(REUTERS) -- Precious metals miner Claude Resources Inc said it produced about 15 percent lesser gold in the fourth quarter, hurt by lesser production from its Santoy 8 mine in Saskatchewan.

The company produced about 11,270 ounces of gold in the fourth quarter and a total of 44,760 ounces of gold during the year, it said in a statement.

We were able to get the Santoy 8 Mine to commercial production but lower grade ore and unexpected circumstances affected the ability to produce, CEO Neil McMillan said in a statement.

The company expects to produce 50,500 ounces of gold from its Seabee mine in northern Saskatchewan in 2012, with the majority of these ounces expected to come in the second and fourth quarter.

Shares of the Saskatoon, Saskatchewan-based company were trading at C$1.36 down about 3 percent in early morning trade on Friday on the Toronto Stock Exchange.

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