FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of April, 2018
 
Commission File Number   001-31522

Eldorado Gold Corporation
 (Translation of registrant's name into English)	

1188-550 Burrard Street
Bentall 5
Vancouver, B.C.
Canada  V6C 2B5
 (Address of principal executive offices)	

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F....[    ]..... Form 40-F...[. X .]...
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes  [    ]  No [ X ]
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: April 27, 2018	ELDORADO GOLD CORPORATION

/s/ Karen Aram

Karen Aram, Corporate Secretary	

 
 
Exhibits
 
99.1    Eldorado Gold Reports 2018 First Quarter Financial and Operating Results

 

 	  	
NEWS RELEASE	 	
TSX: ELD   NYSE: EGO	April 26, 2018	

Eldorado Gold Reports 2018 First Quarter Financial and Operating Results
 
VANCOUVER, BC – Eldorado Gold Corporation, (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the first quarter ended March 31, 2018.
 
Highlights from the Quarter and Subsequent Period [1] 

	•	Hellas Gold S.A. , Eldorado’s Greek subsidiary, received a positive ruling in the arbitration proceedings with the Greek Government , and will continue to seek a collaborative dialogue with the Greek government.	

	•	Completed and filed technical reports for the Lamaque, Kisladag and Skouries projects. These technical reports were prepared pursuant to Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI-43-101”).	

	•	Installation of the additional filter press and paste plant completed at Olympias Phase II bringing the plant up to its run rate production of 1,250 tonnes per day.	

	•	The Company held $459.7 million in cash, cash equivalents and term deposits, and $250.0 million in undrawn lines of credit at the end of the quarter.	

	•	Profit attributable to shareholders of $8.7 million ($0.01 per share) , compared to profit attributable to shareholders of $6.8 million ($0.01 per share) in the first quarter 2017.	

	•	Gold production of 89,374 ounces, (including 2,740 ounces from Lamaque pre-commercial production) (first quarter 2017: 75,172 ounces).	

	•	Gold revenues of $115.4 million (first quarter 2017: $90.5 million) on sales of 86,587 ounces at an average realized gold price of $1,333 per ounce (first quarter 2017: 74,068 ounces at $1,222 per ounce). 	

	•	All-in sustaining cash costs averaged $878 per ounce (first quarter 2017: $791 per ounce).	

	•	Cash operating costs averaged $571 per ounce (first quarter 2017: $466 per ounce).	

	•	Cash generated from operating activities before changes in non-cash working capital was $37.9 million (first quarter 2017: $28.2 million). 	
 
“We had a very successful first quarter maintaining operational momentum and laying a clear path forward for long-term growth,” said George Burns, Eldorado’s President and Chief Executive Officer.  “The filing of the technical reports was a crucial first step towards delivering on our prioritized development projects, Lamaque and the Kisladag mill. Given our current liquidity and anticipated capital deployment for 2018 and 2019, we have time to evaluate and implement an appropriate long-term financing plan to deliver these investments.”
 
[1] Throughout this press release we use cash operating cost per ounce, all-in sustaining cash cost per ounce, and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non-IFRS measures. Please see our MD&A for an explanation and discussion of these non-IFRS measures. All dollar amounts in US$, unless stated otherwise.

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“Operationally, production was in-line with plans. We removed the tailings bottleneck at Olympias with the installation of a second tailings filter press.  We also made good progress at our Lamaque project, including advancing refurbishment of the Sigma mill and continuing underground development at the Triangle deposit.  At Kisladag, we are transitioning to right size the workforce to support leaching of the pad inventory and mine pre-stripping as we advance permitting and complete a feasibility study to position this asset for the next phase of growth.”
 
“We are now in the delivery phase of our new business plan.  By focusing on the disciplined build of Lamaque and the Kisladag Mill while maintaining a strong base of operations at Efemcukuru and Olympias Phase II, I am confident we will re-establish annual low cost production of 600,000 ounces by 2021. Skouries remains a compelling project, providing additional long-term growth, but requires collaborative government dialogue and a clear line of sight to cash flow in order for us to allocate further capital for development.  We remain focused on driving forward our industry-leading growth projects under a disciplined capital allocation framework to create long-term value for all stakeholders.”

