November 14, 2011 / 12:58 PM / 7 years ago

UPDATE 1-Brigus Gold posts Q3 profit; cuts Q4 output view

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Nov 14 (Reuters) - Brigus Gold Corp posted a third-quarter profit, but cut production outlook for the current quarter due to a slower-than-expected ramp up at its Black Fox underground mine.

The company lowered its fourth-quarter production outlook to 17,000-18,000 ounces, from its earlier forecast of 19,500 ounces.

July-September profit was $12.4 million, or 6 cents a share, compared with a loss of $4.5 million, or 3 cents share, a year earlier.

Brigus, which operates the wholly owned Black Fox complex in the Timmins gold district of Ontario, sold 17,119 ounces of gold at an average realized price of $1,643 an ounce.

In October, Brigus had said third-quarter output was 16,838 ounces of gold, lower than its forecast of about 17,500 ounces.

Revenue from the sale of gold fell 19 percent to $19.3 million.

Shares of the company, which have lost about 28 percent in value year to date, closed at C$1.45 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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