April 6, 2011 / 2:05 PM / in 7 years

UPDATE 1-Minefinders Q1 sales nearly doubles; shares rise

* Q1 sales $52.3 mln vs $26.4 mln

* Shares up 5 pct (Adds details)

April 6 (Reuters) - Canadian precious metals explorer Minefinders Corp’s first-quarter sales nearly doubled, helped by higher silver production, sending its shares up as much as 5 percent to a four-year high.

For the January-March quarter, the company reported total gold and silver revenue of $52.3 million, compared with $26.4 million last year.

During the quarter, the company sold 883,760 ounces of silver, a more than three-fold jump from last year.

However, gold sales fell 14 percent to 16,991 ounces largely due to lower production.

The company has forecast 2011 annual production of 65,000-70,000 ounces of gold and 3.3-3.5 million ounces of silver.

Shares of the Vancouver-based company were trading up 4 percent at C$14 on Wednesday on the Toronto Stock Exchange. Earlier they touched a high of C$14.10. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below