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Thursday, July 29, 2010

Eldorado's (NYSE:EGO) Earnings More Than Double, Revenue Surges

Eldorado Gold Corp. (NYSE:EGO) (TSE:ELD) joined the parade of gold miners who performed strongly in the latest quarter, as earnings more than doubled and revenue was up 158 percent.

For the second quarter, earning soared to $60.5 million, or 11 cents a share, way up from the $25.9 million, or 7 cents a share in the same quarter of 2009.

Revenue also exploded to $207.8 million, an increase of 158 percent.

Analysts were looking for revenue of $185.2 million and earnings of 8 cents a share.

Gold production in the quarter almost doubled, with the number of gold ounces produced exploding to 167,940 ounces, just short of doubling last year's 84,572 ounces.

Cost on average were up this quarter though, rising from $303 an ounce last year to $357 an ounce this year in the same quarter.

The average price of gold sold by the miner was $1,195 an ounce, selling a total of 172,826 ounces during that time.

Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Agnico-Eagle (NYSE:AEM) have all reported this week, and have performed strongly.

Newmont (NYSE:NEM) was the only slight disappointment, as there earnings were good, but revenue failed to meet expectations.

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