February 21, 2013 / 11:45 PM / in 5 years

UPDATE 1-Osisko Mining adj profit soars as gold production rises

* Q4 Adj EPS C$0.12 vs. C$0.08 yr ago

* Sees 2013 gold production up by around half

Feb 21 (Reuters) - Gold miner Osisko Mining Corp’s fourth-quarter adjusted net earnings rose 68 percent as gold production jumped by a quarter as production costs fell.

Adjusted earnings rose to C$48.7 million, or 12 Canadian cents per share, from C$29.0 million, or 8 Canadian cents per share, a year earlier. Revenue rose 49 percent to C$191.0 million.

The Montreal-based precious metal miner produced about 101,544 ounces of Gold at an average cash cost of $903 per ounce during the quarter, up 27 percent from 79,718 ounces of gold at an average cash cost of $936 per ounce a year earlier.

Osisko’s net earnings fell to C$9.6 million from C$37.8 million a year earlier, because of deferred income and mining taxes.

The company estimated gold production of 485,000 to 510,000 ounces in 2013, up by around half from last year.

Cash costs are estimated between $780 to $825 per ounce, which represents a 9 to 14 percent cost reduction from 2012.

Osisko’s only operating mine, Malartic, is located in the Abitibi mining district in Canada.

Shares of Osisko, which has a market value of about C$2.5 billion, closed down 0.9 percent at C$5.79 on the Toronto Stock Exchange before it reported its results on Thursday.

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