October 12, 2011 / 12:52 PM / 6 years ago

UPDATE 1-Minefinders Q3 output slides sequentially

* Q3 gold production 16,278 ounces, silver 692,121 ounces

* Sees FY gold production of 65,000-70,000 ounces

Oct 12 (Reuters) - Canadian precious metals miner Minefinders Corp reported a sequential dip in quarterly production, hit by cyanide supply issues, but backed its full-year production outlook.

Minefinders said it was on track to produce 65,000-70,000 ounces of gold and 3.3-3.5 million ounces of silver this year.

Third-quarter sales was $53.8 million, up from $13.8 million from a year ago. Second quarter’s revenue was $73.1 million.

Gold production slid to 16,278 ounces from 19,571 ounces it in the second quarter. Silver production was also down to 692,121 ounces from 1 million ounces.

Production was affected as the company’s main cyanide supplier issued a force majeure in June, forcing the Vancouver-based miner to conserve its cyanide. A collapsed pipe at a leach pad also reduced output.

Minefinders said cyanide supplies have since been restored and the pipe will be repaired next month. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

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