September 14, 2011 / 11:44 AM / in 7 years

UPDATE 1-Timmins Gold posts Q1 profit as gold sales rise

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Sept 14 (Reuters) - Canadian miner Timmins Gold Corp reported a first-quarter profit helped by a rise in gold sales and higher gold prices.

The company posted a net profit of $5.7 million, or 4 cents a share, compared with a loss of $1.04 million, or 1 cent a share, in the year-ago period.

The company, which owns and operates the San Francisco gold mine in Mexico, said revenue for the quarter almost doubled to $27.02 million.

The company produced 16,676 ounces of gold during the first quarter, at an average realized gold price of $1,507 per ounce, up from 11,319 ounces of gold a year ago.

Shares of the company closed at C$3.06 Tuesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sayantani Ghosh)

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