TORONTO (miningweekly.com) – Vancouver-based Eldorado Gold believes it can lift production by between 30% and 40% at its Kisladag gold mine, in Turkey, and at the same time reduce costs by around 15%, the firm reported on Monday.

Eldorado has completed an internal review of the mine, and will use the results of the study as a basis for feasibility engineering over the next five months.

The company expects to be able to increase production levels with its existing mining fleet, so no additional haulage equipment will be needed in the near term.

Altogether, the project is expected to cost about $45-million, and could result in higher production levels as early as 2011.

Eldorado had planned to produce 240 000 oz of gold at Kisladag in 2011, 2012 and 2013, but this could increase to 290 000 oz, 355 000 oz and 360 000 oz respectively, based on the operational review.

"We look forward to detailing and implementing the identified opportunities to continue the ongoing enhancement of Kisladag," said CEO Paul Wright.

Besides Kisladag, Eldorado also operates a gold mine in China, and recently completed the construction of an iron-ore mine, in Brazil.

The firm is also building a new gold mine, Efemcukuru, in Turkey, and plans to submit a revised environmental-impact assessment report for the Perama Hill project, in Greece, this year.

Eldorado shares rose 1,7% on Monday morning, to C$10,19 apiece by 10:57 in Toronto.