June 14, 2011 / 9:41 PM / in 7 years

UPDATE 1-Brigus Gold posts Q1 profit

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June 14 (Reuters) - Canada’s Brigus Gold Corp posted a first-quarter profit as higher gold prices offset lower production and higher costs.

The net income was $2.8 million, or 1 cent per share, compared with a loss of $1.8 million, or 3 cents a share, a year ago.

Revenue from the sale of gold fell 23 percent to $13.6 million.

The company said it sold 10,003 ounces of gold at $1,097 per ounce from its wholly owned Black Fox mine in the quarter. it expects to produce 16,500-18,000 ounces in the second quarter from the mine.

For the year, Brigus sees producing 73,000-80,000 ounces Of gold.

Shares of the company closed at C$1.54 on Tuesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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