August 9, 2012 / 2:47 PM / 5 years ago

Lake Shore Gold's loss narrows on higher output, prices

Aug 9 (Reuters) - Canadian gold miner Lake Shore Gold Corp posted a narrower second-quarter net loss on higher gold output and increased gold prices.

Gold prices rose 7 percent to average $1,611 per ounce during the second quarter from the year-ago period.

The net loss narrowed to C$2 million ($2 million), or break even per share, from C$2.5 million, or 1 Canadian cent per share, a year earlier.

Total revenue more than tripled to C$40.7 million. Gold production also jumped three-fold to 24,426 ounces.

Lake Shore Gold has assets in the Abitibi Greenstone belt in Northern Ontario and Quebec, and also operates in Mexico.

The company said it was on track to meet its 2012 production target of between 85,000 and 100,000 ounces of gold.

Shares of the Toronto-based company, which has a market value of about C$443 million, were up 6 percent at C$1.12 in morning trading on the Toronto Stock Exchange.

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