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Skouries Project Location Mine Development Drill ready targets Road Permit boundary Village Power line 8.1 km Tunnel

10km radius

N

Olympias

Piavitsa

Stratoni Operation

Stratoni Port Facility

Skouries

Fisoka

Tsikara

1 km

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Skouries Project Overview Deposit Type

Cu - Au porphyry

Initial Capex

US$340 million

Cash Cost (by-product)

US$-500/oz Open-pit ; US$190/oz Underground

Mining Rate

8Mtpa Open Pit ; 4.4Mtpa Underground

Mine Life

27 years

Strip Ratio

0.7 : 1.0 (w:o)

Production

~140,000oz Au, ~30,000kt Cu pa Open Pit ~100,000oz Au, ~22,000t Cu pa Underground

Processing

Flotation (Cu/Au conc.) & Gravity circuit (Au doré)

Recoveries

LOM average ~84% Au and ~91% Cu

Project Highlights • EIS approved • Outotec equipment contract complete • Long lead items purchased and in Thessaloniki • Basic engineering package delivered to schedule • Construction contract being finalized • Surface clearing initiated

Optimisation • Potential to increase recovery from gravity circuit with additional testing • Size, position & orientation of underground pillars to recover high grade ore • Optimize pit ramp design to reduce operating costs

Upside • Conversion of Inferred Resources to Indicated – priority on in-pit material • Exploration potential with 2 drill ready target areas, Fisoka and Tsikara within 8km of Skouries • Additional open-pitable resources could benefit Skouries by deferring underground capital

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Skouries Regional Geology Plan View Biotite Gneiss

N Mavres Petres

Schist Amphibolite Gneiss

Section

Madem Lakkos

Marble NW

Intrusive

Skouries 0

5km

Dyke Porphyry 0

200m

Schist

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Skouries Orebody and Drilling Gold grade profile

Copper grade profile Schist Amphibolite Gneiss Marble Intrusive

0

100

0

200

100

200

Metres

Metres

>1.5 g/t Au

0.7 - 1 g/t Au

>1.2% Cu

0.4 - 0.8% Cu

1 - 1.5 g/t Au

< 0.7g/t Au

0.8 - 1.2% Cu

0.2 - 0.4% Cu

â&#x20AC;˘ Porphyry mineralisation drilled at a nominal spacing of 50m www.eldoradogold.com

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Skouries Reserves & Resources Au Grade Cu Grade Contained Au Contained Cu Location

Tonnes

(g/t)

(%)

(oz)

(t)

Schist 1.06 0.60% 0.52 0.37% Amphibolite Gneiss 0.69 0.44% Marble 1.05 0.59% Intrusive 0.44 0.34% 0.15 0.17%

516,000 530,000 1,046,000 516,000 708,000 350,000

91,000 119,000 210,000 91,000 171,000 120,000

Open-Pit Proven Probable Proven & Probable Measured Indicated Inferred

15,166,000 31,816,000 46,982,000 15,333,000 49,747,000 72,307,000

Underground Proven Probable Proven & Probable Measured Indicated Inferred

19,278,000 72,102,000 91,380,000 24,147,000 157,123,000 43,470,000

1.40 0.72 0.86 1.36 0.61 0.34

0.74% 0.53% 0.57% 0.73% 0.49% 0.39%

866,000 1,678,000 2,544,000 1,055,000 3,067,000 477,000

143,000 385,000 528,000 175,000 768,000 167,000

Total Proven & Probable Total Measured & Indicated Total Inferred

138,362,000 246,350,000 115,777,000

0.81 0.67 0.22

0.53% 0.49% 0.25%

3,590,000 5,346,000 827,000

738,000 1,205,000 287,000

Notes: • Mineral Resources are inclusive of Mineral Reserves (100%) • Mineral Reserves were estimated using an Au price of US$1,000 per ounce and a Cu price of US$2.50 per lb. • Mineral Resources were estimated using an Au price of US$1,200 per ounce and a Cu price ofUS$3.50/lb. • The values for tonnages, grades and contained ounces have been rounded. • Open Pit dilution averages 0% and extraction is estimated to be 100%. • Underground dilution averages 3.5% and extraction is estimated at 95% www.eldoradogold.com

