Eldorado Gold 6K

FORM 6K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer


Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of April, 2003

Commission File Number 001-31522


Eldorado Gold Corporation
(Translation of registrant’s name into English)

Suite 920 - 1055 West Hasting Street
Vancouver, British Columbia  V6E 2E9
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

  Form 20-F       Form 40-F   X  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                

  Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                

  Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.

  Yes        No    X  

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) 82 —          





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  ELDORADO GOLD CORPORATION


Date:   April 3, 2003 /s/ Dawn Moss                                                            
Dawn Moss, Corporate Secretary















NEWS RELEASE
TSX: ELD  AMEX: EGO 		ELD No. 03-05
April 1, 2003


KISLADAG FEASIBILITY STUDY


VANCOUVER, BC – Eldorado Gold Corporation (the “Company” or “Eldorado” or “we”) is pleased to announce the results of the feasibility study for its 100% owned Kisladag gold project (“Kisladag”, the “Kisladag Project” or the “Project”) located in western Turkey (the “Feasibility Study”). The Feasibility Study, prepared by Hatch Associates, Vancouver (“Hatch”) has been prepared in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101 (“NI 43-101”).

Highlights

Geological Resource   Measured and Indicated   166,400,000 tonnes
1.13 g/t Au		  
Mineable Reserves  Proven and Probable  115,139,000 tonnes
1.23 g/t Au
4,532,000 ounces
  
Metallurgical Recovery  Oxide Ore
Primary Ore		  81%
60%		  
Mine Throughput  Phase I  5.0 Mtpa 
Mine Throughput  Phase II  10.0 Mtpa 
Overall Waste Stripping Ratio     0.92 
Mine Life     15 years 
Average Annual Gold Production  Phase I  143,000 ounces 
Average Annual Gold Production  Phase II  230,000 ounces 
Initial Capital Cost  Phase I  US$54.4 M 
Working Capital     US$2.3 M 
Expansion Capital  Phase II  US$39.4 M 
Sustaining Capital     US$37.2 M 
Unit Operating Cost     US$3.82/tonne ore 
Cash Operating Cost     US$152/oz. Au 
Total Production Cost     US$203/oz. Au 
Internal Rate of Return  (after tax and royalties)  32.6% 
Net Present Value @ 5%     US$146 M 
Payback Period     2.6 years 

Note: Phase I     Years one through 4
Phase II    Year five through 15




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Scope of Project

The Kisladag Project has been planned as a conventional open pit, heap leach gold mine, constructed and operated in two successive Phases. A mine production rate of 5 million tonnes per annum (“Mtpa”) of ore has been set for the first four years of the mine’s life. Annual ore production will increase to 7.5 Mtpa in year 5, and to 10 Mtpa the following year, remaining at that level until the end of mine life. Flexibility exists within the construction design to accelerate the increase to 10 Mtpa if desired. Contract mining has been planned for Phase I. Eldorado will take over mining operations prior to a production increase planned for Phase II. Total quantities of ore and waste mined will be 115 Mt and 106 Mt respectively, resulting in a life of mine strip ratio of 0.92.

Geology/Mineralization

The Kisladag deposit consists of porphyry-style gold mineralization centred on a series of sub-volcanic latite intrusives exposed by erosion near the center of a Pliocene age stratovolcano. Mineralization forms a horseshoe shaped body wrapping around the northern, eastern and southern sides of a late weakly mineralized stock. The maximum north-south and east-west dimensions of the mineralized area are approximately 800 meters and 500 meters respectively.

Gold is associated with at least three phases of partially overlapping stockwork veining and brecciation. These include intense quartz-tourmaline stockwork veining, quartz flooding of host rock, multiple phases of quartz-pyrite veining and lesser amounts of late sulphide-rich quartz veining. Higher-grade mineralization (above 2 g/t Au) has been traced from surface to depths greater than 300 meters below surface. Lower-grade mineralization, grading between 0.4 and 1.0 g/t Au, has been traced to the deepest levels drilled on the property (~400 meters below surface).

Oxidation varies from 20 meters to over 100 meters in depth and tends to be deeper around the flanks of the deposit, decreasing towards the late weakly mineralized stock intruding the center of the deposit.

Resources

A total of 29,900 meters of drilling and trenching have been completed at the Kisladag Project by Eldorado’s 100% owned subsidiary Tüprag Metal Madencilik since detailed exploration began in 1997. Following a 10,700 meter reverse circulation and diamond core drilling program completed in 2002, a revised resource estimate for the Kisladag project was prepared by Micon International (Press Release ELD 02-19 November 26 2002). Mr. Gary Giroux, Associate Micon International, is the Qualified Person (independent of the Company) responsible for preparation of the resource estimate in accordance to NI 43-101.





