November 10, 2011 / 2:13 PM / 7 years ago

UPDATE 1-Claude Resources profit falls, cuts Saskatchewan mine output view

Nov 10 (Reuters) - Precious metals miner Claude Resources’ third-quarter net profit more than halved, hurt mainly by settlement of certain derivative instruments.

The company also cut its 2011 production forecast for its Seabee mine in northern Saskatchewan to 48,000-50,000 ounces of gold, from its prior view of 54,000-58,000 ounces.

Unit costs for the year are expected to be 10-15 percent higher, the company said in a statement.

For the July-September quarter, net profit fell to C$2.6 million, or 2 Canadian cents a share, from C$5.6 million, or 4 Canadian cents a share, a year ago.

Claude, which last month increased its offer for St. Eugene Mining Corp shares it does not already own, earned 3 Canadian cents a share on an adjusted basis.

Shares of Claude closed at C$1.97 on Wednesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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