Summarized Quarterly Financial Results
 
($ millions unless otherwise noted)	3 months ended March 31	
 	2018	2017	
Revenues	131.9	111.9	
Gold revenues 1	115.4	90.5	
Gold sold (ounces)	86,587	74,068	
Average realized gold price ($/ounce)	1,333	1,222	
Cash operating costs – gold mines ($/ounce)	571	466	
Total cash costs – gold mines ($/ounce)	598	483	
All-in sustaining cash cost – gold mines ($/ounce)	878	791	
Gross profit from gold mining operations	34.7	37.0	
Cash flow from operating activities 2	37.9	28.2	
Adjusted net earnings	14.0	8.0	
Net profit 3, 4	8.7	6.8	
Earnings per share – basic ($/share) 3	0.01	0.01	
Earnings per share – diluted ($/share) 3	0.01	0.01	
	(1)	Including market to market price adjustments on provisional sales.	
	(2)	Before changes in non-cash working capital.	
	(3)	Attributable to shareholders of the Company.	
	(4)	2017 net profit is from continued operations.	
 
Review of Quarterly Financial Results

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Profit attributable to shareholders of the Company was $8.7 million compared to $6.8 million from continued operations for the first quarter of 2017. Gross profit from gold mining operations was $34.7 million compared to $37.0 million for the first quarter of 2017. Higher sales volumes and prices were offset by higher operating costs and depreciation, depletion and amortization (“DD&A”) expense. Higher sales volumes were driven by sales from the newly commissioned Olympias mine as well as higher sales at Efemcukuru and Kisladag as compared to 2017.
Total cash costs per ounce increased year over year at both Efemcukuru and Kisladag with the increase at Kisladag being driven by the decrease in leach pad ounces as a result of an adjustment made in October 2017 as well as higher cyanide and lime costs. Olympias total cash costs were $734 per ounce and trending down over the quarter as issues encountered during commissioning in 2017 were resolved. DD&A expense was higher due to the start of commercial production at Olympias as well as an increase at Kisladag related to the leach pad adjustment. Stratoni gross profit fell $4.2 million year over year as a result of lower ore throughput.
General and administrative expenses were $3.4 million lower year over year mainly due to lower employee payroll costs. Share based compensation expense was $3.6 million lower due to a postponement of the grant of options to employees as the Company was in blackout. Interest expense was $2.5 million higher as the Company is no longer capitalizing bond interest related to Olympias now that it is in commercial production.
Stratoni and Certej were impaired in previous years. Under IFRS any expenditures on these projects are capitalized and subsequently written-off in the same period. The Company recorded $4.0 million in asset write-downs related to these two projects.

Operations Review
 
TURKEY
 
Kışladağ
Production at Kisladag in the first quarter was 53,814 ounces of gold which was within guidance. This was higher than the previous year (52,644 ounces in the first quarter 2017) as adjusted cyanide concentrations coupled with increased irrigation volumes resulted in increased amounts of gold extracted from the pad. Kisladag reported a reduction in ore tonnes to the leach pad in the quarter (2.8 million tonnes in the first quarter 2018 versus 3.2 million tonnes in the first quarter 2017), due to the elimination of run of mine (“ROM”) ore. The average ore grade in the quarter was 1.14 grams per tonne versus 1.13 grams per tonne in the first quarter 2017. Moving forward we expect gold production to decrease as no new material will be placed on the pad over the remainder of 2018 while the Company continues to evaluate feasibility of mill construction. Including the production reported in this quarter, the Company expects to recover 160,000-180,000 ounces for 2018-2019 from continued leaching of previously stacked ore.
 
Cash operating costs were within guidance at $576 per ounce ($446 per ounce in the first quarter 2017), but were higher year over year, due to increased lime and cyanide costs as well as the impact on average inventory unit carrying costs of a 40,000 ounce negative adjustment to estimated recoverable ounces remaining in the leach pad, which was recognized in October 2017.

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Sustaining capital spending during the quarter of $7.5 million was related to waste stripping and site construction projects.
During the quarter, the Company filed a pre-feasibility study on the mill project at Kisladag. The report outlined Proven and Probable reserves of 3.1 million contained ounces at 0.82 grams per tonne of gold to support a nine year mine life with average annual production of 270,000 ounces of gold at an all-in sustaining cost (“AISC”) of $778 per ounce. At an assumed gold price of $1,300 per ounce the project is expected to generate an estimated after-tax project net present value of $434 million at a 5% discount rate, an internal rate of return of 22.1%, and a payback period of 3.7 years.
 