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Measured, indicated and inferred resources were calculated using a geological block model with 20x20x10 meter blocks and ordinary kriging. A resource summary is presented below at a cut off grade of 0.4 g/t.

Mineral Resource Estimate Summary, November 2002
Resource Category Tonnes Average Grade
Au (g/t)		 Total Gold
Content
(oz Au)
Measured   47,500,000   1.28   1,960,000  
Indicated  118,900,000   1.07  4,090,000 
Measured & Indicated   166,400,000   1.13   6,050,000  
Inferred  69,100,000   0.81  1,810,000 

Reserves

Smoothed pit designs incorporating appropriate pit access ramps, wall slope angles, catchment berms and minimum mining widths for selected equipment were generated for initial, intermediate and final pit designs using $325 gold price and cut off grades of 0.35 g/t Au for oxide ore and 0.50 g/t Au for primary ore.

Mineral Reserve Estimate including Allowance for Dilution and Mining Losses, December 31, 2002
Ore Type  Reserve
Category		 Tonnage
(tonnes)		 Average
Grade
(g/t Au)		 Metal Content
(kg Au)                                   (oz Au)
Oxide   Proven   13,332,000   0.78   10,372   333,000  
  Probable  13,907,000  1.07  14,853  478,000  
  Total   27,239,000   0.93   25,225   811,000  
Primary  Proven  29,388,000  1.39  40,908  1,315,000  
  Probable  58,512,000  1.28  74,837  2,406,000  
  Total   87,900,000   1.32   115,745   3,721,000  
Total   Proven  42,720,000  1.20  51,280  1,648,000  
  Probable  72,419,000  1.24  89,690  2,884,000  
  Total   115,139,000   1.23   140,970   4,532,000  



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The mineral reserve for Kisladag consists of the inventory of measured and indicated blocks within the final pit design. The inventory of inferred blocks within the pit design was not included in the reserve estimate and was added to the inventory of waste blocks. The reserves have been prepared and reported by Hatch in accordance with NI 43-101. Mr. Callum Grant P. Eng., Manager of Geology & Mining, Hatch Associates is the Qualified Person (independent of the Company) responsible for preparation of the stated reserves.

Metallurgical Response

A comprehensive program of column leach tests was carried out by Kappes Cassiday Associates on samples of oxide and primary ore types recovered from drill core throughout the deposit. A total of 45 column leach tests were completed on the Kisladag ore, with results showing that a fine crush size and leach period of ninety days are required to maximize gold recovery. Both oxide and primary ore are planned to be crushed to 80% passing 6 mm. A gold recovery of 81% is projected for the oxide ore, whilst the primary ore has a projected recovery of 60%. Percolation tests indicate that the Kisladag ore does not require cement agglomeration and heap heights of up to 60 meters are practicable.

Mining

Ore will be extracted conventionally from the open pit using drilling and blasting with truck haulage to a primary gyratory crusher located adjacent to the pit. Waste rock will be hauled to a dump area 1.5 km south west of the pit. A contractor will be used for mining during Phase I allowing deferred purchase of the mining equipment to correspond with increasing production in Phase II. An owner operated fleet, consisting of 18m3 Cat 994 wheel loaders and 150 tonne Cat 985 haul trucks, will be introduced in year 4 to take over production beginning in year 5. Maximum annual material movement of 24.5 Mt will occur in year 7.

Processing

The Kisladag ore will be processed in a standard heap leach facility comprised of a three stage crushing and screening circuit, an overland conveyor to the heap leach pad, mobile conveyors and a stacker for placing the ore. A carbon adsorption facility will be installed for recovering the gold. The carbon will be treated on site in a refinery and the final product will be a gold doré bar.

The initial design throughput will be 5 Mtpa for the first four years of operation when predominantly oxide material will be processed. The facilities will be expanded to process 10 Mtpa after year five treating a mix of oxide and primary material with the primary ore becoming increasingly predominant.





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The leach pad will be constructed 1.5 km north of the open pit using a clay and 2mm LLDPE and HDPE lining system. The pad will be expanded in 4 successive phases as mining progresses, with ultimate stack height planned to be 50 meters.

