September 14, 2011 / 2:33 PM / 6 years ago

UPDATE 1-Anaconda Mining Q1 revenue up on gold prices

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Sept 14 (Reuters) - Anaconda Mining Inc’s first-quarter revenue rose nine fold, as it sold more gold for higher prices, sending its shares up 11 percent.

The company, which operates the Pine Cove gold mine in Newfoundland, posted first-quarter revenue of C$4.5 million, compared with C$496,961 last year.

In the quarter ended August 31, Anaconda sold 2,858 ounces of gold, at an average sales price of C$1,581 an ounce. This compares with 391 ounces of gold for C$1,270 per ounce last year, when the company restarted production.

Shares of the Toronto-based company were trading up 1 Canadian cent at 10 Canadian cents on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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