Cathedral reports quarterly loss (December 23, 1991)

A loss of $114,000 on revenues of $423,000 was reported by Cathedral Gold (TSE) for its 1991 third quarter ended Sept. 30, compared with a loss of $202,000 on revenues of $581,000 for the comparable period a year earlier.

The company reported that 2,786 oz. gold was recovered from its 52% owned Sterling mine in Nevada, of which 1,017 oz. was sold by the company at an average selling price of US$362 per oz. This compares with 1,310 oz. sold at US$381 per oz. during the third quarter of 1990.

For the first nine months of this year, Cathedral sold 4,855 oz. gold at an average price of US$371 per oz., compared with 4,444 oz. at US$375 per oz. in 1990. The Vancouver-based junior reported a loss of $133,000 for the 9-month period, compared with a loss of $196,000 in the first nine months of 1990. The company is continuing to generate a modest operating income from its interest in the Sterling mine; the 1991 and 1990 losses take into account administration and interest costs.