Eldorado Gold Provides Update on Exploration Projects

VANCOUVER, Nov. 13, 2020 - Eldorado Gold Corp. (“Eldorado” or “the Company”) is pleased to provide results from brownfields exploration drilling programs in Quebec, Greece, and Turkey, including an update on the newly-discovered Ormaque zone at Lamaque. Additionally, the Company is providing a brief update on COVID-19.

Highlights in this release include:

• At Lamaque, new high-grade drill intercepts from the C2, C6 and C7 zones highlight the resource growth potential of the Triangle deposit; in addition, numerous new intercepts continue to grow the recent Ormaque zone discovery.
  
  
• At Efemcukuru, drill results have confirmed continuity of high gold grades within mineralized shoots at the Kokarpinar Middle and Kokarpinar South target areas, advancing this vein system to resource conversion drilling stage.
  
  
• At Stratoni, a new discovery of a lower massive sulfide lens of over 20 metres estimated true thickness just below current mine development provides significant resource growth potential, to be further tested in the upcoming surface exploration drilling program.
  

“These results from our brownfields programs continue to demonstrate the outstanding exploration potential at our operations”, said George Burns, President and CEO. “I am particularly pleased with the outcome of the step out drilling at C2, C6 and C7, which highlight the potential for further expansion of the Triangle deposit, and with the new results from the Ormaque zone. In Turkey, we had solid results at Efemcukuru and we continue to focus on extending the life of that asset through further exploration.”

Lamaque: Triangle Deposit

The 2020 exploration drilling program at the Triangle deposit is focused on resource expansion in the lower deposit, particularly in the C6 and C7 zones and their splays. 17,822 metres of drilling have been completed year to date to the end of October, including 6 drillholes from surface and 13 drillholes from underground platforms at the Triangle mine (Figure 1). New results, including several previously unreleased intercepts from late 2019 are summarized in Table 1 and are shown on longitudinal sections of the C6-20 and C7 zones in Figures 2 and 3*.

These include:

• At C2, drillhole TM-20-333A intersected 3.0m @ 6.84 g/t Au approximately 200 metres east of the current resources. A second drillhole on C2 (TU-325-094) intersected 3.1m @ 15.99 g/t Au (21.37 g/t Au uncapped) in a stepout approximately 50 m east of the current resources. Additional drilling is currently ongoing to further test extensions of C2.
  
  
• At C6, new high-grade intercepts highlight the potential of the C6-20 splay zone, including 2.9m @ 16.18 g/t Au (20.76 g/t Au uncapped; drillhole TU-0325-094) and 2.4m @ 9.05 g/t Au (53.03 g/t Au uncapped; drillhole TM-19-330W01). The latter drillhole also intersected 3.6m @ 13.61 g/t Au within the C6-60 splay zone.
  
  
• At C7, drilling has mainly targeted step-outs along the high-grade eastern edge of the deposit. Results to date include intercepts of 3.15 m @ 17.00 g/t Au (53.05 g/t Au uncapped; drillhole TM-19-330) and 3.5m @ 11.33 g/t Au (13.06 g/t Au uncapped; drillhole TU-0325-094). Results from an additional 8 drillholes completed in 2020 are pending.
  
  

*Gold grades for drillhole intervals listed in this release are capped at 40 g/t Au for Triangle deposit holes and 70 g/t Au for the Ormaque zone. Drill hole intercepts are drillhole lengths; where sufficient geological control exists, estimated true thicknesses of mineralized zones are listed in Tables 1 and 2.

Resource expansion drilling is ongoing with one underground rig and two surface rigs currently active. Additionally, resource conversion drilling of Triangle inferred resources is now complete for nearly all of C4 and the upper two-thirds of C5. Two underground drill rigs are continuing delineation drilling on the remainder of the inferred resources at C5.

Figure 1: Vertical section through the Triangle deposit showing outlines of mineralized zones, current extent of underground development, and traces of drillholes reported in this news release.
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Figure 2: Longitudinal section through the C6-20 mineralized zone at Triangle showing locations of drillholes referenced in this news release and outline of September 2019 resource.
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Figure 3: Longitudinal section through the C7 mineralized zone at Triangle showing locations of drillholes referenced in this news release and outline of September 2019 resource.
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Lamaque: Ormaque Zone

2020 drilling to date at the recently-discovered Ormaque zone totals 12,236 metres in 16 drillholes. The zone has now been defined over an area measuring approximately 650 metres east-west by 400 metres north-south, and to a depth of 550 metres (Figure 4). The zone remains open to the north, east, and at depth.

