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European Goldfields profit jumps up November 9, 2007

Posted by grhomeboy in Business & Economy.
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European Goldfields Ltd, the Canadian owner of the Stratoni mine in Halkidiki, northern Greece, said third-quarter profit jumped more than eightfold after it extracted more lead and silver and sales of stockpiled ore increased.

Net income climbed to $12.16 million, or 7 cents a share, from $1.48 million, or 1 cent, a year earlier, the Whitehorse, Yukon-based company said in a statement. Sales rose 42 percent to $21.7 million. European Goldfields said its processing of ore from Stratoni, which opened in 2005, was more efficient in the quarter. Silver production gained 57 percent to 297,321 ounces while lead output climbed 55 percent to 3,759 tons. Zinc production halved to 2,364 tons. Sales of stockpiled gold ore from the Olympias project almost doubled.

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