Columbia (1983) and a Fellow (2002), a CPA in Colorado (2005) and a Member of the Romanian Chamber of Auditors (CAFR) (2012). Upon graduation, Mr. Webster qualified as a Member of the Institute of Chartered Accountants in England and joined Thornton Baker and subsequently joined Price Waterhouse Coopers LLP, (PWC) Canada. Mr. Webster was a Partner at PWC and most recently Partner and Assurance Leader for Romania and South Eastern Europe at PWC Romania until his retirement in June 2014. He has extensive experience in the Mining and Technology sectors and has worked with both venture capital and listed companies.

Corporate Update

Further to the announcement in the second quarter, the Company has elected to retain Bank of America Merrill Lynch as its sponsor for a proposed Hong Kong Stock Exchange listing of its Chinese business units. Eldorado is the largest foreign producer of gold in China, with three operating gold mines (Jinfeng, Tanjianshan and White Mountain) and the Eastern Dragon project. The Company's Chinese operations presently produce approximately 300,000 ounces of gold annually.

Conference Call

Eldorado will host a conference call on Friday, October 31, 2014 to discuss the Third Quarter 2014 Financial and Operating Results at 8:30am PDT (11:30am EDT). You may participate in the conference call by dialling 416-340-8527 in Toronto or 1-800-446-4472 toll free in North America and asking for the Eldorado Conference Call.

The call will be available on Eldorado's website: www.eldoradogold.com. A replay of the call will be available until November 7, 2014 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Passcode: 771 2109.

About Eldorado Gold

Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates. Eldorado's common shares trade on the Toronto Stock Exchange (ELD.TO) and the New York Stock Exchange (EGO).

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. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to statements or information with respect to the Company's 2014 Third Quarter Financial and Operating Results.

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 legal restrictions regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production; 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: gold price volatility; risks of not meeting production and cost targets; 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; 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 28, 2014

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

Q3 2014 Gold Production Highlights (in US$)

		First Quarter 2014	Second Quarter 2014	Third Quarter 2014	Third Quarter 2013	First Nine Months 2014	First Nine Months 2013
Gold Production
	Ounces Sold	190,628	190,621	189,321	199,117	570,570	564,723
	Ounces Produced(1)	196,523	200,551	192,578	204,620	589,652	552,359
	Cash Operating Cost ($/oz)(2), (4)	519	489	488	472	499	485
	Total Cash Cost ($/oz)(3), (4)	577	549	543	528	556	544
	Realized Price ($/oz - sold)	1,299	1,299	1,274	1,338	1,291	1,447
Kişladağ Mine, Turkey
	Ounces Sold	66,852	72,815	82,374	85,029	222,041	231,959
	Ounces Produced	67,075	76,980	78,030	84,762	222,085	231,718
	Tonnes to Pad	3,856,882	3,127,844	3,829,444	3,336,465	10,814,170	9,553,306
	Grade (grams / tonne)	0.73	1.11	1.28	1.28	1.04	1.28
	Cash Operating Cost ($/oz)(4)	456	443	411	324	435	328
	Total Cash Cost ($/oz)(3), (4)	473	466	427	343	454	349
Efemcukuru Mine, Turkey
	Ounces Sold	27,647	25,435	24,033	26,410	77,115	101,888
	Ounces Produced	26,969	25,034	26,838	23,438	78,841	69,583
	Tonnes Milled	106,501	110,706	106,942	105,641	324,149	301,869
	Grade (grams / tonne)	8.56	7.99	9.08	8.50	8.54	8.77
	Cash Operating Cost ($/oz)(4)	526	552	547	551	541	558
	Total Cash Cost ($/oz)(3), (4)	547	576	564	568	562	586
Tanjianshan Mine, China
	Ounces Sold	28,379	25,790	25,387	28,179	79,556	82,324
	Ounces Produced	28,379	25,790	25,387	28,179	79,556	82,324
	Tonnes Milled	263,609	278,227	281,863	285,406	823,699	805,532
	Grade (grams / tonne)	3.44	3.30	3.51	3.40	3.42	3.54
	Cash Operating Cost ($/oz)(4)	422	391	381	377	399	405
	Total Cash Cost ($/oz)(3), (4)	592	570	563	557	575	589
Jinfeng Mine, China
	Ounces Sold	41,277	45,581	39,397	40,212	126,255	90,888
	Ounces Produced	41,295	45,568	39,421	40,212	126,284	90,843
	Tonnes Milled	364,987	371,971	353,048	363,798	1,090,006	1,052,406
	Grade (grams / tonne)	4.00	4.17	3.86	3.66	4.01	3.14
	Cash Operating Cost ($/oz)(4)	626	540	609	684	590	743
	Total Cash Cost ($/oz)(3), (4)	709	622	693	767	673	831
White Mountain Mine, China
	Ounces Sold	26,473	21,000	18,130	19,287	65,603	57,664
	Ounces Produced	26,473	21,000	18,130	19,287	65,603	57,664
	Tonnes Milled	200,682	213,741	218,500	209,581	632,923	611,548
	Grade (grams / tonne)	4.13	3.56	2.79	3.28	3.48	3.44
	Cash Operating Cost ($/oz)(4)	607	583	648	713	611	693
	Total Cash Cost ($/oz)(3), (4)	646	623	691	751	651	734
Olympias, Greece
	Ounces Sold	-	-	-	-	-	-
	Ounces Produced(1)	6,332	6,179	4,772	8,742	17,283	20,227
	Tonnes Milled	144,522	168,013	137,566	185,012	450,101	391,096
	Grade (grams / tonne)	3.08	2.84	2.74	3.19	2.89	3.55
	Cash Operating Cost ($/oz)(4)	-	-	-	-	-	-
	Total Cash Cost ($/oz)(3), (4)	-	-	-	-	-	-

