Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Merger or Acquisition (December 2011)

38 slides from Eldorado Gold's merger presentation, Dec 19, 2011

  1. Slide 1: Eldorado and European Goldfields Announce Business Combination

    18/12/2011 Olympias mine, Greece Skouries mine, Greece Certej, Romania Eldorado and European Goldfields Announce Business Combination Building the leading growth oriented intermediate producer Quality Growth, Low Cost, Disciplined December 19, 2011

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements 18/12/2011 Certain of the statements made in this Presentation may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securiti

  3. Slide 3: Growth with Superior Assets

    Growth with Superior Assets 18/12/2011  Six operating mines  9.2 million ounces of gold reserves (1)  Low cost producer & robust cash flow generation  Development stage assets in Greece and Romania  Strong balance sheet  Significant exploration upside in Northern Greece  Investor-friendly div

  4. Slide 4: Strong Operating Base in Greece

    Strong Operating Base in Greece 18/12/2011 Eldorado adds two quality development Northern Greece is geologically prospective projects to its pipeline plus exploration upside and under-explored in Greece Olympias  Piavitsa shows evidence of mineralization style and  4.1 million ounces of gold reser

  5. Slide 5: Building The Leading Intermediate Gold Producer

    Building The Leading Intermediate Gold Producer 18/12/2011  Creates a high growth, low cost intermediate gold producer with combined market capitalization of approximately C$11 billion (1), reinforcing Eldorado’s position as the leading intermediate gold producer  Operating and development experti

  6. Slide 6: Focus on Regions with Growing Gold Production

    Focus on Regions with Growing Gold Production 18/12/2011  The combined company will be a diversified global gold producer active in Turkey, China, Brazil, Greece and surrounding regions Olympias, Greece Perama Hill, Greece Eastern Dragon Project, China Skouries, Greece White Mountain, China Certej,

  7. Slide 7: Transaction Summary

    Transaction Summary 18/12/2011  0.85 of an Eldorado share and C$0.0001 cash for each European Goldfields share Structure  Friendly plan of arrangement  Pro forma ownership: 78% Eldorado / 22% European Goldfields (1)  C$14.78 per basic share outstanding, as of December 5 close (2) Consideration 

  8. Slide 8: Capitalization

    Capitalization 18/12/2011 As at Dec. 16, 2011 Eldorado European Goldfields Combined TSX Share Price - Closing C$15.39 C$11.84 - TSX Share Price - 20 Trading Day VWAP C$16.83 C$11.79 - Basic Shares Outstanding (millions) (1) 552 184 708 FDITM Shares Outstanding (millions) (1) 557 190 719 B i M Basic

  9. Slide 9: Benefits to Eldorado Shareholders

    Benefits to Eldorado Shareholders 18/12/2011  Solidifies position as one of the industry’s leaders with sustainable production growth and Enhanced attractive cash costs Growth  Acquisition q of sizeable high g quality q y assets with robust resource base and significant g exploration upside  Rein

  10. Slide 10: Benefits to European Goldfields Shareholders

    Benefits to European Goldfields Shareholders 18/12/2011 Significant  The offer represents an implied premium of 48.4% to European Goldfields closing share price on Premium December 5, 2011, with an implied 56.5% premium to 20 trading day VWAP (1)  Expanded global operating footprint Diversificatio

  11. Slide 11: Robust Asset Base

    Robust Asset Base 18/12/2011 New Eldorado will have a solid asset base to drive organic growth European Goldfields Exploration (Greece, Turkey) Exploration Eldorado Exploration Projects (Turkey, Brazil, China) Pre-Feasibility Tocantinzinho (Brazil) Certej (Romania) F Feasibility ibilit & Permitting

  12. Slide 12: Strong Production Growth

    Strong Production Growth 18/12/2011 A combined Eldorado and European Goldfields is expected to produce approximately 1.4 million ounces of gold per annum starting in 2014 Gold Production Gold Production (000’s(koz) oz Au) (1) 1 ,4 11 European Goldfields 906 Eldorado 808 650 1 ,1 18 773 850 650 2011E

  13. Slide 13: Geographically Diversified Production

    Geographically Diversified Production 18/12/2011 A combined Eldorado and European Goldfields is expected to produce gold in 5 countries by 2014 2011E Gold Production By Country (1) 2014E Gold Production By Country (1) Total Gold Production of 650 koz Au Total Gold Production of 1,411 koz Au 9% 3% 29

  14. Slide 14: Increased Market Presence

    Increased Market Presence 18/12/2011 Further enhances Eldorado's standing as the largest and one of the fastest-growing intermediate gold producers Market Capitalization (US$ billions) (1) $10.7 $10.6 $8.3 $6.3 $6.2 $4.9 $4.3 $4.0 $3.0 $2.2 Centerra Gold Yamana New Gold Osisko Eldorado IAMGOLD Goldf

  15. Slide 15: Leading Reserve Base With Exploration Upside

    Leading Reserve Base With Exploration Upside 18/12/2011 27.4 Gold Reserves (mm oz) (1) 22.1 19.7 18.2 16 8 16.8 14.2 10.7 9.2 8.4 8.2 Centerra Yamana New Gold Eldorado Eldorado African Osisko IAMGOLD Goldfields Barrick Agnico- European Eagle Gold New 36.6 33.6 Gold M&I Resources (mm oz) (1) 26.5 22.

