May 12, 2010 / 12:19 PM / 8 years ago

UPDATE 1-Aurizon earnings fall, as gold grades drop

* Q1 revenue down 7.1 pct to C$39.8 mln

TORONTO, May 12 (Reuters) - Canadian gold miner Aurizon (ARZ.TO) said on Wednesday its first-quarter earnings fell, as it is currently mining areas of its Casa Berardi mine in Quebec that have lower than average reserve grades.

Net income in the quarter ended March 31 fell to C$2.2 million, or 1 Canadian cent a share, down from C$5.0 million, or 3 Canadian cents a share, a year earlier.

Excluding an unrealized gain on derivatives, the company reported a loss of C$141,000, or nil a share, compared with a year-ago profit of C$5.8 million, or 4 Canadian cents a share.

Quarterly revenue fell 7.1 percent to C$39.8 million.

The company said it continues to expect gold production of 145,000 to 155,000 ounces in 2010. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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