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Eldorado Withdraws Andean Resources Proposal

Eldorado Gold Corporation ("Eldorado" the "Company" or "we") today announced that it has elected not to proceed with its proposal to acquire Andean Resources Limited (“Andean”) . Paul Wright, President and Chief Executive Officer stated, “Our proposal has been met with broad support from the minority shareholders of Andean and our own shareholders. Extensive dissatisfaction exists among Andean shareholders as result of the Board of Andean choosing to focus on the agenda of a single large shareholder rather than the interests and desires of its broader shareholder registry. From an Andean shareholder perspective there is a keen interest in the creation of a high growth, high quality gold producer with significant market liquidity and superior leverage to the gold price, a dividend paying company that does not rely on base metals to achieve strong cash flows and where exploration success leads directly to superior share price returns. Our own shareholders believe strongly in this vision as well, however have appropriately expressed a note of caution in terms of Eldorado entering a value destroying auction whose main result will be the enrichment of short term market participants. In our opinion, our proposal reflected full value for Cerro Negro and from an Eldorado perspective, Cerro Negro is a “good to have” asset, not a “need to have asset”. Our suite of internal growth opportunities is second to none in the industry and our disciplined approach to growing our business has resulted in superior share price returns for our shareholders. The gold industry, as a whole, has an appalling track record of value destruction and Eldorado has no intention of following in these unfortunate footsteps. For these reasons and at this time, Eldorado has elected not to pursue the acquisition of Andean Resources any further. Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We remain one of the lowest cost pure gold producers. 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.