1 Min Read
Aug 15 (Reuters) - Canadian gold miner Argonaut Gold Inc's quarterly profit more than doubled on increased production and higher gold prices.
The net profit rose to $11.3 million, or 11 cents per share, from $5.2 million, or 6 cents per share, a year earlier.
Revenue rose 74 percent to $37.5 million.
The Mexico-focused company's production rose 38 percent to 24,123 ounces of gold.
Gold price rose 7 percent to average $1,611 per ounce during the second quarter.
The company continues to expect 2012 gold production between 75,000 ounces and 80,000 ounces at a cash cost between $625 and $650 per ounce.
Shares of the Toronto-based company, which has a market value of C$748.8 million, closed at C$8.09 on Tuesday on the Toronto Stock Exchange. (Reporting by Krithika Krishnamurthy in Bangalore; Editing by Don Sebastian)