Eldorado Gold WT Project, Turkey-Update Phase One Drilling Extends Ore Body to Depth.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 15, 1997--ELDORADO GOLD CORPOR (TSE, VSE:ELD., TSE, VSE:ELD.WT.) Eldorado Gold Corporation (TSE, VSE:"ELD") is pleased to announce drill results from the Company's wholly owned WT Deposit located in Western Turkey. The WT Deposit hosts a gold resource of over one million ounces. Gold mineralization occurs within a one mile long vein structure hosted in altered hornfels and phyllites. The vein consists of quartz and quartz rhodonite with locally abundant sulfides. The phase one drill program consisted of sixteen drill holes totaling 2,170 meters and was designed to expand the gold resource to depth. Significant drill intercepts (using a 6 g/tonne gold cutoff) include: -0-

Drill Hole      From      To      Intercept   Gold Grade
               (meters) (meters)  (meters)    (g/tonne)

KV-44           143.9     146.9     3.0          8.2
KV-45
(cut to 40g/t)   60.7      63.4     2.7          7.9
 uncut           60.7      63.4     2.7         24.8
KV-48           143.9     151.5     7.6         15.3
KV-50           140.2     143.9     3.7          7.2
                156.2     159.1     2.9          9.4
KV-51           116.4     117.9     1.5         11.4
                139.0     140.8     1.8          9.4
KV-52           169.8     174.3     4.5         11.8
KV-54            35.6      39.6     4.0         19.2
KV-58           217.9     224.0     6.1         23.5
including       219.4     224.0     4.6         29.5
KV-59           178.0     181.5     3.5          7.3
(4)             185.0     187.3     2.3         14.4

Results from the phase one drill program indicate that the ore body extends a further 100 meters to depth and remains open. The overall grade of the gold mineralization (12.93 g/tonne) has been upgraded by secondary enrichment in the top 100 meters of the vein. Below this depth, drill results indicate the overall grade of gold mineralization ranges between 8.50-12.00 g/tonne, with higher grade shoots, including a 4.6 meter drill intercept grading 29.5 g/tonne gold.

A phase two drill program is planned for 1997 to further test the depth extensions of the South and Sarikiz Tepe ore shoots and the new North ore shoot below drill holes KV-13, KV-14 and KV-54 (see Figure-2). Results from the phase one and phase two drill programs will be used to update the resource model prior to the commencement of a pre-feasibility study for development of the deposit. The WT Deposit is anticipated to develop into a low cost underground mine, with annual production in excess of 100,000 ounces.

Notes:

(1) No significant mineralization (using a 6 g/tonne gold cutoff) was intercepted in drill holes KV-46, KV-47, KV-49 and KV-53.

(2) Drill holes KV-55 and KV-56 were drilled north of the long section (see Figure-1) to test for possible buried extensions to the Kestanebeleni vein. The vein was not present in either hole and the conclusion is that the vein pinches out shortly after KV-14 (see Figure-2).

(3) Drill hole KV-57 was drilled approximately 2,000 feet north of KV-14 on Mezarlik Tepe (see Figure-1); no significant mineralization (using a 6 g/tonne gold cutoff) was intercepted.

(4) A void was encountered and no core sample was recovered over 1.3 meters of brecciated vein directly before the mineralized intercept. This suggests that the mineralized intercept may be up to 3.6 meters in length.

Further information and results will be released as they become available. -0- ON BEHALF OF ELDORADO GOLD CORPORATION Richard J. Barclay Chairman

Eldorado Gold Corporation's shares (Symbol - ELD) and warrants (Symbol - ELD.WT) 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.

CONTACT: Eldorado Gold Corporation

Geoff Chater, 604/687-4018

604/687-4026 (FAX)

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