January 27, 2011 / 2:03 PM / in 7 years

UPDATE 1-First Uranium cuts FY 2011 gold forecast slightly

* Cuts FY production outlook for Ezulwini by 14 pct

* Boosts FY production outlook for Mine Waste Solutions

* Reports higher Q3 gold sales

* Says uranium plant repairs to be completed in Q4 (In U.S. dollars unless noted)

TORONTO, Jan 27 (Reuters) - First Uranium FIU.TO cut its fiscal 2011 gold production forecast for its Ezulwini mine by 14 percent due to upgrades at the project South Africa.

The Toronto-based miner said it will produce 69,000 to 70,000 ounces of gold at Ezulwini in fiscal 2011, which ends in March, down from a previous forecast of 80,000 ounces.

First Uranium also said it was on target to produce 72,000 ounce of gold, and could produce up to 80,000 ounces, at its Mine Waste Solutions tailing project in the year.

The uranium and gold miner said fiscal third-quarter revenue rose to $51.3 million on higher gold sales from both projects.

Gold sales from Mine Waste Solutions were up 12 percent, while gold sales from Ezulwini rose 29 percent. A total of 40,517 ounces of gold were sold in the quarter, ended Dec. 31, compared with 29,414 ounces a year earlier.

The company did not produce any uranium at Ezulwini in the third quarter due to repairs underway at the uranium plant. It said the repairs will be completed in the current quarter, with planned fiscal 2012 uranium production of up to 140,000 pounds.

First Uranium said its planned production expansion at Mine Waste Solutions is on schedule, with plant and tailings expansions on track for completion in May.

Shares of the company closed at C$1.22 on Wednesday on the Toronto Stock Exchange. ($1=$1.00 Canadian) (Reporting by Julie Gordon; editing by John Wallace)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below