Infrastructure

Situated on the western edge of the Anatolian plateau 200 kilometers inland from the western port city of Izmir, the Kisladag Project is well serviced by national road and rail services. The Project site is located at approximately 1,000 m elevation in gently rolling topography with a temperate climate. Annual rainfall averages approximately 450 mm with the majority of the precipitation occurring as rainfall November through March.

A 30 km dedicated 10 MVA power supply will be installed from the city of Usak to a sub station adjacent to the site. Process water for the Project will be supplied from a well field located in the neogene sediments 13 km south east of the mine. Supplies and services are available in the city of Usak 35 km to the north. The mine will employ approximately 360 persons, the majority of workers being drawn from the local region.

Environment

Encon Environmental Engineers of Ankara (“Encon”) have prepared and submitted an Environmental Impact Assessment (“EIA”) of the Kisladag Project to the Turkish Ministry of Environment (“MOE”). Encon has identified potential impacts the Project will have on the local environment and social structure and defined the mitigation measures required to minimize impacts while maximizing the benefits of the Project locally and nationally.

The MOE is presently reviewing the Kisladag EIA. The Company anticipates being in receipt of the Environmental Positive Certificate issued by the MOE by mid 2003.

An Environmental Management Plan (“EMP”) has been developed which details procedures to be followed at Kisladag to insure protection of the environment and maintain health and safety of all workers. The EMP will be implemented when site construction begins.

Capital Costs

The estimated capital costs for construction and sustaining the operations at Kisladag over the life of the mine are presented below. Expansion capital will be expended in years 4 and 5 to provide for increasing production in Phase II. Estimates are based on the use of





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new equipment and expressed as fourth quarter 2002 US dollars with no provision for inflation.

Capital Cost Summary
Description Initial
Capital
Cost
(k$US)		 Expansion
Capital
Cost
(k$US)		 Sustaining
Capital
Cost
(k$US)
Infrastructure   9,352   812    
Crushing  10,875   8,134  
Leach Pad Conveying  3,572   1,147  
Heap Leach Pad and Ponds  4,746   429   15,031  
ADR Facilities  3,260   26  
Rock Dump  327  
Mining  381   25,829   14,778  
Closure Capital          7,400
Sub-Total Direct Costs   32,514   36,377   37,209  
Total Indirect Costs   9,546   2,145  
Total Owners Costs   7,537  
Contingency  4,777   885  
Total Project   54,374   39,407   37,209  

Operating Costs

Cash operating costs in the first four years of production are estimated at $3.97 per tonne ore, equivalent to US$138 per ounce gold. Life of mine cash operating costs are estimated to be $3.82 per tonne of ore and US$152 per ounce of gold produced. Costs for rinsing and detoxification of the heap leach facilities will commence in year ten of operations and have been included as an operating cost. Final Project closure costs are included in the capital cost estimate, no allowance has been made for recovery of funds through the disposition of assets at time of closure.

A breakdown of the estimated annual operating costs is presented below in accordance with the Gold Institute Production Cost Standard.



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Production Cost Estimate
  Life-of mine
US$ millions		 US$
per
tonne		 US$
per ounce
Mining   196   1.70   68  
Process  174   1.51  60  
General and Administrative  54   0.47  19  
Heap Rinse and Detox  9   0.08  3  
Transport & Refining  7   0.06  2  
Cash Operating Cost   440   3.82   152  
Royalties  13   0.11  5  
Total Cash Cost   453   3.93   157  
Depreciation  114   0.99  39  
Amortization  13   0.12  4  
Closure Cost  7   0.06  3  
Total Production Cost   587   5.10   203  

Financial Analysis

Hatch completed a financial analysis of the Kisladag Project using a discounted cash flow model incorporating the most recent Turkish tax and royalty schedules. Project construction capital cost estimates including pre-production costs, ongoing capital costs and mine closure costs have been included in the Project cashflow projection. Operating costs presented as fourth quarter 2002 US dollars remain constant over the mine life. No allowance for inflation has been included.