(1)	Ounces produced include production from tailings retreatment in Olympias.
(2)	Cost figures calculated in accordance with the Gold Institute Standard.
(3)	Cash operating costs, plus royalties and the cost of off-site administration.
(4)	Cash operating costs and total cash costs are non-IFRS measures. Please see our MD&A for an explanation and discussion of these.

Eldorado Gold Corporation

Unaudited Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars)

		Note		September 30, 2014		December 31, 2013
				$		$
ASSETS
Current assets
	Cash and cash equivalents			539,489		589,180
	Term deposits			22,800		34,702
	Restricted cash			262		262
	Marketable securities			4,520		4,387
	Accounts receivable and other			81,035		89,231
	Inventories			224,769		244,042
				872,875		961,804
Investment in associate				-		10,949
Deferred income tax assets				530		997
Other assets				61,398		37,330
Defined benefit pension plan				14,270		13,484
Property, plant and equipment				5,872,154		5,684,382
Goodwill				526,296		526,296
				7,347,523		7,235,242
LIABILITIES & EQUITY
Current liabilities
	Accounts payable and accrued liabilities			185,013		211,406
	Current debt	5		8,127		16,402
				193,140		227,808
Debt		5		586,652		585,006
Other non-current liability		4(b	)	48,452		-
Asset retirement obligations				87,004		85,259
Deferred income tax liabilities				864,019		842,305
				1,779,267		1,740,378
Equity
Share capital		6		5,315,352		5,314,589
Treasury stock				(13,480	)	(10,953	)
Contributed surplus				38,380		78,557
Accumulated other comprehensive loss				(16,995	)	(17,056	)
Deficit				(67,720	)	(143,401	)
Total equity attributable to shareholders of the Company				5,255,537		5,221,736
Attributable to non-controlling interests				312,719		273,128
				5,568,256		5,494,864
				7,347,523		7,235,242

Approved on behalf of the Board of Directors

(Signed) Robert R. Gilmore Director

(Signed) Paul N. Wright Director

The accompanying notes are an integral part of these consolidated financial statements.

