Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (December 2010)

46 slides from Eldorado Gold's investor presentation, December 2010

  1. Slide 1: Eldorado Gold Corporation

    Eldorado Gold Corporation December 2010 www.eldoradogold.com 1

  2. Slide 2: Forward-Looking Statements

    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. Th

  3. Slide 3: Where we operate

    Where we operate Eldorado Gold is a Canadian gold producer with 5 operating mines, 2 mines under construction, development projects and an extensive 2010 exploration program. We presently operate in China, Turkey, Brazil and Greece. www.eldoradogold.com 3

  4. Slide 4: Q3 2010 Financial and Operating Highlights

    Q3 2010 Financial and Operating Highlights (amounts in US$ unless otherwise stated)  Reported earnings of $0.09 per share ($0.08 per share Q3 2009) Increasing Net Cash (in US$1,000)  Produced 151,297 oz of gold at an average cash $200,000 operating cost of $386/oz (total cash cost of $150,000 $431

  5. Slide 5: Lowest Quartile of Production Cost

    Lowest Quartile of Production Cost Forecast Annual Gold Production (in 1,000 oz) Expanding Margins (in $/oz) 1,200 $400 $1,400 Perama Hill $1,195 $1,231 Margins $1,110 Cash Operating Cost ($/oz) 1,000 $1,200 Eastern Dragon $995 Gold Production (x1,000 oz) $300 $1,000 $876 800 Efemçukuru $800 $674 78

  6. Slide 6: Superior Shareholder Performance

    Superior Shareholder Performance Return on Shareholders Equity Share Price Performance $9,000 500% Return on TSX: ELD C$19.02 468% Share Capital: 328% 400% (38% Market S&P/TSX Global Gold $6,000 Increased (^SPTTGD) annualized) C$ millions market Capitalization capitalization 300% S&P/TSX Composite t

  7. Slide 7: Profit as % of Revenue (2009)

    Profit as % of Revenue (2009) Source: Globe and Mail (August 17, 2010) www.eldoradogold.com 7

  8. Slide 8: Kişladağ Mine, Turkey

    Kişladağ Mine, Turkey  Kişladağ is a gold porphyry deposit located in Uşak Province, Turkey, operating as an open pit heap leach gold mine.  Commercial production commenced in July 2006  2010 forecast ore production is ~10Mt/year at 1.03 g/t Au with a strip ratio of 1.21:1 (265,000 oz Au) Type Op

  9. Slide 9: Jinfeng Mine, China

    Jinfeng Mine, China  Jinfeng is a carlin-type gold deposit located in Guizhou Province, China, operating as an open pit and underground mine.  Commercial production began in September 2007  Eldorado owns an 82% interest with local joint-venture partner Guizhou Lannigou Gold Mine Limited holding t

  10. Slide 10: Tanjianshan Mine, China

    Tanjianshan Mine, China  Tanjianshan is an orogenic gold deposit located in Qinghai Province, China, operating as an open pit, float-roast-CIL operation.  Commercial production began in February 2007  Partners at Tanjianshan are Qinghai Number One Geological Brigade (5%) and the Dachaidan Gold Mi

  11. Slide 11: White Mountain Mine, China

    White Mountain Mine, China  White Mountain is an orogenic gold deposit located in Jilin Province, China operating as an underground mine using a sub-level and cut-and-fill stoping mining method.  Commercial production commenced in January 2009  Eldorado owns a 95% interest, with joint- venture pa

  12. Slide 12: Vila Nova Mine, Brazil

    Vila Nova Mine, Brazil  Vila Nova is an iron ore open pit mine located in the Amapa State, Brazil  Eldorado owns 100% of Vila Nova  Production commenced in Q3 2010  Two shipments of ore totaling 90,000 tonnes have been sold to the Chinese spot market. Average price received was $93 per tonne. Ty

  13. Slide 13: Efemçukuru Project, Turkey

    Efemçukuru Project, Turkey  Efemçukuru, located in Izmir Province, Turkey, is a high grade epithermal gold vein deposit, suited for underground mechanized mining  Feasibility study was completed in 2007 with operating and capital estimates updated in October 2009  Construction is ongoing, with co

  14. Slide 14: Eastern Dragon Project, China

    Eastern Dragon Project, China  Eastern Dragon, located in Heilongjiang Province, China, is a high-grade, epithermal, gold-silver vein deposit  Eldorado has a 95% equity interest with a private joint venture partner holding 5%  The Environmental Impact Assessment report was approved in August 2009

  15. Slide 15: Perama Hill Project, Greece

    Perama Hill Project, Greece  Perama Hill is an epithermal non-refractory oxide gold deposit with a low strip ratio  Pre-Environmental Impact Assessment has been submitted and approval anticipated in Q1 2011  Technical report NI 43-101 for the project was filed during Q1 2010  Environmental Impac

