March 15, 2012 / 12:27 PM / in 6 years

Aurizon Mines profit triples, sees weak 2012 output

(Reuters) - Aurizon Mines’ (ARZ.TO) fourth-quarter profit more than tripled as it sold more at higher prices, but the gold miner said it expects a fall in production in 2012.

The company expects output at its only producing project, Casa Berardi, to fall to between 155,000 ounces and 160,000 ounces of gold this year from 163,845 ounces last year.

“Mine sequencing in 2012 will result in ore grades that are expected to be approximately 6 percent lower than those achieved in 2011,” the company said in a statement.

The company has 11 properties in Quebec, including Casa Berardi, and the Joanna property, which is in the feasibility stage.

The British Columbia-based company’s net profit rose to C$21.8 million ($21.99 million), or 13 Canadian cents a share, from C$7 million, or 4 Canadian cents a share, a year ago.

Revenue rose 77 percent to C$85.7 million.

It sold 50,787 ounces of gold during the quarter at an average price of $1,578 an ounce. Its average price during the comparable quarter in 2010 was $1,376 per ounce.

($1 = 0.9916 Canadian dollars)

Reporting by Aftab Ahmed in Bangalore; Editing by Sreejiraj Eluvangal

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