January 22, 2009 / 2:31 PM / in 9 years

Eldorado sees increase in gold production in 2009 and 2010

*Eldorado sees 325,000-340,000 oz output in 2009

*Eldorado estimates more than 400,000 oz in 2010

*New Gold sees 190,000-210,000 oz output in 2009

OTTAWA, Jan 22 (Reuters) - Canada’s Eldorado Gold Corp (ELD.TO) on Thursday forecast production in 2009 would increase to 325,000 to 340,000 ounces, with output in 2010 expected to exceed 400,000 ounces as it starts operations in Turkey.

Eldorado, which estimates 2009 cash operating costs at about $300 per ounce, also said it will spend $115 million on capital expenditures and $15 million on exploration in 2009.

It has earmarked $85 million of its capital spending for the Efemcukuru project in Turkey.

The company said that in 2008 it produced 308,802 ounces of gold at a cash operating cost of $257 per ounce, which “performed to plan”.

Separately, New Gold Inc (NGD.TO) said it expects 2009 production to drop to between 190,000 ounces and 210,000 ounces of gold from output of 272,046 ounces in 2008, which exceeded its forecast.

It also forecast cash costs in 2009 between $465 and $485 per ounce of gold, net of by-product sales. Capital expenditures are estimated at $107 million, exploration spending at $6.2 million, and corporate general and administrative expenses at about $13.7 million in 2009. ($1=$1.27 Canadian) (Reporting by Susan Taylor)

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