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GUANACO MINE CONSTRUCTION COMPLETE;

 GOLDEN, Colo., April 1 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; Toronto: AXG) is pleased to announce that the newly constructed Merrill Crowe processing plant at its 90 percent-owned Guanaco Mine in northern Chile was completed in March 1993. Spraying of the heap leach pads began in February. Commercial production is expected in April with production increasing to an annualized rate of 60,000 to 80,000 ounces.
 Lower than anticipated results from the Hayden Hill Mine which were caused by continuing mill ore dilution and severe weather conditions, coupled with lower mill head grades at the Sleeper Mine, are expected to result in an Amax Gold first quarter loss of between 8 to 10 cents per share. A full evaluation of the Hayden Hill Mine is underway and is expected to be completed early in the third quarter of this year. This study is focusing on the grade dilution currently being experienced and how to maximize the long term production and cost profile of the project. In the interim, work continues on minimizing grade dilution to the mill and increasing heap leach gold production.
 Amax Gold produces and explores for gold in North and South America and New Zealand and is listed on the New York and Toronto 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- 4/1/93
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU)


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

MC -- DV004 -- 1958 04/01/93 10:45 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:263
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