Meridian Gold Announces Record Second Quarter 2007 Financial - Results and Exploration Update - Tuesday July 24, 5:10 pm ET (All dollar amounts in U.S. currency)
RENO, Nev.--(BUSINESS WIRE)--Meridian Gold Inc. ("Meridian Gold" or the "Company") (TSX:MNG - News; NYSE:MDG - News) is pleased to announce record results for the quarter ended June 30, 2007. Meridian Gold continues its commitment to be The Premier Value Gold Mining Company, with a focus on returns to all stakeholders and a dedication to responsible mining.
HIGHLIGHTS: -----------
- Record revenues of $84.3 million on sales of 78,500 ounces of gold and 2.2 million ounces of silver - Record net earnings of $24.5 million, or $0.24 per share - Record operating cash flow of $36.5 million - Consolidated gold production of 80,400 ounces at a negative net cash cost of $(58) per ounce fueled by record quarterly silver production of 2.3 million ounces and production of 870 tonnes of zinc - Extended the strike length of the Al Este vein at El Penon to 2.85 kilometers - Continued to accelerate the resource conversion at Minera Florida - Extended mineralization at the Company's 100% Mercedes project in Mexico - Commenced production at the Company's Rossi/Storm project with Barrick Exploration - Entered into a fully underwritten US$300,000,000 Revolving Credit Facility with UniCredit Group - Commenced work towards a pre-feasibility study at the Amancaya deposit south of El Penon - Obtained two key environmental approvals at El Penon - Continued Minera Florida expansion plans to bring total mill throughput to 65,000 tonnes per month and annual gold production to over 100,000 ounces by the end of 2008 - Began metallurgical testing at the Company's 56.7% Jeronimo joint venture project with CODELCO
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