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Executives

Nancy Woo - Vice President, Investor Relations

Paul Wright - Chief Executive Officer

Paul J. Skayman - Chief Operating Officer

Fabiana Chubbs - Chief Financial Officer

Analyst

John Bridges - JPMorgan

Josh Wolfson - Dundee Securities

Anita Soni - Credit Suisse

Kerry Smith - Haywood Securities

David Haughton - BMO Capital Markets

Eldorado Gold Corporation (OTCQB:ELDXF) Q2 2013 Earnings Conference Call August 2, 2013 11:30 AM ET

Operator

All participants please standby, your conference call is ready to begin. Good morning ladies and gentlemen. Welcome to the Eldorado Gold Corporation Second Quarter 2013 Results Conference Call. This call is also being webcast and is available on the Eldorado Gold website at www.eldoradogold.com.

I would now like to turn the meeting over to Ms. Nancy Woo. Please go ahead.

Nancy Woo - Vice President, Investor Relations

Thank you, operator. This presentation includes statements that may constitute forward-looking statements or information. Any forward-looking statements made and information provided, reflect our current plans, estimates and views. Forward-looking statements are information, which includes all statements that are not historical facts, are based on certain material factors and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in or suggested by the forward-looking statements or information. Consequently, undue reliance should not be placed on these forward-looking statements and information.

The information contained in our Annual Information Form and in our annual/quarterly Management Discussion and Analysis available on our website and on SEDAR identifies factors and assumptions upon which the forward-looking statements or information are based on and the risks, uncertainties and other factors that could cause actual results to differ. All forward-looking statements and information made or provided during this presentation are expressed qualified in their entirety by this cautionary statement and the cautionary statements contained in our press release dated August 2, 2013.

I will now turn the call over to Paul Wright, CEO of Eldorado Gold.

Paul Wright - Chief Executive Officer

Thank you, Nancy. And good morning ladies and gentlemen, welcome to Eldorado Gold’s second quarter financial and operating results conference call. Joining me today in Vancouver are Paul Skayman, Chief Operating Officer; Fabiana Chubbs, Chief Financial Officer; and of course Nancy Woo, Vice President of Investor Relations.

We will follow the usual format in a minutes Paul will review the quarter’s operational results and provide some comments regarding the outlook for the balance of 2013. Fabiana will follow up with a brief summary of the financial highlights and then we’ll open up for questions. We’re very pleased with the solid performance of our operations in the quarter with gold production of a 183,971 ounces in the quarter being over 30% ahead of the 2012 equivalent quarter and cost kept at 2012 levels.

This performance supports our guidance for 2013 that’s at 745,000 ounces at cash cost of 520,000 ounce well within the range provided at the beginning of the year. In the quarter was particularly pleasing to see the solid progress at our Efemcukuru mine with production up to an excess of 26,000 ounces from little over 19,000 ounces in the first quarter of this year and cost declining from $582 an ounce to $519 an ounce. The mine now is producing at levels envisaged and the focus will continue on reducing our cost structure. With July behind us I can say that the operations off to a very good start for the third quarter, with gold production being ahead of plan for the month,

On the development front solid progress is being made at Skouries, Olympias and Certej projects described in our disclosure. In regards to Perama we continue to wait for final approval of the environment impact assessment and are in regular discussion with the Greek government on this matter. We continue to be encouraged by this engagement and anticipate final approval prior to year end.

In regards to Eastern Dragon discussions with the working group including the Elliit Zang provincial government and members of the government of Canada now concluded that the final approval for this project must be made by the National Development and Reform Commission commonly known as the NDRC.

We are presently engaged in preparing the necessary documentation for the application to be submitted to the NDRC. In mid-July we provided guidance in regards to how Eldorado will adapt its strategy to successfully progress our business in a low gold price environment. The only additional comment I would like to make in that regard relates to the disclosure in as of today relating to our dividend where in essence we find tuned our dividend policy to be in balance with the corporation’s best use of cash and cash flow.

Now I hand over to Paul.

