Eldorado Acquires Units of Brazauro

Eldorado Gold Corporation is pleased to announce that effective July 24, 2008 it has purchased 8,800,000 units (the “Units”) of Brazauro Resources Corporation (“Brazauro”), which Units each comprised one common share (a “Unit Share”) of Brazauro and one half of a whole warrant (a “Warrant”) of Brazauro, at a price of $0.95 per Unit, for a total of $8.36 million. Each Warrant will entitle Eldorado to acquire one common share of Brazauro at an exercise price of $1.30 per common share of Brazauro for a period of 18 months following the date of the completion of the acquisition of the Units. The 8,800,000 Unit Shares acquired represent approximately 10.32% of Brazauro’s issued and outstanding common shares (as at July 24, 2008).

After completion of the acquisition of the Units, Eldorado will own 10,304,000 common shares representing 12.09% of Brazauro’s issued and outstanding common shares (as at July 24, 2008). If Eldorado exercises all of the Warrants, it will own 14,704,000 common shares of Brazauro, representing approximately 16.4% of Brazauro’s issued and outstanding common shares (as at July 24, 2008).

The securities were acquired pursuant to a private placement under the terms of an Option Agreement (the “Option Agreement”) dated July 8, 2008 between Eldorado, Brazauro, and two affiliates of Brazauro, Jaguar Resources Do Brazil LTDA (now named Brazauro Recursos Minerais Ltda. (“Jaguar”) and Minercao Cachambix Ltda (“Minercao”). The acquisition of the Units was a condition precedent to the earn-in option that Brazauro has granted to Eldorado under the Option Agreement to acquire up to a 75% interest in certain of Brazauro’s properties, including the Tocantinzinho Project in Para State, Brazil, through the exercise of three separate options.

Eldorado acquired the securities for investment purposes and may acquire further common shares or dispose of its holdings of commons shares both as investment conditions warrant. The Units were issued to Eldorado pursuant to the accredited investor exemption in section 2.3 of National Instrument 45-106 to purchase the securities.

Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, Turkey, China, Greece and the surrounding regions. 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.

Contacts: Eldorado Gold Corporation Nancy E. Woo Manager Investor Relations (604) 601-6650 or 1-888-353-8166 (604) 687-4026 (FAX) Email: nancyw@eldoradogold.com

Website: http://www.eldoradogold.com