May 12, 2011 / 8:57 PM / in 7 years

UPDATE 1-Richmont Mines Q1 up on higher gold sales

* Q1 EPS C$0.28 vs C$0.07 year ago

* Q1 revenue up 32 pct at C$26.4 mln

* Backs 2011 gold output view of 80,000-85,000 oz (Follows alerts)

May 12 (Reuters) - Richmont Mines posted higher first-quarter earnings, as better grades and increased gold sales boosted results at the Montreal, Quebec-based gold miner.

The company reaffirmed its production target of 80,000-85,000 ounces of gold for the year.

January-March earnings rose to C$8.7 million, or 28 Canadian cents a share, from C$1.8 million, or 7 Canadian cents a share, a year ago.

Revenue rose 32 percent to C$26.4 million.

The company sold 19,234 ounces of gold at an average selling price of $1,389 in the quarter.

Shares of Richmont Mines closed down at C$7.09 on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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