Paul J. Skayman - Chief Operating Officer

Thanks Paul. Good morning everyone. As Paul said, a pretty good quarter, all operations were running higher than budget in Q2 and all reported lower cost than budget. Kisladag the solid quarter 3.3 million tonnes placed on the pad and nearly 77,000 ounces sold for the quarter. Year-to-date very solid behind the budget, but production was strong at the end of the quarter and is continuing in this quarter, so we do expect a guidance for the year.

Cash cost are low at $327 an ounce mainly due to higher grade material win placed on the pad. Efemcukuru, Paul as mentioned briefly mine and treatment plant performing on budget with a 109,000 tonnes of ore being processed, nearly 9.3 grams and about 25,000 ounces sold, which is above budget for the quarter.

The mine and mill are now operating at expected capacity on throughput and slight improvements on design for recovery. Cash operating cost for the quarter were at 519 per ounce. Concentrate continues to be solid without problems and work continues on the Kisladag concentrate metallurgical test work plan with results expected by the end of the year. Tanjianshan had a good quarter with 273,000 tonnes treated and nearly 28,000 ounces of gold sold, we gained slightly above budget, cost were below budget at 398 per ounce. At Jinfeng we sold 29,000 ounces and at a cash cost of 757, a gain on budget per ounce is sold and under o cash operating cost.

We are producing ore back out of the open pit; we mined approximately 140,000 tonnes out of the open pit in the quarter. Underground ore tonnes are also slightly ahead on budget. The higher ounce productions the main driver for the lower year-to-date operating cost at Jinfeng. At White Mountain, we produced 17,500 ounces at $742per ounce, cost was slightly higher for this quarter, but lower year-to-date than expected both of these mainly due to grade variations.

At Vila Nova in Brazil in late March the Anglo port facility suffered a collapse with the ship loading system and we haven’t been using it for shipping our product since then. We work with the local authorities and now shipping iron ore from the nearby public port. Two shipments were solid during Q2 and we’re hoping for another six to eight shipments by the end of the year. The operation continues at a slightly slower pace as we continue to sell our existing stock piles.

At Stratoni in Greece, the mine is performing reasonably well producing 16,000 tonnes of concentrate, cash cost of 829 per tonne. Costs were higher in the quarter, due to lower mine activity then budget and some retroactive payroll benefits and a change in allocation of overhead. We’re reassessing the division of those overheads and should have more detail in the next quarter.

And Olympias retreated a 117,000 tonnes of tailings and produced 6,600 payable gold ounces. Commissioning continued in the plant during the quarter. We installed crew classifier to handle the cost tail that’s working well. We’re now working on piping and pumping modifications and we expect to declare commercial production during Q3 of this year.

In development Kisladag Phase IV as we’ve announced previously, we’ve elected to the further expansion pending and improvement in metal process. We’re continuing the purchase of the larger mining equipment and working on electrification of the same equipment. We have one Hitachi larger excavator and non-Hitachi trucks onsite. The larger equipment will reduces moving costs you bring up fully online later this year and into 2014.

At Skouries site work continued on clearing grubbing and grading of the plant area and geotechnical drilling and tree cutting in the tails dump area. At Olympias, we continue work on the main decline during the quarter this was hampered by groundwater inflows. We’re working on grouting and sort of earlier warning of that event. The work continued on the (indiscernible) division and rehabilitation of the existing underground Olympias.

In Certej exploration drilling was completed during the quarter, we’re now working on updating the resource model. Geotech drilling was also carried out on pit area for slope stability and the proposed plant area. Metallurgical test work continues on the previous pit volume and the data sections that are included in the recent resource model. (indiscernible) we continue to work on the review of the feasibility costs and considering options to reduce capital operating or both. We expect this work to be essentially complete by the end of this year.

In exploration, we completed 65,000 meters of drilling during the quarter, of now we’re currently drilling a Piavitsa in Greece and exploration drilling as recently being completed in Certej in Romania. We continue to drill Brownfield targets around all of our Chinese operations and to that on Tüprag in Turkey.

With that I’ll hand it over to Fabiana.

