Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — TD Securities Mining Conference 2012
39 slides from Eldorado Gold's conference presentation, Jan 24, 2012
Slide 1: Building the Leading Intermediate Global Gold Producer
B ildi g the Building th LLeading di g Intermediate I t di t Global Gold Producer TD Securities Mining Conference January 24 - 25, 2012 www.eldoradogold.com 1
Slide 2: Forward Looking Statement
Forward Looking Statement 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. The
Slide 3: Worldwide Operations
Worldwide Operations Eldorado Gold is a Canadian gold producer with six operating mines, one mine under construction, two development projects and an extensive 2012 exploration program. We presently operate t in i Chi China, T Turkey, k B Brazilil and dGGreece. W We pay a semi-annual i l di dividend
Slide 4: 2012 Strategy and Objectives
2012 Strategy and Objectives (Amounts in US$ unless otherwise stated) Focus on q quality yggrowth at low cost: Complete acquisition of European Goldfields and integrate assets Increase gold production to approximately 730,000 - 775,000 oz at $430 - $450/oz cash operating cost Complete construc
Slide 5: 2011 Operating Highlights
2011 Operating Highlights (Amounts in US$ unless otherwise stated) Year-end Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Gold Production (oz) 148,577 162,429 179,195 168,933 659,134 Realized Gold Price $1,397 $1,510 $1,700 $1,686 $1,582 Cash Operating Cost $410 $397 $397 $418 $405 Total Cash Cost $462 $477
Slide 6: Focus on Quality Growth at Low Cost
Focus on Quality Growth at Low Cost Expanding Margins ($/oz) ($/ ) Annual Gold Production (x1,000 ( 1 000 oz)) 1,800 800 Total Cash Cost 1,600 Cash Margins 700 1,400 Realized Gold Price 600 1,200 500 1,000 $1,079 400 800 $800 $658 300 600 $587 $279 $411 200 400 200 100 0 0 2006 2007 2008 2009 2010 Q
Slide 7: Kişladağ Mine, Turkey
Kişladağ Mine, Turkey Location Uşak Province, Western Turkey Deposit Gold porphyry Ownership 100% Type Open pit, heap leach gold mine Commercial July 2006 production d ti P+P reserves 10.2 M oz gold @ 0.74 g/t M+I resources 12.2 M oz gold @ 0.68 g/t 2012 Highlights • Newly commissioned concentrate t
Slide 8: Kişladağ Mine Expansion (Phase IV)
Kişladağ Mine Expansion (Phase IV) Highlights Current production rate (crushing, screening, stacking) 12.5 million tonnes / year Expanded production rate (crushing, screening, stacking) 25.0 million tonnes / year Expanded production rate, average 475,000 ounces / year LOM strip ratio 1.4:1 ROM ore t
Slide 9: Kişladağ Expanded Production
Kişladağ Expanded Production 600 $500 500 $400 400 $300 x 1,000 oz $/oz 300 $200 200 $100 100 0 $0 2012 2013 2014 2015 2016 Cash Operating Cost (US$/oz) www.eldoradogold.com 9
Slide 10: IP Geophysical Survey Areas 2011 & 2012 – Kişladağ Mine
IP Geophysical Survey Areas 2011 & 2012 – Kişladağ Mine www.eldoradogold.com 10
Slide 11: Efemçukuru Mine, Turkey
