January 21, 2011 / 12:17 PM / in 7 years

UPDATE 1-Dynacor Gold Q4 production doubles to 10,478 ounces

Jan 21 (Reuters) - Dynacor Gold Mines Inc (DNG.TO) said fourth-quarter gold production at its custom-milling plant in Peru doubled to 10,478 ounces and annual production surpassed its own expectations.

Dynacor, which owns the Acari, Casaden and Tumipampa exploration properties in Peru, said annual production from custom milling rose 43 percent to 33,525 ounces in 2010.

“In 2011, cash gross margin from custom milling operations is forecast to be about $9.5 million based on gold sales of 45,000 ounces and an average cash gross margin of $210 per ounce,” Chief Financial Officer Pierre Monet said in a statement.

Dynacor shares closed at C$1.51 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Unnikrishnan Nair)

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