Monday, 21st March 2005 (2800 views)

Eldorado Gold has revealed it produced over 80,000 ounces of gold last year, as it released its full year financial results today.

During the year to December 31st 2004, the firm produced 82,024 ounces of gold at a cost of $294 per ounce and the company continued to stay debt and hedge free.

The company also reported proven and probable reserves of 6.15 million ounces.

Paul Wright, president and CEO of Eldorado Gold Corporation, said: "2004 was a year of achievement and challenge for Eldorado. We've strengthened our balance sheet, financed our next mines, advanced our Kisladag project to construction and made progress with the Efemcukuru EIA Study.

"We have added prospective land positions in Brazil and Turkey and have planned 2005 drilling programs in both countries. We look forward to advancing our new initiative with Shandong Gold in China."

The company plans to focus its exploration project on Brazil, Turkey and China for this year.

Key events during 2004 saw the company establish a representative office in Beijing and appoint a senior engineer in Beijing.

Eldorado is a Canadian gold producing and exploration company.

 

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