November 4, 2011 / 12:43 PM / in 7 years

UPDATE 1-New Gold profit lifted by bullion price

TORONTO, Nov 4 (Reuters) - New Gold (NGD.TO) said on Friday its third-quarter operating profit was boosted by the surge in the price of gold.

Excluding one-time items, earnings rose to $49.5 million, or 11 cents a share, from a profit of $29.3 million, or 7 cents, a year earlier.

Net earnings from continuing operations, which include the fair value change in the Vancouver-based company’s share purchase warrants and convertible debentures, dropped to $40.7 million or 9 cents a share, from $44.8 million or 11 cents, a year earlier.

The company reiterated its full-year production forecast of 380,000 to 400,000 ounces, but said average mining costs for the year might be slightly above the forecast range of $390 to $410 per ounce, due to the recent pullback in the price of copper. (Reporting by Euan Rocha)

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