Eldorado Gold Announces Dividend Payment of CDN $0.06 per Share

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/27/12 -- On July 26, 2012 the Board of Directors of Eldorado Gold Corporation (TSX: ELD)(NYSE: EGO)(ASX: EAU) declared that the Company will pay an eligible dividend of CDN$0.06 per Common Share on August 24, 2012 (Vancouver time) to the holders of the Company's outstanding Common Shares (held directly or indirectly through CHESS Depositary Interests ("CDIs") as of the close of business on the record date of August 10, 2012 (Vancouver time). The total amount of this dividend represents approximately $150 per ounce of gold sold by Eldorado in the first half of 2012.

Notice to CDI Holders

CDI holders' entitlements to the dividend declared on the underlying Common Shares will be converted to an Australian Dollar denominated equivalent amount as of the payment date for the common shares and paid out to CDI holders as set out below through Link Market Services Limited, our CDI Registry in Australia. The key dates with respect to the dividend:

Last date for processing requests by CDI     2 August 2012 (Sydney time)
 holders to convert CDIs into Common Shares
 before the record date for the dividend
CDIs trade on the ASX on an ex-dividend      3 August 2012 (Sydney time)
 basis
Common Shares trade on the TSX on an ex-     8 August 2012 (Vancouver time)
 dividend basis
Record date for the dividend                 10 August 2012 (Vancouver time)
                                             11 August 2012 (Sydney time)
Processing recommences for requests by CDI   13 August 2012 (Sydney time)
 holders to convert CDIs into Common Shares
Common Share Dividend payment date           24 August 2012 (Vancouver time)
Payment of dividend to CDI holders by Link   27 August 2012 (Sydney time)

The dates set out above are based on the directors' current expectations and may be subject to change. If any of the dates should change, the revised dates will be notified by press release and will be available from www.eldoradogold.com. As required by Appendix 6A of the ASX listing rules for Australian income tax purposes, the dividend is unfranked and there is no amount of Conduit Foreign Income per security for this dividend payment.

Update on ASX De-listing

CDI holders are reminded that Eldorado is expected to be de-listed from the official list of the ASX from close of trading on August 31, 2012 (Sydney time). Further details of the de-listing process and the options available to CDI holders are set out in the 'ASX De-listing Information Pack for CDI Holders' as released to the ASX on May 31, 2012.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and Romania. We are 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.

Eldorado Gold Corporation's Common Shares trade on the Toronto Stock Exchange (TSX: ELD); New York Stock Exchange (NYSE: EGO). Eldorado CDIs trade on the Australian Securities Exchange (ASX: EAU).

ON BEHALF OF THE BOARD OF DIRECTORS OF ELDORADO GOLD CORPORATION

Paul N. Wright, Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

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, Eldorado Gold announces dividend payment of Cdn$0.06 per share.

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 30, 2012.

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.

Request for information packages: reception@eldoradogold.com

Contacts:

Eldorado Gold Corporation

Nancy E. Woo

Vice President Investor Relations

604.601.6650 or 1.888.353.8166

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