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Re:   2009 - Thursday, January 22, 2009
      2008 Year End Update and 2009 Guidance Record Performance in
      2008, Further Growth in 2009
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VANCOUVER, BC -- Paul N. Wright, President & Chief Executive Officer of
Eldorado Gold Corporation ("Eldorado", the "Company", or "we") is
pleased to provide the following update on the Company's 2008 operating
results and anticipated 2009 production.

"Eldorado Gold in 2008 performed to plan with our assets producing over
300,000 ounces at a  cash operating cost of $257 per ounce.  We
successfully initiated construction at Efem�ukuru in Turkey and Vila
Nova in Brazil and grew by acquisition and exploration." commented Paul
N. Wright.   "We are extremely pleased to be one of the lowest cost
pure gold producers reporting, with a strong balance sheet, no debt,
and unhedged.   We were the top performer on the S&P/TSX composite
index in 2008 with share appreciation of 65.5 per cent."

Eldorado Gold

The Company ended 2008 having produced 308,802 ounces of gold at a cash
operating cost of $257 per ounce.  All debt owed to HSBC bank was paid
and the offsetting restricted cash released to Eldorado. Upon final
close of the sale of Sao Bento Mine to AngloGold Ashanti ("AngloGold")
the Company immediately began to monetize the AngloGold shares and by
January 20, 2009 had completed this disposition contributing to the
present cash balance of $110 million.

The Company is planning to produce 325,000 to 340,000 ounces of gold in
2009 at a cash operating cost of approximately $300 per ounce. Capital
expenditures and exploration expenses are planned to be approximately
$115 million and $15 million respectively.  The largest component of
capital spending is planned for the Efem�ukuru Project, Turkey where we
anticipate $85 million to be invested in 2009.  With the planned
commencement of operations at Efem�ukuru next year the Company's gold
production is expected to be in excess of 400,000 ounces in 2010, with
costs remaining in the lower quartile.

Kisladag Mine

In 2008 the mine produced 190,334 ounces of gold at a cash operating
cost of $ 254 per ounce. Production for the year re-commenced on March
6, 2008 following a court decision allowing resumption of all
production activities. The transition to owner mining was completed
successfully in the 3rd Quarter of 2008.

Production for 2009 is planned to be approximately 230,000 to 240,000
ounces of gold at a cash operating cost of $265 per ounce.

Ore production for 2009 is planned to be 10.1 million tons at 1.2 g/t
with a strip ratio of 1.06:1 compared to a strip ratio of 0.53:1 in
2008.

Tanjianshan Mine

The Tanjianshan mine ("TJS") performed exceptionally well in 2008 with
production of 118,468 ounces of gold at cash operating cost of $261 per
ounce. Construction of Phase 2, which consists of a roaster system, and
acid production and arsenic removal circuits, continued through 2008.
Sequential commissioning  is now underway.

Production for 2009 is planned to be 95,000 to 100,000 ounces of gold
at a cash operating cost of $385 per ounce. Costs at TJS are expected
to increase due to the transitioning to refractory ore.  Ore production
in 2009 is planned to be 800,000 tons at 4.9 g/t with a strip ratio of
7:1.

Eldorado is a gold producing, exploration and development company
actively growing businesses in Brazil, Turkey, China, Greece and the
surrounding regions.  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  & 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 31, 2008.  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; risks from litigation; 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 31, 2008.
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 NYSE Alternext   (NYSE-A: EGO).  The TSX has neither
approved nor disapproved the form or content of this release.

Contact:
Nancy E. Woo, Vice President Investor Relations    
Phone: 604.601.6650 or 1.888.353.8166  
Fax: 604.687.4026      
Email: nancyw@eldoradogold.com   

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

Request for information packages: info@eldoradogold.com

To view News Release PDF, please click here.
http://www.eldoradogold.com/i/pdf/09-02.pdf

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Copyright (c) 2009 ELDORADO GOLD CORP. (ELD)  All rights reserved.  For
more information visit our website at http://www.eldoradogold.com/ or
send mailto:info@eldoradogold.com
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