* Q3 adj EPS $0.09 in line with est
* Q3 cash flow up more than 300 pct, metal prices help
* Sees 2009 production at lower end of prior view
* Shares down 5 pct (Adds details, analysts' comments, updates stock movement)
By Amit Kumar and Koustav Samanta
BANGALORE, Nov 12 (Reuters) - Capstone Mining Corp (CS.TO) posted a quarterly adjusted profit in line with market estimates, but forecast full-year copper production at the lower end of its earlier outlook due to production delays at its mines, sending its shares down 5 percent.
The company forecast 2009 production of about 95 million pounds of copper, which is at the lower end of its prior view of 95 million to 105 million pounds.
Scotia Capital analyst Alex Terentiew said the seasonal shipping constraints at Capstone's flagship Minto Mine in Yukon might affect the cash flow of the company in the fourth quarter.
The company cut its 2009 production outlook for Minto mine to about 55 million pounds from its prior forecast of 60 million to 65 million pounds.
"Capstone is really well positioned on the production and cost front to add to the balance sheet significantly in the fourth quarter," Desjardins Securities analyst John Hughes said.
Capstone's third-quarter sales were 24.6 million pounds of copper, higher that 17.8 million pounds in the second quarter, mainly due to two concentrate shipments from its Minto Mine, the company said in a statement.
For the latest quarter ended Sept. 30, Capstone reported a net loss of $10.3 million, or 5 cents a shares, compared with net income of $16.1 million, or 20 cents a share, a year ago.
Adjusting for certain items, it earned 9 cents a share. Analysts' mean profit view, before items, was 9 cents a share, according to Thomson Reuters I/B/E/S.
Cash flow for the quarter more than quadrupled to $36.6 million, or 19 cents a shares, helped mainly by low cost of production and improving metal prices, the company said in a statement.
With a working capital of $106.7 million and very little debt, the company was likely to use money to buy projects, Haywood Securities analyst Stefan Ioannou said by phone.
Last week, the company bought 4.5 million units of Nevada Copper Corp (NCU.TO), thus raising its stake in Nevada Copper to 11 percent.
Shares of Capstone were down 15 Canadian cents at C$2.86 in afternoon trade Thursday on the Toronto Stock Exchange. (Editing by Pradeep Kurup)