Efemçukuru
During the quarter, gold production at Efemcukuru of 22,855 ounces of gold (22,528 ounces in the first quarter 2017) was higher year on year with slightly higher processed tonnage (124,300 tonnes in the first quarter 2018 versus 115,800 tonnes in the first quarter 2017). Gold ounces sold were higher due to some carry over of 2017 gold production sold in 2018. The average ore grade in the quarter was 6.47 grams per tonne versus 6.77 grams per tonne in the first quarter 2017. Cash operating costs of $532 per ounce increased slightly ($515 per ounce in the first quarter 2017).
Sustaining capital spending in the quarter of $3.7 million included underground development, mine equipment overhauls, an upgrade to the water treatment plant and construction projects.
 
GREECE
 
On September 14, 2017, Hellas Gold received formal notice from the Greek Ministry of Finance and the Ministry of the Environment and Energy initiating Greek domestic arbitration proceedings.  The arbitration proceedings concluded on April 4, 2018 with a positive ruling for the Company. The Panel's ruling rejected the Greek State's motion that the technical study for the Madem Lakkos metallurgy plant for treating Olympias and Skouries concentrates, as submitted by the Company's Greek subsidiary Hellas Gold S.A.  in December 2014, was in breach of the provisions of the Transfer Contract. The Company and Hellas Gold are continuing to engage with the Greek government in order to find a mutually-agreeable path forward with respect to its Kassandra investments.
 
Olympias
In the first quarter 2018, Olympias produced 9,965 ounces of gold at cash operating costs of $699 per ounce of gold, costs were higher than guidance. Olympias began plant commissioning during the second quarter of 2017 and declared commercial production at the end of 2017. The plant was restricted to two-thirds of design throughput due to tailings filtration capacity constraints. This resulted in lower tonnage processed for much of the first quarter and higher per ounce costs.
During the quarter, the second filter press was successfully installed and commissioned, which will allow the plant to reach its design throughput of 1,250 tonnes per day. Due to timing of concentrate shipments, gold sales for the quarter totaled 5,748 ounces of commercial production (versus 9,965 produced) and cash operating costs are calculated based on these ounces only. We expect costs to come down as mill throughput increases.
Capital expenditures of $11.7 million included $2.6 million of sustaining capital on underground development, mine equipment overhauls and waste rock/tailings facilities construction projects. The remaining $9.1 million was related to mine construction costs including the completion of the paste plant and installation of the new tailings filter press as well as capitalized operating costs related to the concentrate attributable to the pre-commercial period of production.

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Stratoni
Concentrate production at Stratoni was lower year on year (8,565 tonnes in 2018 vs 11,599 tonnes in 2017). This was due to decreased mill throughput (38,000 thousand tonnes in the first quarter 2018 vs 44,600 thousand tonnes in the first quarter 2017), lower zinc grades (8.8% in the first quarter 2018 versus 10.5% in the first quarter 2017) and lower lead grades (5.4% in the first quarter 2018 versus 5.6% in the first quarter 2017). The expected reduced grade and tonnage reflects the continued depletion of the current mineable ore reserves remaining at the Mavres Petres ore body. Development during the quarter provided access to the lower sections of the mine for exploration drilling which continues to identify additional resources. These have the potential to extend the mine’s life while allowing production rates to return to the historic levels of approximately 225,000 tonnes per annum.
Average realized price 2 for concentrate increased year on year ($1,423 per tonne in the first quarter 2018 versus $1,197 per tonne in the first quarter 2017) due to an increase in both lead and zinc prices. Total cash operating costs increased over the comparative quarter ($1,277 per tonne in the first quarter 2018 vs $811 per tonne in the first quarter 2017) due to reduced tonnes sold.
Sustaining capital spending in the quarter of $1.6 million related to underground development.

