October 18, 2011 / 1:02 PM / 7 years ago

UPDATE 1-New Dawn revenue rises on higher gold prices

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Oct 18 (Reuters) - New Dawn Mining’s quarterly gold sales nearly tripled as the Canadian company, which has operations in Zimbabwe, gained from higher gold prices and production.

During July-September, gold sales rose to $14.06 million, at an average selling price of $1,705 per ounce, compared with $5.06 million at a selling price $1,239 an ounce, a year ago.

Production for the quarter more than doubled to 8,814 ounces.

The company, which owns three large gold deposits in Zimbabwe, aims to produce 60,000 ounces of gold by the end of next year, and ramp up output to 100,000 ounces by the end of 2014, it said in a statement. (Reporting by Gowri Jayakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

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