July 26, 2011 / 2:18 PM / in 7 years

UPDATE 1-New Dawn Mining quarterly gold sales rises; shares up

July 26 (Reuters) - New Dawn Mining Corp’s quarterly sales nearly tripled, helped by higher output and gold price, sending the Zimbabwe-focused company’s shares up as much as 24 percent.

April-June consolidated sales rose $9.8 million from $3.6 million, a year ago.

Gold production rose to 6,841 ounces from 3,243 ounces produced the previous year.

Spot gold prices averaged about $1,507.8 an ounce during April-June, up 26 percent since last year, as looming debt problems in major economies boosted the interest in precious metal as a haven from risk.

New Dawn has a target of increasing its output of 38,000-40,000 ounces by the end of 2011.

Shares of the company were trading up 17 percent at C$1.40 on Tuesday on the Toronto Stock Exchange. They touched a session high of C$1.49 earlier. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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