May 11, 2010 / 9:04 PM / 7 years ago

UPDATE 1-Jaguar Mining posts Q1 loss on higher production costs

* Q1 loss/shr $0.05 vs EPS $0.07 year ago

* Gold sales up 22 pct

* Production costs up 47 pct

* Sees FY10 production at 200,000-210,000 ounces

May 11 (Reuters) - Gold producer Jaguar Mining Inc (JAG.TO) posted a first-quarter loss, hurt by higher costs, lower grades at its Turmalina operation and the strengthening of the Brazilian real.

For 2010, the Concord, New Hampshire-based miner sees gold production between 200,000 to 210,000 ounces.

For the first quarter, Jaguar posted a net loss of $4.6 million, or 5 cents a share, compared with a net gain of $4.8 million, or 7 cents a share, a year ago.

Adjusted loss per share was 1 cent a share.

Analysts were expecting the company to earn 3 cents a share, according to Thomson Reuters I/B/E/S.

Gold sales rose 22 percent to $40.7 million, while production fell 5 percent to 31,223 ounces, for the first quarter.

Production costs rose 47 percent to $25.1 million.

Shares of the company closed at C$11.50 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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