Eldorado Gold Corporation: 2002 Drilling Completed at Brumal.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 5, 2002

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (the "Company" or "Eldorado") (TSX:ELD) is pleased to provide the following update on results from exploration work carried out on the Brumal project in Brazil in 2002.

Located 5 kilometers from the Sao Bento mine, the Brumal property is subject to an option agreement signed between Eldorado and CVRD in March 2002 (ELD 02-08). Mineralization at Brumal is associated with a Banded Iron Formation ("BIF"), similar in composition to the Sao Bento BIF. Previous drilling by CVRD over a 600 meter strike length and to a depth of 500 meters down dip had identified scattered gold intercepts supporting an initial target resource of 250,000 to 500,000 ounces.

Eldorado's exploration drill program at Brumal was designed to validate the Sao Bento BIF model and test for a shallow resource capable of providing supplementary feed to the Sao Bento mill. Results from the initial 6 hole program provided encouragement in terms of grades and widths but did not demonstrate continuity of the mineralization. Following additional field mapping and reinterpretation of available data, four additional holes were drilled into a fold hinge containing the best widths of mineralization on the property to test the down dip continuity of the mineralization.

Assay results for all holes drilled (totaling 3,069 meters) including previously released intercepts are listed in Table 1.

Table 1: Significant Intercepts

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                                                             True
DDH                          Length                     Au  width
                                 (m)    From     To   (g/t)    (m)
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SJ-01                        279.00    29.05  30.20   3.74   0.79
                                      119.00 120.50   3.35   0.97
                                      122.36 124.21   4.08   1.19
                                      129.08 134.94  32.22   3.78
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SJ-02                        483.00   349.66 352.70   3.92   1.71
------------------------------------------------------------------
SJ-03                        336.95   195.35 196.70   2.45   0.96
                                      198.24 199.56   3.18   0.94
------------------------------------------------------------------
SJ-04                        297.10    78.09  79.71   3.57   1.09
                                      107.29 108.86   2.27   1.09
                                      111.98 113.43   2.23   1.01
                                      116.53 118.87   4.39   1.62
                                      120.80 129.54   3.59   5.82
                                      153.84 157.02   2.92   1.91
                                      177.06 179.64   4.04   1.96
                                      197.73 200.67  12.43   2.31
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SJ-05                        380.05   151.65 159.07  22.82   5.23
                                      164.86 165.96   8.54   0.91
                                      188.34 189.60   4.50   1.07
                                      210.88 212.60   4.96   1.46
                                      222.85 224.65   2.47   1.53
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SJ-06                        300.10   No Significant Intercepts
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SJ-07                        392.80   331.92 333.77   3.15   1.59
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SJ-08                        175.65   No Significant Intercepts
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SJ-09                        253.10   115.41 116.51   5.19   1.10
                                      119.46 120.21  21.34   0.75
                                      134.63 135.78   7.88   1.15
------------------------------------------------------------------
SJ-10                        171.30   No Significant Intercepts
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Although additional drilling successfully intercepted mineralization associated with the BIF, continuity of the structure could not be demonstrated. Shearing at an oblique angle to the BIF formation has disrupted the mineralization and appears to redistribute the gold into discontinuous lenses.

Based on drill results to date, it appears that insufficient near surface resources exist to support an initial shallow mining operation. Potential for a deeper target remains at Brumal and this opportunity will be assessed in 2003 in the context of other opportunities of interest to the Company, proximal to Sao Bento.

Eldorado has superior gold assets in Brazil and Turkey, two countries with enormous geological potential. In Brazil we are focusing on the continuing improvement at the Sao Bento mine and are systematically identifying opportunities to expand our business interests. In Turkey, we continue to expand our asset base, with a resource of approximately 9.4 million ounces in an increasingly attractive jurisdiction. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, Eldorado is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, President and Chief Executive Officer

Certain of the statements made may contain forward-looking statements which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We do not expect to update forward-looking statements continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's Prospectus, dated May 10, 2002 and AIF dated May 17, 2002 filed with the securities regulatory authorities. This and other news releases complete with graphic attachments, if any, are available at the Company's website (www.eldoradogold.com) or may be acquired by fax or mail upon request.

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.