Eldorado Gold Corporation: Exploration Update-New Zones of Mineralization at Tanjianshan 45.0m @ 9.04 g/t

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 5, 2013) - Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (ELD.TO)(EGO), is pleased to provide a progress report on Eldorado's exploration programs for the first half of 2013. To date this year, 106,500 metres of drilling have been completed at exploration programs in China, Turkey, Brazil, Romania, and Greece. Exploration highlights include:

  • Discovery of two high grade zones of mineralization within the Qinlongtan mining license at Tanjianshan, including drillhole intercepts of 45.0m @ 9.04 g/t Au (QD-303), 22.0m @ 9.80 g/t Au (QD-306), 10.9m @ 17.53 g/t Au (QD-300) and 3.0m @ 17.06 g/t Au (QD-301).
  • Completion of 18,500m of resource upgrade drilling at White Mountain and 6,800m of resource upgrade drilling at Jinfeng; at Jinfeng, this drilling also contributed to the discovery of a new high grade zone outside of the existing resource model, with drillhole intercepts of 12.0m @ 9.07 g/t Au (HDDU-0200) and 9.0m @ 10.5 g/t Au (HDDU-0204).
  • Further definition of high grade ore shoots at the Kokarpinar Vein target at Efemcukuru, with drillhole intercepts of 4.5m @ 19.89 g/t Au (KV-517), 0.9m @ 183.60 g/t Au (KV-519) and 0.9m @ 54.60 g/t Au (KV-502).

"The results from the exploration programme are particularly encouraging as they are supportive of increases to the Company's resource and reserve base, and highlight areas for further drill testing," commented Paul N. Wright, Chief Executive Officer.

Tanjianshan, China

At Tanjianshan, over 13,000m of exploration drilling have been completed at the Jinlonggou pit and in areas peripheral to the Qinlongtan open pit. At Jinlonggou, drilling has tested the Bridge target (located between the main pit and the M7 pit) and down-dip extensions of mineralized fault zones beneath the western highwall of the pit (Fig. 1). Drilling in these target areas has intersected numerous mineralized zones that are not included in the current resource model (Table 1); infill drilling to convert these zones to measured and indicated mineral resources is ongoing.

To view Figure 1, click on the following link: http://media3.marketwire.com/docs/e95f1.pdf

Table 1: Selected results from 2013 exploration drilling at the Jinlonggou open pit. Most reported intercepts are in areas with widely-spaced previous drilling, and are outside of the existing resource model
Jinlonggou Bridge Zone Target
Drillhole From
(m)
To
(m)
Interval
(m)
Estimated
true width
(m)
Au
(g/t)
JD-427 33.00 39.00 6.00 6.0 3.68
JD-430 76.00 80.00 4.00 4.0 9.34
JD-431 95.00 100.00 5.00 4.9 3.80
JD-432 56.00 68.60 12.60 4.3 3.21
JD-433 63.00 69.00 6.00 5.6 5.63
and 76.00 80.00 4.00 3.8 4.48
JD-435 85.00 91.00 6.00 5.9 3.32
and 142.00 147.00 5.00 4.9 2.86
JD-436 58.00 61.00 3.00 3.0 6.69
JD-438 1.00 5.00 4.00 3.3 3.77
and 18.00 26.00 8.00 6.6 2.08
JD-439 29.00 32.30 3.30 3.3 5.11
JD-440 69.00 73.00 4.00 4.0 4.89
and 99.00 103.00 4.00 4.0 4.21
JD-445 52.00 57.00 5.00 4.7 7.85
JD-448 55.00 66.00 11.00 9.5 4.23
JD-449 0.60 6.00 5.40 3.5 7.10
and 44.00 47.00 3.00 1.9 10.72
JD-454 1.00 5.00 4.00 2.3 4.79
and 11.00 14.00 3.00 1.7 6.32
and 104.00 110.20 6.20 3.6 17.46
JD-455 63.00 71.00 8.00 7.9 4.21
and 77.80 81.00 3.20 3.1 9.68
JD-458 37.50 39.70 2.20 1.9 5.96
JD-461 9.50 14.00 4.50 3.9 11.80
JD-466 10.00 16.00 6.00 5.4 32.98
and 22.00 25.00 3.00 2.7 6.64
and 42.90 45.00 2.10 1.9 5.90
JD-467 0.00 5.00 5.00 3.8 6.26
and 38.00 42.00 4.00 3.1 6.28
JD-469 19.00 24.00 5.00 4.3 3.04
JD-470 18.00 28.00 10.00 9.8 2.65
Jinlonggou West Wall Target
JD-418 100.00 105.00 5.00 5.0 7.03
JD-422 104.00 109.00 5.00 5.0 6.23
JD-423 54.00 71.00 17.00 15.9 6.49
JD-434 92.00 94.00 2.00 1.7 7.42

