Brazauro Converts 85% of the Resources at Tocantinzinho into Indicated and Measured Categories

Business Wire, March 02, 2009

Reports Drilling Results Carried Out by Eldorado Gold Corp. in 2008Including 212.64 m Grading 2.01 g/t Au and 175.56 m Grading 1.94 g/t Au.

HOUSTON -- Brazauro Resources Corp. (TSXV:BZO) is pleased to announce an NI 43-101-compliant resource update, plus results of additional drilling carried out by Eldorado Gold Corp. at Brazauro’s 100%-owned Tocantinzinho Gold Project (TZ) in the Tapajos region of Para state, Brazil. The update of the resource estimate was prepared by NCL Brasil Ltda. The drilling results consist of 12 holes executed by Eldorado as part of its planned 20,000-meter drilling program at Tocantinzinho.

The update of the resource estimate at TZ includes the results from 26 holes drilled by Brazauro in 2008 and 12 holes drilled by Eldorado, also in 2008, for a total of 12,332 meters. The results from these holes were incorporated with the results from the previous 15,022 meters drilled to define the mineralization which were used in the last resource estimate. The total information used in the present estimate consists of 27,354 meters of drilling from 96 diamond drill holes designed to delineate the mineralization. Not considered in these totals are 12 holes drilled by Brazauro to explore other targets in the vicinity of TZ, totalling 2,215 meters.

The new estimate demonstrates that approximately 33% of the resources are measured (16.546 Mt at 1.32 g/t Au), 52% are indicated (29.031 Mt at 1.20 g/t Au) and only 15% are inferred (9.416 Mt at 1.07 g/t Au). The denser drilling pattern has created a more robust database, resulting in a significant increase in the confidence and accuracy of this new resource estimate.

The following table summarizes and details the resources classification.

[Table Omitted]

Chairman and CEO Mark Jones said, “We are very pleased with this new resource statement. The 2008 drilling programs started with a resource that was 50% in the indicated category and 50% in the inferred category. Now, it has been upgraded to 85% in the measured and indicated categories, with just 15% inferred, while adding marginally to the total number of ounces. This excellent result is due to the long intervals of consistent grades of mineralization that are the hallmark of the TZ project.”

This estimate was based on a grade shell of 0.20 g/t Au. The samples contained within this solid were selected, transformed to 2 meters composites and used to study the variography. Ordinary kriging was used to interpolate gold grades into 10mx10mx5m blocks. The categorization was undertaken based on number of samples adjacent to each block. To define blocks with reasonable prospects of economic extraction, a Whittle envelope was estimated, based on economic and technical parameters considered feasible to occur along the life of the project. Resources were defined as the blocks contained within this envelope and above the marginal cut-off of 0.23 g/t Au.

The new drilling results also indicate the potential for additional gold resources below the bottom of the conceptualized pit that was designed for the initial scoping study.

The objectives of Eldorado’s current drilling program are to confirm previous drilling carried out by Brazauro, to fill in the drilling grid, to investigate the nature of the enclosing rocks and to provide larger samples for metallurgical testing.

All of the holes drilled by Eldorado thus far were designed to intercept the mineralization zone except for hole TOC-101, which investigated the enclosing country rocks. This is why it has no significant assays. The table below summarizes the results of the 12 holes drilled by Eldorado for which results have been received.

[Table Omitted]

In accordance with the Option/Joint Venture Agreement signed in July, 2008, Eldorado Gold Corp. is managing the Tocantinzinho Project.

Eldorado has the option to acquire a 60% interest in the Tocantinzinho Project for $40 million by committing to an expenditure of $9.5 million over a two year period toward completing an NI 43-101 compliant feasibility study. Eldorado will have a second option to purchase an additional 10% of the Tocantinzinho Project for a further $30 million once a construction decision has been made following the completion of a feasibility study. Eldorado will have a third option to purchase an additional 5% of the Tocantinzinho Project for a further $20 million. If the feasibility study outlines between 2 and 2.5 million proven and probable ounces of gold, the price will be increased by $5 million and if it outlines more than 2.5 million proven and probable ounces of gold, the price will be increased by $10 million.