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MINVEN GOLD ANNOUNCES THIRD QUARTER RESULTS

         MINVEN GOLD ANNOUNCES THIRD QUARTER RESULTS
            (expressed in United States Dollars)
    DENVER, Nov. 15 /PRNewswire/ -- MinVen Gold Corp. (AMEX, Toronto: MVG) today announces its results of operations for the three and nine months ended Sept. 30, 1991.
    As a result of the impact of currently depressed gold prices on MinVen's development strategy, management determined that it would be appropriate to adjust the carrying values in certain assets. Accordingly, the company reduced carrying values by $23.1 million in its Gilt Edge Mine and $1.7 million in its Cactus Mine during the third quarter for a total of $24.8 million or $0.67 per share.  MinVen therefore recorded a third quarter consolidated loss of $28.4 million or $0.77 per share after the reduction compared to consolidated income of $105,403 or $0.00 per share in the corresponding 1990 quarter. Consolidated revenues for the third quarter were $10.6 million on sales of 29,063 ounces of gold and 32,860 ounces of silver compared to $12.1 million on sales of 30,980 ounces of gold and 52,423 ounces of silver in the comparable 1990 quarter.
    MinVen recorded a nine-month consolidated loss of $31.9 million or $0.96 per share compared with a consolidated loss of $3.6 million or $0.12 per share in the corresponding period of 1990.  Consolidated revenues were $20.8 million on sales of 55,844 ounces of gold and 96,196 ounces of silver compared to consolidated revenues of $27.8 million on sales of 69,543 ounces of gold and 254,903 ounces of silver during the corresponding period of 1990.
    The comparative quarter and year-to-date operating results, excluding the adjustment to the carrying values of certain assets, have been affected principally by lower gold prices, the closure of the Blackdome Mine in 1990 and a third-quarter hiatus in production at Gilt Edge caused by unusually heavy rainfall which in turn damaged the solution containment system.  Permanent repairs to the damaged area have been completed and the mine was back in full production on Sept. 27, 1991.
    MinVen Gold is a publicly held, Denver-based mining company with interests in four operating mines in the United States.  Its shares are traded on the American, Toronto and Vancouver stock exchanges under the symbol MVG.
    For further information, please contact Alan R. Bell, President of MinVen, at 303-980-5615.
    -0-                       11/15/91
    /CONTACT:  Alan R. Bell of MinVen Gold, 303-980-5615/
    (MVG) CO:  MinVen Gold Corp. ST:  Colorado IN:  MNG SU:  ERN SG -- DV006 -- 1750 11/15/91 17:09 EST
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Publication:PR Newswire
Date:Nov 15, 1991
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