February 17, 2012 / 4:33 PM / in 6 years

St Andrew Goldfields posts 4th-qtr profit, shares rise

Feb 17 (Reuters) - Shares of St Andrew Goldfields rose to a two-month high on Friday after the gold miner said inferred resources nearly doubled and posted a profit for the fourth quarter.

Inferred mineral resources jumped 90 percent at the end of 2011 to 2.1 million ounces of gold while measured and indicated mineral resources increased by 322,000 ounces.

Net income for the fourth quarter came in at C$12.9 million, or 4 Canadian cents a share, compared with a net loss of C$235,000 last year.

The company, which has three operational mines, said gold production rose 5 percent in the quarter to 22,350 ounces.

Gold sales rose 25 percent to C$40.4 million.

Shares of the company, which have shed 60 percent of their value in the past one year, were trading 9 percent up at 54 Canadian cents on the Toronto Stock Exchange where it was the third most traded stock on Friday. (Reporting by Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)

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