September 14, 2010 / 10:58 AM / 7 years ago

UPDATE 1-Canada's Kirkland Lake posts higher Q1 profit

* Q1 EPS C$0.05 vs C$0.03 last year

* Higher avg gold price/oz boosts results

* Says on track to meet fiscal 2011 production

Sept 14 (Reuters) - Gold miner Kirkland Lake KGI.TO posted a higher quarterly profit, helped by a 16 percent jump in the average price per ounce of gold, and said it remained on track to meet its targeted gold production for fiscal 2011.

For the first quarter, the company earned C$3.3 million, or 5 Canadian cents per share, up from C$1.6 million or 3 Canadian cents per share last year.

Kirkland said the average price per ounce of gold for the quarter was C$1,242.

Revenue for the Ontario-based company, however, fell 13 percent to C$19.5 million in the quarter.

The company said it produced 16,621 ounces of gold in the quarter, and added that it was on target to meet its yearly production estimate of 90,000-100,000 ounces of gold.

The company’s shares, which have gained 28 percent in value since their February low when it closed a C$32 million bought deal private placement financing, closed at C$7.97 Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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