June 6, 2011 / 1:11 PM / in 7 years

UPDATE 2-Claude Resources Q1 gold output disappoints; shares down

* Q1 gold output at 9,461 ounces disappoints investors

* Sees 2011 gold output at Seabee ops at 54,000-58,000 ounces

* Shares down 4 pct (Adds analysts comments, updates share movement)

By Mayuresh Tungare

BANGALORE, June 6 (Reuters) - Canadian mineral explorer Claude Resources Inc posted a 6 percent rise in first-quarter gold production, but the higher output failed to impress investors, sending the company’s shares down 4 percent.

Calgary, Alberta-based Claude said it produced 9,461 ounces of gold in the first quarter, up from 8,890 ounces a year ago.

“The production was a little bit lower than we might have thought. We were expecting it to come in at about 11,000 ounces or so and they produced about 9,500,” Dundee Securities Corp analyst Paul Burchell told Reuters by phone.

Brian Christie, analyst at Desjardins Capital Markets, wrote in a note that the company produced below his estimate of 13,800 ounces.

January-March net profit was C$ 1.8 million, or 1 cent per share, compared with a loss of C$ 1.6 million, or 1 cent per share, a year ago.

The company said it conducted two exploration programs at its Seabee mine in northern Saskatchewan and Amisk gold project near Flin Flon, Manitoba and would continue the Phase-II drill program at its Madsen property in Red Lake gold camp in Ontario in 2011.

For 2011, the company forecast Seabee gold output at 54,000-58,000 ounces.

Shares of the company were trading down 4 percent at C$1.92 on Monday morning on the Toronto Stock Exchange. (Reporting by Mayuresh Tungare in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila)

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