Eldorado Gold Corporation - Robust Prefeasibility Study on Efemcukuru Gold Deposit.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 15, 1999--Eldorado Gold Corporation (TSE:ELD)(VSE:ELD) is pleased to announce the results of a Prefeasibility Study conducted on the Efemcukuru project located in Western Turkey.

The Study was conducted by Eldorado with resource estimation by Micon International Limited, mining studies by H.A. Simons Ltd., process plan layout and costing by Kilborn Engineering Pacific Ltd. and tailings studies by Klohn Crippen Consultants Ltd.

The Study shows an IRR of 32.0% before tax and 19.1% after tax with an NPV @ 0% discount rate of US$61.42 million before tax and US$35.84 million after tax; the NPV @ 8% discount rate is US$29.62 million before tax and US$13.4 million after tax.

Mining will be by trackless cut and fill and long hole methods at a rate of 800 tonnes/day or 250,000 tonnes/year. Mine life is presently estimated at 10 years. Production will average 87,000 oz Au/year at an average cash cost of US$176/oz gold. Total operating cost/tonne, including concentrate shipment is estimated at US$61.76/tonne with mining costs @ US$24.55/tonne and milling at US$13.33/tonne. The study is considered to be accurate to +/- 20%.

The Study is based on a new 3D geological model, with resource estimation prepared by Micon International. The total measured, indicated and inferred resource classified by Australasian IMM Guidelines is 2,525,000 tonnes grading 13.71 g/tonne gold (1,112,854 oz gold). The epithermal gold mineralization is associated with pyrite and base metal sulphides in a gangue of quartz rhodonite. Three ore shoots have been defined over a strike length of 1100 meters and vertical extent of 300 meters. The vein system is up to 20 meters wide with an average width of 4 meters, and is open at depth.

A proven and probable reserve of 1,856,000 tonnes grading 13.14 g/tonne gold (784,000 oz gold) calculated by Eldorado was defined using a cut-off grade of 6.0 grams gold/tonne, a gold price of US$300/oz, 10% dilution at 2.0 g/tonne, a minimum mining width of 1.5 meters.

Summary of Undiluted Resources
(Note: Cutoff grade is 6.0 g/t)

Ore Shoot           Measured/Indicated        Inferred
                Tonnes Grade Ounces Au   Tonnes Grade Ounces Au
                      Au(g/t)                  Au(g/t)

South          859,000  12.69  350,417  448,000  11.25 161,998
Middle North   934,000  16.09  483,231  142,000  15.92  72,703
North           81,000   9.75   25,381   61,000   9.75  19,124
Total All
 Zones       1,874,000  14.26  859,029  651,000  12.13 253,825

                                         Tonnes  Grade   Ounces

                                               Au(g/t)     Au
Total Measured/Indicated & Inferred   2,525,000 13.71 1,112,854

Access to the underground and ore haulage system will be via a main adit and service adit. The ore will be processed in a flotation/gravity circuit with gravity concentrates processed on site and flotation concentrate shipped off site for final recovery. This approach has avoided the use of cyanide which is currently an issue in parts of Turkey. Overall gold recovery is estimated at 86-88%. In keeping with Eldorado's approach to safeguarding the environment, tailings will be dewatered prior to underground and surface impoundment.

Capital costs are currently estimated at US$45 million including infill drilling, preparation of a bankable feasibility study, infrastructure and mine development costs with all new equipment. An average contingency of 20% has been included. The Study has concluded that the Efemcukuru Gold Project is technically and economically viable at current gold prices.

The project is currently in the process of being permitted. It is hoped to make significant progress in this regard during 1999. Upon receipt of the site selection permit, the Company intends to initiate a US$2.5 million bankable Feasibility Study which will include infill drilling, further metallurgical testing, and detailed engineering and environmental studies. The Feasibility Study is expected to be completed within 6-8 months of initiation.

Hugh Morris, President and CEO commented: "Completion of this study is a key step forward in the development of Eldorado's substantial Turkish asset base. It clearly demonstrates the economic potential of the Efemcukuru deposit and the Company can now turn its full attention to the tasks of permitting, financing and detailed engineering."

Eldorado Gold Corporation is an international gold company that currently operates one mine in Brazil and one mine in Mexico, and expects to produce approximately 185,000 ounces of gold in 1999 at a cash cost of US$215 per ounce. All gold production for 1999 has been hedged at an average price of US$320 per ounce. The Company has an extensive background in acquiring, discovering and developing quality gold assets. The Company's goal is to create a portfolio of low cost mining assets with a strong financial base.

ON BEHALF OF ELDORADO GOLD CORPORATION

(signed)

Hugh C. Morris

Chairman, President and Chief Executive Officer

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