January 25, 2011 / 4:43 PM / 7 years ago

UPDATE 1-Alexis Minerals Q4 production falls 66 pct

* Q4 gold production falls to about 3,044 oz

* Hurt by lower grades at Lac Herbin mine

* COO resigns

Jan 25 (Reuters) - Alexis Minerals Corp AMC.TO reported a 66 percent drop in fourth-quarter production, hurt in part by lower grades at its Lac Herbin mine in Val-d’Or, Quebec.

For the fourth quarter, the Toronto-based company produced about 3,044 ounces of gold, down from 8,960 ounces of gold it produced in the fourth quarter of last year.

The company encountered initial ground problems in the first quarter of the year, which reduced production at its principal ore zone. It had then applied more development to other zones to replace lost working areas and reduced tonnage from the primary ore zone.

Alexis expected better results over the year, but it encountered lower grades than expected in new zones.

The company also said Chief Operating Officer Keith Boyle resigned, effective February, to pursue other opportunities.

The company’s shares were down 9 percent at 15 Canadian cents during mid-day trade on Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Sriraj Kalluvila)

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