November 14, 2011 / 1:28 PM / 7 years ago

UPDATE 1-Nevsun posts Q3 profit as gold production rises

(All figures in USD)

Nov 14 (Reuters) - Nevsun Resources Ltd posted a quarterly profit as gold production at its Bisha gold mine in Eritrea rose sequentially.

The third-quarter net income was $89 million, or 27 cents a share, compared with a loss of $1 million, or 1 cent a share, a year ago.

Revenue was $185 million on sales of 108,600 ounces of gold for an average realized price $1,715 per ounce.

The mining company said it produced 110,000 ounces of gold at about 1,200 ounces per day with an average cash cost per ounce sold of $264.

The production at the Bisha mine, which was commissioned early this year, rose to 110,000 ounces from 93,000 ounces in the previous quarter.

The Vancouver-based company’s shares closed at C$6.10 on Friday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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