Eldorado Gold Corporation

Unaudited Condensed Consolidated Income Statements

(Expressed in thousands of U.S. dollars)

		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		$		$		$		$
Revenue
	Metal sales	263,510		287,254		808,877		892,251
Cost of sales
	Production costs	123,503		120,753		380,812		367,254
	Inventory write-down	7,577		-		7,577		-
	Depreciation and amortization	39,341		40,461		129,008		112,809
		170,421		161,214		517,397		480,063
Gross profit		93,089		126,040		291,480		412,188
Exploration expenses		3,488		9,866		11,273		27,730
General and administrative expenses		17,430		14,671		52,373		49,396
Defined benefit pension plan expense		407		616		1,223		1,864
Share based payments		3,253		3,765		15,528		15,933
Foreign exchange loss (gain)		4,468		(939	)	1,554		4,879
Operating profit		64,043		98,061		209,529		312,386
Loss (gain) on disposal of assets		278		(120	)	2,103		(135	)
Loss (gain) on marketable securities and other investments		122		-		1,444		(21	)
Loss on investments in associates		-		1,426		102		2,549
Impairment loss on investment in associates		-		12,707		-		12,707
Other income		(4,206	)	(2,460	)	(7,053	)	(7,574	)
Asset retirement obligation accretion		582		278		1,745		1,003
Interest and financing costs		6,832		9,748		23,153		31,310
Profit before income tax		60,435		76,482		188,035		272,547
Income tax expense		38,900		38,152		96,343		233,954
Profit for the period		21,535		38,330		91,692		38,593
Attributable to:
Shareholders of the Company		19,791		36,410		88,691		34,221
Non-controlling interests		1,744		1,920		3,001		4,372
Profit for the period		21,535		38,330		91,692		38,593
Weighted average number of shares outstanding
Basic		716,284		715,038		716,254		714,901
Diluted		716,284		715,364		716,254		715,229
Earnings per share attributable to shareholders of the Company:
Basic earnings per share		0.03		0.05		0.12		0.05
Diluted earnings per share		0.03		0.05		0.12		0.05

The accompanying notes are an integral part of these consolidated financial statements.

Eldorado Gold Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars except per share amounts)

	Three months ended				Nine months ended
	September 30,				September 30,
	2014		2013		2014		2013
	$		$		$		$
Profit for the period	21,535		38,330		91,692		38,593
Other comprehensive gain (loss):
Change in fair value of available-for-sale financial assets	(687	)	(321	)	(840	)	(1,721	)
Realized gains on disposal of available-for-sale financial assets	142		-		901		(17	)
Total other comprehensive gain (loss) for the period	(545	)	(321	)	61		(1,738	)
Total comprehensive income for the period	20,990		38,009		91,753		36,855
Attributable to:
Shareholders of the Company	19,246		36,089		88,752		32,483
Non-controlling interests	1,744		1,920		3,001		4,372
	20,990		38,009		91,753		36,855

The accompanying notes are an integral part of these consolidated financial statements.

Eldorado Gold Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of U.S. dollars)

			Three months ended				Nine months ended
			September 30,				September 30,
	Note		2014		2013		2014		2013
			$		$		$		$
Cash flows generated from (used in):
Operating activities
Profit for the period			21,535		38,330		91,692		38,593
Items not affecting cash:
Asset retirement obligation accretion			582		278		1,745		1,003
Depreciation and amortization			39,341		40,461		129,008		112,809
Unrealized foreign exchange loss (gain)			708		(44	)	584		480
Deferred income tax expense			12,516		7,388		22,183		143,836
Loss (gain) on disposal of assets			278		(120	)	2,103		(135	)
Loss on investments in associates			-		1,426		102		2,549
Impairment loss on investment in associates			-		12,707		-		12,707
Loss (gain) on marketable securities and other investments			122		-		1,444		(21	)
Share based payments			3,253		3,765		15,528		15,933
Defined benefit pension plan expense			407		616		1,223		1,864
			78,742		104,807		265,612		329,618
Changes in non-cash working capital	9		13,447		15,454		(41,153	)	(20,811	)
			92,189		120,261		224,459		308,807
Investing activities
Net cash used on acquisition of subsidiary	4(a)		-		-		(30,318	)	-
Purchase of property, plant and equipment			(102,758	)	(119,055	)	(291,105	)	(336,818	)
Proceeds from the sale of property, plant and equipment			(36	)	412		140		604
Proceeds on production from tailings retreatment			6,539		9,438		27,096		24,666
Purchase of marketable securities			(818	)	-		(1,670	)	-
Proceeds from the sale of marketable securities			269		-		1,134		332
Investments in associates			-		-		-		(6,357	)
Redemption of (investment in) term deposits			2,226		161,841		11,902		(59,600	)
Increase (decrease) in restricted cash			11		(17	)	13		(12	)
			(94,567	)	52,619		(282,808	)	(377,185	)
Financing activities
Issuance of common shares for cash			438		1,945		438		3,546
Investment by non-controlling interest	4(b)		-		-		40,000		-
Dividend paid to shareholders			(6,546	)	(34,708	)	(13,010	)	(84,949	)
Dividends paid to non-controlling interest			(3,410	)	-		(4,225	)	-
Purchase of treasury stock			-		-		(6,413	)	(6,462	)
Long-term and bank debt proceeds			8,127		3,565		24,490		15,977
Long-term and bank debt repayments			(16,240	)	-		(32,622	)	(10,354	)
Loan financing costs			-		-		-		(383	)
			(17,631	)	(29,198	)	8,658		(82,625	)
Net increase (decrease) in cash and cash equivalents			(20,009	)	143,682		(49,691	)	(151,003	)
Cash and cash equivalents - beginning of period			559,498		522,158		589,180		816,843
Cash and cash equivalents - end of period			539,489		665,840		539,489		665,840