At the previously-producing Qinlongtan pit, exploration drilling has identified two new zones of high grade gold mineralization peripheral to the northern end of the open pit. The Qinlongtan Northwest Extension lies in the footwall of the historical deposit, localized along a fault coinciding with the axial surface of a regional antiform. The Qinlongtan Northern Deep zone occurs along the same contact as the historically mined deposit, but at deeper levels beneath the northern end of the pit in areas that were untested during the original deposit definition drilling (Fig. 2). Both of these zones are open at depth and to the north, and stepout drilling is ongoing.

To view Figure 2, click on the following link: http://media3.marketwire.com/docs/e95f2.pdf

Table 2: Selected results from 2013 exploration drilling in the Qinlongtan mining license area
QLT Northwest Extension
Drillhole From
(m)
To
(m)
Interval
(m)
Estimated
true width
(m)
Au
(g/t)
QD-287 (2012) 82.00 87.00 5.00 4.0 5.05
and 131.00 137.00 6.00 4.5 9.05
QD-288 (2012) 81.30 93.00 11.70 8.0 4.76
QD-301 157.00 160.00 3.00 2.5 17.06
and 194.00 196.60 2.60 2.0 4.49
QLT Northern Deeps
QD-291 295.40 297.00 1.60 1.5 14.00
QD-297 251.00 257.00 6.00 5.0 2.51
QD-300 247.00 262.00 15.00 15.0 12.96
including 248.10 259.00 10.90 10.0 17.53
QD-302 269.00 274.50 5.50 4.0 3.83
QD-303 186.00 231.00 45.00 30.0 9.04
QD-304 237.00 252.00 15.00 11.0 1.40
and 276.00 281.60 5.60 5.0 3.87
QD-306 224.00 246.00 22.00 20.0 9.80

Jinfeng, China

At Jinfeng, 6,850m of underground exploration drilling have been completed in 2013. Most of this drilling was directed towards upgrading inferred resources within the mineralized F2, F3, and F6 fault zones. Drilling also cut a new zone of mineralization lying outside the current resource model, just below the southern edge of the open pit. Significant assay results from the new zone and from the resource upgrade drilling are outlined in Table 3 below.

Table 3: Selected results from 2013 resource upgrade drilling at the Jinfeng Mine
Resource Upgrade Drilling
Drillhole From
(m)
To
(m)
Interval
(m)
Estimated
true width
(m)
Au
(g/t)
HDDU0187 20.00 44.00 24.00 22.3 4.66
HDDU0189 18.00 29.00 11.00 10.9 5.50
HDDU0190 5.00 15.70 10.70 4.8 8.16
HDDU0191 0.00 27.00 27.00 14.9 2.98
and 60.00 75.00 15.00 8.4 3.05
HDDU0192 12.00 25.00 13.00 12.9 2.29
HDDU0194 0.00 17.00 17.00 15.1 2.03
and 96.00 113.60 17.60 15.4 2.49
HDDU0196 16.00 31.00 15.00 13.7 3.12
HDDU0197 0.00 20.00 20.00 8.3 2.50
and 85.00 156.00 71.00 26.7 1.76
HDDU0198 74.00 90.00 16.00 15.8 10.46
HDDU0199 0.00 31.00 31.00 16.1 4.20
and 60.00 63.00 3.00 2.7 12.26
HDDU0202 0.40 13.00 12.60 12.55 3.58
HDDU0205 0.00 21.00 21.00 20.0 5.15
HDDU0206 0.00 21.00 21.00 9.95 3.54
and 50.00 59.00 9.00 7.79 4.95
HDDU0207 0.00 18.00 18.00 13.9 2.99
and 54.00 60.00 6.00 3.78 5.26
and 78.00 86.00 8.00 5.21 3.51
HDDU0208 0.00 19.00 19.00 16.5 3.02
HDDU0211 24.00 29.00 5.00 4.82 3.04
HDDU0212 32.00 35.00 3.00 3.0 4.73
HDDU0214 83.00 93.00 10.00 7.15 1.97
HDDU0217 79.00 84.20 5.20 5.2 3.94
HDDU0223 53.00 57.00 4.00 4.0 3.69
HDDU0223 85.00 99.60 14.60 6.3 4.83
HDDU0225 209.00 231.00 22.00 8.0 2.04
HDDU0226 35.00 44.00 9.00 5.0 11.42
HDDU0227 104.00 114.00 10.00 7.4 2.61
HDDU0231 36.00 47.00 11.00 4.7 4.28
HDDU0233 243.00 257.00 14.00 7.6 2.41
HDDU0235 35.00 51.00 16.00 4.0 6.48
HDDU0235 195.00 214.00 19.00 5.04 4.37
HDDU0236 112.00 120.00 8.00 5.7 10.51
HDDU0238 80.00 100.00 20.00 7.5 2.19
New Zone
HDDU0200 22.00 28.00 6.00 6.0 7.88
and 34.00 40.00 6.00 6.0 7.17
and 46.00 58.00 12.00 7.0 9.07
HDDU0203 65.00 72.00 7.00 6.4 5.21
HDDU0204 17.00 26.00 9.00 9.0 10.50
and 198.00 207.00 9.00 8.4 3.40

