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Article: Meridian Gold Reports Fourth Quarter And Full Year 1998 Results --All dollar Amounts in U.S. Currency--.
- Article from:
- Business Wire
- Article date:
- February 18, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RENO, Nev.--(BUSINESS WIRE)--Feb. 18, 1999--Meridian Gold Inc. (TSE:MNG.) (NYSE:MDG) today reported fourth quarter gold production of 57,229 ounces at a cash cost of $210 per ounce. For the full year, the Company produced 214,640 ounces of gold at an average cash cost of $204 per ounce, outperforming budget expectations as both Jerritt Canyon and Beartrack improved their efficiency.
The Company recognized a fourth quarter loss of $20.7 million, or $0.28 per share, including a non-cash charge of $19.8 million taken as an impairment of the Beartrack mine based on the continuing depressed gold market. This compares to last year's fourth quarter loss of $8.5 million, ...