West African gold exploration and mining company Avocet revealed that gold production from the Inata Gold mine was ahead of year guidance at 166,744 ounces, compared to expectations of 160-165,000.
During the fourth quarter, the mine produced 46,102 ounces, compared to 33,256 ounces in the previous three months.
However the cost of mining the gold also rose as a result of a higher waste to gold ratio per ounce and higher maintenance costs.
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In 2012, the mine is expected to produce around 160,000 ounces of gold. Based on the current gold price of $1,654 per ounce, cash costs are expected to be between $800 and $850 per ounce for 2012, the firm said.
The share price rose 3.78% to 219.75p by 13:25.
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