May 18, 2010 / 2:09 PM / in 8 years

UPDATE 1-Goldgroup Mining's Q1 net up on higher gold production

* Q1 EPS $0.01 vs $0.01

* Q1 metal sales up 59 pct to $7.2 mln

* Q1 production up 39 pct to 6382 oz of gold

* Expects to produce 25,000 oz - 30,000 oz of gold in 2010

May 18 (Reuters) - Junior gold producer Goldgroup Mining Inc GGA.TO posted a 16 percent rise in quarterly profit on higher gold production and reiterated its full-year production outlook.

For the first quarter, the company posted net income of $708,821, or 1 cent a share, compared with $611,837, or 1 cent a share, a year ago.

Metal sales revenue increased 59 percent to $7.2 million.

Gold production for the quarter increased 39 percent to 6,382 ounces of gold.

For the full year, the company expects to produce 25,000 ounces of gold to 30,000 ounces of gold.

“With the additional production upgrades being implemented at the Cerro Colorado mine (in Mexico), the Company expects to continue delivering strong operating results,” Chief Executive Keith Piggott said in a statement.

Shares of the company closed at 90 Canadian cents Monday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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