NEWS ROUNDUP — Lac income falls with gold price

Lower gold prices reduced first-quarter earnings to $600,000 from $3.7 million last year, reports Lac Minerals (TSE).

Although the gold-producer slashed cash production costs to US$200 per oz. from US$219 in the first quarter of 1992, the improved performance was offset by a decline in revenue. Average revenue fell by US$48 to US$348 per oz. Gold production edged up to 288,000 oz. from 281,000 oz., largely as a result of a record quarterly output (100,000 oz.) from the Bullfrog mine in Nevada. At the El Indio mine in Chile, lower headgrades reduced gold and copper production.