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Additional Information
Market: TSX NYSE
Sector: Gold Mining
EPIC: ELD
Latest Price: 11.12  (1.14% Ascending)
52-week High: 21.50
52-week Low: 10.38
Market Cap: 7,910.50M
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Eldorado Gold
www.eldoradogold.com

Eldorado Gold Corporation is a gold mining company actively growing businesses in Brazil, China, Turkey, Greece, and surrounding regions. Eldorado Gold is one of the lowest cost pure gold producers, and anticipates production of 700,000 ounces of gold per annum by 2013.

Full Eldorado Gold profile here
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Eldorado tops own 2011 estimates, expects higher output in 2012

9th Jan 2012, 12:37 pm by Olivia D'Orazio
Eldorado tops own 2011 estimates, expects higher output in 2012

Eldorado Gold (TSE:ELD) (NYSE:EGO) announced Monday operating results for its fourth quarter and full year, as well as its preliminary production expectations for fiscal 2012.

For 2011, Eldorado produced a total of 659,134 ounces of gold at an average cash cost of $405 per ounce, and sold 658,919 ounces of gold at an average realized price of $1,582 per ounce.

In the middle of the year, the company predicted about 650,000 ounces of production, and about $400 per ounce in cash costs.

During the fourth quarter, Eldorado produced 168,933 ounces of the yellow metal at cash costs of $418 per ounce, selling 168,712 ounces of gold at a price of $1,686 per ounce.

President and CEO, Paul Wright, commented: "Eldorado remains committed to building a successful, high quality, profitable gold company.

"The addition of the Efemcukuru mine in 2011 and the planned start-up of the Eastern Dragon mine in 2012 continue to increase the company's production while maintaining costs in the lower quartile of gold producers."

Indeed, the Efemcukuru mine in Turkey is expected to add between 125,000 and 135,000 ounces of gold to Eldorado's full year fiscal 2012 total production.

Eldorado started production at its Efemcukuru mine in June last year, where production totaled 484 ounces of gold in 2011. The company will spend about $30 million at Efemcukuru this year to continue testing the Kestani Beleni northwest extension and Kokarpinar vein systems.

For 2012, the company currently expects total gold production to be in the range of 730,000 to 775,000 ounces, with cash costs between $430 and $450 per ounce.

Iron ore production for 2012 is expected between 560,000 and 600,000 tonnes, with cash costs between $65 and $75 per tonne.

At its Eastern Dragon property in China, the company expects to process 58,000 tonnes of ore at 16.82 grams per tonne (g/t) gold and 128 g/t silver.

Meanwhile, its Perama Hill property in Greece is expected to start construction in the second half of the year, with an environmental impact assessment (EIA) expected for completion in the first quarter.

The Tocantinzinho (TZ) property in Brazil will continue advancement throughout the year, with a feasibility study slated for completion in the second quarter, and an EIA expected for the third quarter.

In other news, Eldorado said it has approved a nine-cent per share dividend, payable on February 14, to shareholders on record as of January 31.

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