Highlights of the study included the potential to increase planned production by 30% to 40%, an opportunity to lower unit operating costs by approximately 15%, the ability to accelerate recovery of in-heap gold inventory, capital investment requirements of approximately $45 million, and an implementation schedule that could result in a production increase commencing in 2011.

A principal element of expansion pointed out in the study include taking advantage of identified excess mining capacity with the existing owner operated fleet, eliminating the need to provide additional haulage equipment in the near term.

The study also noted that the project’s primary gyrator crusher, presently underutilized due to excess design capacity, is currently operating at a utilization rate of approximately 55% to 60%, and that a reconfiguration and enhancement of the existing crushing and screening plant would allow for the high percentage of fines generated in the mine and by primary crushing to fully bypass the existing crushing and screening plant.

Other expansion opportunities included expanding screening and conveyor transfer capacity to accommodate a 30% increase in ore, and expanding the project’s ADR plant thoughput by 50% to provide for sustainable production increases as well as accelerated in-heap inventory recovery.

The anticipated implementation schedule, assuming a positive decision to proceed with the expansion project, would result in construction completion in 2010 with the first operating benefit derived in 2011. Post-expansion operating costs are expected to be approximately $250 to $275/oz.

Eldorado Gold reported that the mine placed 2.4 million mt of ore on the leach pad during the fourth quarter 2008, at a grade of 1.34 g/mt of gold. It produced 60,753 oz of gold at a cash cost of $279/oz and sold 58,873 oz of gold for fourth quarter revenues of $47.1 million. The mine began commercial production in the third quarter of 2006.