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Gold/Mining/Energy : BRAZIL - Next area play?
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To: Larry Voyer who wrote (70)11/29/1996 8:00:00 AM
From: Larry Voyer   of 97
 
FOR: ELDORADO GOLD CORPORATION

TSE, VSE SYMBOL: ELD
TSE, VSE SYMBOL: ELD.WT

NOVEMBER 28, 1996

Eldorado - Drilling Continues to Expand Ore Body at Sao
Bento Mine, Brazil

VANCOUVER, BRITISH COLUMBIA--Eldorado Gold Corporation (TSE, VSE:
"ELD") is pleased to announce additional drill results from the
Company's wholly owned Sao Bento Mine in Brazil. Approximately
thirty underground drill holes have been completed at Ore Body No.
1 and Ore Body No. 2. Drill results indicate that Ore Body No. 1
and Ore Body No. 2 have joined together at Level 21 (see attached
graphic). The combined Ore Body is increasing in thickness with
depth and is plunging to the northeast. The
exploration/development drill program continues to add to Sao
Bento's 1.7 million ounce reserve/resource (4.8 million tons
grading 0.363 oz/ton gold). The combined Ore Body remains open
along strike and at depth. Significant drill intercepts include:

/T/

Level Section Drill Intercept Grade
(feet) (oz/ton)

22 6905 10.5 0.280
22 7020 15.2 0.396
22 7250 22.4 0.325
23 6905 9.2 0.522
23 7020 13.8 0.199
23 7250 37.0 0.505
24 6905 19.0 0.289
24 7020 14.3 0.320
25 6905 15.6 0.366
25 7250 23.0 0.377

/T/

The Company has initiated a US $28 million optimization/expansion
program at Sao Bento consisting of development/exploration
drilling to expand the mine's current 1.7 million ounce resource;
an upgrade of the shaft to increase hosting capacity; a change in
mining methods from cut and fill to long hole open stoping; mine
equipment purchases; elimination of contract mining; and expansion
of the processing plant. The optimization/expansion program,
which is scheduled to be completed by early 1998, is expected to
lead to increased gold production of 125,000 ounces and lower
operating costs of $272 per ounce in 1998.

ON BEHALF OF ELDORADO GOLD CORPORATION

"Richard J. Barclay"

Richard J. Barclay, Chairman

Eldorado Gold Corporation's shares (Symbol ELD) and warrants
(Symbol ELD.WT) trade on the Toronto Stock Exchange ("TSE") and
the Vancouver Stock Exchange ("VSE"). Neither the TSE, nor the
VSE have approved or disapproved the form or content of this
release.

NOTE: Location map available from the Company at the phone number
listed below.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eldorado Gold Corporation
Geoff Chater
Corporate Relations
(604) 687-4018
(604) 687-4026 (FAX)
E-MAIL: 73573.2617@compuserve.com
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