The accompanying notes are an integral part of these consolidated financial statements.

Eldorado Gold Corporation

Unaudited Condensed Consolidated Statements of Changes in Equity

(Expressed in thousands of U.S. dollars)

				Three months ended				Nine months ended
				September 30,				September 30,
		Note		2014		2013		2014		2013
				$		$		$		$
Share capital
Balance beginning of period				5,314,813		5,306,947		5,314,589		5,300,957
	Shares issued upon exercise of share options, for cash			438		1,945		438		3,546
	Transfer of contributed surplus on exercise of options			101		694		101		1,683
	Transfer of contributed surplus on exercise of deferred phantom units			-		184		224		3,584
Balance end of period				5,315,352		5,309,770		5,315,352		5,309,770
Treasury stock
Balance beginning of period				(14,845	)	(11,775	)	(10,953	)	(7,445	)
	Purchase of treasury stock			-		-		(6,413	)	(6,462	)
	Shares redeemed upon exercise of restricted share units			1,365		691		3,886		2,823
Balance end of period				(13,480	)	(11,084	)	(13,480	)	(11,084	)
Contributed surplus
Balance beginning of period				37,197		71,389		78,557		65,382
	Share based payments			3,390		3,685		15,140		16,213
	Shares redeemed upon exercise of restricted share units			(1,365	)	(691	)	(3,886	)	(2,823	)
	Recognition of other non-current liability and related costs	4(b)		(741	)	-		(51,106	)	-
	Partial reversal of non-controlling interest acquired on buy-out			-		2,911		-		2,911
	Transfer to share capital on exercise of options and deferred phantom units			(101	)	(878	)	(325	)	(5,267	)
Balance end of period				38,380		76,416		38,380		76,416
Accumulated other comprehensive loss
Balance beginning of period				(16,450	)	(25,952	)	(17,056	)	(24,535	)
	Other comprehensive gain (loss) for the period			(545	)	(321	)	61		(1,738	)
Balance end of period				(16,995	)	(26,273	)	(16,995	)	(26,273	)
Retained earnings (deficit)
Balance beginning of period				(80,965	)	542,446		(143,401	)	594,876
	Dividends paid			(6,546	)	(34,708	)	(13,010	)	(84,949	)
	Profit attributable to shareholders of the Company			19,791		36,410		88,691		34,221
Balance end of period				(67,720	)	544,148		(67,720	)	544,148
Total equity attributable to shareholders of the Company				5,255,537		5,892,977		5,255,537		5,892,977
Non-controlling interests
Balance beginning of period				310,975		286,302		273,128		284,100
	Profit attributable to non-controlling interests			1,744		1,920		3,001		4,372
	Dividends declared to non-controlling interests			-		(7,584	)	(3,410	)	(7,584	)
	Increase (decrease) during the period	4(b)		-		(3,161	)	40,000		(3,411	)
Balance end of period				312,719		277,477		312,719		277,477
Total equity				5,568,256		6,170,454		5,568,256		6,170,454

The accompanying notes are an integral part of these consolidated financial statements.

Click here for the Unaudited Condensed Consolidated Financial Statements for the quarter ended Sept 30, 2014.