UPDATE 1-Inmet posts lower profit, cuts production outlook

* Q3 EPS C$1.10 vs C$1.55 yr ago

* Q3 revenue down 3 pct to C$241.1 mln

* Lowers copper, zinc and gold production forecast

TORONTO, Oct 27 (Reuters) - Inmet Mining (IMN.TO) said on Tuesday that third-quarter profit fell 18 percent on lower sales volumes, and the company cut its full-year production outlook.

Toronto-based Inmet said it had earned C$61.6 million ($58.1 million), or C$1.10 a share, down from C$75.1 million, or C$1.55 a share, a year earlier.

Quarterly sales fell 3 percent to C$241.1 million.

Inmet, which raised C$348 million in an equity sale in June, mines base and precious metals at four operations in Spain, Turkey, Finland, Canada. It also owns an 18 percent stake in the OK Tedi copper and gold mine in Papua New Guinea.

Its main development property is the Cobre Panama -- formerly called Petaquilla -- copper deposit in Panama, for which it is currently seeking a funding partner.

The company now expects to produce 87,000 tonnes of copper, 76,000 tonnes of zinc and 224,000 ounces of gold in 2009.

In July, it had forecast production of 100,000 tonnes of copper, 78,000 tonnes of zinc, and 230,000 ounces of gold. ($1= $1.06 Canadian) (Reporting by Euan Rocha; Editing by Lisa Von Ahn)