December 8, 2011 / 11:34 AM / in 7 years

UPDATE 1-Kirkland Lake Gold posts higher Q2 profit

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Dec 8 (Reuters) - Gold miner Kirkland Lake Gold Inc posted higher second-quarter profit helped by a rise in gold production and prices.

The Ontario-based company forecast gold production for fiscal years 2014 to 2016 at 210,000-250,000 ounces per year. It reiterated its annual gold production target of 110,000-130,000 ounces.

Kirkland expects to add 275 employees in fiscal year 2012, and said 147 employees have been hired so far.

Second-quarter gold production rose to 24,478 ounces, while average price per ounce improved by 25 percent.

Net and comprehensive income for the quarter was C$9.2 million, compared with $C8.5 million, a year ago. Revenue rose by a quarter to C$40.3 million.

Shares of the company closed at C$17.92 on Wednesday on the Toronto Stock Exchange. (Reporting by Swetha Gopinath in Bangalore; Editing by Supriya Kurane)

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