January 24, 2011 / 1:54 PM / 7 years ago

UPDATE 1-Wesdome Gold Mines Q4 production up

Jan 24 (Reuters) - Wesdome Gold Mines Ltd (WDO.TO) said fourth-quarter gold production rose 2 percent to 21,500 ounces and forecast higher output in 2011. The company sees overall production of more than 70,000 ounces in 2011, helped by initial production at its Mishi mine in Ontario.

In 2010, the company, which also owns the Eagle River mine in Ontario and the Kiena mine in Quebec, produced more than 69,000 ounces, in line with its own forecast, but down from 96,152 ounces in 2009.

The Toronto-based company said gold sales for the fourth quarter came in at 19,000 ounces at an average price of C$1,399 per ounce.

Wesdome sold 24,000 ounces at an average price of C$1,167.39 per ounce in the fourth quarter a year earlier.

Wesdome shares closed at C$2.77 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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