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Skouries Mining  Open pit

1. Open Pit

Depth 240m; Ore 47Mt; Waste 35Mt

Strip ratio 0.7:1.0 (w:o)

Throughput 8.0 Mtpa

Average grade 0.69 g/t Au; 0.44% Cu

Pit design based on preliminary geotech, further optimisation possible

Final depth determined by iterative calculation of total NPV with underground and minimisation of land-use

Evaluating economics of owner vs contractor mining

Schist

240m

Marble Intrusive

 Underground •

Throughput 4.4mtpa

Sub-level open-stoping

Average grade 0.86 g/t Au; 0.57% Cu

Optimisation of design including size, position & orientation of underground pillars with additional geotech drilling

Underground NSR cut-off

Amphibolite Gneiss

700m Access ramp

2. Underground

Sub-levels

Haulage Shaft

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Skouries Processing Plant – ~21ktpd Single Line 

Optimised throughput – Up to 8Mtpa for softer open pit ore

Paste thickener technology used which will reduce tailings land-use Ore and water return pumping costs 7-8Mtpa

Plant sited at location with best geotechnical stability leading to reduced ground works

Compact layout

Improved gold gravity technology for doré production is expected to boost recovery

 

Efficient underground and open pit ore transport system

• Overall Au Recovery ~84% • Overall Cu Recovery ~91%

Schist

Amphibolite Gneiss

Intrusive

SAG Mill

FLOTATION

Paste Thickeners

Primary Crushing To -150mm

Paste to TMF

Ball Mill

120,000tpa during O/P

COPPER/GOLD CONCENTRATE

Gravity circuit

~26% Cu ~26g/t Au

Backfill underground reduces landuse

30% of Gold

DORÉ ~ 80% Au

Saleable products www.eldoradogold.com

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Skouries Plant Design

Schist Amphibolite Gneiss Marble Intrusive

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Skouries Site Layout

Schist Amphibolite Gneiss Marble Intrusive

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Skouries Metal Production Readily saleable, clean CuAu concentrate + Au Doré Plant Throughput O/P Plant Throughput, U/G

1013 tph ROM, (softer ore) 881 tph ROM

Copper concentrate

~120,000 tpa average OP ~88,000 tpa average U/G ~2% w/w to final concentrate

Payable copper

~30,000 t/year OP ~22,000 t/year U/G

Payable gold (inc. doré)

~145,000 oz/year OP ~100,000 oz/year U/G

Doré production

~50,000 oz/year OP ~35,000 oz/year U/G

Concentrate copper grade

~26%

Concentrate gold grade

~26g/t

Schist Amphibolite Gneiss Marble Intrusive

Plot plan of Skouries process plant

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Skouries Operating Costs On-Site Operating Costs Open-Pit Mining Cost (per t moved) Underground Mining Cost Open-Pit Processing (8 mtpa) Underground Processing Cost (4 mtpa) G&A + Tailings Cost Off-Site Costs and Assumptions Gold Payable Copper Payable Concentrate Transport+Treatment Cost Gold Refining Cost Copper Refining Cost Cash Cost (net by-product) Open-Pit Underground LOM Average

â&#x201A;Ź/t 1.65 16.50 3.50 4.50 0.55

$/t 2.15 21.45 4.55Schist 5.85Amphibolite Gneiss 0.72Marble Intrusive

% % $/t $/oz $/lb

95% 95% 110.00 8.00 0.08

US$/oz US$/oz US$/oz

-500 190 -15

Notes: 1. Cash costs include off-site costs 2. Cash costs based on payable gold ounces 3. Assumes $1.30/â&#x201A;Ź exchange rate and $5500/t ($2.50/lb) Cu www.eldoradogold.com

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Skouries Capital Costs (2012-2016) ď&#x201A;§

Initial capital of ~$340 million required to commence plant production with open-pit ore in 2015

ď&#x201A;§

Additional ~$63 million will be spent on underground development.