Fabiana Chubbs - Chief Financial Officer

Thank you Paul. Good morning everyone. Before I go through the financial statements I would like to correct the type on our press release. The headings on the tables should rate quarter ended June 30 instead of March 31. I would now go through the financial statement highlighting changes in significant accounts. Commencing with the balance sheet, we ended our quarter with the cash and cash equivalent balance of $522 million compared to $870 million at the end of 2012. The decrease in cash balance is a result of cash generation of operations, net of amount invested in term deposit, the uses of cash for dividend payments and capital programs.

The $4 million decrease in inventory relates to the sales of essential gold concentrate stored at Kisladag, net of increase of supplies inventories at Kisladag and Olympias on production inventory of Vila Nova. In relation to our profited plan and equipment we have completed an assessment of external and internal factors and concluded there are no indications of impairment as of June 30, 2013. As reported in Q1 this year, the $125 million increase in the deferred tax liability balance relates to the increase in the great income tax rate from 20% to 26%.

Moving on to the income statement, we reported a loss attributable to shareholders of a company of $43 million or $0.06 per share compared to a profit of $47 million or $0.07 per share in the second quarter of 2012. Revenues for the quarter of $267 million are up $23 million from a year ago due to higher gold sales volume offset by lower gold prices. Production costs increased by 23% or $22 million compared to the second quarter in 2012 reflected higher sales volume of Efemcukuru and Kisladag.

On the income tax expense, the effective tax rate of 36% sales from the rate of 43% in the second quarter of 2012 mainly as a result of the impact of a recognition of investment tax credits in Turkey. On the statement of cash flows, during the quarter we generated cash flow from operating activities before changes in non-working capital of $85 million compared to $82 million in the second quarter of 2012. The main uses of cash related to our capital program $117 million and investment in term deposits of $63 million.

Those are my comments on the financial statements. I will turn the call back to Paul.

Paul Wright - Chief Executive Officer

Thanks, Fabiana. Thanks Paul. Operator, we’ll open up for questions please.

Question-and-Answer Session

Operator

Thank you. Questions will now be taken from the telephone lines (Operator Instructions) there will be a brief pause while participants register. Thank you for your patience. The firs question is from John Bridges with JPMorgan. Please go ahead.

John Bridges - JPMorgan

Hi morning Paul and everybody. Congratulations on the results.

Paul Wright

Thanks John.

John Bridges - JPMorgan

Just wondered see the Turkish lira has weakened substantially, just wondered how much that’s affecting your cost structure in Turkey and how much of the cost that you report are lira based and how much dollar based?

Fabiana Chubbs

Of our cost probably I have to give you certain number we’re looking at 40% will be Turkish lira based and the rest is other currencies mainly U.S. Dollars and some euro.

John Bridges - JPMorgan

Okay, great. And then as a follow-up, Stratoni, you mentioned that the number you reported this quarter was a bit abnormal, could you tell us what a more normal number would be and what we should be plugging into the model for the rest of the year?

Paul Wright

That’s a tough question I guess until we sort out division of overheads. I would suggest something between the first and second quarter if I was forced to guess for a number.

Fabiana Chubbs

Yeah what’s happening there John, as it appears that we’re misallocating a lot of the G&A in around the Halkidiki region to the Stratoni mine I mean the Stratoni mine acts administratively as a center for all of our business interest in Halkidiki, Olympias, Stratoni and Skouries and it appears that frankly and is probably just reflective of where we are in terms of getting our systems in place that we’re misallocating a lot of the costs that are being dumped into Stratoni as an operating units. So just bear with us and we’ll get correctly sort it out in the next quarter and you’ll see in all likelihood in the adjustment in the end of the third quarter and we’ll be better put to give you some proper guidance.

John Bridges - JPMorgan

Okay, great. Well done guys. I’ll get out of the way.

Operator

Thank you. The next question is from Joel, I beg your pardon, Josh Wolfson with Dundee Securities. Your line is now open. Please go ahead.

Josh Wolfson - Dundee Securities

Yeah thank you operator. Just my questions are with regards to Kisladag, some of the CapEx that sense like we’re - was allocated towards stripping with the deferral of Phase IV do you still expect to do additional stripping towards eventually proceeding with our expansion or will it be reduced going forward?

