Strong gold prices compensate for decline in Eldorado gold production

Eldorado Gold reported Thursday that proven and probable gold reserves have increased to 18.7 million ounces, as measured and indicated gold resources increased to 22.9 million.

However, gold production declined from 164,928 ounces during the first-quarter 2010 to 148,577 ounces during the first-quarter 2011. Nevertheless, gold revenues were up 14% during the first quarter due to higher sales prices this year.