Eldorado Gold Corporation Completes Acquisition of European Goldfields Limited Vancouver, British Columbia - February 24, 2012. - Eldorado Gold Corporation ("Eldorado" or the "Company") (TSX: ELD, NYSE: EGO, ASX: EAU) and European Goldfields Limited ("European Goldfields") (AIM: EGU, TSX: EGU) announce that today they completed the previously announced plan of arrangement ("Arrangement") whereby Eldorado acquired all the issued and outstanding securities of European Goldfields.

Under the terms of the Arrangement former European Goldfields shareholders received 0.85 of an

Eldorado common share and C$0.0001 in cash for each European Goldfields share. Eldorado issued

157,959,316 common shares pursuant to the Arrangement.

Upon completion of the Arrangement, Paul N. Wright, President and CEO of Eldorado Gold, commented "We are pleased to have concluded this transaction, which will further enhance Eldorado's position as a low cost, high growth, gold producer. We look forward to the successful integration of Eldorado's new assets in Greece and Romania with our existing mines and projects in the region. We intend to provide detailed information on the Company's plans for the new assets in April."

Highlights of the Transaction

• Creates the premier high growth, low cost intermediate gold producer with a combined market capitalization of approximately C$10.5 billion

• Leading growth profile with expected annualized production growth of 30% over the next four years, reaching over 1.5 million ounces of gold production by 2015

• Strongly enhances Eldorado's project pipeline with high quality near-term producing projects

• Ability to finance planned growth opportunities with current balance sheet and strong cash flows from existing production

• Eldorado's dividend will remain unchanged with enhanced ability for growth as European

Goldfields' development projects are built

• Exceptional re-valuation opportunity driven by compelling valuation, growth potential, transaction rationale and management track record

The European Goldfields shares will be suspended from trading on AIM as of 7:30 am (GMT) on February 24, 2012, with cancellation and de-listing from AIM expected to occur on February 27, 2012. The last trading day of the European Goldfields shares on the TSX is expected to be on or about February

28, 2012.

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