NEW YORK (AP) â¿¿ Shares of AuRico Gold Inc. rose 4 percent Monday after the Canadian mining company announced preliminary production results from its new mine in northern Ontario.
AuRico said the Young-Davidson mine produced 9,903 ounces of gold in September, which was its first month of commercial production. Cash costs were $639 per ounce. The mine is near the town of Matachewan.
The company said production is expected to increase in the fourth quarter as the underground mine comes into production providing additional higher grade feed for the mill.
For the third quarter, the Toronto company said production at El Chanate mine was 19,388 ounces of gold at cash costs of $434 per ounce. It is in the Sonora state of Mexico.The Ocampo mine produced 21,916 gold equivalent ounces at cash costs of $754 per gold equivalent ounce. AuRico said last week that it is selling the Ocampo mine, adjacent exploration projects and half the Orion development project for $750 million to Mexican mining company Minera Frisco, S.A.B. de C.V. Shares of AuRico rose 31 cents to finish at $7.49. The price has ranged from $5.25 to $11.20 per share in the past 52 week.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV