Higher gold prices, which rose 22 per cent from a year ago, have helped boost the profit earnings of Canadian miner Eldorado Gold Corp. by 29 per cent in the first quarter of 2012.

In a statement, Paul N. Wright, Eldorado Gold Corp.'s president and chief executive officer, said the gold firm's net income jumped 11 cents per share to $67.9 million, from $52.5 million or 10 cents per share in the first quarter of 2011.

Eldorado Gold Corp., during the first quarter of 2012, had produced 155,535 ounces of gold, a jump of 5 per cent over a year ago, at an average cash operating cost of $452 per ounce. This enabled revenue from gold sales to reach $271.5 million, up 24 per cent from $219.2 million.

"Our gold mines continue to perform to plan and generate significant cash flows which will be applied to the construction of our development projects. With total production ahead of plan and cash operating costs below plan in the quarter, we have had a very good start to 2012, and as a result maintain our guidance to produce 730,000 ounces to 775,000 ounces at $430 per ounce to $450 per ounce cash operating cost for the year," Mr Wright said.

Eldorado Gold Corp. operates in Brazil, China, Greece, and Turkey and surrounding regions. On February 24, 2012, it acquired full ownership of European Goldfields Ltd. at a cost of $2.5 billion. European Goldfields Ltd. held a 95 per cent stake in a lead, zinc and silver mine in Greece, as well as an 80 per cent stake in a gold project development project in Romania.

"With the addition of two gold development projects in Greece and one gold development project in Romania, the acquisition of European Goldfields Ltd. is a key milestone in the Company's plans to reach its annual production target in excess of 1.5 million ounces of gold by 2016," Mr Wright said.