  16. Slide 16: Tocantinzinho Project, Brazil

    Tocantinzinho Project, Brazil  Tocantinzinho is a shallow, intrusion-hosted, non-refractory gold deposit located in the prolific Tapajos district in northern Brazil  On July 20, 2010, we acquired 100% interest in the Tocantinzinho project, which we had operated in a joint venture since 2008  Pre-

  17. Slide 17: Exploration Projects

    Exploration Projects  2010 exploration budget is ~$32.9 M  China: ~$10.4 M  Turkey: ~$12.0 M  Brazil: ~$7.5 M  US Nevada: ~$0.8 M  Other expenses: ~$2.2 M  125,000 metres drilling are planned at over 20 project areas  Exploration programs include a blend of minesite, advanced stage, early st

  18. Slide 18: Exploration Projects

    Exploration Projects Turkey • Efemçukuru, Kişladağ minesite • Advanced stage porphyry projects • Early stage exploration projects Nevada China • Early stage • Minesite exploration exploration projects • Generative program Brazil • Tapajós generative • Tocantinzinho advanced stage www.eldoradogold.co

  19. Slide 19: Strategy

    Strategy  Long life, low cost assets  Lowest quartile of production cost  Strong balance sheet  No hedge positions  Regional exploration and excellent development projects for internal growth  High standards of exploration, development, and operation. www.eldoradogold.com 19

  20. Slide 20: Thank you

    Thank you Eldorado Gold Corporation TSX: ELD NYSE: EGO ASX: EAU Shares Outstanding (as of September 30, 2010): 547.7 M Investor Relations: Nancy Woo (604) 601-6650 nancyw@eldoradogold.com www.eldoradogold.com 20

  21. Slide 21: Appendix I: China Operations

    Appendix I: China Operations Eastern Dragon project Heilongjiang Province White Mountain mine Jilin Province Tanjianshan mine Qinghai Province Jinfeng mine Guizhou Province www.eldoradogold.com 21

  22. Slide 22: China - Facts and Fallacies

    China - Facts and Fallacies Fallacy Fact The refining and selling of gold is tightly There is a choice of refineries (including Metalor) and the controlled and the producer receives a discount producer is free to negotiate with the preferred refinery. Terms to the spot price. and conditions are simi

  23. Slide 23: China - Facts and Fallacies

    China - Facts and Fallacies Fallacy Fact Gold mining is in the “prohibited” category, and The Foreign Investment Catalogue places investment in the the size of deposit available to foreign gold sector in the “restricted” category. The restricted category companies is limited. simply means that there

  24. Slide 24: “The Big 4” Government Agencies

    “The Big 4” Government Agencies  National Development and Reform Commission (NDRC)  The main agency that directs the “planned economy”  Mainly responsible for the Foreign Investment Catalogue  Approves the final Chinese Feasibility Study for gold mining operations  Ministry of Land and Resource

  25. Slide 25: Typical Flow Chart for Mine Permitting of a Sino-Foreign JV

    Typical Flow Chart for Mine Permitting of a Sino-Foreign JV  Assume an existing Exploration License (EL) with drilled resources Set up JV and obtain Business License Approval by MOFCOM Transfer EL into the JV Approval by MOLAR Approval by NDRC and Chinese Feasibility Study and EIA Environmental Pro

  26. Slide 26: History in China

    History in China 2003 Signed an agreement with the China National Gold Group Corporation (“CNGC”) for the exclusive right to review their portfolio of operating mines, development projects and exploration projects for a period of 5 months that was later expanded to include joint reviews of other ide

  27. Slide 27: Appendix II: 2010 Exploration Overview

    Appendix II: 2010 Exploration Overview  Updated 2010 exploration budget is approximately $32.9 M, of which ~$10.4 M is expected to be spent in China, ~$12.0 M in Turkey, ~$7.5 M in Brazil, ~$0.8 M in Nevada projects and ~$2.2 M in general exploration expenses.  We drill to discover: 125,000 metres

  28. Slide 28: Reserve Growth Strategy

    Reserve Growth Strategy 1. Generative initiatives:  Property identification and acquisition  China  Turkey  Brazil  New business opportunities 2. Early stage exploration projects:  Target definition and testing  China, Turkey, Nevada, Brazil  Drilling planned on >15 projects in 2010 3. Resou

  29. Slide 29: China Exploration Budget

    China Exploration Budget Other Exploration Generative Exploration: $0.7 M Expenses: $0.7 M • Project generation and acquisition Eastern Dragon District: $0.8 M • Lode 5 stepout drilling • EL53 new targets • Sanjianfeng JV Tanjianshan District: $3.4 M White Mountain District: $2.3 M • Resource drilli

  30. Slide 30: Jinfeng District

    Jinfeng District  Sediment-hosted, Carlin style gold deposits  Active multi-million ounce mines (Jinfeng, Zimudang, Shuiyindong, Yata)  Potential for high grades  Shuiyindong ~12 gm/t www.eldoradogold.com 30

  31. Slide 31: Jinfeng Deposit Model

    Jinfeng Deposit Model Fault Controlled Ore Stratabound Ore www.eldoradogold.com 31