Development Projects and Exploration
 
GREECE
 
Skouries
Works completed during the quarter included ongoing bank stabilization, essential water ditches and storage ponds, primary drainage network, finalization of all site-built tanks, in addition to equipment erection (mills – liners, lube oil system, power) steelwork modifications and reinforced concrete works which are required for the ongoing maintenance regime and the long term storage of equipment.
Total capital expenditure for the quarter was $8.0 million, in line with current guidance. The Company announced its intention to move the project into care and maintenance in November 2017 until which time it receives approval of all permits required to complete construction. The transition to care and maintenance has been delayed by bad weather at site and is expected to be complete by the end of Q2. Ongoing care and maintenance costs are estimated to be $3-5 million per year for 2019 and beyond.
During the quarter, the Company filed an updated technical report on the Skouries project. The report included Proven and Probable reserves of 3.8 million ounces of gold at 0.74 grams per tonne Au and 1.7 billion pounds of copper at 0.49% Cu, supporting a 23 year mine life at an average annual production rate of 140,000 ounces of gold and 67 million pounds of copper with production from both the open-pit and underground mines. At an assumed gold price of $1,300 per ounce the project is expected to generate an estimated after-tax project NPV $925 million at a 5% discount rate, an IRR of 21.2%, and a payback period of 3.4 years.

2 Average realized price includes mark to market adjustments.

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Perama Hill
Perama Hill remains on care and maintenance pending receipt of the necessary permits.
CANADA
 
Lamaque
The mining lease for the Triangle deposit was approved during the quarter. This represents a major project milestone and enables Lamaque to enter the production phase. A total of 1,643 metres of underground development were completed at Triangle during the quarter. The ramp up of refurbishment work on the Sigma mill continued with the mobilization of key contractors to site. Key activities at the Sigma mill focused on the inspection and refurbishment of electrical equipment and motors.
During the quarter, test mining extracted approximately 20,000 tonnes of ore with an average head grade of 6.3 grams per tonne gold, with approximately 6,000 tonnes processed at a nearby custom milling facility. Results from the custom milling have confirmed our metallurgical assumptions for future mill performance. A total of 2,740 ounces of gold were produced during the quarter, primarily from material mined during the fourth quarter of 2017.
Capital spending in the quarter totaled $18.9 million.
During the quarter, Eldorado released the results of the Lamaque pre-feasibility study, which focused on the development of the Triangle deposit (one of three currently identified deposits at Lamaque) and the refurbishment of the previously producing Sigma mill. The study also included the release of maiden reserves at Triangle of approximately 893,000 contained ounces of gold at an average grade of 7.3 grams per tonne. This supports an initial seven year mine plan with an average annual production rate of 117,000 ounces of gold at AISC of $717 per ounce. At an assumed gold price of $1,300 per ounce the project is expected to generate an estimated after-tax project NPV of $205 million at a 5% discount rate, an IRR of 34.3%, and a payback period of 3.7 years. The Company is carrying out an aggressive program of infill and extension drilling with the goal of converting resource to Proven and Probable reserves as well as locating additional resources at Triangle and other known mineralized zones and new targets.
 
BRAZIL
 
Tocantinzinho
The mining concession application is under review by the federal branch of the Mines Ministry and approval is expected this year. Work completed in the first quarter included a review of capital costs, detailed engineering of the tailings ponds and a consolidated geotechnical study.
Spending in the quarter totaled $1.7 million.
 
ROMANIA
 
Certej
During the quarter work at Certej continued to focus on tailings impoundment and waste rock storage engineering and studies required for the permitting process. Work also continued on the evaluation of the limestone quarry and facilities required for the pressure oxidation process as well as providing engineering support for the permitting effort.  Offsite infrastructure construction work continued including water tank installation, water supply pipeline installation and power line construction.

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Spending in the quarter totaled $2.2 million.
 
Exploration
A total of $6.9 million was spent on exploration programs during the quarter. Exploration drilling totaled 21,240 meters and was conducted at projects in Quebec, Greece and Turkey.
At the Lamaque project in Quebec, five drill rigs were active at the Triangle deposit and several nearby target areas, completing 17,700 metres of drilling. Drilling at Triangle tested the continuity and extent of high-grade mineralization at levels beneath the C4 and C5 zones. Results were positive, with numerous intersections of shear-hosted mineralization similar to those at upper levels of the deposit, as well as secondary splay zones and associated extension vein systems. The current program at Triangle is designed to include at least 19,000 metres of drilling and testing the deposit to depths of approximately 2,000 metres. Drilling during the quarter also tested targets at the Gabbro, Southwest, Sigma East and Triangle East areas. 
In Greece, underground development continued at the Stratoni mine on the hangingwall exploration crosscut. A total of 2,350 metres of resource expansion drilling were completed with three drill rigs active during the quarter targeting the western and downdip extensions of the Mavres Petres orebody. At Olympias, exploration drilling commenced late in the quarter testing previously unexplored areas immediately east of the East Zone orebody.
In central Turkey, the initial drilling program at the 60% owned Bambal Tepe exploration joint venture began in March. This 2,000 metre program will test the downdip extent of outcropping gold-mineralized zones focused along schist-marble contacts, as well as a strong chargeability anomaly in the same region.

