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Gold/Mining/Energy : Pegasus Gold (PGU) hits 52 week low
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To: Michael Bidder who wrote (94)1/15/1998 1:25:00 PM
From: Dale Schwartzenhauer  Read Replies (1) of 199
 
It was a good one in its day, but I think things went awry when they went to Australia and started expanding with debt. I often contrast it with GLG who has built largely with equity. PGU was a better performer in the good days, but it's GLG who has $1/sh cash, 3 million ozs of under $200/oz cash cost reserves and production rising to 200,000 ozs in the next year. So, the gradual approach often pays off in the long run. Sorry to go off topic with GLG, but the PGU board will become a discussion much like Bre-X except for the obvious fraud in that case. I don't even think a return to $400 gold would save the day at this point (it might just prolong the inevitable).

Dale
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