-New Gold says Q3 gold sales rise 16 pct

Time To Buy with A 150,000 share cross at 4.47

-New Gold says Q3 gold sales rise 16 pct 08:41 EDT Monday, October 19, 2009 * Q3 gold sales rise to 77,645 ounces from 67,156 ounces * Total cash cost falls 17 pct to $470/ounce * Keeps 2009 gold production forecast unchanged Oct 19 (Reuters) - Canadian gold producer New Gold Inc said third-quarter gold sales rose 16 percent, helped by higher production at both Cerro San Pedro and Peak mines. Gold sales rose to 77,645 ounces in the third quarter from 67,156 ounces in the same period in 2008. Total cash cost in the quarter fell 17 percent to $470 per ounce sold from $565 per ounce sold in the same period a year ago, New Gold said in a statement. The company said gold production at Mesquite mine was below expectations primarily due to lower-than-expected grade in the Rainbow 3 pit in the first two months of the quarter. The company kept unchanged its 2009 gold production forecast of 270,000 to 300,000 ounces and total cash cost of $470 to $490 per ounce of gold sold. New Gold shares, which have gained more than 47 percent in the past three months, closed at C$4.54 Friday on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Ratul Ray Chaudhuri)