  32. Slide 32: Jinfeng District

    Jinfeng District  Jinfeng District Exploration 2010 Budget: $2.5 M  Jinfeng JV  3 exploration licenses, 1 mining license  Drill-testing numerous structurally controlled, high grade targets (2.25m @ 19.24 gm/t in trenches)  Jindu JV  3 exploration licenses (53 km2)  Drill testing targets along

  33. Slide 33: White Mountain District

    White Mountain District www.eldoradogold.com 33

  34. Slide 34: White Mountain District

    White Mountain District  White Mountain District Exploration 2010 Budget: $2.3M  White Mountain Minesite Exploration  Infill and stepout drilling: deposit remains open down-dip and along strike to northeast.  Hole 337 intersected 24.7 m (20.5 m true thickness) of 8.7 g/t gold, ~ 300 m down-dip f

  35. Slide 35: White Mountain District

    White Mountain District Long Section of White Mountain Gold Deposit www.eldoradogold.com 35

  36. Slide 36: Eastern Dragon District

    Eastern Dragon District  Eastern Dragon District Exploration 2010 Budget: $0.8 M  2 exploration licenses (~100 km2)  Numerous high grade, epithermal Au+Ag veins with little previous exploration  Ore grades common in surface trenches 153.5g/t Au / 1340 g/t Ag 119.0g/t Au /743 g/t Ag www.eldoradog

  37. Slide 37: Eastern Dragon Exploration

    Eastern Dragon Exploration 26.8 gpt Au EL 53 N1-2s Eastern Dragon 15.0 gpt Au selected trench and grab sample results 4.5 gpt Au jy 5.7 gpt Au Lode5 jy v? Si 5.1 gpt Au tf 9.6 gpt Au 7.7 gpt Au 0 1000m Mining License Lower Pleistocene Basalt N1-2s Tertiary sandy conglomerate 92.1 gpt Au ? jy Cretace

  38. Slide 38: Tanjianshan District

    Tanjianshan District  Tanjianshan District Exploration 2010 Budget: $3.4M  323 zone resource definition drilling  Target generation programs:  Mapping  RAB drilling programs www.eldoradogold.com 38

  39. Slide 39: China Generative Exploration

    China Generative Exploration Distribution of gold deposits in China Bakyrchik Altay Eastern Dragon Shan Tianshan HLJ-Jilin orogenic & epithermal & porphyry Au breccia Kumtor pipe/porphyry Au Muruntau White Mountain Tanjianshan Pulang orogenic & porphyry Au-Cu Jinfeng Golden Triangle www.eldoradogold

  40. Slide 40: Turkey Exploration Budget

    Turkey Exploration Budget Generative Exploration: $1.7 M Other Exploration • Project generation and acquisition Expenses: $1.1 M Kişladağ: $5.4 M AS porphyry target: $0.9 M • Resource expansion • Geophysical surveys drilling • Drilling    Efemçukuru: $0.6 M • Stepout, new    vein targets   

  41. Slide 41: Kişladağ Resource Drilling

    Kişladağ Resource Drilling  Kişladağ Exploration 2010 Budget: $5.4 M  Continuation of successful 2009 program of defining additional resources contiguous with present reserve  As of June 30, 2010, measured and indicated gold resources increased by 0.85 million ounces to 11.12 million ounces and i

  42. Slide 42: Efemçukuru Exploration

    Efemçukuru Exploration Northwest Extension Target  Efemçukuru Exploration 2010 Budget: $0.6 M  Kestane Beleni northwest stepout  Kokarpinar vein  Preliminary drill test 2009: 3.7m @ 11.1 gm/t Au  North ore shoot infill drilling www.eldoradogold.com 42

  43. Slide 43: Advanced Stage Porphyry Targets

    Advanced Stage Porphyry Targets  2010 Exploration Budget: $1.7 M  AS: mapping, geophysics, target definition, + drilling  Sayaçik: drilling geophysical/geological targets defined in 2009 exploration program AS Au-Cu Porphyry Sayaçik www.eldoradogold.com 43

  44. Slide 44: Early-stage Exploration Programs

    Early-stage Exploration Programs  2010 Exploration Budget: $1.5 M  MH IOCG prospect  Detailed mapping  Drilling of four targets defined by 2009 geophysical / geochemical / geological programs  Konya-Sizma  Phyllite-hosted Au anomaly  Drill testing two target areas Konya-Sizma www.eldoradogold

  45. Slide 45: Nevada Exploration Budget

    Nevada Exploration Budget  Nevada Exploration 2010 Budget: $0.8 M  Early stage, Carlin-style gold targets Richmond Mtn.  Option agreements Buffalo Cathedral Canyon. Well Green Monster www.eldoradogold.com 45

  46. Slide 46: Nevada Exploration

    Nevada Exploration  Drill-testing 4 grassroots projects through option agreements  AuEx Ventures properties Buffalo Canyon  Bronco Creek properties Richmond Mountain Cathedral Well Buffalo Canyon Cathedral Well www.eldoradogold.com 46

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