Higher production costs at the Sterling gold mine in Nevada pushed Cathedral Gold (TSE) into the red with a loss of $51,000 on revenue of $726,000 for the second quarter ended June 30.
The results compare to net income of $63,000 on revenue of $854,000 for the second quarter of 1990.
Cash production cost at the mine during the second quarter was US$246 per oz. compared with US$164 per oz. in 1990. Cathedral has a 52% interest in the mine. The company’s loss for the first six months of 1991 totalled $18,000 on revenue of $1.66 million, compared to a net income of $6,000 for the same period in 1990.
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