April 20, 2011 / 12:43 PM / 7 years ago

UPDATE 1-Minera Andes posts higher Q1 production at flagship mine

* Q1 silver sales up 80 pct

* Q1 gold sales up 21 pct (Follows alerts)

April 20 (Reuters) - Canada’s Minera Andes posted an increase in first-quarter silver and gold production at its flagship San Jose, Argentina mine, helped by higher recovery rates.

For the quarter, net silver sold was up 80 percent to 1.3 million ounces, while gold sales rose 21 percent to 17,630 ounces.

First-quarter production of silver rose 85 percent to 1.5 million ounces while gold production was up 30 percent to 21,412 ounces compared with last year.

The San Jose project is operated by Minera Santa Cruz SA, which is 51 percent owned by Hochschild Mining plc and 49 percent by Minera Andes.

Shares of Toronto, Ontario-based Minera closed at C$3.05 on Tuesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Jarshad Kakkrakandy)

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