* Q1 adj EPS $0.03 meets estimates
* Q1 revenue $125.3 mln vs $123.8 mln yr ago
* Sees 2010 gold production of 310,000 ounces
* Shares up as much as 6 pct
(Recasts, adds details and share movement)
May 11 Canadian gold miner Northgate Minerals
Corp NGX.TO posted an adjusted quarterly profit that was in
line with market estimates, helped by higher realized gold and
Shares of the company rose 6 percent to C$3.39 in morning
The company said it expects 2010 gold production of 310,000
ounces at a cash cost of $553 per ounce.
For the first quarter, the company posted a net income of
$4.9 million, or 2 cents a share, compared with $21.4 million,
or 8 cents a share, a year earlier.
The company, which has operations in Canada and Australia,
posted an adjusted quarterly earnings of 3 cents a share.
Revenue for the quarter rose to $125.3 million from $123.8
million, a year ago.
Analysts on average were expecting earnings of 3 cents a
share, before special items, on revenue of $119 million,
according to Thomson Reuters I/B/E/S.
Total gold production during the quarter fell 32 percent to
73,362 ounces, while copper production was also down 37 percent
at 9.5 million pounds.
The company also expects to begin construction of surface
facilities at its Young-Davidson site at Matachewan, Ontario,
in the forthcoming summer.
"At Young-Davidson, we will wrap up a near-surface diamond
drill program, where results to date have indicated the
potential to add to current open pit reserves," Chief Executive
Ken Stowe said in a statement.
Shares of the Vancouver, British Columbia-based company
were up 4 percent, or 13 Canadian cents, at C$3.34 Tuesday
afternoon on the Toronto Stock Exchange.
(Reporting by Koustav Samanta in Bangalore; Editing by Ratul