June 15, 2011 / 9:54 PM / 7 years ago

UPDATE 1-Alexis Minerals Q1 loss widens on lower production

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June 15 (Reuters) - Canada’s Alexis Minerals Corp posted a wider quarterly loss hurt in part by lower production from its Lac Herbin mine in Val-d’Or, Quebec.

The Toronto-based gold miner’s net loss for the quarter increased to C$2.20 million from C$200,000 a year ago.

Gold sales fell to 1,826 ounces from 4,750 ounces a year earlier.

Alexis said it expects its Lac Herbin mine to produce 4,250 ounces of gold per quarter after the completion of the redevelopment program in the fourth quarter of this year.

The company encountered initial ground problems in the first quarter of the year, which reduced production at its principal ore zone at the mine.

Revenue for the quarter fell 55 percent to C$2.34 million.

Shares of the company, whose key operations are in the Abitibi district of Quebec, closed at 8.5 Canadian cents on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)

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