Eldorado Gold Corporation Q3, 2009 Financial And Operating Results 2009 Production Guidance Remains Intact Earnings Of $0.08 P by 24hgold

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Re: News Release - Thursday, October 29, 2009
Title: Q3, 2009 Financial And Operating Results 2009 Production Guidance Remains Intact Earnings Of $0.08 Per Share; Cash Operating Cost Of $297/Oz.

(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 and operational results for the third quarter ended September 30, 2009. The Company reported net income of $30.2 million, or $0.08 per share, and cash flow from operations of $27.6 million or $0.07 per share for the third quarter ended September 30, 2009.

"This quarter, we took a major step forward in establishing Eldorado as the world's premier intermediate global gold producer," stated Paul N. Wright, President and Chief Executive Officer of Eldorado. "If accepted by Sino Gold's shareholders, our proposal to acquire all of Sino Gold's issued and outstanding shares will establish us as the leading international gold producer in China and reinforce our position as one the world's lowest cost and highest growth global gold producers."

Q3 2009 Highlights and Updates

Produced 88,918 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $297 per ounce;
Sold 85,246 ounces of gold at a realized average price of $957 per ounce;
Reported earnings of $0.08 per share;
Announced drilling results at Kisladag that extend ore grade gold mineralization at depth and increase measured and indicated resources to 10.4 million ounces;
Announced an agreement with Sino Gold Mining Limited ("Sino Gold") to purchase all of Sino Gold's issued and outstanding shares -- a transaction that values Sino Gold at approximately CDN$2.0 billion;
Listed on the New York Stock Exchange (EGO) October 22, 2009.

Financial Results
Eldorado's consolidated net income for the third quarter of 2009 was $30.2 million or $0.08 per share, compared with $17.0 million or $0.05 per share in the third quarter of 2008. Net income for the nine-month period ended September 30, 2009 was $69.1 million or $0.18 per share, compared to $62.9 million or $0.18 per share in the comparable period from 2008.

Over the quarter, we sold 85,246 ounces of gold at an average price of $957 per ounce, compared to 74,740 ounces at an average price of $870 per ounce in the third quarter of 2008.

Corporate Activities
Agreement to acquire Sino Gold shares

On July 27, 2009, we acquired 58.0 million shares of Sino Gold in a private transaction with Gold Fields in exchange for 27.8 million Eldorado shares. On August 26, 2009, we entered into an agreement to acquire all of the issued and outstanding shares of Sino Gold that we do not currently own. Under the terms of the agreement, Sino Gold shareholders will be offered 0.55 Eldorado shares for each Sino Gold share. The transaction values Sino Gold at approximately CDN $2.0 billion.

Operating Performance
Kisladag
During the quarter we produced 57,902 ounces of gold at a cash cost of $276 per ounce. We placed 2,523,546 tonnes of ore on the leach pad at an average grade of 1.22 grams per tonne of gold.

The mine performed well during the quarter at rates consistently above budget targets. Gold production was also above budget and we maintain our 2009 guidance of 230,000 -- 240,000 ounces.

Tanjianshan
At Tanjianshan we produced 31,016 ounces of gold at a cash cost of $338 per ounce, up from 21,587 ounces in the second quarter. The increase in gold production was directly related to the improved operating performance of the roaster as several design improvements were implemented. We maintain our 2009 guidance of 95,000 -- 100,000 ounces.

Development
Efemcukuru
The drilling program in the North Ore Shoot has been completed which will allow the drills to begin testing other targets on the property. During the quarter major earthworks, including the plant site retaining wall, were completed and the focus has now shifted to pouring concrete foundations at the plant site and completion of the water treatment plant. Spending in the quarter totalled $8.7 million.

Vila Nova Iron Ore
We acquired the remaining 25% interest in our Vila Nova Iron Ore Project. With strengthening demand and prices for iron ore, we are reviewing our options for the project, which include beginning production or selling the asset.

Perama Hill
The Preliminary Environmental Impact Assessment ("PEIA") for the Perama Project was prepared during the quarter and has been submitted to the Greek authorities. The PEIA incorporated changes in the site layout of the facilities and a switch to a de-watered tailings storage facility.

Tocantinzinho
At our Tocantinzinho project in Brazil, we completed the diamond drilling program during the quarter. Our focus will now shift to interpreting the drill results and starting exploration activities in the adjacent land package. In total, we spent $2.7 million at Tocantinzinho during the quarter.

Exploration
Turkey
During the quarter we completed the planned drilling program at Sayacik, the volcanic center adjacent to the Kisladag mine. At our new MH project we conducted regional mapping and soil and rock sampling, outlining a broad gold anomaly that will be the target of follow-up work in 2010.

At Efemcukuru we finished drilling the North Ore Shoot and have moved the drill to test the Kokarpinar structure, which is a parallel structure to the main vein approximately 500 meters to the northeast. At Kisladag we finished the planned drilling program, which was successful in extending the ore grade mineralization at depth to the south and east below the current pit limits. New target areas generated by this program will be tested in early 2010.

China
At Tanjianshan, we discovered a new zone of high-grade gold mineralization south of the Qinlongtan deposit. Initial results indicate a zone of mineralization showing geometric and lithologic similarities to the Qinlongtan deposit. Four drill rigs are currently drilling this structure along strike and down dip.