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2018 Outlook and First Quarter Results
 
In 2018, Eldorado expects to produce 290,000-330,000 ounces of gold, including pre-commercial ounces from Lamaque. Cash operating costs are forecasted to be $580-630 per ounce.
 
($ millions unless otherwise noted)	Q1 2018 Actuals	2018 Outlook (full year)	
Operations	 	 	
Total	 	 	
Ounces produced	86,634	290,000 – 330,000	
Cash operating costs ($/ounce)	571	580 - 630	
Sustaining capex	15.4 1	62.0	
Kisladag	 	 	
Ounces produced	53,814	120,000 – 130,000	
Cash operating costs ($/ounce)	576	600 – 700	
Sustaining capex	7.5	22.0	
Efemcukuru	 	 	
Ounces produced	22,855	90,000 – 100,000	
Cash operating costs ($/ounce)	532	530 – 570	
Sustaining capex	3.7	20.0	
Olympias	 	 	
Ounces produced	9,965	55,000 – 65,000	
Cash operating costs ($/ounce)	699	550 – 650	
Sustaining capex	2.6	20.0	
Lamaque	 	 	
Ounces produced	2,740 2	25,000 – 35,000 2	
Cash operating costs ($/ounce)	n/a	n/a	
Sustaining capex	n/a	n/a	
Corporate	 	 	
General and administrative	8.2	45	
Development capex	 	 	
Kisladag	0.0	31.0	
Olympias	9.1 3	28.0	
Lamaque	18.9	100.0	
Skouries	8.0	20.0	
Stratoni	0.0	8.0	
Tocantinzinho	1.7	8.0	
Certej	2.2	7.0	
Exploration expenditure  	6.9 4	25	
	(1)	Including $1.6 million in sustaining capital at Stratoni.	
	(2)	Pre-commercial production.	
	(3)	Includes capitalized selling expenses.	
	(4)	Includes 2.4 million of expensed exploration and land purchases.	

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Corporate
 
Board and Senior Management Changes

	·	Robert Gilmore has announced his intention to not stand for re-election to the Company’s board at the June Annual and Special Meeting. The Company thanks Robert for his long service to the Company.	
	·	Charles Parker, currently Corporate Controller will be interim Chief Financial Officer from
May 1, 2018 until a permanent replacement is found.	
 
Previously announced management changes that occurred during the quarter included:

	·	Andor Lips, joined the Company as VP Government Relations, Europe on February 19, 2018	
	·	Timothy Garvin, EVP and General Counsel, joined the Company on February 20, 2018	
	·	Fabiana Chubbs, Chief Financial Officer, will depart at the end of April 2018	
	·	Dawn Moss, EVP Administration, retired on February 28, 2018	
	·	Eduardo Moura, VP and Special Advisor to the CEO, departed the Company as of February 28, 2018	
 
New York Stock Exchange Minimum Share Price Requirement
New York Stock Exchange (“NYSE”) regulations stipulate that listed issuers must maintain a minimum average closing share price of US$1.00 per share calculated over a period of 30 consecutive trading days. On April 18, 2018, Eldorado received notice from the NYSE that it no longer met this requirement.
Eldorado anticipates that it will request shareholder approval at its 2018 Annual and Special Meeting, to be held on June 21, 2018, to effect a share consolidation with a ratio of 5-for-1 in order to regain compliance with the NYSE's continued listing requirements. The proposed share consolidation will be subject to receipt of shareholder approval and all necessary regulatory approvals, including from the NYSE and the Toronto Stock Exchange.
 
Dividend
As previously announced, the Company suspended cash payment of its semi-annual dividend payment effective the first quarter of 2018.
 
Conference Call and Webcast with Slides
A conference call to discuss the details of the Company’s 2018 First Quarter Results will be held by senior management on April 27, 2018 at 8:30 AM PT (11:30 AM ET). The call will be webcast and will have an accompanying slide deck. The webcast and slides can be accessed at this link and from Eldorado’s website.