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Kisladag Project Financial Analysis Summary
Project Data Estimated Value  
Life of Mine   15 years      
Total Gold Produced  2.9 Moz. 
Total Ore Mined  115 M tonnes 
Total Material Mined  221 M tonnes 
Open Pit Strip Ratio  0.92    
Initial Project Capital Cost  US$54.4 M 
Cash Operating Cost  US$152/oz. 
Total Production Cost  US$203/oz. 
Base Case Gold Price  US$325/oz. 
Before Tax Net Present Value @0%  US$356 M    
After Tax Net Present Value @0%  US$255 M 
After Tax Net Present Value @5%  US$146 M 
After Tax Net Present Value @10%  US$ 85 M 
After Tax Internal Rate of Return  32.6 % 
Payback Period (from start-up)  2.6 years 




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Sensitivity Analysis Summary
Variable Variable Value IRR% NPV @5%
US$ millions
Gold Price             US$/oz
+15%   375   44 % 211  
+8%  350   38 % 178  
Base Case Gold Price  325   33 % 146  
-8%  300   27 % 114  
-15%  275   21 % 82  
Gold Recovery (Oxide Ore)  
+10%  89 % 37 % 159  
+5%  85 % 35 % 152  
Base Case Oxide Recovery  81 % 33 % 146  
-5%  77 % 31 % 140  
-10%  73 % 29 % 134  
Gold Recovery (Primary Ore)  
+10%  66 % 36 % 176  
+5%  63 % 34 % 161  
Base Case Primary Recovery  60 % 33 % 146  
-5%  57 % 31 % 131  
-10%  54 % 29 % 116  
Capital Cost US$ millions
+20%  65. 2 27 % 139  
+10%  59. 8 30 % 142  
Base Case Capital Cost  54. 4 33 % 146  
-10%  48. 9 36 % 150  
-20%  43. 5 41 % 154  
Cash Operating Cost US$/oz
+20%  182   26 % 106  
+10%  167   29 % 126  
Base Case Operating Cost  152   33 % 146  
-10%  137   36 % 166  
-20%  121   39 % 187  




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Implementation

Construction of the Kisladag facilities will be completed in two phases. The first phase will comprise the infrastructure, equipment and earthworks required to achieve a production rate of 5 Mtpa. This phase however, will incorporate primary crushing, conveying and stacking capacity of 10 Mtpa. The second phase, presently scheduled in year five of operations, will entail an expansion to the secondary and tertiary crushing circuit and purchase of mining equipment required to process the deeper ore at the planned production rate of 10 Mtpa. There will also be minor subsequent construction phases associated with expansion of the heap leach pad and closure of the Project.

“We are very pleased with the results of the Feasibility Study and confident both in our ability to deliver the results described and the opportunities to further enhance the Project.

In this regard, we have recently completed a 2,650 meter shallow drilling programme successfully identifying additional shallow mineralization external to the defined pit. In the coming months a 2,200 meter programme will be executed designed to upgrade the 7.4 Mt inferred resource presently treated as waste within the existing designed pit.

In 2003, the Company will continue to complete the tasks necessary enabling construction to commence by year-end. These include permitting, land acquisition and arranging the optimum financing package for the Project. With the Feasibility Study completed on schedule our focus is to achieve the next major milestone, receipt of the Environmental Certificate, which we anticipate around mid year.” commented Paul Wright, President and Chief Executive Officer

Eldorado is a gold producing and exploration company with gold assets in Brazil and Turkey two countries that we believe have substantial geological potential. 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.

ON BEHALF OF
ELDORADO GOLD CORPORATION


“Paul N. Wright”

Paul N. Wright
President and Chief Executive Officer





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The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” used in this release 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 on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in United States Securities and Exchange Commission (“SEC”) Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, “Inferred Mineral Resource” used in this release 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.

Note to U.S. Investors. 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 this release 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 “indicated mineral resource” and “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 can not be assumed that all or any part of an “indicated mineral resource” or “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.

Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, 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. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. 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. Specific reference is made to “Narrative Description of the Business – Risk Factors” in the Company’s Annual Information Form. Forward-looking statements in this release include statements regarding the expectations and beliefs of management, the assumed long-term price of gold, the estimation of mineral reserves and resources, the realization of the potential of Eldorado’s properties and expectation of growth. 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 reports filed with the securities regulatory authorities.

Eldorado Gold Corporation’s shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has neither approved nor disapproved the form or content of this release.

Contact:
Nancy E. Woo, Manager Investor Relations
Phone: 604.601.6650 or 1888.353.8166
Fax: 604.687.4026
Email nancyw@eldoradogold.com
 Request for information packages: info@eldoradogold.com
Eldorado Gold Corporation
920-1055 W. Hastings St.,
Vancouver, BC V6E 2E9
Web site: www.eldoradogold.com













NEWS RELEASE
TSX: ELD  AMEX: EGO 		ELD No. 03-06
April 2, 2003


2002 Reserve and Resource Statement
Reserves Increase to 5.8 M oz.


VANCOUVER, BC – Eldorado Gold Corporation (the “Company” or “Eldorado” or “we”) is pleased to report its reserves and resources as of December 31, 2002.