Paul Wright

I mean where we are Josh, right now is sort of really looking at how we can take advantage of the operation in terms of increasing throughput I mean, we’re - we’ve, we’re in a stage where we expect to have the EIA for the expansion project complete at the end of the year and although we won’t be at this point proceeding with the expansion of the process facility crushing, screening, process plant. We do clearly in the next few years have surplus mining capacity and we’re going to be looking with the EIA approval giving us access up to 35,000 million tonnes a year and we’re going to be looking at increasing our throughput to the lich patent and we’re currently revising our mine plan to do that.

So you will see it, we won’t be looking at production levels obviously that we’re in business just part of the expansion but we won’t be sort of reverting back to the production levels prior to the expansion being routed. So we’re in the throws now of really redoing the mine plan looking at what we can do in terms of utilizing the existing mining fleet over the next few years or we saying a period when we do have surplus capacity. So, a long answer as you just going to again have to wait until we can update the mine plan.

Josh Wolfson - Dundee Securities

Okay and I guess at this point is there any ability to see what the impact would be to reserves and if there is stellybelly the process the lower rate material and some of the rent of mine?

Paul Wright

No this is what - this is what we’re looking at. We certainly see the opportunity to frankly increase the rent of mine component.

Josh Wolfson - Dundee Securities

Okay.

Paul Wright

Taking again advantage of the - equipment that we have.

Josh Wolfson - Dundee Securities

Thank you. And then lastly, just for the Concentrate Treatment Plants, would you expect to see any change in the Efemcukuru cost when that plant is up and running or will it be basically marginal?

Paul Wright

I wouldn’t even assume that they are from Efemcukuru concentrate plant gets back and running.

Josh Wolfson - Dundee Securities

Okay.

Paul Wright

I mean I - at this point and I'm sure metallurgists and Paul of course that they metallurgists I'm sure the metallurgists will come up with the fix for this plant, but we’re receiving such frankly good concentrate treatment terms in the marketplace right now that I think is going to be my sense is just going to be unlikely that you will see us investing additional capital to reactivate that KCTP in the short-term.

Josh Wolfson - Dundee Securities

Okay. That’s it from me. Thanks Paul.

Paul Wright

Okay.

Operator

Thank you. The next question is from Anita Soni with Credit Suisse. Please go ahead.

Anita Soni - Credit Suisse

Good morning guys, congratulations on a good result. The questions that I have are with regards of course to a stripping just that what was the strip ratio?

Paul Skayman

Our strip rate for the quarter was 1.5 and year-to-date 1.5 fairly consistent.

Anita Soni - Credit Suisse

Tanjianshan?

Paul Skayman

Lucky I’ve got all these out isn’t it, it’s the Anita Soni file, drawing upon here.

Anita Soni - Credit Suisse

Yeah well I have to calibrate my cost right now so that’s the.

Paul Skayman

That’s fine. Future at Jinfeng was 1.4.

Anita Soni - Credit Suisse

And the last one Jin, actually could you just give me the underground open pit splits on Jinfeng?

Paul Skayman

Underground open - grid open…

Anita Soni - Credit Suisse

Yeah the split between the tonnes of ore in the open pit in the underground?

Paul Skayman

The open pit was slightly less than half of the total mine.

Anita Soni - Credit Suisse

Okay.

Paul Skayman

Was sort of 40-60 if you want to.

Anita Soni - Credit Suisse

40-60 okay and then I guess my other question has been asked. Thank you.

Paul Wright

Thanks Anita

Paul Skayman

Thanks Anita.

Operator

Thank you (Operator Instructions). The next question is from Kerry Smith with Haywood Securities. Your line is now open. Please go ahead.

Kerry Smith - Haywood Securities

Thanks. Paul for Eastern Dragon, now that you’ve finally decided or the regulators have decided they have to go through the NDRC to get the approval, how long will it take you to actually prepare the documentation to be submitted to them?

Paul Wright

I honestly don’t know Kerry, because to be blunt where as now thrashing out what exactly of the existing documentation that has been with the provincial authorities been reviewed by the provincial authorities can be simply put transfer directly to NDRC how much will have to be reworked, how will have to be modified that’s where we are, that’s the process we’re engaged in.

