April 24, 2012 / 11:55 AM / 6 years ago

UPDATE 1-Brigus Gold production doubles; sees higher 2012 output

April 24 (Reuters) - Brigus Gold Corp’s quarterly production nearly doubled and the gold miner said it expects a rise in full-year output as the development of its Black Fox underground mine in Ontario speeds up.

The company forecast output of 77,000 to 85,000 ounces of gold for 2012, up from 55,756 ounces in 2011.

Production rose to 16,922 ounces of gold for the first quarter from 8,500 ounce a year ago.

The company, which had been facing delays in the development of its main Black Fox mine due to staffing and equipment issues, said it expects production to increase from the mine throughout the year and reach 25,000 ounces per quarter by the year-end.

The company’s shares, which have lost about half their value in the last six months, closed at 80 Canadian cents on Monday on the Toronto Stock Exchange.

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