(REUTERS) -- Canada's B2Gold Corp reported a rise in fourth-quarter gold production and the gold miner forecast a higher production for 2012.

The company, which operates two mines in Nicaragua, said it expects to produce about 150,000-160,000 ounces of gold in 2012 from these two mines, and expects about $140 million in cash from operations from them.

The Vancouver, British-Columbia-based company said gold production for the fourth quarter rose to 38,808 ounces, compared with 37,000 ounces a year ago.

B2Gold's full-year 2011 gold production rose by about 32 percent to 144,604 ounces, compared with about 109,000 ounces last year.

Shares of the company closed at C$3.28 on Friday on the Toronto Stock Exchange.