The Company’s total proven and probable reserve estimates have increased by 1.7 million ounces gold to 5.8 million ounces gold, predominantly through the completion of the Feasibility Study for the Kisladag Project, Turkey (“Kisladag”) and accompanying additions at the São Bento Mine, Brazil (“São Bento”).

Proven and Probable Reserves and Mineral Resources




Proven and probable reserves have been calculated as of December 31, 2002 based on a gold price of US$325 per ounce and have been derived from defined measured and indicated resources.

The reserves and resources for São Bento and Kisladag have been prepared in accordance with Canadian Securities National Instrument 43-101 (“NI 43-101”).

Mr. Peter Tagliamonti, Mine Manager, and Mr. Sergio Martins, Geology Manager, both employees of São Bento, are the qualified persons responsible for the preparation of the São Bento reserve and resource estimates.





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Mr. Callum Grant, Hatch Associates, is the qualified person responsible for the preparation of the reserve estimate for Kisladag. Mr. Gary Giroux, Micon International, is the qualified person responsible for the preparation of the resource estimate for Kisladag.

Reserves:  Proven and Probable as of December 31, 2002


Property               Tonnes            Grade
           Au g/t		                          Ounces
                         Au
São Bento   1,792,000   9 .22 531,355  
Kisladag  115,139,000   1 .23 4,532,000  
Efemcçukuru  1,856,000   13 .14 784,100  
Total          5,847,455  









Resources:  Measured and Indicated, Inferred as of December 31, 2002

Property Classification Tonnes Grade Au g/t Ounces
Au
São Bento   Measured & Indicated   1,828,000   12.01   706,063  
  Inferred  840,000   11.80   318,671  
Kisladag  Measured & Indicated  166,400,000   1.13   6,050,000  
  Inferred  69,100,000   0.84   1,810,000  
*Efemçukuru  Measured & Indicated  1,828,893   14.44   849,100  
  Inferred  590,279   12.63   239,700  
*Kaymaz  Measured & Indicated  1,086,000   6.25   218,200  
*Kucçukdere  Measured & Indicated  1,276,000   6.43   263,800  
  Inferred  138,000   6.45   28,600  
*Piaba**  Measured & Indicated  6,273,000   1.27   256,100  
  Inferred  4,322,000   1.28   177,600  
Total  Measured & Indicated          8,343,263  
  Inferred          2,574,571  




















Note:
* 		 
Resource and reserve estimates for Efemçukuru, Kaymaz, Kuçukdere and Piaba projects have not been updated and were made before NI 43-101 came into force and have not been revised in accordance with NI 43-101.
**   Reflects Eldorado’s 50% interest.




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“We are very pleased in the substantial increase in both reserves and resources in 2002. In both cases we moderately surpassed our expectations for growth in 2002. In 2003 we continue to drill at São Bento with the objective to both extend and upgrade our resource estimate. At Kisladag, concurrent with progressing the project to construction, drilling continues to identify additional shallow mineralization which is expected to further enhance the performance at this project.” commented Paul N. Wright, President and CEO.

Eldorado is a gold producing and exploration company with gold assets in Brazil and Turkey, two countries that we believe have substantial geological potential. 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 experience continued growth and value as we create and pursue new opportunities.

ON BEHALF OF
ELDORADO GOLD CORPORATION


“Paul N. Wright”


Paul N. Wright
President and Chief Executive Officer


The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” used in this release 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 on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, “Inferred Mineral Resource” used in this release are Canadian mining terms as defined in accordance with National Instruction 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.

For a detailed discussion of resource and reserve estimates and related matters see the Company’s technical reports, including the Annual Information Form and other reports filed under the Company’s name at www.sedar.com. A qualified person has verified the data contained in this release.

Note to U.S. Investors. 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 this report 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 “indicated mineral resource” and “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 can not be assumed that all or any part of an “indicated mineral resource” or “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.

Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, 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. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary





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materially from those described in forward looking statements. Specific reference is made to “Narrative Description of the Business – Risk Factors” in the Company’s Annual Information Form. Forward-looking statements in this release include statements regarding the expectations and beliefs of management, the assumed long-term price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the potential of Eldorado’s properties and expectations of growth. 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 reports filed with the securities regulatory authorities.

Eldorado Gold Corporation’s shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has neither approved nor disapproved the form or content of this release.

