Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (January 2013)

45 slides from Eldorado Gold's investor presentation, Jan 9, 2013

  1. Slide 1: Focusing on Delivery

    Focusing on Delivery Investor Presentation January 9, 2013

  2. Slide 2: Forward-looking statements

    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 securities law. These forward-looking statemen

  3. Slide 3: Gold producer with 20 years of international operating experience

     > 650,000 oz gold producer with 20 years of international operating experience  Leading low cost operator with solid margins and a strong balance sheet  Experienced management team with a proven ability to build and operate mines  Track record of value creation through successful exploration, d

  4. Slide 4: 2013 guidance

     Gold production of 705,000–760,000 oz  Cash operating costs of $515–$530/oz; estimated total cash costs of ~$585/oz  Capital expenditure of $648m ($410 operations; $238 projects)  Exploration budget increased by 22% to $98.5m  Cash and cash equivalents of ~$810m at year end 2012**  Dividend o

  5. Slide 5: Operations in highly prospective areas with well-established mining cultures

     Operations in highly prospective areas with well-established mining cultures  Asset base is diversified across the mining lifecycle  Pipeline of assets drives organic growth www.eldoradogold.com 5

  6. Slide 6: By 2016, we aim to

     By 2016, we aim to:  Produce over 1.5m ounces of gold (2012: ~660,000oz)  Have cash operating costs of $300-350/oz net of by-product (2012: $489/oz)  Maintain balance sheet strength  Distribute an attractive dividend to shareholders Gold Bars from White Mountain Mine, China www.eldoradogold.co

  7. Slide 7: Estimated Gold Production 2012-2016

    Estimated Gold Production 2012-2016  We’re seeing: 1,650,000 1,800 1,500,000 1,600  Strong production 1,350,000 growth (Average 1,400 1,200,000 Annual Growth Rate: 1,200 27%) with decreasing Gold Production (oz) 1,050,000 cash costs 900,000 1,000 US$/oz 750,000 800  Over 1.5 million oz of 600,000

  8. Slide 8: Gold Production and Cash Costs – Guidance vs Actual

    Gold Production – Guidance vs Actual 800 700 600 Oz (thousands)  Over the past 5 years we have: 500 400 300  Doubled Production 200 100 0  Increased Reserves & Resources 2008 2009 2010 2011 2012 Guidance Actual Cash Costs – Guidance vs Actual  Maintained costs in the lowest 600 quartile 500 400

  9. Slide 9: Expansion, construction and development projects

    These four projects account for 60% of Eldorado’s future production growth Kişladağ Olympias Skouries Perama Hill (Expansion) (Expansion) (Construction) (Development) www.eldoradogold.com 9

  10. Slide 10: Kisladag expansion highlights

    EXPANSION Highlights Current production rate 12.5 million tonnes / year (crushing, screening, stacking) Expanded production rate 25.0 million tonnes / year (crushing, screening, stacking) Expanded production rate, average 475,000 ounces / year LOM strip ratio 1.4:1 ROM ore treatment , average 8MT /

  11. Slide 11: Kisladag expansion: engineering, procurement, construction

    EXPANSION Leach Pad, Kişladağ Engineering  Detailed engineering design initiated Procurement  Continue procurement of major mining and process equipment  Major fabrication initiated Construction  Construction of Phase VI leach pad extension  Installation of North Pad conveying system  Initiate

  12. Slide 12: Development Potential

    Development Potential  Projects within a 10km radius  Fully-permitted  Excellent infrastructure (roads, power, port access)  Experienced & growing local teams  Phased construction approach  Strong government support Reserves source: European Goldfields www.eldoradogold.com 12

  13. Slide 13: Olympias project highlights

    EXPANSION Deposit Type Replacement mixed sulphide Mine Life 25 years Initial Capex ~US $165 million to Phase II UG Production Mining Rate Phase I (2012 - 2015) –Tailings 2013: 815 ktpa Phase II (2016 - 2017) – Underground: 400 ktpa Phase III (2018 - On) – Underground Expansion: 800 ktpa Gold Product

  14. Slide 14: Olympias work in 2012 and 2013

    EXPANSION Work in 2012  Plant refurbishment  a. complete Schist  Production from tailings  Amphibolite Gneiss commenced in Q4 Marble  Refurbishment of existing  Intrusive mine ramp complete  Underground tunnels  refurbished using rock- bolting and shotcreting c. d. Work in 2013  Advance und

  15. Slide 15: Skouries project highlights

    CONSTRUCTION Deposit Type Gold-Copper Porphyry Mine Life 27 years Initial Capex ~US $340 million to plant production from Open Pit Schist Mining Rate 8 Mtpa Open Pit Amphibolite Gneiss 4.4 Mtpa Underground Marble Strip Ratio 0.7 : 1 Intrusive Gold ~140,000 oz Au, ~30,000 t Cu/year Open Pit Productio

