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Eldorado Gold fourth quarter production jumps 21%

Eldorado Gold ("Eldorado") (TSX: ELD, NYSE: EGO, ASX: EAU) reported that it had produced 342,920 ounces of gold in 2009, easily surpassing it stated production guidance for 2009 of 330,000 ounces of gold.


The better than expected production figures was due to a 21% jump in fourth quarter production over the previous quarter, to 107,904 ounces of gold.


Cash operating costs for the fourth quarter were $307 per ounce of gold, bring the 2009 average to $301 per ounce of gold.


 Eldorado Gold stated that solid production numbers at both Kisladag and Tanjianshan had lifted its production profile.
In August 2009 Eldorado Gold acquired Sino Gold in a deal worth A$2.2 billion (C$2 billion; US$1.8 billion), aiming to achieve an annual production level of one million ounces in 2013 for the combined company.


Eldorado is currently forecasting 2010 production to be in the range of 550,000 - 600,000 ounces of gold.


"We are extremely pleased with the performance of our Kisladag and Tanjianshan mines and the progress of the Company's development and exploration projects throughout 2009,” commented Paul Wright, President and CEO.



Disclosure: The author holds no positions in the company