Investors flocked to two Canadian gold mining companies on Thursday, Kinross Gold and Agnico-Eagle Mines, ignoring mixed earnings reports and driving stock prices up dramatically after an announced increase in dividends.

Kinross Gold (KGC), Canada's third-largest producer of gold, rose 7.6 percent to close at $11.09, after announcing a 33 percent increase to eight cents in its semi-annual dividend payout, while also outlining a timetable for its Tasiast mine in Mauritania.

Fourth-quarter revenue still managed to rise 3 percent over year-on results, to $949.3 million. Full-year revenue reached a new record, to $3.9 billion, up 31 percent from a year ago.

The Toronto-based miner fell short of expectations, taking a $2.78 billion fourth-quarter loss on a one-time charge for the Tasiast mine, while weak sales and increased costs largely negated rising price of bullion.

We have defined Tasiast as our number one top development priority and prioritized it ahead of other capital spending, Kinross Chief Executive Tye Burt said in an interview. Tasiast is a world class asset with 20 million ounces of gold and it is our top priority.

Agnico-Eagle Mines (AEM)'s shares rose nearly seven percent to $36.59, after it increased its dividend 25 percent to 20 cents after reporting similarly lukewarm figures, with a net loss of $601.4 million in the fourth quarter. The Toronto-based company faced a series of writedowns for various mines, currency translation losses and stock option expenses. The company ended 2011 with a net loss of $568.9 million.

While 2011 was a very difficult year for our company, we look forward to 2012 as we expect most of our mines to produce more gold.  We also anticipate further growth in gold output in 2013 and 2014 from our existing mines while we advance our development projects at La India and Meliadine, said Sean Boyd, Agnico-Eagle's President and Chief Executive Officer.