Significant assay results from the Ormaque zone since the discovery was announced in January 2020 are listed in Table 2 below and include:

• 15.85m @ 7.47 g/t Au (8.95 g/t Au uncapped) in drillhole LS-19-021; this intercept is within a wider zone of veining roughly 30 meters thick. It is one of the deepest intersections to date at Ormaque and highlights potential extensions of the zone at depth and to the east.
  
  
• 6.30m @ 17.48 g/t Au (29.06 g/t Au uncapped) in drillhole LS-20-028, is also on the east side of the deposit and corresponds to the extension of the previously reported wide intercept in drillhole LS-19-009 (27.3m @ 10.20 g/t Au.)
  
  
• 6.60m @ 34.52 g/t Au (64.63 g/t Au uncapped) in drillhole LS-20-030A is associated with a strong concentration of breccia veins with associated tourmaline alteration.
  

Drilling since the discovery was announced in January 2020 includes both stepout holes to the east and infill holes to better establish continuity of the thick high-grade intercepts. The numerous high-grade intercepts from this drilling are associated with extensional and hybrid extension-shear quartz-carbonate-tourmaline veins and adjacent tourmaline-altered wall rocks. Vein contact measurements from oriented drillcore, together with correlations between drillhole intercepts, indicate that most of the mineralized zones dip gently to moderately to the west-south-west. The vein system occurs within the “C porphyry” diorite (the same host rock as the Sigma mine), and is spacially associated with steeply NNW-dipping ductile-brittle shear zones, which are themselves weakly mineralized.

A north-south representative cross section through the Ormaque zone (Figure 5) shows the distribution of some of the new intercepts and preliminary interpretations of geological control on mineralized bodies.

Figure 4: Geological map of the Ormaque one and surrounding area, showing collar locations and projections of drillholes referenced in this news release and location of cross section in Figure 5.
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Figure 5: Vertical north-south cross section through the Ormaque zone (Section 295730E) showing the interpreted geometry of mineralized vein systems and intercepts from several drillholes reported in this news release.
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Efemcukuru Mine

At the Efemcukuru mine in Turkey, 8,610 metres of exploration drilling have been completed to date in 2020 on the Kokarpinar Middle and Kokarpinar South vein systems in 28 drillholes (Figure 6), from which results have been received for 21 drillholes (Table 3). These include both delineation holes to better establish grade and continuity of existing inferred resources, and stepout drillholes from these inferred resources. At both Kokarpinar Middle and Kokarpinar South, several new drillhole intercepts contain significantly higher grades than were obtained from previous nearby drillholes and are in the current resource model (Figure 7), including:

• At Kokarpinar South, intercepts of 2.6m @ 22.52 g/t Au (KV-731), 0.55m @ 51.60 g/t Au (KV-735) and 5.1m @ 11.33 g/t Au (KV-746).
  
  
• At Kokarpinar Middle, intercepts of 3.25m @ 32.18 g/t Au (KV-732) and 1.95m @ 36.92 g/t Au (KV-738).

Resource expansion drilling will continue for the remainder of the year at Kokarpinar and a resource conversion drilling program is planned for 2021.

Figure 6: Geological map of the Efemcukuru mine area showing locations of exploration drillholes completed in 2020 at the Kokarpinar vein system.
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Figure 7: Longitudinal section through the Kokarpinar Middle and South vein system showing drillhole results referenced in this news release, piercing points of previous drillholes and grade distribution of current inferred resource model.
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Stratoni Mine

At the Stratoni mine in Greece 13 exploration drillholes (2,582 metres) have been drilled to date in 2020. Due to limited drill platform availability, all of these holes were drilled from two underground locations from which extensions to the Mavres Petres orebody were targeted and deeper stratigraphic levels in the host marble unit for new massive sulfide lenses were tested. Six of these drillholes discovered a new massive sulfide lens of substantial thickness (Table 4, Figure 8). Highlights include:

• Drillhole MP0973 which intersected 39.0m @ 6.14% Zn, 5.28% Pb, and 128.8 g/t Ag, and
  
  
• Drillhole MP0978, which intersected 54.9m @ 12.5% Zn, 5.0 % Pb, and 122.8 g/t Ag

This new massive sulfide lens occurs near the base of the host marble and is structurally intact with little faulting along contacts, in contrast to the faulted contacts and fault dismemberment typical of the massive sulphide lenses along the upper marble contact.

