Eldorado and AngloGold Complete Agreement.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 31, 2002

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (the "Company" or "Eldorado") (TSX:ELD) is pleased to announce the completion of an agreement with AngloGold South America Limited ("AngloGold") to further both parties interests in and around Eldorado's Sao Bento Mine and AngloGold's adjacent properties in the state of Minas Gerais, Brazil.

The principal terms of the agreement are as prescribed in the Letter of Intent previously signed by the Company and AngloGold.

1) Eldorado, through Sao Bento Mineracao S.A. (Eldorado's wholly owned subsidiary) has been granted the right to explore, develop and mine any reserves discovered down dip beyond its existing property boundary.

In exchange, a net smelter royalty ("NSR") will be paid to AngloGold according to a graduated scale ranging from 0.5% at a gold price less than US$275/oz. to a maximum of 4.0% at a gold price US$399/oz. or greater.

2) AngloGold has been granted an option valid for a period of 3 years, that provides it with the right, in the event that a mining operation is developed at their Corrego do Sitio Project, to access surplus milling capacity at the Sao Bento plant. AngloGold also has the option to expand the Sao Bento plant at AngloGold's sole cost and without disruption to Eldorado's operations. Operating costs for the plant will be borne by both companies pro rata according to their proportionate planned and actual use of the facility. Eldorado will receive a NSR based on the same graduated scale as AngloGold's NSR and payable on all gold produced from the Corrego do Sitio Project that is processed through the Sao Bento plant.

"The agreement with Eldorado provides the basis for our shareholders to derive maximum benefit from the obvious synergies available in our respective land holdings. We look forward to exploring other opportunities for mutual benefit with Eldorado Gold in Minas Gerais," commented Mr. Roberto Carvalho Silva, President and Chief Executive Officer of AngloGold South America.

Sao Bento Underground Drilling Confirms Continuity Drilling continues between the 28th and 32nd levels designed to both define additional reserves and extend the existing resource. The deepest hole drilled to date IF-O55, intersected the main and west ore horizon at the 32nd level, 375 meters below the current mining operations (See Figure 1). The intersection of 13.41 grams per tonnes over 5.31 meters true width (combined main and west ore horizons) has confirmed the continuity of the Sao Bento ore body over a vertical distance of 1,350 meters. Other significant intercepts from the drilling program are shown in Table 1. The drilling has established that the strike length of the ore zones at the 30th level is in excess of 350 meters similar to historic mining length at Sao Bento.

The drilling and the 23rd level crosscut also intersected a gold bearing sulphidic quartz vein 200 meters above the main Sao Bento ore zones. Significant intercepts from this zone designated the Eastern Trend Mineralization, are shown in Table 2. Additional drilling will be carried out on this trend with the objective to further define this zone of mineralization.

A total of 7,400 meters of drilling is underway from the 23rd level crosscut to test the ore zones between the 29th level and 32nd level. A further 7,500 meters of drilling is planned from the 27th level crosscut to establish reserves between the 32nd level and 34th level, 350 meters to 500 meters below the current operations.

Year end 2001 proven and probable reserves at Sao Bento totaled 461,300 ounces. These reserves were derived from the measured and indicated resources above the mine's 30th level. With the agreement in place and drilling completed both above and below the mine's 30th level, the Company plans at year-end 2002 to have increased its reserves and resources.

Table 1: Significant Drill Intercepts Below the 27th Level

Borehole  Section Main                      West
                  zone
----------------------------------------------------------------------
                  Width       Au    Level  Width       Au     Level
                   (m)    @  (g/t)          (m)    @  (g/t)
----------------------------------------------------------------------
IF-040    1790    2.40    @   7.76   (31)   1.18   @  10.31   (31)
IF-043    1825    2.46    @  11.32   (29)   1.00   @  10.78   (29)
IF-044    1790    2.18    @   8.21   (28)
IF-047    1930    0.86    @  19.23   (29)
IF-049    2000    1.28    @  14.83   (30)   4.43   @  19.04   (30)
IF-050    1930    6.45    @  11.62   (28)   0.72   @   5.59   (28)
IF-051A   1755    0.52    @  12.59   (30)
IF-055    2000 (a)5.31    @  13.41   (32)    (a)
IF-056    1930    4.22    @  17.45   (27)
IF-057    1895    2.67    @   9.36   (31)
IF-058    2105    2.08    @  10.90   (32)
IF-059    1860    1.65    @   8.44   (29)
IF-060    1965    9.98    @  14.11   (28)   1.74   @  19.17   (28)
GEO-01A   1825    1.87    @  14.92   (31)
----------------------------------------------------------------------
(a) Combined Main and West Zones


Table 2: Eastern Trend Significant Drill Intercepts

Borehole    Section    Eastern Trend
-------------------------------------------------------
                       Width           Au       Level
                        (m)     @     (g/t)
-------------------------------------------------------
23LX-cut    1980       2.06     @     12.59      (23)
 ET-006     1930       2.42     @      9.79      (23)
 RD-050     1980       4.66     @      8.94      (23)
 RD-038     1970       2.19     @     41.83      (23)
 RD-033     1875       1.60     @     45.55      (23)
SS-1718     1850       2.39     @      9.81      (23)
RD-017      1980       3.08     @      9.43      (24)
RD-032      1875       1.70     @     18.66      (24)
IF-051A     1750       5.37     @     10.45      (24)
-------------------------------------------------------

"This agreement with AngloGold, combined with continued positive results from our ongoing drilling program, and an improving metal price have ensured the continued extension of our profitable Sao Bento operation," commented Eldorado's President and Chief Executive Officer, Paul N. Wright.

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 on the potential of the Brumal property. In Turkey, we continue to expand our asset base, with a resource of approximately 8.8 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.

To view the map which accompanies this press release, please access the following link: http://www2.cdn-news.com/database/fax/2000/Figure%201-02-17.pdf

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