Pegasus Gold posts nine-month profit

Higher gold prices and increased production are the main reasons behind the positive financial statements posted by Pegasus Gold Corp. in the latest 9-month period.

The company realized a net profit of $1.9 million or 15 cents per share on gold sales of $22.9 million for the 9-month period ended Sept 30. That is a substantial improvement over the loss of $966,000, or 10 cents per share in the same period last year on sales of $12 million.

Looking specifically at the third quarter, net income amounted to $1.6 million or 12 cents per share on gold sales of $12.4 million compared to net income of $95,171 or 1 cents per share on sales of $7.08 million during the year-earlier period.

Through the third quarter, the Zortman/Landusky heap leach operation in Montana produced 62,500 oz of gold at an average sales price of $367 per oz. This compares to a production of 38,900 oz in 1985 which was sold at an average price of $309 per oz.

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