Conference Call Details	Replay (available until May 18, 2018)	
Date:	Friday, April 27, 2018	 	Toronto:	416 849 0833	 	
Time:	8:30 am PT (11:30 am ET)	 	Toll Free:	1 855 859 2056	 	
Dial in:	647 427 7450	 	Pass code:	1564 377	 	
Toll free:	1 888 231 8191	 	 	 	 	

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About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia, Canada and Brazil.  The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities.  Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our guidance and outlook, including expected production, projected all-in sustaining costs and cash operating costs, planned capital and exploration expenditures for 2018; our expectation as to our future financial and operating performance, including future cash flow, estimated all-in sustaining costs and cash operating costs, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules and proposed share consolidation.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; exchange rates; anticipated costs and expenses; production, mineral reserves and resources and metallurgical recoveries, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; risks related to the impact of the sale of our Chinese assets and the acquisition and integration of Integra on the Company’s operations; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Forward-looking statements and information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.
Financial Information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and is not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR under our Company name. The reader is directed to carefully review such document for a full understanding of the financial information summarized herein.

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Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Paul Skayman, FAusIMM, Chief Operating Officer for Eldorado Gold Corporation, and a "qualified person" under NI 43-101.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral resource” and “inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “measured mineral resource”, “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.
 
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made.
While the terms “mineral resource”, “measured mineral resource,” “indicated mineral resource”, and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings.
Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by US companies subject to the reporting and disclosure requirements under US federal securities laws and the rules and regulations thereunder.

Contacts
Investor Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise Burgess, Director Communications & Government Relations
604.687.4018 or 1.888.353.8166 louiseb@eldoradogold.com

 	 	11 	

 	 	 	

Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)

 	 	 	 	Note	March 31, 2018	December 31, 2017	 	
							 	
 	 	 	 	 	$	$	 	
ASSETS	 	 	 	 	
Current assets	 	 	 	 	
Cash and cash equivalents	 	                   454,200	                   479,501	 	
Term deposits	 	                       5,524	                       5,508	 	
Restricted cash	 	                          318	                          310	 	
Marketable securities  	 	                       4,104	                       5,010	 	
Accounts receivable and other	 	                     79,587	                     78,344	 	
Inventories	 	                   180,268	                   168,844	 	
 	 	                   724,001	                   737,517	 	
Restricted cash and other assets	 	                     18,525	                     22,902	 	
Defined benefit pension plan	 	                       9,611	                       9,919	 	
Property, plant and equipment	 	                4,243,803	                4,227,397	 	
Goodwill	4	                     92,591	                     92,591	 	
 	 	                5,088,531	                5,090,326	 	
LIABILITIES & EQUITY	 	 	 	 	
Current liabilities	 	 	 	 	
Accounts payable and accrued liabilities	 	                   101,276	                   110,541	 	
Current portion of asset retirement obligation	 	                       2,682	                       3,489	 	
 	 	                   103,958	                   114,030	 	
Debt	5	                   594,332	                   593,783	 	
Other non-current liability	 	 	                       1,664	                          110	 	
Defined benefit pension plan	 	                     13,854	                     13,599	 	
Asset retirement obligations	 	                     96,863	                     96,195	 	
Deferred income tax liabilities	 	                   546,728	                   549,127	 	
 	 	                1,357,399	                1,366,844	 	
Equity	 	 	 	 	
Share capital	 	                3,007,924	                3,007,924	 	
Treasury stock	 	                    (11,056)	                    (11,056)	 	
Contributed surplus	 	                2,618,323	                2,616,593	 	
Accumulated other comprehensive loss	 	                    (22,080)	                    (21,350)	 	
Deficit	 	               (1,939,851)	               (1,948,569)	 	
Total equity attributable to shareholders of the Company	 	                3,653,260	                3,643,542	 	
Attributable to non-controlling interests	 	                     77,872	                     79,940	 	
 	 	                3,731,132	                3,723,482	 	
 	 	                5,088,531	                5,090,326	 	

 
 
Please see the Financial Statements dated March 31, 2018 for notes to the accounts.