Contact:
Nancy E. Woo, Manager Investor Relations
Phone: 604.601.6650 or 1888.353.8166
Fax: 604.687.4026
Email nancyw@eldoradogold.com
Request for information packages: info@eldoradogold.com
Eldorado Gold Corporation
920-1055 W. Hastings St.,
Vancouver, BC V6E 2E9
Web site: www.eldoradogold.com













NEWS RELEASE
TSX: ELD  AMEX: EGO 		ELD No. 03-07
April 1, 2003


São Bento Shaft Deepening


VANCOUVER, BC – Eldorado Gold Corporation (the “Company” or “Eldorado” or “we”) is pleased to announce the intention to deepen its shaft at the São Bento Mine, Minas Gerais, Brazil (“São Bento”, “São Bento Mine” or the “Mine”). In 2002 São Bento produced 103,533 ounces of gold at a cash cost of US$184/oz. The Company forecasts 2003 production of 105,000 ounces at a cash cost of US$190/oz. Preparation for shaft deepening activities are expected to commence in the 2nd Quarter of 2003 with the deepened shaft to be commissioned in December 2004.

The 5.2 meter diameter concrete lined shaft will be deepened by approximately 370 meters at an approximate cost of US$12.0 million. The shaft deepening will provide a bottom working elevation approximately 1,300 meters below surface at the Mine’s 28th Level. The capital required to complete the shaft will be provided by internally generated cash flows from the São Bento Mine.

In October 2002 the Company completed an agreement with AngloGold South America Ltd. that provides São Bento the opportunity to explore and develop resources below the 30th Level. Throughout the year an extensive definition and exploration drilling program totaling in excess of 17,500 meters, designed to both increase reserves and extend the resource base, was successfully completed.

The results of the drilling program were incorporated as an updated reserve and resource estimate (NR# 03-06 dated April 2, 2003).

  December 31, 2002 December 31, 2001
  Tonnes Grade
g/t		 Ounces Au Tonnes Grade
g/t		 Ounces Au
Proven & Probable Reserves   1,792,000   9 .22 531,355   1,500,000   9 .57 461,300  
Measured & Indicated Resources  1,828,000   12 .01 706,063   1,479,000   12 .60 600,000  
Inferred Resources  840,000   11 .80 318,671   195,000   12 .50 78,400  














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In 2003 the Company will drill approximately 12,000 meters at a budgeted cost of US$360,000 from a hanging wall drift of the 27th Level designed both to extend and upgrade resources above the Mine’s 34th Level. Historically, São Bento has converted in excess of 80% of its inferred resources into mineable reserves.

“The combination of improved metal prices and exploration success at São Bento have provided the opportunity to extend the profitable life of the Mine. This investment will enable the maximum recovery of the existing resource and will provide infrastructure for extension beyond the existing resource base.”, commented Paul Wright, President and Chief Executive Officer.

Eldorado is a gold producing and exploration company with gold assets in Brazil and Turkey, two countries that we believe have substantial geological potential. 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 experience continued growth and value as we create and pursue new opportunities.

ON BEHALF OF
ELDORADO GOLD CORPORATION


“Paul N. Wright”

Paul N. Wright
President and Chief Executive Officer


The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” used in this release 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 on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.

The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, “Inferred Mineral Resource” used in this release are Canadian mining terms as defined in accordance with National Instruction 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.

For a detailed discussion of resource and reserve estimates and related matters see the Company’s technical reports, including the Annual Information Form and other reports filed under the Company’s name at www.sedar.com. A qualified person has verified the data contained in this release.

Note to U.S. Investors. 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 this report 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 “indicated mineral resource” and “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 can not be assumed that all or any part of an “indicated mineral resource” or “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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Certain of the statements made may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, 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. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. 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. Specific reference is made to “Narrative Description of the Business – Risk Factors” in the Company’s Annual Information Form. Forward-looking statements in this release include statements regarding the expectations and beliefs of management, the assumed long-term price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the potential of Eldorado’s properties and expectations of growth. 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 reports filed with the securities regulatory authorities.

Eldorado Gold Corporation’s shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The TSX has neither approved nor disapproved the form or content of this release.


Contact:
Nancy E. Woo, Manager Investor Relations
Phone: 604.601.6650 or 1888.353.8166
Fax: 604.687.4026
Email nancyw@eldoradogold.com

Request for information packages: info@eldoradogold.com
Eldorado Gold Corporation
920-1055 W. Hastings St.,
Vancouver, BC V6E 2E9
Web site: www.eldoradogold.com