Kerry Smith - Haywood Securities

Okay. So…

Paul Wright

We just don’t have, in terms of timeline like I - that’s the level of certainty I can offer.

Kerry Smith - Haywood Securities

Yeah, so without putting words in your mouth, so to be like, it could be as short as three months or could it be as long as a year or do you have kind of a bracket is there…

Paul Wright

Well put Kerry.

Kerry Smith - Haywood Securities

Okay, okay and then obviously….

Paul Wright

And I mean as we - as it gets clear looking into the muddy bowl will obviously tell you what we see.

Kerry Smith - Haywood Securities

Okay, okay, okay that’s good thanks Paul.

Paul Wright

You’re welcome.

Operator

Thank you. The next question is from David Haughton with BMO Capital Markets. Please go ahead.

David Haughton - BMO Capital Markets

Yes good morning Paul, Paul and Fabi. Back to Kisladag, would you expect to see some cost improvements with this new fleet that you’ve got on board?

Paul Skayman

Yeah I mean yes we would. Look I mean if you look at the Kisladag expansion as originally envisage there is really two parts to it, there was the part through it that was about, how do you keep unit costs sort of under control down as you go forward and that was very much linked to the decision to invest in a new mining fleet larger equipment in terms of both of haulage and loading as well as electrification of the pit and that’s what keep costs under control.

The second component which was about increasing production levels was all about bringing production forward earlier in the mine plan I mean the nature of that type of expansion really doesn’t do much of anything to your unit cost. So the first part is what we’ve kept. Now because we’re not expanding throughput in the manner first envisage what we’re looking at is what is the opportunities within the existing infrastructure to increase throughput predominantly through run-of-mine right I mean traditional the run-of-mine component to Kisladag has been relatively modest its been frankly not necessarily as well is sort of cost effectively executed as one would think there is not been a lot of effort gone into it I mean frankly we would pick it up out of the pit bringing it to the pit rim dump it on the ground pick it up again with a loader and put it into smaller contractor operated trucks, smaller trucks and then it would go as secured through out of the Leach Pad.

What we’re looking at now and we will be looking at over the next few months is the opportunities within the pit through changing drilling and blasting patterns to increase fragmentation to make some changes in terms of our access roads to the Leach Pad to basically take materials straight from the pit straight to the Leach Pad. And again we will benefit as we start incorporating the larger loading and hauling equipment as we go to electrification, all of this will contribute I think to our ability to build to get ounces to the pad cheaper. But, so we’re working our way through that David at this point and certainly by the time we give guidance for 2014 and the out year as well that those sorts of that sort of work will be behind us.

David Haughton - BMO Capital Markets

So it’s still ultimately working towards the potential of a 30 million tonne per annum staking right, but the mix between what’s crushed and what’s just simply dumped is working?

Paul Skayman

Well we’re not going to - I think it’s unlikely that we’re going to get close to the 30 million tonne, but I mean we’re certainly looking at going beyond where we are right now and that’s the reason why obviously we’re completing the EIA - the EIA process is being completed to give us that license stability to increase tonnage to the Leach Pad.

David Haughton - BMO Capital Markets

And is there also scope to tweak a little bit more out of the crushing circuit that what you’ve got so far?

Paul Skayman

Probably not I think we’re - I think we’re just about there, I mean its 12.5 million to 13 million tonnes I think we’re just little bit there on the crushing side. But I mean obviously what we would look at is a mining rate where we would preferentially put higher grade material through the crushing plat and run-of-mine on a lower grade so.

David Haughton - BMO Capital Markets

And on the grade front continue - you’re paid to continue to get the overcall in the current quarter. Is that something that you can predict going forward or you just sort of taking as it comes?

Paul Wright

No, it will vary up and down over a sort of periods but now we - it actually wakens all very closely over a longer term so we’re not predicting a factor in there. We do taken - when we do our yeah when we do our reserve updates obviously David we take the blast holes skin and we incorporated. So we are refining our model as we go forward and as Paul said and we do have - we’re usually on the growth scale we are very close as just that the - we continually I suppose benefited somewhat I mean it’s been more downside upside and downside I guess but I don’t think we wanted to assume that for the future.