 	 	13 	

 	 	 	

Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements
(Expressed in thousands of U.S. dollars except per share amounts)

 	 	 	 	 	 	 	
For the quarter ended March 31	Note	2018	2017	
 	 	 	 	 	$	$	
Revenue	 	 	 	
  Metal sales	 	                  131,905	                  111,880	
 	 	 	 	 	 	 	
Cost of sales	 	 	 	
  Production costs	 	                    67,235	                    50,688	
  Depreciation and amortization	 	                    29,188	                    18,064	
 	 	                    96,423	                    68,752	
Gross profit	 	                    35,482	                    43,128	
 	 	 	 	 	 	 	
Exploration expenses	 	                      4,148	                      5,247	
Mine standby costs	 	                      2,706	                      1,031	
Other operating items	 	                              -	                      2,133	
General and administrative expenses	 	                      8,225	                    11,614	
Defined benefit pension plan expense	 	                      1,083	                         831	
Share based payments	8	                      1,318	                      5,128	
Write-down of assets	 	                      4,024	                      1,054	
Foreign exchange loss	 	                      1,142	                           88	
Operating profit	 	                    12,836	                    16,002	
 	 	 	 	
Gain (loss) on disposal of assets	 	                           86	                       (307)	
Gain on derivatives and other investments	 	                         788	                           34	
Other income	 	                      3,097	                      2,349	
Asset retirement obligation accretion	 	                       (510)	                       (523)	
Interest and financing costs	 	                    (3,564)	                    (1,110)	
 	 	 	 	
Profit from continuing operations before income tax	 	                    12,733	                    16,445	
Income tax expense	 	                      7,084	                    10,776	
Profit from continuing operations	 	                      5,649	                      5,669	
Loss from discontinued operations	 	                              -	                    (3,000)	
Profit for the period	 	                      5,649	                      2,669	
 	 	 	 	 	 	 	
Attributable to:	 	 	 	
Shareholders of the Company	 	                      8,718	                      3,834	
Non-controlling interests	 	                    (3,069)	                    (1,165)	
Profit for the period	 	                      5,649	                      2,669	
 	 	 	 	 	 	 	
Profit (loss) attributable to shareholders of the Company	 	 	 	
Continuing operations	 	                      8,718	                      6,834	
Discontinued operations	 	                              -	                    (3,000)	
 	 	                      8,718	                      3,834	
 	 	 	 	 	 	 	
Weighted average number of shares outstanding (thousands)	 	 	 	
Basic	 	 	 	 	794,011	716,600	
Diluted	 	 	 	 	794,011	717,283	
 	 	 	 	 	 	 	
Profit per share attributable to shareholders	 	 	 	
of the Company:	 	 	 	 	 	
Basic profit per share	 	                        0.01	                        0.01	
Diluted profit per share	 	                        0.01	                        0.01	
 	 	 	 	 	 	 	
Profit per share attributable to shareholders	 	 	 	
of the Company - continuing operations:	 	 	 	
Basic profit per share	 	                        0.01	                        0.01	
Diluted profit per share	 	                        0.01	                        0.01	

Please see the Financial Statements dated March 31, 2018 for notes to the accounts.

 	 	14 	

 	 	 	

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars)

For the quarter ended March 31	 	 	2018	2017	
 	 	 	$	$	
 	 	 	 	 	
Profit for the period	 	 	                  5,649	                  2,669	
Other comprehensive income:	 	 	 	 	
Change in fair value of available-for-sale financial assets	 	                   (739)	                16,864	
Income tax on change in fair value of available-for-sale financial assets	 	                         -	                (2,144)	
Actuarial losses on defined benefit pension plans	 	 	                         9	                     105	
Total other comprehensive income for the period	 	 	                   (730)	                14,825	
Total comprehensive profit for the period	 	 	                  4,919	                17,494	
 	 	 	 	 	
Attributable to:	 	 	 	 	
Shareholders of the Company	 	 	                  7,988	                18,659	
Non-controlling interests	 	 	                (3,069)	                (1,165)	
 	 	 	                  4,919	                17,494	

Please see the Financial Statements dated March 31, 2018 for notes to the accounts.