Item

Unit

2012

2013

2014

2015

2016

Total

Capitalized Waste-Stripping

US$mln

0.0

0.0

10.5

13.0

15.0

38.5

Road Development & Other

US$mln

6.5

9.0

5.5

0.0

0.0

21.0

Open-Pit Equipment

US$mln

0.0

22.0

17.0

6.0

0.0

45.0

Flotation plant

US$mln

5.0

60.0

65.0

45.0

0.0

175.0

Tailings ponds

US$mln

0.0

1.5

6.5

8.0

9.5

25.5

Infill/Geotech Drill

US$mln

1.5

3.5

0.5

0.0

0.0

5.5

Mill Equipment

US$mln

0.5

0.5

29.0

0.0

0.0

30.0

EPCM

US$mln

1.5

6.0

7.0

3.5

0.0

18.0

Phase II U/G Development Total Development Capital

US$mln US$mln

1.0 16.0

6.0 108.5

18.5 159.5

18.5 94.0

18.5 43.0

62.5 421.0

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Skouries Development Schedule ď&#x192;&#x2DC; Commercial Production expected Q3 2015 2012 Q1 Q2 Q3 Q4

Schist

2013

Amphibolite Q1 Q2 Gneiss Q3

Q4

2014 Q1 Q2 Q3 Q4

2015 Q1 Q2 Q3 Q4

Marble

Engineering

Intrusive

Activity Description

Procurement Site Preparation Plant Construction Pit & Tailings Construction Underground Development Shaft Construction Mechanical Completion Commissioning/Start-up Commercial Production

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Skouries Future Considerations  Conversion of inferred resources to measured and indicated. Schist

 Potential for satellite deposits.

Amphibolite Gneiss Marble

Intrusive  Clean Cu concentrate provides multiple options for marketing.

 Potential delays caused by vocal minority issues.  Potential winter weather delays.

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Skouries Photos -Surface Work & Archaeological Study

Schist Amphibolite Gneiss Marble Intrusive

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Skouries Photos â&#x20AC;&#x201C; Surface Clearing and Drilling

Schist Amphibolite Gneiss Marble Intrusive

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Skouries Photos â&#x20AC;&#x201C; Mill Cells at Fabrication Plant

Schist Amphibolite Gneiss Marble Intrusive

ď&#x192;&#x2DC; Now in Storage in Thessaloniki

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Certain of the statements made in this Presentation may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities law. These forward-looking statements or information include, but are not limited to statements or information with respect to financial disclosure, estimates of future production, the future price of gold, estimations of mineral reserves and resources, estimates of anticipated costs and expenditures, development and production timelines and goals and strategies. We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about the price of gold, anticipated costs and expenditures and our ability to achieve our goals. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 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 or information. Such risks, uncertainties and other factors include, among others, the following: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; the risks that the integration of acquired businesses may take longer than expected; the anticipated benefits of the integration may be less than estimated and the cost of acquisition may be higher than anticipated; the ability to complete acquisitions; competition; loss of key employees; additional funding requirements; share price volatility; community and non-governmental actions and defective title to mineral claims or property, as well as those factors discussed in our most recent interim and annual management discussion and analysis and in the sections entitled "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 30, 2012, including the risk factors incorporated by reference in such circular. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forwardlooking statements and information.

Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also many of the factors are beyond our control. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipate in such statements. Accordingly you should not place undue reliance on forwardlooking statements or information. Except as required by law, we do not expect to update forward-looking statements and information 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 in Canada and the U.S. All forward-looking statements and information contained in this presentation are qualified by this cautionary statement. Cautionary Note to U.S. Investors: Mineral Reserves and Mineral Resources - The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" referred to in the Company's disclosure are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council as amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission ("SEC") Guide 7. Under SEC Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historic average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource" used in the Company's disclosure are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral resources which are not mineral reserves do not have demonstrated economic viability. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in the Company's disclosure concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

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Thank You TSX: ELD

NYSE: EGO

Total shares outstanding (as of June 30, 2012): 712.9 M Investor Relations: Nancy Woo (604) 601-6650 â&#x2039;&#x2026; nancyw@eldoradogold.com

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