February 22, 2011 / 2:25 PM / 7 years ago

UPDATE 1-Richmont Mines posts Q4 profit on higher gold sales

* Q4 shr C$0.15 vs C$0.00 yr ago

* Q4 rev up 53 pct to C$26.2 mln

* Sees 2011 gold production of 80,000-85,000 ounces

Feb 22 (Reuters) - Richmont Mines Inc posted a fourth-quarter profit, buoyed by a 43 percent increase in ounces of gold sold and average prices, and said it sees higher production in 2011.

The miner said it expects to produce 80,000-85,000 ounces of gold in 2011, up from the 66,849 ounces it produced in 2010.

For the quarter ended Dec. 31, net income was C$4.6 million ($4.66 million), or 15 Canadian cents per share, compared with C$100,000, or breakeven per share, a year ago.

Revenue rose 53 percent to C$26.2 million.

Richmont said it sold 18,591 ounces of gold at an average price of $1,359 in the quarter, up from the 13,029 ounces sold at an average selling price of $1,035 a year ago.

Shares of the Montreal, Quebec-based mining company closed at C$5.07 on Friday on the Toronto Stock Exhchange.

($1=.9863 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Joyjeet Das)

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