 	 	15 	

 	 	 	

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)

For the quarter ended March 31	 	Note	2018	2017	
 	 	 	 $	 $	
Cash flows generated from (used in):	 	 	 	 	
Operating activities	 	 	 	 	
Profit for the period from continuing operations	 	 	5,649	5,669	
Items not affecting cash:	 	 	 	 	
Asset retirement obligation accretion	 	 	510	523	
Depreciation and amortization	 	 	29,188	18,064	
Unrealized foreign exchange loss (gain)	 	 	249	(74)	
Deferred income tax recovery	 	 	(2,399)	(2,713)	
(Gain) loss on disposal of assets	 	 	(86)	307	
Write-down of assets	 	 	4,024	1,054	
Gain on marketable securities and other investments	 	 	(788)	(34)	
Share based payments	 	 	1,318	5,128	
Defined benefit pension plan expense	 	 	1,083	831	
 	 	 	38,748	28,755	
Property reclamation payments	 	 	(807)	(591)	
Changes in non-cash working capital	 	10	(15,055)	22,610	
Net cash provided by operating activities of continuing operations	 	 	22,886	50,774	
Net cash used by operating activities of discontinued operations	 	 	-	(3,000)	
 	 	 	 	 	
Investing activities	 	 	 	 	
Purchase of property, plant and equipment	 	 	(66,986)	(73,837)	
Proceeds from the sale of property, plant and equipment	 	61	1	
Proceeds on pre-commercial production sales	 	 	13,382	-	
Value added taxes related to mineral property expenditures, net	 	 	6,214	23,584	
Investment in term deposits	 	 	(16)	(225,966)	
Increase in restricted cash	 	 	(842)	(4)	
Net cash used by investing activities of continuing operations	 	 	(48,187)	(276,222)	

Financing activities	 	 	 	 	
Issuance of common shares for cash	 	 	-	554	
Dividend paid to shareholders	 	 	-	(10,610)	
Purchase of treasury stock	 	 	-	(2,049)	
Net cash used by financing activities of continuing operations	 	 	-	(12,105)	
 	 	 	 	 	
Net decrease in cash and cash equivalents	 	 	(25,301)	(240,553)	
Cash and cash equivalents - beginning of period	 	 	479,501	883,171	
Cash and cash equivalents - end of period	 	 	454,200	642,618	

Please see the Financial Statements dated March 31, 2018 for notes to the accounts.

 	 	16 	

 	 	 	

Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of U.S. dollars)

For the quarter ended March 31,	 	2018	 	2017	
 	 	$		$	
Share capital	 	 	 	 	
Balance beginning of period	 	         3,007,924	 	         2,819,101	
Shares issued upon exercise of share options, for cash	 	                        -	 	                   554	
Transfer of contributed surplus on exercise of options	 	                        -	 	                   166	
Balance end of period	 	         3,007,924	 	         2,819,821	
 	 	 	 	 	
Treasury stock	 	 	 	 	
Balance beginning of period	 	            (11,056)	 	              (7,794)	
Purchase of treasury stock	 	                        -	 	              (2,049)	
Shares redeemed upon exercise of restricted share units	 	                        -	 	                1,843	
Balance end of period	 	            (11,056)	 	              (8,000)	
 	 	 	 	 	
Contributed surplus	 	 	 	 	
Balance beginning of period	 	         2,616,593	 	         2,606,567	
Share based payments	 	                1,730	 	                4,497	
Shares redeemed upon exercise of restricted share units	 	                        -	 	              (1,843)	
Transfer to share capital on exercise of options	 	                        -	 	                 (166)	
Balance end of period	 	         2,618,323	 	         2,609,055	
 	 	 	 	 	
Accumulated other comprehensive loss	 	 	 	 	
Balance beginning of period	 	            (21,350)	 	              (7,172)	
Other comprehensive loss for the period	 	                 (730)	 	              14,825	
Balance end of period	 	            (22,080)	 	                7,653	
 	 	 	 	 	
Deficit	 	 	 	 	
Balance beginning of period	 	       (1,948,569)	 	       (1,928,024)	
Dividends paid	 	                        -	 	            (10,610)	
Profit attributable to shareholders of the Company	 	                8,718	 	                3,834	
Balance end of period	 	       (1,939,851)	 	       (1,934,800)	
Total equity attributable to shareholders of the Company	 	         3,653,260	 	         3,493,729	
 	 	 	 	 	
Non-controlling interests	 	 	 	 	
Balance beginning of period	 	              79,940	 	              88,786	
Loss attributable to non-controlling interests	 	              (3,069)	 	              (1,165)	
Increase during the period	 	                1,001	 	                        -	
Balance end of period	 	              77,872	 	              87,621	
 	 	 	 	 	
Total equity	 	         3,731,132	 	         3,581,350	

 

Please see the Financial Statements dated March 31, 2018 for notes to the accounts.

 	 	17