November 8, 2011 / 3:45 PM / 7 years ago

UPDATE 1-Endeavour Mining profit falls

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Nov 8 (Reuters) - Endeavour Mining Corp’s third-quarter profit fell 86 percent from the year-ago quarter when the Canadian gold producer took a one-time gain.

The July-September net income attributable to shareholders fell to $9.6 million, or 8 cents a share, from $70.7 million, or 70 cents a share, a year ago.

Results of the year-ago quarter included a gain of $71.2 million.

Endeavour, which operates the Youga mine in Burkina Faso in West Africa, said gold production rose 4 percent to 24,047 ounces.

Cash flow from operation at the Youga mine — which began commercial production in mid-2008 — was up 44 percent at $15.3 million in the quarter.

Endeavour still expects full-year production of about 84,000 ounces of gold at a cash cost of $610-$650 per ounce.

Shares of the Cayman Islands-based company, which has agreed to buy Australia’s Adamus Resources in August to create a West Africa-focused gold producer, fell 4 percent to C$2.29 on Tuesday morning on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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