November 8, 2010 / 11:24 PM / 8 years ago

UPDATE 1-Minefinders Q3 loss widens; lowers 2010 outlook

* Q3 rev down 44 pct to $13.6 mln

* Sees Q4 gold production of 11,000-12,000 ounces

* Sees 2010 gold production of 51,000-52,000 ounces

Nov 8 (Reuters) - Canadian gold and silver miner Minefinders Corp MFL.TO posted a wider-than-expected third quarter loss, as production fell drastically, hurt by damage at a facility, and lowered its production outlook for 2010.

Fourth-quarter production is now expected to be 11,000-12,000 ounces of gold and 500,000-600,000 ounces of silver, while gold production for 2010 is estimated at 51,000-52,000 ounces and silver output at 1.2 million-1.3 million ounces.

In March, the company said it estimated full-year gold output of about 91,000-100,500 ounces and silver production of about 2.3-2.6 million ounces.

For the July-Sept. quarter, net loss was $4.8 million, or 7 cents per share, compared with $700,000, or 1 cent per share, a year ago, while revenue fell 44 percent to $13.6 million.

Analysts on average were expecting a loss of 2 cents per share on revenue of $26.46 million, according to Thomson Reuters I/B/E/S.

Minefinders produced 7,447 ounces of gold in the quarter, down from 19,305 ounces a year ago, while silver production was 184,887 ounces, almost half of the output in the same period last year.

Shares of the Vancouver, British Colombia-based Minefinders, which have lost nearly 13 percent year-to-date, closed at C$9.65 on Monday the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)

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