July 8, 2010 / 11:12 AM / in 8 years

UPDATE 1-Kirkland Lake Gold posts Q4 loss; sees strong FY11

* Q4 loss C$0.03/shr vs EPS C$0.02 yr ago

* Q4 gold production falls 7 pct

* Says to meet target rate of 600-700 tons/day over FY11

* Sees producing 90,000 to 100,000 ounces in FY11

July 8 (Reuters) - Canadian gold miner Kirkland Lake Gold Inc KGI.TO posted a quarterly loss, hurt by certain project work related issues, which impacted production.

For the fourth quarter ended April 30, the company posted a net loss of C$1.7 million, or 3 Canadian cents a share, compared with a net profit of C$2.3 million, or 2 Canadian cents a share, a year earlier.

Analysts on average were expecting the company to earn 1 Canadian cent a share, before special items, according to Thomson Reuters I/B/E/S.

Quarterly gold production fell 7 percent to 14,995 ounces.

The company, however, said its 2010 gold production rose 11 percent to 48,447 ounces and it expects to produce 90,000 to 100,000 ounces this fiscal year.

The Ontario-based company, which posted an 18 percent rise in fiscal 2010 revenue of C$51.2 million, said it remains on track to meet its targeted average tonnage rate of 600 to 700 tons per day of ore over fiscal 2011.

The company said it aims to increase production to 1,200 to 1,400 tons per day by November 2011, when it expects to complete the second phase of its expansion program.

Shares of the company closed at C$8.59 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)

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