On December 18, 2011, Eldorado Gold Corporation (Eldorado) announced it has entered into a definitive agreement with European Goldfields Limited (European Goldfields) pursuant to which Eldorado has agreed to acquire all of the issued and outstanding common shares of European Goldfield by way of a plan of arrangement under the Yukon Business Corporations Act.

Borden Ladner Gervais LLP acted for Eldorado with a team that included Fred R. Pletcher, Kent D. Kufeldt, Melanie Bradley, Deepak Gill, Stephen Robertson, Jennifer Poirier, Shannon Webber, Randy Morphy, Steve Suarez, and Jeffrey S. Thomas.

European Goldfields is a precious metals development company with attributable gold reserves of 9.2 million ounces and multi-stage assets located in Greece, Romania and Turkey. The company currently operates the Stratoni mine in Greece and is developing the Skouries and Olympias project in Greece and the Certej project in Romania. European Goldfields is also partnered with Aktor SA, the largest construction company in Greece. This acquisition strongly enhances Eldorado's project pipeline and globally diversifies European Goldfields' existing development projects with high quality mines and near-term producing projects.

Pursuant to the arrangement, shareholders of European Goldfields will receive 0.85 Eldorado shares and $0.0001 in cash per European Goldfields share (the "Exchange Ratio"). Each outstanding option of European Goldfields shall be exchanged for options of Eldorado that will entitle the holder to receive, upon the exercise thereof, Eldorado shares based upon the Exchange Ratio and otherwise on the same terms and conditions as in the original European Goldfields option. The total transaction value is approximately C$2.5 billion.