11:51 AM EST - Western Goldfields Inc. : reported fourth-quarter net income of $7.78 million U.S. or $0.05 per share U.S., compared to a net loss of $7.29 million U.S. or US$0.06 per share U.S. in the year-ago quarter. The latest quarter result included a non-cash after-tax gain of $9.2 million U.S., or 0.07 U.S. per share, arising from the mark-to-market on our gold forward sales contracts. Revenues from gold sales for the quarter rose to $24.47 million U.S., from $606,000 U.S. in the year-ago quarter. In 2009, the Company expects to produce and sell 140,000 to 150,000 ounces of gold at a cost of $68.0 to $72.0 million U.S. Western Goldfields Inc.
shares T.WGI are trading down $0.05 at $2.14.
