Pegasus Gold Inc. of Spokane saw higher losses during the 1997 second quarter compared with last year, the company said Friday.

The gold mining company reported a net loss of $3.2 million during the 1997 second quarter ending June 30, compared with a net loss of $1.7 million during last year’s second quarter.

Pegasus said the loss was because of its investments in the Emerging Markets Gold Fund. Gold prices hit a 12-year low in June.

However, Pegasus took an aggressive approach to sell most of its gold in advance at higher prices, which protected its costs. While gold prices averaged $343 an ounce during the second quarter, Pegasus sold its gold at $444 an ounce.

Pegasus had 897,000 ounces of its gold marked for selling at a higher price - $436 an ounce - on June 30, compared to the market price of around $324 an ounce. , DataTimes