  16. Slide 16: High Quality Low Cost Producer

    High Quality Low Cost Producer 18/12/2011 2014E Gold Production (000’s oz) (1) 1,546 1,411 1,322 1,118 , , 1,115 949 801 611 453 293 Centerra Yamana New Gold Eldorado Eldorado African Osisko IAMGOLD Goldfields Barrick Agnico- European Eagle Gold New 2014E Cash Costs Net of By-Product Credits (US$/oz

  17. Slide 17: Industry Leading Production Growth

    Industry Leading Production Growth 18/12/2011 The combination of Eldorado and European Goldfields provides one of the most attractive production growth profiles in the industry 2011E-2014E Au Production CAGR (%) (1) 35.1% 29.5% 19.8% 15.9% 13.8% 8.6% 6.7% 3 8% 3.8% 3 6% 3.6% Osisko IAMGOLD Centerra

  18. Slide 18: The Go-Forward Strategy for New Eldorado

    The Go-Forward Strategy for New Eldorado 18/12/2011  Focused on gold Business  Build dominant businesses in geologically prospective regions Focus • China, the Aegean (Turkey, Greece) and South America  Diversified suite of large, high quality, low cost mines and development projects  Empowered

  19. Slide 19: Overview of Eldorado & European Goldfields Assets

    18/12/2011 Olympias mine, Greece Skouries mine, Greece Certej, Romania Overview of Eldorado & European Goldfields Assets 18 www.eldoradogold.com

  20. Slide 20: Project Locations

    Project Locations 18/12/2011 Perama Hill (Greece) Eastern Dragon (China) 2P Reserves: 975 koz 2P Reserves: 764 koz White Mountain (China) M&I Resources: 1,382 koz M&I Resources: 852 koz Inferred Resources: 190 koz 2010 Production: 62 koz Inferred Resources: 554 koz C t j (Romania) Certej (R i ) 2P R

  21. Slide 21: Exploration

    Exploration 18/12/2011 Romania Exploration Turkey Exploration Certej-Brad Belt, Deva, Muncel-Vetel Pontide Volcanic Belt, AS Project, Ardala China Generative Exploration Xiaoshiren, Jinfeng regional, Tanjianshan (323 and regional) Greece Exploration Cassandra License, Piavitsa, Fisoka Tapajos Region

  22. Slide 22: Eldorado Reserves and Resources

    Eldorado Reserves and Resources 18/12/2011 Ownership Tonnes Grade Gold (%) (mm) (g/t) (000 oz) Proven and Probable Reserves Kişladağ 100% 429.3 0.74 10,231 Tanjianshan 90% 5.3 3.42 587 Efemçukuru 100% 5.1 9.10 1,506 Perama Hill 100% 9.7 3.13 975 Jinfeng 82% 14.7 4.03 1,903 White Mountain 95% 6.0 3.7

  23. Slide 23: Kişladağ Mine, Turkey

    Kişladağ Mine, Turkey 18/12/2011  Kişladağ (Uşak Province, Turkey) is an open pit heap leach gold mine that began commercial production in Julyy 2006 p 2011 Highlights  Received supplemental EIA Positive Certificate for throughput of 12.5 12 5 Mtpa Type Open pit, heap leach gold mine  Treatment p

  24. Slide 24: Jinfeng Mine, China

    Jinfeng Mine, China 18/12/2011  Jinfeng (Guizhou Province, China) is an open pit and underground gold mine that began commercial production in September 2007  Eldorado owns an 82% interest with local joint- venture partner Guizhou Lannigou Gold Mine Limited holding the remaining 18% Type Open pit

  25. Slide 25: Tanjianshan Mine, China

    Tanjianshan Mine, China 18/12/2011  Tanjianshan (TJS) (Qinghai Province, China) is an open pit, float-roast-CIL operation that began commercial production in February 2007  Partners in TJS are Qinghai Number One Geological Brigade (5%) and the Dachaidan Gold Mine (5%) Type Open pit, float-roast-CI

