Canadian mining company Alamos Gold Inc said its fourth-quarter gold production rose about 22 percent, as the company benefited from increased recoveries and a lower waste-to-ore ratio.

Alamos said, for 2010 it expects to spend about $64.6 million at its Mulatos mine in Mexico, while production is expected to range between 160,000 ounces to 175,000 ounces at about $338 per ounce.

The company produced 48,000 ounces of gold at a total cash cost of $335 per ounce in the quarter, including a 5 percent royalty, compared with 39,347 ounces at a total cash cost of $336 per ounce a year earlier.

Gold production of 178,500 ounces at the Mulatos mine for 2009 exceeded full-year production expectations of 160,000 ounces to 170,000 ounces, Alamos said in a statement.

In 2009, the recovery ratio improved to 71 percent, compared with the budgeted level of 60 percent, while waste-to-ore-ratio improved to 1.03 compared with 1.30, the company said.

Shares of the company closed at C$13.08 Wednesday on the Toronto Stock Exchange.