White Mountain, China

At White Mountain, all of the 2013 drilling completed to date was directed towards upgrading existing inferred resources. Underground development is progressing on an exploration drift that will provide drill platforms to infill and expand the deep northern zone of mineralization beginning in Q4. Significant results of the resource conversion drilling are tabulated below.

Table 4: Selected results from 2013 resource upgrade drilling at the White Mountain Mine
Resource Upgrade Drilling
Drillhole From
(m)
To
(m)
Interval
(m)
Estimated
true width
(m)
Au
(g/t)
DHE410-98 100.30 105.30 5.00 3.96 5.59
DHE560-91 58.20 64.20 6.00 5.79 5.76
DHE560-114 61.70 72.80 11.10 11.03 6.31
DHE410-100 97.60 109.40 11.80 10.22 1.94
and 114.90 124.50 9.60 8.31 2.26
DHE660-43 101.90 114.20 12.30 10.63 1.80
DHE560-117 32.20 47.20 15.00 10.52 18.88
DHE410-102 72.40 94.00 21.60 19.75 5.79
DHE410-99 133.60 151.10 17.50 15.81 2.33
DHE410-65 18.50 50.60 32.10 23.85 6.08
and 61.50 73.10 11.60 8.62 3.27
DH395-01 29.60 61.30 31.70 31.58 3.95
and 74.80 95.80 21.00 20.92 2.86
DHE410-133 82.20 113.00 30.80 29.66 1.92
DH380-07 41.60 72.60 31.00 28.57 1.57
DH410-135 113.00 126.60 13.60 10.26 5.07
DHE365-01 42.00 55.00 13.00 12.11 7.15
DHE365-03 42.70 46.50 3.80 3.49 10.32
DHE365-04 28.10 51.50 23.40 19.55 6.72
DHE380-01 37.8 72.0 34.2 32.71 2.90
DHE365-21 47.20 52.10 4.90 4.51 8.89
DHE380-02-1 46.00 94.30 48.30 40.04 3.24
DHE365-26 30.40 35.20 4.80 3.91 11.52
DHE395-19 61.70 106.30 44.60 41.67 1.94
DHE380-09 49.40 67.40 18.00 17.02 1.62
DHE380-10 51.80 61.70 9.90 8.79 5.54
DHE410-148 125.80 128.30 2.50 2.49 22.83
DHE365-10 114.60 120.80 6.20 5.71 3.20
DHE-380-50 32.00 60.90 28.90 26.35 2.06

Efemcukuru, Turkey

At Efemcukuru, drilling is ongoing on the Kokarpinar vein and on the open down-dip extension on the South Ore Shoot (Kestane Beleni vein). New high grade intercepts from the South Ore Shoot demonstrate that the shoot remains open down dip, similar to the Middle and North Ore Shoots. At Kokarpinar, high grade intercepts are clustered in three different zones and occur both within the principal vein and in bordering stockwork vein systems.

