Eldorado Gold Announces New Credit Facility; $280 Million Revolver

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/12/11 -- (all figures in United States dollars unless otherwise noted) -

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ('Eldorado', the 'Company' or 'we') (TSX: ELD)(NYSE: EGO)(ASX: EAU) is pleased to announce that the Company has entered into a $280 million revolving credit facility with HSBC and a syndicate of four other banks.

The credit facility matures on October 12, 2015 and is intended to be used for growth opportunities and for general corporate purposes.

'Funds from this corporate facility combined with our strong cash flow will enhance our ability to implement growth initiatives in line with the Company's strategic plan,' commented Paul N. Wright, President & Chief Executive Officer.

The terms of the credit facility are favorable to the Company and consistent with current market standards. HSBC acted as Sole Lead Arranger. Other lenders include CIBC, Citibank, Bank of Nova Scotia and Bank of America. CIBC will act as Administrative Agent for the Lenders.

Eldorado is a gold producing, exploration and development company actively growing businesses in Turkey, China, Greece and Brazil. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that our company is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, President and Chief Executive Officer

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited, to the announcement of the Eldorado revolving credit facility.

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. We have made certain assumptions about the forward-looking statements and information and 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. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; 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; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled 'Forward-Looking Statements' and 'Risk Factors' in the Company's Annual Information Form & Form 40-F dated March 31, 2011.

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 anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. 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.

Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Our Chess Depositary Interests trade on the Australian Securities Exchange (ASX: EAU).

Request for information packages:reception@eldoradogold.com

Contacts:

Eldorado Gold Corporation

Nancy Woo

Vice President Investor Relations

604.601.6650 or 1.888.353.8166

604.687.4026 (FAX)
nancyw@eldoradogold.com
www.eldoradogold.com