  26. Slide 26: White Mountain Mine, China

    White Mountain Mine, China 18/12/2011  White Mountain (Jilin Province, China) is an underground mine using a sub-level and cut- and-fill and fill stoping mining method  Commenced commercial production in January 2009  Eldorado owns a 95% interest with joint-venture partner Jilin Tonghua Institute

  27. Slide 27: Efemçukuru Project, Turkey

    Efemçukuru Project, Turkey 18/12/2011  Efemçukuru (Izmir Province, Turkey) is a high grade epithermal gold deposit being exploited by mechanized underground mining methods 2011 Highlights  Received Trial Operating Permit; commissioning and production started in Q2  Complete expansion plan review

  28. Slide 28: Eastern Dragon Project, China

    Eastern Dragon Project, China 18/12/2011  Eastern Dragon (Heilongjiang Province, China) is a high-grade, low-sulphidation, epithermal, gold-silver gold silver vein deposit  Eldorado has a 95% equity interest with a private joint venture partner holding 5%  The Environmental Impact Assessment (EIA

  29. Slide 29: Perama Hill Project, Greece

    Perama Hill Project, Greece 18/12/2011  Perama Hill (Eastern Thrace, northern Greece) is a shallow oxide gold deposit with a low strip ratio  Pre-Environmental Impact Assessment (PEIA) was submitted in October 2009 2011 Highlights Type Open pit  Accepted for fast tracking process P+P reserves 975

  30. Slide 30: Tocantinzinho Project (TZ), Brazil

    Tocantinzinho Project (TZ), Brazil 18/12/2011  TZ is a shallow, intrusion-hosted, non-refractory gold deposit located in the prolific Tapajos district in northern Brazil 2011 Highlights  Prefeasibility Study completed in May  Environmental Impact Assessment, which defines the 4.4 Mtpa open pit mi

  31. Slide 31: Vila Nova Mine, Brazil

    Vila Nova Mine, Brazil 18/12/2011  Vila Nova is an open pit iron ore mine located in Amapa State, Brazil 2011 Highlights  Significant financial upside associated with price escalation Type Open pit iron ore mine  Exploring opportunities to enhance business P+P reserves 9.2 M tonnes (61.0% Fe) thr

  32. Slide 32: European Goldfields Reserves and Resources

    European Goldfields Reserves and Resources 18/12/2011 Gold Silver Zinc Copper Lead Ownership Tonnes Grade Metal Grade Metal Grade Metal Grade Metal Grade Metal (%) (mm) (g/t) (000 oz) (g/t) (000 oz) (%) (mm lb) (%) (mm lb) (%) (mm lb) Proven and Probable Reserves Skouries 95% 138.4 0.81 3,590 -- --

  33. Slide 33: Stratoni, Greece

    Stratoni, Greece 18/12/2011  Stratoni is an underground polymetallic mine on the Chalkidiki Peninsula, Northern Greece - it resumed pproduction in Q Q4 2005  100 km by road from Thessaloniki, the second largest city in Greece  Silver production is sold to Silver Wheaton at the lesser of $3.90/oz

  34. Slide 34: Skouries, Greece

    Skouries, Greece 18/12/2011  Skouries is a large development stage, gold- copper porphyry deposit 35 km by road from the Stratoni p port in Northern Greece  European Goldfields' key project – will produce Cu-Au concentrate via flotation plus doré from the gravity circuit  Technical components of

  35. Slide 35: Olympias, Greece

    Olympias, Greece 18/12/2011  Olympias is a development stage polymetallic mine located 8 km north of the operating Stratoni mine  Brownfield site with existing infrastructure (mill and shaft)  Phased development plan with $15 mm initial requirement for tailings retreatment • 1: Sale of stockpile

  36. Slide 36: Certej, Romania

    Certej, Romania 18/12/2011  Certej is an epithermal gold/silver deposit located in the highly prospective “Golden Quadrilateral” area of the Apuseni Q p Mountains of Transylvania in Western Romania, 12 km from the regional town of Deva  Brownfield site with excellent infrastructure and mining perm

  37. Slide 37: Thank you

    Thank you 18/12/2011 Olympias mine, Greece Skouries mine, Greece Certej, Romania Eldorado Gold Corporation TSX: ELD NYSE: EGO ASX: EAU Investor Relations: Nancy Woo (604) 601 601-6650 6650 nancyw@eldoradogold.com 36 www.eldoradogold.com

  38. Slide 38: Endnotes and Cautionary Statements

    Endnotes and Cautionary Statements 18/12/2011  For full transaction terms and conditions, refer to Eldorado’s Management Information Circular, which will be filed shortly and available at www.sedar.com.  Incremental additions to Eldorado’s mineral resources and mineral reserves expected to result

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