August 10, 2009 / 8:42 PM / 9 years ago

UPDATE 1-Jaguar Mining returns to profit, tops estimates

* Gold sales rise 51 pct (In U.S. dollars unless noted)

TORONTO, Aug 10 (Reuters) - Jaguar Mining Inc (JAG.TO) said on Monday it swung to a second-quarter profit, helped by a sharp jump in gold sales and foreign exchange-related gains.

The Concord, New Hampshire-based miner, which is listed in Toronto and operates in Brazil, earned $9.7 million, or 12 cents a share, in the quarter, compared with a year-before net loss of $0.4 million, or 1 cent a share.

Analysts polled by Reuters had expected, on average, a profit of 8 cents a share, before exceptional items.

Sales in the quarter rose 51 percent to 35,561 ounces at an average price of $922 an ounce, up from 23,537 ounces at $900 an ounce the year before.

Production, meanwhile, climbed to 40,758 ounces at a cost of $466 an ounce from a year-before 20,782 ounces at $455 per ounce.

The company said it held cash and equivalents of about $82.3 million at June 30, while it spent $20.1 million on growth projects during the quarter.

Jaguar plans to boost its output to between 620,000 and 700,00 ounces by 2014.

The company’s shares, which are up 46 percent so far this year closed at C$8.78 on Monday. The results were released after markets closed.

    $1=$1.09 Canadian Reporting by Cameron French; editing by Peter Galloway

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