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Re: 2007 - Thursday, November 01, 2007
Q3 2007 Financial and Operational Results
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(all figures in United States dollars, unless otherwise noted)

No. 07- 18

VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer
of Eldorado Gold Corporation, today is pleased to report on the
Company's financial and operational results for the third quarter ended
September 30, 2007. "While we have experienced a setback this quarter
with the temporary shutdown of our Kisladag mine, we continued to make
progress on many fronts. At Tanjianshan we produced 37,775 ounces of
gold at an average cash operating cost of $251 per ounce; completed a
positive feasibility study of our Efem�ukuru project and announced our
decision to develop the Vila Nova Iron Ore project in Brazil," he
stated.

Q3 2007 Events

.. Generated earnings of $5.2 million or $0.02 per share
.. Produced 61,385 ounces of gold from our operations at an average
cash operating cost of $228 per ounce with Tanjianshan producing gold
at an average cash operating cost of $251 per ounce, a 43% improvement
from Q2.
.. Suspended production temporarily at the Kisladag mine August 18,
2007 to comply with a Court ordered injunction.

Financial Results

Our consolidated net income for Q3 2007 was $5.2 million or $0.02 per
share compared with net income of $5.2 million or $0.02 per share in Q3
2006. The consolidated net income for the quarter is attributable to
stronger gold sales driven by increased production, lower
unit-of-production costs and higher gold prices. This was partially
offset by increased tax expenses as well as $2.0 million in Mine
Standby Costs related to the temporary shutdown of our Kisladag mine on
August 18, 2007. Net income for the nine-month period ended September
30, 2007 was $44.5 million or $0.13 per share (2006 net loss - $2.0
million; $0.01 loss per share).

In Q3 2007, we sold 57,231 ounces of gold at an average price of $667
per ounce, compared to 46,238 ounces at an average price of $620 per
ounce in Q3 2006.

Operating Performance

Kisladag

Prior to the shutdown of the Kisladag mine on August 18, 2007 following
a Turkish court order, we placed 825,839 tonnes of ore at an average
grade of 1.52 grams of gold per tonne ("g/t Au") on the leach pad and
produced 23,610 ounces of gold at a cash operating cost of $191 per
ounce in the third quarter. During the quarter, we sold 26,746 ounces
of gold for revenues of $17.8 million.

We placed 4.5 million tonnes of ore (at an average grade of 1.33 g/t
Au) on the leach pad during the first nine months of 2007. Over the
nine-month period ending September 30, 2007, we poured 135,306 ounces
of gold and sold 142,725 ounces of gold for revenues of $94.2 million.

During the fourth quarter, we expect to receive a decision from the
Appellate Court on the merits of a plaintiff's appeal. The plaintiff is
seeking to cancel Kisladag's Environmental Positive Certificate on the
basis of alleged threats to the environment and deficiencies in the
Environmental Impact Assessment study. We are optimistic that a
decision in our favour will be rendered on the case and that our
operations will be able to resume production prior to year end. If this
is the case, we forecast production for the year of approximately
160,000 ounces at a cash cost of $195 per ounce. If the mine is unable
to start up before year-end, 2007 production will stand at 135,306
ounces.

In the third quarter, we completed construction and commissioning of
the mine expansion project, bringing the total designed throughput to
10 million tonnes per year.

Tanjianshan

During the third quarter, we produced 37,775 ounces of gold and sold
30,484 ounces for revenues of $20.4 million. Cash costs of $251 per
ounce for the quarter reflected a strip ratio of 14:1. We are
forecasting 2007 production of approximately 135,000 ounces of gold at
an average cash cost of $290 per ounce.

In the nine months ended September 30, 2007, Tanjianshan has produced
106,162 ounces of gold, of which 12,492 ounces were treated as
pre-production. Total 2007 production from February until September was
93,670 ounces of gold at a cash operating cost of $312 per ounce. Gold
sales from commercial production in 2007 were 80,744 ounces of gold for
a revenue stream of $53.5 million.

S�o Bento

Mining and production ceased at S�o Bento in the second quarter. Since
then, we have been involved in reclamation and closing activities. In
Q3, we spent $0.9 million against the projected reclamation liability
of $9.6 million. We have moved substantially all of the equipment from
the underground mine to the surface.

Development

Efem�ukuru

In the third quarter, Wardrop Engineering completed their feasibility
study (the "Study") of the Efem�ukuru gold deposit. Based on updated
drilling results from the 2006-2007 drilling program, the Study defines
an operation based on underground mining and milling of the ore on site
with post-treatment of a gold concentrate at our Kisladag mine.
Highlights of the Study are: a mine life of 9.4 years; mine throughput
of 3.785 million tonnes at 86.5% metallurgical recovery; with an
average annual gold production of 112,400 ounces at a total cash cost
of $227 per ounce. Initial capital cost is estimated to be $104.2
million.

We prepared and submitted a technical report according to NI 43-101
requirements. We are also investigating suppliers for various long lead
items for the Efem�ukuru project such as SAG and ball mills.

Ongoing infill and exploration drilling at Efem�ukuru in the third
quarter included an additional 48 holes totaling 6,500 meters. Results
of this drilling program will be incorporated into a revised resource
estimate to be completed in the fourth quarter.

