April 5, 2012 / 10:50 AM / 6 years ago

UPDATE 1-Lake Shore Gold resumes operations at Ontario mine

April 5 (Reuters) - Canada’s Lake Shore Gold Corp said it has resumed operations at its Timmins West Mine in Ontario, and reported a fall in its quarterly production.

Earlier this week, production at Timmins West, one of its two producing mines, was halted after the death of a worker in an accident.

For the first quarter, Lake Shore sold 18,400 ounces of gold at an average price of $1,690 per ounce, compared with 34,000 ounces at an average price of $1,387 per ounce, a year ago.

The company produced 16,680 ounces of gold for the quarter, down from 22,300 ounces, a year ago.

For this year, the company reiterated its production guidance of 85,000-100,000 ounces of gold poured from the Timmins West and Bell Creek mines.

Lake Shore also expects cash operating costs for the year to be $825 to $875 per ounce.

Shares of the company closed at 97 Canadian cents on Wednesday on the Toronto Stock Exchange.

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