GoldMinerPulse Report: Eldorado Gold Corporation Metal Value

Eldorado Gold Corporation (ELD) NI 43-101 Metal Value Report

The Eldorado Gold Corporation website is at www.eldoradogold.com.

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More Information Links: Knobias | Q1 2010 Earnings Call

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-05-12.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Eldorado Gold Corporation Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$97.12
Average Ore Value per Tonne	US$51.43
Metal Value Leverage (MVL)	6.59
Market Capitalization as a Percentage of Metal Value	15.2%
Recent Closing Stock Price	C$14.64 [note 1]
Fully Diluted Share Count	560.45 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	76%
Percentage In Situ Inferred Resource	24%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	30.44 M oz
Average Gold Ore Grade	0.9 g/t
Market Capitalization per oz of Gold In Situ	US$271.36 ( C$269.52 )
Gold Equivalent Ounces Estimate	31.54 M oz
Market Capitalization per oz of Gold Equivalent	US$261.94 ( C$260.17 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share taken from the June 30, 2011 finanical statement.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Iron
Total Counts (reserves + resources)	30.44 M oz	8.21 M oz	7.31 M t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$200.00 / ton
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$93.75	$0.49	$2.88
Percentage of Total Metal Value	96.53%	0.51%	2.96%
Metal Value Percentage Proven + Probable	0%	0%	0%
Metal Value Percentage Measured + Indicated	76%	100%	83%
Metal Value Percentage Inferred	24%	0%	17%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Iron	MI%	I%
Kisladag	Usak, Turkey	$51.31 ( 52.8% )	US$32.67	16.66 M oz			73%	27%
Jinfeng	Guizhou, China	$11.25 ( 11.6% )	US$201.31	3.65 M oz			72%	28%
TZ	Para, Brazil	$7.83 ( 8.1% )	US$56.82	2.54 M oz			100%	0
Efemcukuru	Izmir, Turkey	$6.32 ( 6.5% )	US$489.21	2.05 M oz			83%	17%
Perama Hill	Thrace, Greece	$5.96 ( 6.1% )	US$157.58	1.94 M oz			71%	29%
Tanjianshan	Qinghan, China	$3.95 ( 4.1% )	US$171.55	1.28 M oz			61%	39%
White Mountain	Jilin, China	$3.95 ( 4.1% )	US$203.67	1.28 M oz			74%	26%
Eastern Dragon	Heilongjiang, China	$3.67 ( 3.8% )	US$361.19	1.03 M oz	8.21 M oz		84%	16%
Vila Nova	Amapa, Brazil	$2.88 ( 3.0% )	US$135.47			7.31 M t	83%	17%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Eastern Dragon

Updates: Eastern Dragon webpage viewd October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Heilongjiang, China.

Average Ore Value (all estimate types): US$361.19

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.60	843.96 K oz	7.500 g/t	3.68 M t
Silver	$0.49	8.21 M oz	73.000 g/t	3.68 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.58	188.85 K oz	2.670 g/t	2.32 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Efemcukuru

Latest NI43-101 Report: Technical Report on the Efem�ukuru Project
2007-09-17 (327 pages).

Updates: 2010 Annual Report, p. 6 of 105

Project Location: Izmir, Turkey. View Efemchkuru gold deposit on a Google Map.

Average Ore Value (all estimate types): US$489.21

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.24	1.70 M oz	9.550 g/t	5.54 M t

Estimate notes: project webpage viewed October 2011 (Measured + Indicated are inclusive of reserves).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.08	352.06 K oz	6.430 g/t	1.70 M t

Estimate notes:

Jinfeng

Updates: Jinfeng project webpage, viewed October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Guizhou, China.

Average Ore Value (all estimate types): US$201.31

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.15	2.65 M oz	3.550 g/t	28.26 M t

Estimate notes: 2010 Annual Report, p. 6 of 105
Resource quantities adjusted for ownership percentage of 82.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.10	1.01 M oz	3.850 g/t	9.93 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 82.0%.

Kisladag

Latest NI43-101 Report: Technical Report for the Kışladağ Gold Mine, Turkey
2010-01 (120 pages).

Updates: Kisladag webpage viewed October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Usak, Turkey. View project on a Google Map.

Average Ore Value (all estimate types): US$32.67

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$37.65	12.22 M oz	0.680 g/t	559.16 M t

Estimate notes: 2010 Annual Report, p. 6 of 105

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$13.66	4.44 M oz	0.430 g/t	320.87 M t

Estimate notes:

Perama Hill

Latest NI43-101 Report: Technical Report Perama Hill Project Thrace, Greece
2010-01 (0 pages).

Updates: Perama Hill project webpage, viewed October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Thrace, Greece.

Average Ore Value (all estimate types): US$157.58

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.26	1.38 M oz	3.460 g/t	12.44 M t

Estimate notes: 2010 Annual Report, p. 6 of 105

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.70	552.39 K oz	1.960 g/t	8.77 M t

Estimate notes:

TZ

Latest NI43-101 Report: Technical Report for the Tocantinzinho Gold Project, Brazil
2011-05 (165 pages).

Updates: TZ project webpage viewed October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Para, Brazil.

Average Ore Value (all estimate types): US$56.82

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.37	2.39 M oz	1.060 g/t	70.23 M t

Estimate notes: 2010 Annual Report, p. 6 of 105

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.45	147.48 K oz	0.660 g/t	6.95 M t

Estimate notes:

Tanjianshan

Latest NI43-101 Report: TECHNICAL REPORT Tanjianshan Gold Project, China
2005-09 (226 pages).

Updates: project webpage viewed October 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Qinghan, China. View Tanjianshan gold mine on a Google Map.

Average Ore Value (all estimate types): US$171.55

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.39	777.40 K oz	2.980 g/t	9.02 M t

Estimate notes: 2010 Annual Report, p. 6 of 105
Resource quantities adjusted for ownership percentage of 90.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.56	506.81 K oz	3.280 g/t	5.34 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 90.0%.

Vila Nova

Updates: Vila Nova project webpage viewed October 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Amapa, Brazil.

Average Ore Value (all estimate types): US$135.47

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Iron	$2.39	6.08 M t	615,000.000 g/t	9.88 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Iron	$0.49	1.24 M t	612,000.000 g/t	2.02 M t

Estimate notes:

White Mountain

Updates: White Mountain webpage viewed October, 2011 (Measured + Indicated are inclusive of reserves).

Project Location: Jilin, China.

Average Ore Value (all estimate types): US$203.67

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.91	945.48 K oz	3.700 g/t	8.37 M t

Estimate notes: 2010 Annual Report, p. 6 of 105
Resource quantities adjusted for ownership percentage of 95.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.04	337.03 K oz	3.590 g/t	3.07 M t

Estimate notes: 2010 Annual Report, p. 6 of 105
Resource quantities adjusted for ownership percentage of 95.0%.

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