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Monday, December 19, 2011

Eldorado to Acquire European Goldfields and Create the Leading Growth Oriented Intermediate Gold Producer

VANCOUVER, BC – Eldorado Gold Corporation (TSX: ELD, NYSE: EGO, ASX: EAU) today announced that it has entered into a definitive agreement with European Goldfields Limited (TSX: EGU, AIM: EGU)
pursuant to which Eldorado has agreed to acquire all of the issued and outstanding common shares of
European Goldfields by way of a plan of arrangement under the Yukon Business Corporations Act.  European Goldfields is a precious metals development company with attributable gold reserves of 9.2 million ounces and multi-stage assets located in Greece, Romania and Turkey. The company currently operates the Stratoni mine in Greece and is developing the Skouries and Olympias projects in Greece and the Certej project in Romania. European Goldfields is also partnered with Aktor SA, the largest construction company in Greece.

Under the Arrangement, shareholders of European Goldfields will receive 0.85 Eldorado shares and
C$0.0001 in cash per European Goldfields share (the “Exchange Ratio”). Each outstanding option of
European Goldfields shall be exchanged for options of Eldorado that will entitle the holder to receive,
upon the exercise thereof, Eldorado shares based upon the Exchange Ratio and otherwise on the same
terms and conditions as in the original European Goldfields option. The total transaction value is
approximately C$2.5 billion.

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