Pegasus Narrows Second-Quarter Loss
Spokane-based Pegasus Gold Inc. Wednesday reported a smaller loss for the second quarter of this year than during the same period last year.
The gold mining company lost $1.2 million, compared with a net loss of $57.1 million during second quarter 1994. Last year’s loss included a one-time $52.9 million write-down of ore reserves and environmental costs.
The loss translates to 3 cents a share this year, compared with $1.65 a share second quarter 1994.
For the year, Pegasus has lost $3 million, compared with a loss of $58.8 million for the first half of 1994.
Pegasus produced 132,200 of gold in the second quarter compared with 129,300 ounces last year.
Better than expected ore grades at Idaho’s Black Pine mine offset production problems at the Mount Todd mine in Australia, which Pegasus acquired 100 percent of this month.
Pegasus stock closed Wednesday up 13 cents at $10.13.