David Haughton - BMO Capital Markets

Okay. And revised CapEx numbers now looking at the 340 together with the exploration of 51 the first quarter was fairly slow in that spend, it looks like you’re catching up in the second quarter, should we be - is there scope for you to meet that or a bit of an under spend. What’s your thinking at the moment about the pace through the course of the year?

Paul Wright

Well we revisited it only a month ago so I think it’s probably I think we would expect to spend that over the time we got left. Yeah I mean we’re activity discoveries are ramping up every frankly every month so I think that’s a good number, David.

David Haughton - BMO Capital Markets

Okay. And finally looking at Olympias you’ve got some pre-commercial sales I presume that’s a concentrated sale. Are you happy with the terms of a up to the expectations that you’ve spoken about previously?

Paul Skayman

Yeah, I’m happy. There is always scope for a few more percent but pretty well in line with what we’d indicated or what we thought initially.

David Haughton - BMO Capital Markets

Okay. So in line with the cost guidance that you had provided sometime ago?

Paul Wright

That’s correct.

Paul Skayman

Yeah.

David Haughton - BMO Capital Markets

Okay, okay. Thank you very much.

Operator

Thank you. The next question is from (indiscernible) with HSBC. Please go ahead.

Unidentified Analyst

Hi, congratulations on a good quarter there. I have a couple of questions, one thing on Olympias, I believe that initially commercial production was expected actually in the second quarter but it has been pushed I believe to the third quarter now. Is there anything operationally that prepared you guys from declaring in this quarter?

Paul Wright

Yes. Not always just simply not up to the throughput that would trigger commercial productions.

Unidentified Analyst

Okay. And when in the third quarter do you expect to get to that throughput?

Paul Wright

Well, Month of July is behind us and July will be commercial I have on the list two more months, look - either August or September I'm not trying to be flipping but yeah.

Unidentified Analyst

All right. The other question would be have you guys done the impairment testing with many of your peers and if you have, what price - what gold price did you use and which - just trying to figure out which of your assets would be in danger of impairment if gold prices to come down more?

Fabiana Chubbs

Well, as I said we didn’t - we assessed the factors have been there and we used consensus prices. So those are in the 1300 range for long term.

Unidentified Analyst

Okay. And non of your res is really were impaired I guess when you did that?

Fabiana Chubbs

No.

Unidentified Analyst

Okay. Any particular ones that would be in danger of say price drop to $1100 and $1200 you get to realize your long-term expectations?

Paul Wright

We would look at that point, I think.

Fabiana Chubbs

That point, yeah.

Paul Wright

Because I think the point you have to look at is a gold coming by certainly in our view or my view is that if you see gold down a $1000 so there about you’re going to be looking at inputs I mean you’re not just going to be - your cost structure is not going to be the same, so yeah.

Unidentified Analyst

Okay. Thank you.

Paul Wright

We haven’t - we looked at the asset sort of $1000 gold in terms of critically what their cost structure would look like. And therefore what would be the potential for impairment.

Unidentified Analyst

Okay. Thank you.

Operator

Thank you. The next question is a follow-up question from Anita Soni with Credit Suisse. Please go ahead.

Anita Soni - Credit Suisse

I forgot, I hadn’t asked on these - the breakout I guess they’re gone a sustaining in growth. Could you give a thought of the split for the - I know you gave us the aggregated capital but I would appreciate the split.

Paul Wright

For this year growth versus…

Anita Soni - Credit Suisse

Just for the quarter.

Paul Wright

I don’t know that I have this quarter. Just bear with us Anita.

Anita Soni - Credit Suisse

I think its $35.3 million for the entire quarter for Kisladag for both.

Paul Wright

Yes, about 20% of that was sustaining, Anita.

Anita Soni - Credit Suisse

Right, thank you.

Operator

(Operator Instructions). There are no further questions registered at this time. I now like to turn the meeting back over to Mr. Wright.

Paul Wright - Chief Executive Officer

Well, thanks a lot operator. And thanks for attending the call. And look forward to talking to you at the end of the next quarter. Enjoy the rest of the summer. Thanks again.

Operator

Thank you. The conference call has now ended. Please disconnect your lines at this time. Thank you for your participation.

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