Benguet announces first quarter results.

NEW YORK--(BUSINESS WIRE)--May 24, 1995--Benguet Corp. (NYSE:BE) today announced that consolidated net earnings for the first quarter of 1995 amounted to P29,400,000 (US$1,132,000) or P0.26 (US$0.010) per share, significantly lower than the net earnings of P103,000,000 (US$3,736,000) or P0.90 (US$0.033) in the same quarter last year.

Last year's first quarter earnings included a non-recurring gain of P124,900,000 from the sale of portfolio holdings in the AsianBank Group. Without the extraordinary income there was a net loss of P21,900,000 in the first quarter of 1994.

Operating revenue for the quarter amounted to P789,100,000 (US$30,366,000), 2% lower than the operating revenue of P801,300,000 for the same quarter of 1994.

Dennis Belmonte, president and CEO of Benguet, said, "Results for the first quarter were satisfactory, with operations posting net earnings despite reduced production outputs from lower ore grade. Unfavorable peso-to-dollar exchange rates also hurt earnings this quarter compared to last year."

Strong copper prices helped the Dizon mine's operation, which showed slight improvement in net earnings to P28,400,000 (US$1,093,000) in 1995 from P27,700,000 in 1994. Higher copper prices helped offset the adverse effect of lower ore grade and unfavorable peso-to-dollar exchange rates.

Benguet's Antamok open pit gold mine suffered a net loss for the first quarter this year of P4,100,000 (US$157,000), due primarily to the lower price of gold and peso-to-dollar exchange rate, compounded by higher operating expenses principally from amortization charges for tailings dam costs.

The Masinloc Chromite Operation continued to generate strong earnings. Net earnings amounted to P2,900,000 (US$112,000) this quarter, 38% higher than earnings of P2,100,000 for the same quarter last year. Belmonte attributed higher earnings to lower operating costs.

The Benguet and Paracale gold mines remained closed and in the market for potential investors, either in outright sale or joint venture. An option agreement for the sale of the Paracale Gold Operation was recently concluded with an interested buyer.

Benguet Corp.'s subsidiary and affiliate results of operations are as follows: Benguet Management Corp. (BMC) reported a consolidated net loss of P2,800,000 (US$108,000), 10% lower than the net loss of P3,100,000 for the same quarter last year. Petrofields Exploration and Development Corp. Inc. reported a net loss of P1,500,000 (US$58,000) this quarter, 75% lower than the net loss a year ago.

Benguet and its financial adviser are presently evaluating offers regarding the KingKing Copper-Gold Project. In the meantime, Benguet is continuing an exploration work program at the KingKing properties. Recent testing indicated the geologic potential increased from 315 million tons to 333 million tons based on geostatistical method of ore estimation.

Belmonte said, "Recent developments make us more optimistic about the near-term future. The passage of the Philippine Mining Act of 1995 augurs well for the Philippine mining industry. The weakness of the U.S. Dollar against the Japanese and German currencies has rallied the gold price, which recently surged to about $390 per ounce. Gold is once again attractive to investors. The copper price is steady at about $1.30 per pound. If these favorable conditions sustain and the peso-to-dollar exchange rate moves to above the P26:US$1 level, barring unexpected dislocations in production, the company will perform on target the rest of the year."

Benguet Corp. is the Philippines' oldest mining company. Its principal products are gold, copper concentrates and chromite. -0-

                      Benguet Corp. and Subsidiaries
                     Consolidated Results of Operations
                  In thousands (except per share data)
                             Unaudited

                                 Three months ended
                                       March 31
                                   1995        1994
PHILIPPINE PESOS

Operating Revenue               P 789,100   P 801,300
Operating Profit                  101,700     114,400
Other Income (Expenses) - Net     (72,300)   (136,300)
Net Income (Loss)
 Before Other Items                29,400     (21,900)
Other Items                            --     124,900 (a)
Net Income (Loss) (b)           P  29,400   P 103,000
Earnings (Loss) Per
 Share (c)
Net Income (Loss)
 Before Other Items             P    0.26  (P    0.20)
Other Items                            --        1.10
Net Income (Loss)               P    0.26   P    0.90

U.S. DOLLARS

Operating Revenue               $  30,366   $  29,069
Operating Profit                    3,913       4,150
Other Income (Expenses) - Net      (2,781)     (4,944)
Net Income (Loss)
 Before Other Items                 1,132        (794)
Other Items                            --       4,530 (a)
Net Income (Loss) (b)           $   1,132   $   3,736
Earnings (Loss) Per Share (c)
Net Income (Loss)
 Before Other Items             $   0.010  ($   0.007)
Other Items                            --       0.040
Net Income (Loss)                   0.010       0.033

(a) Consists of non-recurring gains from the sale of investments in
shares of stock.

(b) Deferred income tax is computed on a partial application basis,
while unrealized foreign exchange losses are deferred and amortized
to coincide with the actual repayment of outstanding foreign currency
obligations.  The effect of these methods is to increase net
income by P37,300,000 (US$1,437,000) in 1995, but to decrease net
income by P12,200,000 (US$444,000) in 1994.

(c) Earnings per share are based on the weighted average number of
common shares outstanding of 114,026,442 in 1995, and 113,995,363 in
1994.

(d) Benguet is a Philippine corporation and its books of accounts
are kept in Philippine Pesos.  U.S. dollar figures are shown purely
for convenience and were computed based on the interbank guiding
rate at March 31 of P25.987 to US$1.00 in 1995 (P27.565 to US$1.00 in
1994).

CONTACT: Georgeson & Company Inc., New York

Morgan Molthrop, 212/440-9964