Eldorado - Name Change/Continuance into Canada.

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 3, 1996--ELDORADO CORPORATION(TSE, VSE: ELD ) Eldorado Corporation Ltd (TSE, VSE- "ELD") is pleased to announce that effective April 23, 1996, the Company was continued into British Columbia, Canada. In connection with the continuance the Company's name has changed to "Eldorado Gold Corporation". The Company's shares will continue to trade on the Vancouver and Toronto Stock Exchanges under the symbol "ELD".

NAME CHANGE

The Company has chosen to change its name from Eldorado Corporation Ltd. to "Eldorado Gold Corporation" to better reflect the Company's business focus. The addition of "Gold" to the Company's name will allow for better recognition of the Company as a gold producer as well as celebrate the commodity we produce.

Our mission going forward is to produce 500,000 ounces and 1,000,000 ounces of gold per annum within five and ten years, respectively. We will achieve our growth objectives through the development of our international asset portfolio, our ongoing business development activities world wide and our association with the Gencor Group, one of the world's largest international mining companies.

CONTINUANCE INTO CANADA

During the last twenty-five months Eldorado has experienced significant change. The Company has grown from a junior producer with a single mine to an international intermediate-sized mining company with interests in four operating mines in three countries. Eldorado's rapid growth has resulted in the re-rating of the Company's market capitalization and a subsequent demand from investors worldwide. This rapid growth has also resulted in the Company's decision to discontinue in Bermuda and continue in British Columbia.

The change of domicile of the Company from Bermuda to Canada will simplify administration and reduce overhead. The corporate continuance from Bermuda into Canada will have no Canadian tax impact except to Canadian corporate security holders (who hold their shares as a portfolio investment) who after continuation will receive more beneficial tax treatment in Canada on any dividends paid to them, if any.

Under current legislation, the Company's common shares will no longer be foreign property for a deferred profit sharing plan, a registered savings plan or a registered income fund. This will allow for greater participation in the Company's securities by pension funds who are restricted in their ability to own securities classified as foreign property.

ANNUAL GENERAL MEETING

The Company also announces that its annual and extraordinary general meeting is set to be held on Thursday June 27, 1996 in Vancouver, British Columbia, Canada. Proposed special business will include approval by shareholders of the Gencor transaction, announced January 31, 1996.

-0-

NOTE TO EDITORS: Eldorado Corporation Ltd's shares trade on the Toronto Stock Exchange ("TSE") and the Vancouver Stock Exchange ("VSE") symbol ELD. Neither the TSE, nor the VSE have approved or disapproved the form or content of this release.

CONTACT: Eldorado Corporation Ltd.

Dave Hottman, 604/687-4018

604/687-4026 (Fax)

E-MAIL: [e-mail]