Table 5:Selected results from late 2012 and 2013 exploration drilling at the Efemçukuru mine
Drillhole From
(m)
To
(m)
Interval
(m)
Estimated
true width
(m)
Au
(g/t)
Ag
(g/t)
Pb
(%)
Zn
(%)
Kestane Beleni vein, South Ore Shoot
KV-491 37.40 38.68 1.28 1.2 22.90 8.70 0.69 0.51
KV-493 185.4 186.6 1.20 1.2 16.65 8.50 0.02 0.03
KV-496 223.00 224.50 1.50 1.5 4.95 3.70 0.01 0.03
KV-497 297.60 300.91 3.31 3.3 15.67 19.78 0.80 1.73
KV-501 282.50 287.20 4.70 4.7 11.80 8.00 0.02 0.03
and 286.10 287.20 1.10 1.1 44.80 26.70 0.01 0.02
KV-504 323.87 326.74 2.87 2.4 4.08 7.61 0.25 0.38
Kokarpinar Vein, Main Ore Shoot
KV-499 215.80 221.64 5.84 5.8 9.14 22.88 1.89 1.90
KV-502 244.50 245.40 0.90 0.8 54.60 93.70 9.09 6.27
KV-511 266.70 267.40 0.70 0.7 20.10 5.90 0.10 0.16
KV-514 227.40 228.35 0.95 0.9 19.80 24.10 0.85 1.05
KV-516 216.80 218.30 1.50 1.5 6.88 20.40 0.99 26.01
KV-523 281.00 283.60 2.60 2.3 5.30 7.69 0.28 0.35
KV-524 117.30 122.00 4.70 3.8 2.66 4.84 0.06 0.25
KV-525 309.70 312.40 2.70 2.3 9.42 14.91 0.81 0.97
KV-528 496.00 498.80 2.60 2.4 7.74 18.30 1.33 1.47
KV-544 78.20 79.30 1.10 0.9 11.21 10.04 0.81 0.44
Kokarpinar Vein, Stockwork Zone
KV-456 288.50 294.50 6.00 4.9 121.96 61.55 0.03 0.03
including 290.00 293.00 3.00 2.4 240.75 120.35 0.06 0.03
KV-462 340.00 343.50 3.5 2.9 116.59 36.39 0.01 0.01
including 341.60 342.60 1.00 0.8 571.0 175.00 0.01 0.01
KV-502 244.50 246.50 2.00 1.8 25.13 44.80 4.44 3.20
KV-517 255.00 259.50 4.50 4.0 19.89 12.85 0.07 0.10
KV-519 236.20 240.30 4.10 3.6 4.82 8.72 0.09 0.13
KV-519 269.40 270.30 0.90 0.8 183.60 87.30 0.02 0.01

Other Exploration Programs

Romania

We have completed 43,000m of infill and stepout drilling at the Certej deposit, the results of which are now being incorporated in updating the deposit geology and resource models. Exploration activities have now shifted to target delineation on the newly acquired Brad, Deva and Muncel exploration licenses, with preliminary drilling anticipated in early Q4.

Turkey

We are currently conducting a 3,000m drilling program at the Ardala/Salinbaş project in northeast Turkey (held under a joint venture agreement with Ariana Resources PLC) testing targets in the transitional zone between the Salinbaş epithermal Au prospect and the Ardala Cu-Au porphyry. In western Turkey, target generation work is being completed on our reconnaissance-stage projects.

Greece

At the Piavitsa deposit, seven drill rigs are currently completing the first-pass drilling program initiated in 2012, testing the mineralized trend over a 3.0km strike length. In late Q3 and Q4 infill drilling of the most strongly mineralized segment of the deposit will be directed towards upgrading inferred resources. At Perama Hill, exploration drilling is suspended pending receipt of the project Environmental Impact Assessment (EIA).

Brazil

3,400m of deposit definition drilling at the Vila Nova iron ore mine in Amapa has been completed and a 2,500m phase 1 drill program at the Chapadinha project in Goias has been completed. Exploration activities are now focused on drill target delineation at projects in Goias, Tocantins and Minas Gerais.

About Eldorado

Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Greece, Brazil and Romania. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that our company is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

"Paul N. Wright"

Paul N. Wright, Chief Executive Officer

Dr. Peter Lewis, P.Geo., V.P. Exploration for Eldorado, is the qualified person for the technical disclosure in this press release. Assay results reported in this release for the China projects were diamond drill core samples prepared at Eldorado's sample preparation facilities at out Tanjianshan, Jinfeng, and White Mountain mines, and assayed at our laboratory at Tanjianshan, at the ALS Chemex facility in Guangzhou, and at Intertek Laboratories in Beijing. Assay results for the Efemcukuru project were diamond drill core samples prepared at Eldorado's sample preparation facility at Cannakale and assayed at ALS Chemex's laboratory in Vancouver, Canada. Certified standard reference materials, field duplicate and blank samples were inserted prior to shipment from the preparation sites and were regularly monitored to ensure the quality of the data.

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to the Company's Exploration Update.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 28, 2013.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (ELD.TO) and the New York Stock Exchange (EGO).

Contact:
Eldorado Gold Corporation
Nancy Woo
VP Investor Relations
604.601-6650 or 1.888.353.8166
604.687.4026
nancyw@eldoradogold.com
www.eldoradogold.com
Request for information packages:
laurelw@eldoradogold.com

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