May 4, 2011 / 10:30 PM / in 7 years

UPDATE 1-Minefinders Q1 profit falls

* Q1 EPS $0.03 vs $0.17 last year

* Q1 rev nearly doubles to $52.3 million

* Q1 silver production quadruples to 956,760 ounces

* Q1 gold production down about 5 pct to 17,812 ounces (Follows alerts)

May 4 (Reuters) - Canadian precious-metals explorer Minefinders Corp reported a dip in first-quarter profit and backed its full-year silver and gold production forecast.

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

January-March net income was $2.3 million, or 3 cents a share, compared with $10.9 million, or 17 cents a share, a year ago. Revenue nearly doubled to $52.3 million.

Gold production fell to 17,812 ounces from 18,778 ounces a year ago. Gold volumes sold declined about 14 percent to 16,991 ounces.

Minefinders produced 956,760 ounces of silver in the quarter, up from 245,086 ounces a year ago.

Vancouver-based Minefinders’ shares closed at C$14.78 on Wednesday on the Toronto Stock Exchange. They have lost nearly 11 percent in value since touching a high of C$16.51 last month. (Reporting by Amruta Sabnis in Bangalore; Editing by Joyjeet Das)

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