April 5, 2012 / 1:22 PM / 6 years ago

UPDATE 1-Brigus Gold sees 1st-qtr costs lower than forecast

April 5 (Reuters) - Brigus Gold Corp’s first-quarter production touched the top end of its guidance, helped by robust output at its Black Fox mine in Ontario and the gold producer said it expects costs to be lower than its earlier forecast.

Brigus, which owns the Black Fox mill and mine in the Timmins gold district, produced 16,922 ounces of gold in the quarter. It had forecast first-quarter production of 15,500 ounces to 17,000 ounces.

The company still sees gold production of 77,000 ounces to 85,000 ounces in the year.

Cash costs, which are estimated at $775-$825 per ounce, are likely to drop to about $700 per ounce in 2013, the company said in a statement.

Shares of Brigus, whose other assets includes the Goldfields project near Uranium City, Saskatchewan, closed at 71 Canadian cents on Wednesday on the Toronto Stock Exchange.

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