Efemçukuru Mine, Turkey Location Izmir Province, Western Turkey Deposit High grade epithermal gold vein Ownership 100% Type Underground gold mine C Commercial i lPProduction d ti D December b 2011 P+P reserves 1.5 M oz gold @ 9.10 g/t M+I resources 1.7 M oz gold @ 9.55 g/t 2012 Highlights Inferred r
Slide 12: Efemçukuru Exploration Programs
Efemçukuru Exploration Programs Kestani Beleni Vein 2011 surface exploration program at Efemcukuru included over 11,000 metres of planned drilling focusing on two main areas: the northwest along-strike extension of the Kestani Beleni vein, and the parallel Kokarpinar vein, located 400 to 500 metres
Slide 13: Jinfeng Mine, China
Jinfeng Mine, China Location Guizhou Province, China Deposit Carlin type Carlin-type 82% Eldorado, 18% Guizhou Ownership Lannigou Gold Mine Limited Type Open pit and underground gold mine P+P reserves 1.9 M oz gold @ 4.03 g/t M+I resources 2.6 M oz gold @ 3.55 g/t 2012 Highlights Inferred resources
Slide 14: Regional Setting - Jinfeng Mine
Regional Setting - Jinfeng Mine www.eldoradogold.com 14
Slide 15: Jinfeng Mine 2011 & 2012 Exploration Targets
Jinfeng Mine 2011 & 2012 Exploration Targets Jinfeng Open Pit - Plan View Rongban- F7 www.eldoradogold.com 15
Slide 16: Tanjianshan Mine, China
Tanjianshan Mine, China Location Qinghai Province, China Deposit Orogenic 90% Eldorado, 5% Qinghai Ownership Number One Geological Brigade, 5% Dachaidan Gold Mine Type Open pit gold mine mine, float-roast-CIL float roast CIL P+P reserves 587,000 oz gold @ 3.42 g/t 2012 Highlights M+I resources 777,0
Slide 17: White Mountain Mine, China
White Mountain Mine, China Location Jilin Province, China Deposit Orogenic 95% Eldorado, 5% Jilin Tonghua Ownership Institute of Geology and Minerals Exploration and Development T Type U d Underground d gold ld mine, i CIL plant l t P+P reserves 720,000 oz gold @ 3.74 g/t M+I resources 946,000 oz go
Slide 18: White Mountain – Long Section with Grade x Thickness Contours
White Mountain – Long Section with Grade x Thickness Contours Demonstrating Mineralization Model F102 Trace Hypothetical F102-parallel fault www.eldoradogold.com 18
Slide 19: Vila Nova Mine, Brazil
Vila Nova Mine, Brazil Location Amapa State, Brazil Ownership 100% Type Open pit iron ore mine P+P reserves 9.2 M tonnes (61.0% Fe) M+I resources 9.9 M tonnes (61.5% Fe) Inferred resources 2.0 M tonnes (61.2% Fe) Designed annual production 900,000 ROM ore capacity 2012 Highlights Mine life 9 years •
Slide 20: Eastern Dragon Project, China
Eastern Dragon Project, China Location Heilongjiang Province, China D Deposit it Hi h High-grade, d epithermal, ith l gold-silver ld il vein i 95% Eldorado, Ownership 5% County (DaxinglanlingYihua Development Company Limited) Open pit and underground gold mine, yp Type CIL plant l t under d construc
Slide 21: Perama Hill Project, Greece
Perama Hill Project, Greece Location Eastern Thrace, northern Greece Deposit Epithermal non-refractory oxide Ownership 100% Type Open pit P+P P P reserves 975,000 oz gold @ 3.13g/t M+I resources 1,382,000 oz gold @ 3.46 g/t Inferred resources 554,000 oz gold @ 1.96 g/t 2012 Highlights Strip ratio 0.
