Eldorado increases stake in Frontier to over 95%

Eldorado Gold Corporation, a gold producing exploration and development company actively growing businesses in Brazil, Turkey, China, Greece and the surrounding regions, has taken up and accepted for payment an additional 4.9 million common shares of Frontier Pacific Mining Corporation that were tendered to its offer to purchase all of the outstanding common shares of Frontier.

Announcing this, Paul N. Wright, President and Chief Executive Officer of Eldorado, said that together with the 162.2 million common shares of Frontier taken up by Eldorado on July 3, 2008 and the 4,871,300 held by Eldorado prior to its making the Offer, Eldorado will own approximately 167.2 million common shares of Frontier, representing over 95% of Frontier’s outstanding common shares.

Encouraged with the shareholders response, Eldorado intends to exercise its right to acquire the remaining approximately 8.8 million outstanding common shares of Frontier pursuant to a compulsory acquisition under the British Columbia Business Corporations Act, as described in the Offer.