TORONTO (miningweekly.com) – Vancouver-based Rusoro Mining, which produces gold in Venezuela, on Monday posted net income of $0,5-million for the first quarter of 2009.

A year earlier, the company reported a consolidated net loss of $17,3-million.

In the first three months of this year, Rusoro produced a best-ever 39 503 oz of gold, and sold 40 632 oz, at an average realised price of $742/oz.

The firm's average cash cost per ounce was $378/oz.

Rusoro ended the quarter with $65,6-million in cash, cash equivalents and short-term investments and a convertible loan of $79,3-million that is due on June 10, 2010.

Rusoro bought the Choco 10 mine from Johannesburg-based Gold Fields in 2007, and said last month that it could increase steady state production at the mine to more than 500 000 oz/y.

The company also operates the Isidora gold mine and mill, which is owned in joint-venture with the Venezuelan government. The Isidora operations were acquired last year from US firm Hecla Mining.

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