Slide 22: Tocantinzinho Project (TZ), Brazil
Tocantinzinho Project (TZ), Brazil Tapajos district, Para State, Location central Brazil shallow, intrusion-hosted, non- Deposit refractory gold deposit Ownership 100% Type Open pit P+P reserves 1.9 M oz gold @ 1.25 g/t 2012 Highlights M+I resources 2.4 M oz gold @ 1.06g/t • Feasibility Study (FS) t
Slide 23: Where we Explore
Where we Explore 2012 Exploration budget: $66 million www.eldoradogold.com 23
Slide 24: 2012 Exploration Budget Distribution
2012 Exploration Budget Distribution 4% Corporate G & A 2% Greece 20% Minesite 28% Brazil Programs 20% Turkey 44% Greenfields and Generative 36% B Brownfields fi ld Programs 46% China Turkey China Brazil 66% 53% 34% 35% 31% 47% 13% 21% Minesite Greenfields Brownfields Minesite Greenfields Brownfield
Slide 25: Exploration Multi-Year Plan
Exploration Multi Multi-Year Year Plan 2010 - 2011 ◦ Advance existing brownfields/greenfields projects ◦ Build Vancouver office and regional office exploration teams ◦ Integrate new assets in China ◦ Refine corporate strategy, develop Eldorado’s exploration system 2011 and ongoing ◦ Aggr
Slide 26: Brazil Exploration Programs
Brazil Exploration Programs 2012 Focus: • Advancing projects to decision points • New project generation outside t id off the th Tapajos T j District www.eldoradogold.com 26
Slide 27: Tapajos Land Position
Tapajos Land Position 907 km2 land position www.eldoradogold.com 27
Slide 28: China Exploration Programs
China Exploration Programs 2012 Focus: • Existing minesite and brownfields projects • Project generation in favourable jurisdictions www.eldoradogold.com 28
Slide 29: China Exploration Programs
China Exploration Programs Guizhou ◦ Three projects within a 100 km radius of Jinfeng Mine ◦ 13,500 metres diamond drilling ◦ Plus 25,000 metres underground and surface drilling at Jinfeng Jilin ◦ Three projects within a 50 km radius of the White Mountain Mine ◦ 12,000 metres diamond drilling ◦
Slide 30: Turkey Exploration Programs
Turkey Exploration Programs 2012 Focus: • Efemçukuru and Kişladağ programs • First drilling programs on three reconnaissance projects • Project generation www.eldoradogold.com 30
Slide 31: Greece Exploration Programs
Greece Exploration Programs 2012 Focus: • Perama Hill district • Epithermal (intermediate, high sulfidation) gold systems target evaluation • Advanced stage exploration programs • Mine site / brownfields setting and testing • Building exploration team www.eldoradogold.com 31
Slide 32: Strengths
Strengths Experienced E i d ttechnical h i l tteam Strong balance sheet Growth G th from f assets t in i four f jurisdictions j i di ti Lowest quartile of costs Proven P record d off execution ti www.eldoradogold.com 32
Slide 33: Eldorado and European Goldfields Announce Business Combination
Kişladağ, Turkey Jingfeng, China Tanjianshan, China White Mountain, China Efemçukuru, Turkey Olympias, Greece Skouries, Greece Certej, Romania Eldorado and European Goldfields A Announce B Business i C Combination bi ti www.eldoradogold.com 33
Slide 34: Growth with Superior Low Cost Assets
Growth with Superior Low Cost Assets 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 divid
Slide 35: Strong Operating Base in Greece
Strong Operating Base in Greece Eldorado adds two quality development projects Northern Greece is geologically prospective to its pipeline plus exploration upside in Greece and under-explored Olympias Piavitsa shows evidence of mineralization style and 4.1 million ounces of gold reserves (1) geo
Slide 36: Robust Asset Base
Robust Asset Base The New Eldorado will have a solid asset base to drive organic growth and expanded regional operating expertise to deliver on development pipeline European Goldfields Exploration (Greece, Turkey) Exploration Eldorado Exploration Projects (Turkey, Brazil, China) Feasibility & Permit
Slide 37: Strong Production Growth
Strong Production Growth A combined Eldorado and European Goldfields is expected to produce approximately 1.4 million ounces of gold per annum starting in 2014 Gold Production (000’s oz Au) (1) 1, 411 E European Goldfields G ldfi ld 906 Eldorado 808 659 1, 118 773 850 659 2011 2012E 2013E 2014E Reve
Slide 38: Enhanced Gold Leverage per Share
Enhanced Gold Leverage per Share Maintains New Eldorado’s status as the leading gold-focused intermediate producer with lowest quartile cash costs +17% 38.1 $403 -27% 32.6 Increased 2P 2014E $293 Gold Ounces Cash Costs per Share (1) per Ounce (2) Eldorado New Eldorado Eldorado New Eldorado New Inter
Slide 39: Thank you
Th k you Thank TSX: ELD NYSE: EGO ASX: EAU Total shares outstanding (fully diluted; as of December 31, 2011): 560.3 M Investor Relations: Nancy Woo (604) 601-6650 · nancyw@eldoradogold.com www.eldoradogold.com 39