Eldorado Signs Option Agreement To Acquire Vila Nova Project, Amapa State, Brazil.

VANCOUVER, British Columbia -- (all figures in United States dollars) -

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD)(AMEX:EGO) ("Eldorado" the "Company" or "we") is pleased to announce that an agreement has been signed with Mineracao Amapari Ltda. providing Eldorado with the option to acquire 84% of the Vila Nova Project located in Amapa State, Brazil ("Vila Nova Project" or the "Project").

The agreement allows Eldorado to acquire 84% of the Project by spending a minimum of $200,000 in exploration prior to March 20, 2006 and paying $5.2 million, staged in a series of payments over a three year period, reserving to Eldorado a right of termination.

The Vila Nova Project is situated approximately 90 kilometers north-west of the state capital of Macapa. Access to the site is via paved road to the town of Porto Grande and then an all weather gravel road to the Project site.

The Project is located in Lower Proterozoic rocks of the Guyana Shield that is host to several major gold deposits, including Las Cristinas, Omai, Rosebel and Amapari (see Figure 1). Gold mineralization at Vila Nova is associated with carbonate altered, sheared and folded banded iron formation ("BIF") within a sequence of clastic sediments, mafic volcanic and ultramafic rock. The geological setting is similar to that found at Eldorado's Sao Bento mine and at Wheaton River's Amapari project, which is approximately 60 kilometers north-west of the Vila Nova Project.

On the main mineralized trend garimpero workings extend for a strike length of over 6 kilometers, exploiting gold from the oxidized weathered zone and also from un-oxidized bedrock (see Figure 2). A small heap leach mine also operated during the 1990's, processing oxide ore.

Limited exploration was conducted on the property by Echo Bay Mining and Mineracao Amapari Ltda. from 1988 to 1996, mostly targeting oxide mineralization in the weathered zone. We believe that there is excellent potential for both additional oxide mineralization and a structurally controlled BIF hosted deposit (see Figure 3). Historical sampling and drilling data attributed to these parties conducted prior to February 1, 2001, and implementation of National Instrument 43-101, shows encouraging widths and grades, particularly in the fold hinge of the BIF, which will be a primary target of the upcoming exploration program. Historical sampling results from the data in the structurally thickened areas of the BIF include 10.2 g/t au over 11 meters, 11.4 g/t over 10 meters, and 7.3 g/t au over 5 meters. Quoted widths are for horizontal channel samples, true widths were not recorded. A grab sample taken by Eldorado geologists from the fold hinge ran 27.2 g/t Au. The historical data in the Company's opinion is relevant and reliable, however remains to be verified.

Eldorado Gold has budgeted $1.8 million for the Project in exploration expense for 2005 and will commence a work program consisting of mapping and channel sampling immediately. A diamond drilling program is scheduled to follow early in the third quarter of 2005.

"The Vila Nova Project is a tremendous addition to the Eldorado asset base. Our experience in the BIF environment, combined with the grades and dimensions identified to date, contribute to our high expectations for the Project's potential," commented Paul Wright, President and Chief Executive Officer.

Norman Pitcher, P. Geo., Vice President Exploration & Development, is the qualified person responsible for the technical disclosure in this press release. Historic sample results quoted in this release are from previous operators and Eldorado has not verified or resampled these intervals. However, based on a field examination of the property, we consider the samples to be consistent with the observed geologic conditions. Samples taken by Eldorado are assayed using standard fire assay techniques at ALS Chemex and at the Company's Sao Bento mine laboratory.

Eldorado is a gold producing and exploration company actively growing businesses in Brazil, Turkey and China. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that 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

The Company's studies and reports were prepared by Norman Pitcher, P.Geo, Vice President, Exploration & Development and present information which, in the Company's opinion, is relevant, and the most recent available. However, the Company advises that this is historical information which has yet to be verified in detail and there is no certainty that any economic resources will exist on these properties.

Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, 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. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking statements. Specific reference is made to "Narrative Description of the Business - Risk Factors" in the Company's Annual Information Form ("AIF") and the Company's 40-F dated March 30, 2005. Forward-looking statements in this release include statements regarding the expectations and beliefs of management. Such factors included, amongst others the following: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled "Risk Factors" in the Company's AIF and 40-F dated March 30, 2005. 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 reports filed with the securities regulatory authorities.

Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange (TSX:ELD) and the American Stock Exchange (AMEX:EGO).

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There are Maps available on CCNMatthews' website:

Figure 1: http://www2.ccnmatthews.com/database/fax/2000/egf10411.pdf

Figure 2: http://www2.ccnmatthews.com/database/fax/2000/egf20411.pdf

Figure 3: http://www2.ccnmatthews.com/database/fax/2000/egf30411.pdf

The TSX has neither approved nor disapproved the form or content of this release.

Eldorado Gold Corporation (TSX:ELD) (AMEX:EGO)