The Study was led by an internal team with technical support provided by various Canadian and Brazilian consultants. The Tocantinzinho project is located in the State of ParĂ¡, Northern Brazil.

Eldorado Gold chief executive officer Paul Wright said: "The Study results reflect the continued refinement of engineering and cost estimation on the Tocantinzinho Project. The Company has successfully operated in Brazil since 1996 and the significant experience of our technical team in Brazil contributes to the integrity of the results. We will continue to further refine the development plan and complete the outstanding permitting in advance of a construction decision."

Mineral Resources and Reserves

The mineral resources and reserves of the Tocantinzinho deposit were classified using logic consistent with the CIM definitions referred to in National Instrument 43-101.

The mineral resource block model, which serves as the basis of the Mineral Resources and Mineral Reserves in the Study, were developed utilizing 3D lithology models. Table 1 summarizes the Mineral Resources for the Tocantinzinho project as of December 31, 2014. The mineral resource is reported at a 0.3 g/t Au cut-off grade.

The pit optimization was produced using Minesight software which utilizes the industry standard Lerchs Grossman algorithm for analysis. Updated cost and recovery inputs in conjunction with new geotechnical parameters and ramp design from the prefeasibility study were incorporated in the final pit design process.

The base case $1,250 gold shell was selected for the ultimate pit design. The final pit contains approximately 41.1 Mt of ore consisting of 1.9 Mt of saprolite ore and 39.2 Mt of primary ore, with 145.0 Mt of waste resulting in an overall strip ratio of 3.5:1.

Mining

The deposit is projected to be mined utilizing owner-operated conventional open pit mining methods. Mining will be completed using 5 meter benches in the saprolite zone and 10 meter benches in the primary zone. Updated pit wall angle designs and Brazilian mining regulations were incorporated into the mine plan.

The mine is estimated to produce sufficient ore to maintain a steady state of feed to the process of 4 million tonnes per annum for 10 years, stockpiling a small amount of saprolite ore to be processed in year 11.

Mineral Processing

The process design for the Tocantinzinho Project is based on extensive metallurgical testwork. Results from the work have established that high gold recoveries can be achieved with a conventional process of comminution, gravity concentrate, flotation and flotation concentrate leaching.

Tocantinzinho ore is projected to be treated at a rate of 4.0 Mt per annum through a three stage crushing and ball mill comminution circuit. Overall recoveries from the flotation and cyanide leach circuits are expected to be 90% and 75% for primary ore and saprolite ore, respectively. Over the life of the mine an average of 165,000 oz Au per annum will be produced as doré.

Project Economics

Cost estimates were developed to a feasibility level of accuracy. Budget quotations for mobile and plant equipment were obtained from international suppliers. Unit rates for material commodities in the Para State area were verified by Brazilian contractor and supplier quotations. Construction and labour costs applicable for the region were built up from first principles for salaries, burdens and overhead. Contingency was applied to each item based on the source and accuracy of the estimate data, resulting in an overall initial contingency of 13%.