May 13, 2011 / 12:38 PM / in 7 years

UPDATE 1-San Gold reports wider Q1 loss

* Q1 loss/shr C$0.02 vs loss/shr C$0.01 year-ago

* Q1 rev rises 42 pct to C$29.8 mln

* Expects production to increase through the year

* Expects to cut cash costs per ounce of gold this year

* Maintains 2011 production forecast (Follows alerts)

May 13 (Reuters) - Canada’s San Gold Corp reported a wider first-quarter loss, but said it expects to increase production and decrease cash costs per ounce of gold through the year.

The company, which mainly explores gold in the Bissett area of Manitoba and produces from its underground mine in the Rice Lake area of Manitoba, maintained its production forecast of 80,000 ounces of gold for the year.

In the first quarter last year, the company benefitted from a tax recovery of C$5.6 million.

January-March net loss was C$5.3 million, or 2 Canadian cents a share, compared with a loss of C$2.7 million, or 1 Canadian cent a share, last year.

Revenue rose 42 percent to C$29.8 million.

Shares of Bissett, Manitoba-based San Gold closed at C$2.52 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore;Editing by Vyas Mohan)

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