All planned holes in the underground resource expansion drilling program have now been completed and stepout drilling is scheduled to resume in mid-November 2020 from newly-permitted surface drillsites.

Figure 8: Cross section through the Mavres Petres deposit showing drillhole intercepts of the newly-discovered massive sulfide lens within the lower part of the host marble unit.
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Tables

Table 1: Summary of 2020 and Q4 2019 drillhole assay results from the Triangle Deposit. Drillholes listed are limited to those that intersected the specified zones outside of the inferred resources reported for September 30, 2019. Only intervals above a 10 gram x meter cutoff are reported. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 1.

Table 2: Summary of 2020 drillhole assay results from the Ormaque zone. Only intervals above a 20 gram x meter cutoff are reported. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 1.

Table 3: Summary of significant 2020 drillhole intersections from the Kokarpinar vein system at the Efemcukuru Mine. Only intervals above a 10 gram x meter cutoff are reported. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 1.

Table 4: Summary of 2020 drillhole assay results from the Stratoni Mine.

COVID-19 Update

As COVID-19 cases have surged globally in recent weeks, Eldorado remains vigilant in enforcing health and safety protocols at all of its sites with strict tracking and testing measures in place to protect the health, safety and wellbeing of its workforce, their families and neighboring communities.

Operations at the Company’s sites have continued largely without disruption since the outbreak of COVID-19 earlier this year.

The Company has recently experienced a short-term reduction in operations at its Olympias site caused by limited workforce availability due to COVID-19, and the current temporary suspension of operations at its Stratoni facility.

The Company is working to mitigate the potential impact of COVID-19 at all of its sites, including those in Greece, and undertaking prudent and appropriate health and safety measures to allow the Company to continue to operate safely and in observance of government-mandated COVID-19 measures.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166
peter.lekich@eldoradogold.com

Media
Louise Burgess, Director Communications and Government Relations
604.601.6679 or 1.888.363.8166
louise.burgess@eldoradogold.com

Qualified Persons

Dr. Peter Lewis P.Geo., Eldorado’s Vice President, Exploration, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") responsible for, and has approved the scientific and technical disclosure of the exploration results contained in this press release. Eldorado operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. For Lamaque, drill core samples were prepared and analyzed at Bourlamaque Laboratories in Val d’Or, Quebec. Drillcore samples for Efemcukuru were prepared at the Company’s sample preparation lab in Cannakale, Turkey and analyzed at ALS Minerals laboratory in Izmir, Turkey. All Au assays are based on fire assay analysis of a 30 gm charge followed by an atomic adsorption finish. Samples with Au grades above 5.0 g/t at the Lamaque project and 10.0 g/t at other projects were re-assayed and completed with a gravimetric finish. Zn and Pb grades at Mavres Petres were determined from an aqua regia digestion with an ICP-AES finish. Certified standard reference materials, field duplicate and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are 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, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "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 contained in this release include, but are not limited to, statements or information with respect to: the duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to our operations; our expectations regarding establishment of resources through our continued exploration programs, the timing and quantity of annual gold production; our strategy with respect to non-core assets;; timing of drilling activities at the Stratoni mine; mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, including timelines and schedules.

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, including assumptions about: how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the impact of the COVID-19 pandemic on our operations, the results of our exploration programs,; mineral reserves and resources and metallurgical recoveries, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

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. Many assumptions may be difficult to predict and are beyond our control.

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: global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, geopolitical and economic climate (global and local), risks related to the updating of our resource and reserve models and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market, recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.

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.

Appendix 1: Collar locations and orientations and total lengths for drillholes listed in this news release