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Market: TSX NYSE
Sector: Gold Mining
EPIC: ELD
Latest Price: 11.31  (1.71% Ascending)
52-week High: 21.50
52-week Low: 10.38
Market Cap: 8,045.66M
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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 Gold sees 2010 gold production between 550,000 and 600,000 ounces

22nd Mar 2010, 11:08 am
Eldorado Gold sees 2010 gold production between 550,000 and 600,000 ounces

By Dorothy Kosich, Mineweb.com

Following a successful C$1.7 million share acquisition of Sino Gold last year, Eldorado Gold anticipates production of 550,000 to 600,000 ounces of gold this year at cash operating cost ranging between US$385 and $400 per ounce.

In a statement, Eldorado CEO Paul Wright noted, "This was a very successful quarter and year for Eldorado. "

"We had record quarterly production with strong performance from both our Kişladağ and Tanjianshan gold mines," he said."And with the successful completion of our acquisition of Sino Gold and the continued development of our projects in Turkey, China and Greece, we are solidifying our position as one of the world's lowest cost gold producers."

Eldorado reported 363,509 ounces of gold produced in 2009, up from 308,802 ounces in 2008. Total cash cost per ounce increased from $289/oz in 2008 to $337/oz last year.

 During a recent conference call with analysts, Wright said two new construction projects will yield in excess of 200,000 ounces annually at cash costs of around $200/oz.

"We have an exciting year of exploration ahead of us with a budget of US$35 million and a total in excess of 20 drilling projects that we will be reporting on through the year," he added. Eldorado COO Norm Pitcher said the company expects to complete 125,000 meters of drilling this year in China.

"In Turkey, we have almost US$7 million budgeted," Pitcher noted, including a 20,000 meter program at Kişladağ and an additional 5,000 meters at Efemcukuru.

FINANCIALS

In 2009, Eldorado's consolidated net income was $102.4 million or 26-cents per share compared to $163.7 million or 46-cents per share in 2008. Net income in 2009 included a net loss of $2.2 million reported by Sino Gold. Net income in 2008 included a gain of $72.5 million on the sale of Sâo Bento.

Operating costs increased 44% to $132.5 million last year due to the addition of $19.3 million in operating costs related to Jinfeng and White Mountain, as well as higher production costs at TJS and Kişladağ.

Net income for the fourth-quarter 2009 was reported at $33.3 million or 8-cents per share, compared to $28.2 million and 8-cents per share in the fourth-quarter 2008. Gold revenues increased 126% during Q409 due to higher gold prices and increased ounces sold.

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