February 24, 2011 / 11:25 PM / 6 years ago

UPDATE 1-Minefinders Q4 profit rises on higher silver production

* Q4 EPS $0.18 vs $0.07 year ago

* Revenue $31.2 mln vs $27.8 mln last year

* Silver production up 72 pct (Adds details)

Feb 24 (Reuters) - Canadian precious-metals explorer Minefinders Corp reported higher fourth-quarter results on increased silver production, and forecast higher gold and silver production for 2011.

The company expects to produce and sell about 65,000-70,000 ounces of gold and 3.3-3.5 million ounces of silver in 2011.

October-December net income was $12.1 million, or 18 cents a share, compared with $4.3 million, or 7 cents a share, a year ago.

Sales rose nearly 13 percent to $31.3 million.

Minefinders produced 511,544 ounces of silver in the quarter, up from 296,992 ounces a year ago. However, gold production fell to 16,102 ounces from 20,960 ounces a year ago.

Spot silver prices rallied more than 80 percent to a 30-year-high last year, outperforming gold , which rose about 30 percent.

Vancouver-based Minefinders' shares closed at C$10.13 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Anne Pallivathuckal)

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