  16. Slide 16: Skouries work in 2012 and 2013

    CONSTRUCTION Work in 2012  Site preparation – surface clearing Schist activities and earth moving Amphibolite Gneiss Marble  Road access  Intrusive  Portal excavation  Work in 2013  Continue construction of Processing Plant  Advance underground development  Test geological potential of near

  17. Slide 17: Perama Hill project highlights

    DEVELOPMENT Disseminated epithermal gold-silver Deposit Type vein deposit Mine Life 8 years Initial Capex ~US $220 million Mining Rate 1.25 Mtpa Open Pit Strip Ratio 0.35 : 1 Gold Production 110,000 oz/year Silver Production 85,000 oz/year Cash Costs $288/oz (by-product) Processing Conventional CIL

  18. Slide 18: Perama Hill work in 2012 and 2013

    DEVELOPMENT Drilling at Perama Hill Work in 2012  PEIA approved in February 2012   EIA submitted to Ministry of  Environment (MoE) in March 2012 under Fast Track Legislation Work in 2013  EIA approval anticipated in Q1 2013 www.eldoradogold.com 18

  19. Slide 19: Exploration projects

    Piavitsa Certej Tanjianshan Efemcukuru (Greenfield) (Brownfield) (Near Mine) (Near Mine) www.eldoradogold.com 19

  20. Slide 20: Exploration Potential

    Exploration Potential  Strategic land position  Metallogenic belt with multiple deposit styles within 10km radius  Untested targets provide excellent upside potential Reserves source: European Goldfields www.eldoradogold.com 20

  21. Slide 21: Greenfield exploration: Piavitsa

    EXPLORATION - GREENFIELD  Excellent upside potential (not in resources)  2012 program tested target horizon on 100m x 200m spaced grid  Historical drilling identified massive sulphide zones along Stratoni Fault www.eldoradogold.com 21

  22. Slide 22: Brownfield exploration: Certej

    EXPLORATION - BROWNFIELD  Over 1.5 million oz added to M&I resource base in 2012  2012 drill holes in Link Zone target cut high- grade gold mineralization  West Pit target has high-grade epithermal veins  Limited modern exploration in Romania but extensive historical exploration and mining data

  23. Slide 23: Near mine exploration: Tanjianshan

    EXPLORATION – NEAR MINE  Drilling programs at Qinglongtan North and Xijingou completed in Q3 2012 Qinglongtan North (QN) Xijingou  Several holes at QN intersected strong  Several step-out drillholes at mineralization Xijingou intersected strong mineralization  Possibility of a new high-grade gol

  24. Slide 24: Near mine exploration: Efemcukuru

    EXPLORATION – NEAR MINE  Q3 2012 drilling focused on Kestani Beleni North West Ore Shoot (NWOS), South Ore Shoot (SOS) and Kokarpinar veins  32 drillholes (8,440 metres) were completed and results include:  At NWOS: new shallowly northwest-plunging lower zone of mineralization (traced for ~400m a

  25. Slide 25: Exploration – Near Mine

    EXPLORATION – NEAR MINE www.eldoradogold.com 25

  26. Slide 26: Thank You

    Thank You TSX: ELD NYSE: EGO Total shares outstanding (as at Dec 31, 2012): 714.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 26

  27. Slide 27: Background Information

    Background Information www.eldoradogold.com 27

  28. Slide 28: Five cornerstone gold mines

     Five cornerstone gold mines: Kişladağ Efemçukuru Jinfeng Tanjianshan White Mountain www.eldoradogold.com 28

  29. Slide 29: Kisladag production overview

    PRODUCTION OVERVIEW Location Uşak Province, Western Turkey Deposit Gold porphyry Ownership 100% Eldorado Open pit Type Heap leach gold mine Expected Life of Mine 15-20 years Recovery 65% Strip Ratio 2013 1.75:1 Overview RESERVES AND RESOURCES (at Dec 31, 2011)  Largest gold mine in Turkey  Discove

  30. Slide 30: Efemcukuru production overview

    PRODUCTION OVERVIEW Location Izmir Province, Western Turkey Deposit High grade epithermal gold vein Ownership 100% Eldorado Underground gold mine Type Flotation and Carbon in Leach Expected Life of Mine 12 years Recovery 87% RESERVES AND RESOURCES (at Dec 31, 2011) Overview Proven + Probable Reserve

  31. Slide 31: Jinfeng production overview

    PRODUCTION OVERVIEW Location Guizhou Province, China Deposit Carlin type 82% Eldorado Ownership 18% Guizhou Lannigou Gold Mine Ltd Open pit and underground gold mine Type Biox and Carbon in Leach Expected Life of Mine 13 years Recovery 85% RESERVES AND RESOURCES (at Dec 31, 2011) Overview  Acquired

