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AMAX GOLD COMPLETES TRANSACTION ON WAIHI MINE

 GOLDEN, Colo., June 4 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; Toronto: AXG) announced the completion of a transaction with a subsidiary of Poseidon Gold Ltd., a publicly traded Australian company, whereby Amax Gold will realize all of its anticipated future economic benefit of its minority interest in the Waihi Mine on the North Island of New Zealand. Under this transaction, Amax Gold received New Zealand $15 million (U.S. $8.1 million) and, further, will receive 15,500 ounces of gold in equal semi-annual installments over a five year period plus additional cash upon completion of certain audit adjustments. Amax Gold expects to realize a net book gain from this transaction. In 1992, the Waihi Mine produced 76,126 ounces of gold, with Amax Gold's 33.53 percent share of production being 25,525 ounces.
 Commenting on the deal, Timothy J. Haddon, president and chief executive officer, said, "We are pleased to complete this transaction as it accomplishes our goal of rationalizing Amax Gold's minority, non-operating interest in this project. It allows us to focus on our longer term strategy of bringing our advanced-stage projects into production."
 Amax Gold produces and explores for gold in North and South America and is listed on the New York andT?oronto stock exchanges. Amax Gold warrants trade on the American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange under the symbol AXGWT.
 -0- 6/4/93
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU)


CO: Amax Gold Inc. ST: Colorado IN: MNG SU:

MC -- DV001 -- 5358 06/04/93 10:03 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
Words:263
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