Brigus Gold Corp. swung to a profit in the first half of the year on a huge jump in production, lifting shares of the Canadian mining company Monday in premarket trading.
Net income for the six months ended June 30, 2011 was $900,000 compared to a net loss of $20.9 million for the six months ended June 30, 2010. The company, which is based in Halifax, Nova Scotia, incurred a net loss of $3.8 million for the quarter ended June 30, 2011 compared to a net loss of $19.1 million for the same period in 2010.
Brigus produced 15,688 ounces of gold from its Black Fox Mine in the Timmins Mining district during the second quarter of 2011, an 80 percent percent increase over first quarter production of 8,772 ounces.
In premarket trading, Brigus stock jumped 6.1 percent to $1.74, above its 52-week trading range.
"We are encouraged by the continuing progress at our Black Fox Mine," said Chief Executive Wade K. Dawe. "We significantly increased gold production in the second quarter and expect further quarter over quarter increases for the rest of 2011 as operations ramp up."