BUZZ-Primero Mining Corp: Lower output cuts

Mon Sep 15, 2014 12:31pm EDT
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** Canadian gold miner's shares up 10.7 pct at C$6.85

** The company cuts full-year production forecast at Black Fox mine to 65,000-75,000 ounces from 70,000-80,000 ounces due to lower-than-expected volumes

** "We believe the market was anticipating a more negative update at Black Fox," Morgan Stanley analysts wrote. "We suspect this update could provide relief, reducing concerns related to the nearer term outlook at Black Fox"

** Primero acquired the Timmins, Ontario-based Black Fox mine complex in March

** The company also raised full-year production forecast at San Dimas to 120,000-130,000 ounces from 115,000-125,000 ounces due to "strong" production