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Alamos Gold ups Q3 production at Mulatos mine, shares rise 5%

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Alamos Gold (TSE:AGI) Thursday posted a 9% rise in third quarter production at its flagship Mulatos mine in Mexico, and said it was on track to meet its annual output view.

Shares were up 5.5% at $16.49 at 11.49am EDT in Toronto.

Third-quarter production was 33,000 ounces of gold, up from 30,200 ounces a year earlier at a cash operating cost per ounce that is expected to be within the company's guidance of $365 to $390 per ounce. Quarterly revenue rose 38% to $47.2 million from a year ago.

On a year-to-date basis, the Mulatos Mine has produced 106,500 ounces of gold and is on track to achieve its annual production guidance of between 145,000 and 160,000 ounces, the Toronto, Ontario-based miner said.

Alamos and other miners in Mexico, such as Silvermex Resources (TSE:SLX), were hit in the second quarter by a cyanide shortage, due to flooding at a key supplier's production facility.

In a statement, Alamos said: "The company's primary cyanide supplier resumed normal shipments in August, resulting in a substantial improvement in month-over-month production."

Quick facts: ALAMOS GOLD INC CLS A

Price: 10.75 CAD

TSX:AGI
Market: TSX
Market Cap: $4.22 billion
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