Record Pegasus production

Record gold production combined with lower cash costs helped Pegasus Gold (TSE) report a record cash flow for the year ended Dec. 31, 1992. The company produced 382,100 oz. gold during the year from its five wholly owned mines, up from 315,300 oz. in 1991.

Cash operating costs totalled US$214 in 1992 compared with US$226 in 1991, boosting net cash from operations to US$46.1 million, up from US$32.6 million. An after-tax writeoff of US$19.2 million in the third quarter pushed Pegasus into the red with a loss of US$6.3 million, or about 22 cents per share on revenues of US$182.2 million. This compares with a net profit of US$9.6 million in 1991 on about US$156.2 million in revenue.