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May 8 (Reuters) - Avocet Mining Plc reported a 24percent decline in gold output for the first quarter afterlosing nine days of production to the refurbishment of a mill atits flagship Inata mine in Burkina Faso.
The company's shares fell more than 8 percent in earlytrading on Thursday.
Avocet, which mines gold in Burkina Faso and Guinea, said itexpected full-year gold production of between 105,000 and115,000 ounces at a cash cost of between $1,000 and $1,100 perounce.
In 2013, Avocet produced 118,443 ounces of gold at a cashcost of $1,203 per ounce.
Avocet's shares lost more than 85 percent of their valuelast year as a tumbling gold price accentuated a hefty reservedowngrade at the Inata mine.
The company said its total gold production fell to 23,148ounces for the quarter ended March 31 from 30,481 ounces a yearearlier.
Cash costs in the first quarter rose marginally to $1,178per ounce from $1,169 per ounce a year earlier.
Avocet also missed a $15.8 million loan repayment to itslargest shareholder, Elliott Management Corp, earlier this year.
The stock was trading down 8.4 percent at 8.25 pence on theLondon Stock Exchange at 0753 GMT. (Reporting by Karen Rebelo in Bangalore; Editing by Sunil Nairand Robin Paxton)