Pegasus suspends dividend

Spokane-based Pegasus Gold (TSE) has decided not to declare a year-end dividend.

The company says that although it is financially strong, its resources are better deployed in new projects, minesite expansions, and exploration and development projects, rather than in short-term cash payouts. Pegasus has six projects under development — Mt. Todd Phase 2, Kazgold, Florida Canyon, Diamond Hill, Zortman Extension and Pullalli — and each of these will require substantial capital expenditures if production is recommended.