Eldorado Completes Acquisition of Energold Shares.

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 18, 1996-- (TSE, VSE: ELD) Eldorado Gold Corporation is pleased to report that the Company has completed the acquisition, as announced on April 9, 1996, from Energold Minerals Inc., a private company, of 3,200,000 common shares of Energold Mining Ltd. ("Energold"), for consideration of 400,000 common shares in the capital of Eldorado, representing a share exchange ratio of 8:1.

With the completion of this transaction Eldorado will have a total beneficial ownership, control or direction over 4,572,792 common shares of Energold representing 48.14 percent of Energold's issued capital, if no other shares were issued.

Energold is a resource company listed on the Vancouver Stock Exchange, however the transaction is off-market. Eldorado has increased its investment in Energold in order to position Energold to respond to opportunities in the Caribbean and Central America. Energold is currently conducting mineral exploration in the Dominican Republic where it has the right to acquire a 100 percent interest in Minera Hispaniola S.A., a Dominican Republic company which holds or has applied for six exploration concessions in the Dominican Republic, including the El Higo exploration concession which contains the 200,000 plus ounce El Centenario gold deposit.

The acquisition by Eldorado of shares in Energold is for investment purposes. Eldorado may decide from time to time in the future to increase or decrease its ownership of Energold's common shares.

Eldorado is not acting jointly or in concert with any other person in acquiring shares of Energold. -0-

ON BEHALF OF ELDORADO GOLD CORPORATION Richard J. Barclay, Chairman

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Note to Editors: Eldorado Gold Corporation'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 Gold Corporation

Geoff Chater, 604/687-4018

604/687-4026 (Fax)

E-MAIL: [e-mail]