UPDATE 1-Apollo Gold sees higher production in 2010
* Sees significant improvements in grade at Black Fox mine
* Mined 190,000 tons of ore at Black Fox in Q1
* Total tons mined in Q1 was about 2.1 mln
May 6 (Reuters) - Apollo Gold Corp APG.TO said it saw significant improvement in grade at its Black Fox mine in Ontario, and expects progressively higher gold production for the rest of 2010. During the first quarter, the company said it mined 190,000 tons of ore at Black Fox. Total tons mined during the quarter was about 2.1 million.
For the quarter, the company produced 14,175 ounces of gold and sold 15,796 ounces. It expects total cash costs between $625 and $635 per ounce sold for the period.
Gold production for the full year is estimated to be between 90,000 ounces and 100,000 ounces, of which 60 percent to 65 percent is expected to be produced in the second half.
Total cash costs per ounce of gold sold are expected to be between $500 and $550 for the full year.
The Black Fox mine started production in May 2009.
Shares of Apollo Gold closed at 31 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Anne Pallivathuckal)
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