Gold News

Meridian Gold announces record results

Meridian Gold has announced record results for the second quarter of 2007, with sales of 78,500 ounces of gold and 2.2 million ounces of silver.

Revenues derived from these precious metals sales totalled $84.3 million, while net earnings came in at a record $24.5 million. Consolidated gold production was 80,400 ounces at a negative cash cost of $58 per ounce.

"Looking at the second quarter operational and financial results, I am pleased to see the organization's continued growth and record setting performances," said Meridian Gold's president and chief executive, Edward Dowling.

"The company again delivered solid operational results from all three of our producing mines, with the results exceeding our own internal expectations for the quarter."

At the El Penon property in Chile, an exploration drill program re-started early in 2007, with the highest grades reported being 26.9 grams per tonne over two separate 0.37m and 0.69m lengths.

The company says its success is "based on six grass-roots gold discoveries, a low-cost strategy, and a different yet better approach to balanced growth".


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