  32. Slide 32: Tanjianshan production overview

    PRODUCTION OVERVIEW Location Qinghai Province, China Deposit Orogenic 90% Eldorado 5% First Institute of Geology and Ownership Mineral Exploration of Qinghai Province 5% Dachaidan Gold Mine Open pit gold mine Type Float roast Carbon in Leach Expected Life of Mine 5 years Recovery 81% Overview Strip

  33. Slide 33: White Mountain production overview

    PRODUCTION OVERVIEW Location Jilin Province, China Deposit Orogenic 95% Eldorado Ownership 5% Jilin Tonghua Institute of Geology and Minerals Exploration and Development Underground gold mine Type Carbon in Leach plant Expected Life of Mine 9 years Recovery 80% Overview  Acquired by Eldorado from S

  34. Slide 34: Olympias production overview

    PRODUCTION OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Polymetallic gold, silver, lead and zinc 95% Eldorado Ownership 5% Aktor SA Underground mine Type (previously mined using underground drift and fill) Estimated Development Capital US$165 million Production (from tailings) Q4

  35. Slide 35: Vila Nova production overview

    PRODUCTION OVERVIEW Location Amapa State, Brazil Ownership 100% Eldorado Type Open pit iron ore mine Expected Life of Mine 9 years RESERVES AND RESOURCES (at Dec 31, 2011) Overview  Commercial production began in 2011 Proven + Probable Reserves 8.9 Mt @ 60.9% Fe 2013 Guidance Measured + Indicated R

  36. Slide 36: Stratoni production overview

    PRODUCTION OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide 95% Eldorado Ownership 5% Aktor SA Underground drift and fill Type Multi-stage flotation Expected Life of Mine 5 years RESERVES AND RESOURCES (Source: European Goldfields) 10 Moz Ag @ 177 g/t Proven

  37. Slide 37: Five key development projects

     Five key development projects: Skouries Perama Hill Certej Tocantinzinho Eastern Dragon www.eldoradogold.com 37

  38. Slide 38: Skouries construction overview

    CONSTRUCTION OVERVIEW Chalkidiki Peninsula, Location Northern Greece Deposit Gold-copper porphyry 95% Eldorado Ownership 5% Aktor SA Type Open pit and underground Strip Ratio (open pit) 0.7:1 Estimated Development Capital US$340 million Overview Production Expected 2015  Acquired from European Gold

  39. Slide 39: Perama Hill development overview

    DEVELOPMENT OVERVIEW Eastern Thrace, northern Location Greece Epithermal gold-silver vein Deposit deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 8 years 90% (Gold) Expected Recovery 60% (Silver) Estimated Development Capital US$220 million Production Expected Q1 2015 S

  40. Slide 40: Certej development overview

    DEVELOPMENT OVERVIEW “Golden Quadrilateral” area Location of the Apuseni Mountains, Western Romania Epithermal gold-silver Deposit deposit Ownership 80% Eldorado Open pit Type (Previously mined via shallow open pit) Expected Life of Mine 12 years Estimated Development Capital US$270 million Overview

  41. Slide 41: Tocantinzinho development overview

    DEVELOPMENT OVERVIEW Tapajos district, Para State, Location central Brazil Shallow, intrusion-hosted, Deposit non-refractory gold deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 11 years RESERVES AND RESOURCES (at Dec 31, 2011) Proven + Probable Reserves 1.9 Moz Au @ 1.

  42. Slide 42: Eastern Dragon development overview

    DEVELOPMENT OVERVIEW Location Heilongjiang Province, China Deposit High-grade, epithermal, gold-silver vein 95% Eldorado Ownership 5% County (Daxinglanling Yihua Development Company Ltd) Open pit and underground gold mine, Type CIL plant under construction Expected Life of Mine 7 years Expected Reco

  43. Slide 43: 2013 Exploration budget: US$98.5 million

     2013 Exploration budget: US$98.5 million Romania ($12m)  5 projects  34,000 meters Vancouver (Head Office) ($3.5m) Greece ($23m)  6 projects  47,000 meters Turkey ($12m) China ($22m)  4 projects  9 projects  25,000 meters  59,000 meters Brazil ($16m)  4 projects  16,000 meters Other Proj

  44. Slide 44: Proven & Probable, Measured & Indicated, Inferred resources

    Proven & Probable Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Kisladag 459,870 0.71 10,516 579,860 0.65 12,055 380,760 0.40 4,921 Efemcukuru 5,023 9.13 1,475 5,426 9.57 1,670 2,52

  45. Slide 45: Investor Relations contact

    TSX: ELD NYSE: EGO Total shares outstanding (as at Dec 31, 2012): 714.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 45

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