August 11, 2011 / 11:48 AM / 7 years ago

UPDATE 1-Aurizon Q2 rises on robust gold prices

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Aug 11 (Reuters) - Gold miner Aurizon’s second-quarter profit rose 17 percent helped by surging gold prices and higher output at Casa Berardi, its key producing mine in Quebec.

The company, which recorded a 31 percent rise in indicated mineral resources on the Hosco deposit of its Quebec-based Joanna property, said the feasibility study at the project would be delayed due to insufficient capital.

For the April-June period, Aurizon earned C$6.3 million, or 4 Canadian cents a share, compared with C$5.4 million, or 3 Canadian cents a share, a year ago.

Revenue for the quarter at Aurizon, which cut the top end of its full-year production forecast in May to about 165,000 ounces of gold from a range of 165,000-170,000 ounces, grew 17 percent to C$59 million.

The miner sold 39,900 ounces of gold at an average price of $1,521 per ounce in the quarter, compared with 39,964 ounces of gold at $1,082 per ounce, a year ago.

Analysts on average were expecting earnings of 8 Canadian cents a share on revenue of C$59.3 million, according to Thomson Reuters I/B/E/S.

Shares of the Vancouver, British Columbia-based miner closed at C$6.90 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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