May 11, 2010 / 6:34 PM / in 7 years

UPDATE 1-Semafo Q1 profit up 55 pct, shares touch new high

* Q1 earnings $0.06/basic shr vs $0.04/basic shr yr ago

* Production up 13 pct

* Shares touch life-time high of C$7

May 11 (Reuters) - Canadian gold miner Semafo Inc SMF.TO reported a 55 percent increase in quarterly profit, helped by increased gold production and a higher average realized gold price, and maintained its 2010 production forecast.

For the first quarter, the company posted a net income of $13.8 million, or 6 cents per basic share, compared with $8.9 million, or 4 cents per basic share a year ago.

Gold production rose 13 percent to 65,8000 ounces for the three month period ended March 31, and sales rose 29 percent to $63.6 million. The company -- with gold mines in Burkina Faso and Guinea -- maintained its prior forecast, expecting to produce 235,000 to 260,000 ounces of gold in 2010.

Shares of the company, which bought a new mining fleet for its Samira Hill mine in Niger, were up 9 percent at C$6.96 Tuesday on the Toronto Stock Exchange. They touched a new life-time high of C$7.00 earlier in the trade. (Reporting by Isheeta Sanghi in Bangalore; Editing by Prem Udayabhanu) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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