Vila Nova Iron Ore

On July 31, 2007, we announced the results of an updated
pre-feasibility study showing that the initial capital required to
construct the project on a 100% basis is $32.7 million, including
working capital. Following Board approval of the project, we retained
the services of an engineering company and will begin construction in
the fourth quarter of 2007. We expect to begin commercial production
for start-up in Q4 2008. In the third quarter, we also received a
property clearing license (the final permit required before beginning
construction) from SEMA, the environmental agency of Amapa State, and
retained a marketing agent to represent us in negotiations with
potential iron ore purchasers.

Exploration

Exploration expense for Q3 2007 was $2.8 million (Q3 2006 - $3.6
million), and year-to-date exploration expense was $8.5 million (2006 -
$9.0 million). The decrease in the third quarter is attributable to the
timing of our exploration drilling activities in Brazil, Turkey and
China.

Exploration - Turkey

In the third quarter, most of our work in Turkey focused on properties
in the Pontides district: Kapikaya, Aydogon Tepe and Gumashane. The
results of a 12 hole reverse circulation/core program (1,850 meters) at
the Kapikaya project have not identified any significant gold
mineralized areas. Soil sampling and mapping at Aydogon Tepe did not
define any anomalous zones, and work will shift next quarter to the
only remaining target, Derebas Hill (a porphyry target).

Work on our easternmost Pontides region property, Gumashane, focused on
first pass mapping and rock chip sampling, which yielded numerous 0.5
to 2.0 g/t Au samples, with ubiquitous higher grade samples (+5 g/t, up
to 33 g/t Au). A small reverse circulation program is planned for next
quarter to assist in obtaining sub-crop information and mineralization
potential.

Soil sampling and mapping at our Dogancilar property in the Biga
Peninsula uncovered a 5 to 12 meter thick, east-west trending quartz
vein and breccia zone at Tombek Tepe. Mapping and sampling will
continue next quarter.

Exploration - Brazil

Exploration activities continued throughout the quarter on our
exploration licenses in Amapa State. Work in the Vila Nova region
continued to focus on mapping and geochemical sampling in license areas
covering regional geophysical based targets. We completed work on
license areas north of the former Vila Nova Gold joint venture
property; follow-up soil sampling failed to extend anomalies uncovered
during the initial wide-spaced reconnaissance sampling. Work has begun
on license areas in the southern regions, and will continue well into
next quarter.

We completed our exploration activities at Tartarugalzinho and did not
uncover any significant gold mineralized zones. Final data compilation
and organization are nearly complete.

Exploration - China

Diamond drilling on our TJS property finished at the end of this
quarter. We drilled 19,800 meters in 146 holes on near deposit and
regional area targets. Twenty-two holes were drilled with generally
negative results.

Around our QLT deposit, we tested for continuation of the existing
mineralization below the planned pit bottom. Drilling intersected
mostly lower grade material, although the key down plunge extrapolation
of the high grade north shoot remains untested as we were unable to
drill in the area due to active mining. We also tested a potential
satellite deposit, QLT South, by drilling 12 short holes. One of the
southernmost holes successfully intersected a thick zone of moderate
gold grade (9.7 meters at 5.1 g/t Au). As it lies in a locally folded
area, mapping is ongoing to better understand the orientation. Once
complete, we will test for continuity of this zone through reverse
circulation drilling.

We also drilled two near mine targets at JLG: JLG North and XJG. At
XJG, 15 drill holes tested mineralized structures in diorite and
phyllite units. Results from the first six holes drilled at XJG
returned numerous gold mineralized zones, confirming and extending
earlier results from the first quarter. This area will be a key target
for next year's TJS program.

"Despite the temporary shutdown of our Kisladag Mine, the year to date
operating and financial performance has been strong. On a year-to-date
basis production is up 178% and cash costs per ounce are down 33%.
Even with the temporary shutdown of Kisladag on August 18, 2007,
quarter over quarter production increased 49% while unit cash costs
fell 26%. We remain confident that Kisladag will re-open with a
positive decision from the Court and anticipate strong year-end results
with production of 300,000 ounces at a cash cost of approximately $235
per ounce," commented Paul N. Wright, President and CEO.


ON BEHALF OF
ELDORADO GOLD CORPORATION

"Paul N. Wright"

Paul N. Wright
President and Chief Executive Officer

Eldorado will host a conference call today to discuss the Q3 2007
Financial and Operational Results at 11:30 a.m. EDT (8:30 a.m. PDT).
You may participate in the conference call by dialing 416-641-6117 in
Toronto or 1-866-223-7781 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 November 8, 2007 by dialing 416-695-5800 in Toronto or
1-800-408-3053 toll free in North America and entering the Pass code:
3228830#.

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; 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 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). The TSX has
neither approved nor disapproved the form or content of this release.

Contact:
Nancy E. Woo, Manager Investor Relations
Phone: 604.601.6650 or 1.888.353.8166
Fax: 604.687.4026
Email: nancyw@eldoradogold.com
Request for information packages: info@eldoradogold.com

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


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Copyright (c) 2007 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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