United States (Nevada) AuEx JV
We completed fieldwork with our AuEx Joint Venture that included mapping, sampling and soil sampling to define potential drill targets at Buffalo Canyon and Green Monster, and we intend to drill at both locations in 2010. Through our Bronco Creek Joint Venture, we conducted bulk leach extractable gold sampling at Cathedral Well that outlined an area of anomalous gold values, and additional claims were staked accordingly. Permitting is ongoing at Cathedral Well to support a drilling program in 2010. At Richmond Mountain, we are preparing to drill test a target beneath the pediment cover and are planning a minimum of three RC drill holes in late 2010.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. 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 October 30, 2009 to discuss the 2009 Third Quarter Financial and Operating 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 November 6, 2009 by dialling 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 3086410.

Cautionary Notes:
Cautionary Note Regarding Forward-Looking Statements

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, including assumptions about the price of gold, anticipated costs and expenditures 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: the completion of the Transaction being subject to the satisfaction of certain conditions, including obtaining Sino Gold shareholder approval, court approval, and other regulatory approvals; the number of shares issued is subject to certain adjustments, including conversions of options and warrants; 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 and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; ability to complete acquisitions; 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.

Cautionary Note about Production Forecasts and Estimates

Readers are cautioned that the production forecasts are subject to a variety of factors that are likely to cause actual results to vary from the Company's estimates, and such variations may be material. Forward-looking information generally involves risks and uncertainties as described above which are, in many instances beyond Eldorado's control, including: (i) global economic conditions; (ii) pricing and cost factors; (iii) unanticipated events or changes in current development plans, execution of development plans, future operating results, financial conditions or business over time; and (vi) unfavourable regulatory developments, that could cause actual events and results to vary significantly from those included in or contemplated by such statements. The production forecast reflects certain assumptions by the Company and Sino Gold, which assumptions may differ with respect to future events, economic, competitive and regulatory conditions, financial market conditions and future business decisions, including, without limitation, a continuation of existing business operations on substantially the same basis as currently exists all of which assumptions are difficult to predict and many of which are beyond the Company and Sino Gold's control. Accordingly, there can be no assurance that the forecast is indicative of the Company's future performance or that actual results would not differ materially from those in the forecast.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" used in this document are Canadian mining terms as defined in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM. There can be no assurance that those portions of such mineral resources that are not mineral reserves will ultimately be converted into mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

For a detailed discussion of resource and reserve estimates and related matters see the Company's reports, including the Annual Information Form and Form 40-F dated March 31, 2009 and technical reports filed under the Company's name at www.sedar.com.

Eldorado's disclosure of mineral reserve and mineral resource information is governed by NI 43-101. Sino Gold's disclosure of mineral reserve and mineral resource information is based on the reporting requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2004 Edition ("JORC Code"). CIM definitions of the terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" are substantially similar to the JORC Code corresponding definitions of the terms "ore reserve," proved ore reserve", "probable ore reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", respectively.

Estimates of mineral resources and mineral reserves prepared in accordance with the JORC Code would not be materially different if prepared in accordance with the CIM definitions applicable under NI 43-101.

The information on Sino Gold's reserve and resources has been provided by Sino Gold. For further information, see Sino Gold's public disclosure, which disclosure does not form part of this release.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release are Canadian mining terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this release concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It can not be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

Certain mineral resource and reserve numbers pertaining to Sino Gold have been prepared in accordance with the JORC Code. While the terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are required pursuant to the JORC Code, the SEC does not recognize such terms. JORC standards differ significantly from the requirements of the SEC, and mineral resource information prepared in accordance with the JORC Code is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the SEC.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the NYSE (NYSE: EGO).

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	Third Quarter 2008	First Nine Months 2009	First Nine Months 2008
Gold Production
Ounces Produced	61,426	84,572	88,918	72,343	234,916	226,957
Cash Operating Cost ($/oz)1, 4	296	300	297	283	298	242
Total Cash Cost ($/oz)2,4	315	322	326	313	321	279
Total Production Cost ($/oz)3,4	375	387	430	402	400	357
Realized Price ($/oz - sold)	909	927	957	870	934	902
Kisladag Mine, Turkey
Ounces Produced	46,192	62,985	57,902	46,863	167,079	129,581
Tonnes to Pad	2,084,714	2,428,611	2,523,546	2,562,343	7,036,871	5,184,780
Grade (grams / tonne)	1.34	1.18	1.22	1.05	1.24	1.24
Cash Operating Cost ($/oz)4	274	269	276	270	273	242
Total Cash Cost ($/oz)2,4	276	271	278	273	275	244
Total Production Cost ($/oz)3,4	315	309	336	310	320	281
Tanjianshan Mine, China5
Ounces Produced	15,234	21,587	31,016	25,480	67,837	97,376
Tonnes Milled	228,066	231,874	257,730	226,126	717,670	642,556
Grade (grams / tonne)	3.97	5.63	5.73	4.16	5.14	5.65
Cash Operating Cost ($/oz)4	362	390	338	306	360	242
Total Cash Cost ($/oz)2,4	432	470	414	387	436	325
Total Production Cost ($/oz)3,4	557	616	604	571	597	459

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 MD&A.

To view the complete News Release Click Here.

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

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