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NEWMONT'S PERUVIAN PROJECT INITIATES GOLD PRODUCTION; FIRST MAJOR NEW GOLD MINING INVESTMENT IN REVITALIZED PERU

 DENVER, Nov. 2 /PRNewswire/ -- A Peruvian deposit at which gold was discovered by a Newmont Mining Corp. (NYSE: NEM) joint venture in the mid 1980s has initiated production at the rate of approximately 220,000 ounces per year. Total production for 1993 is expected to be approximately 60,000 ounces.
 "Our Peruvian mine is the first in an expected series of new off- shore gold projects that Newmont Mining will bring on stream in the not- too-distant future," said T. Peter Philip, president and chief operating officer of Newmont.
 Minera Yanacocha, located in northwestern Peru, is 38-percent-owned and managed by Newmont Mining, a leading worldwide gold company. The Minera Yanacocha project has a total of 1.3 million ounces of reserves and 5.7 million ounces of gold in non-reserve mineralization. Because of the potential of its 63,000-acre land position, Minera Yanacocha has the potential to increase its annual output significantly within the next four years.
 Current production is from three open pits. The oxidized ore is processed in a dump leaching operation. Total initial capital costs to develop the deposits and establish production facilities at Minera Yanacocha were $45 million. Minera Yanacocha shortly will complete International Finance Corporation financing agreements totaling $31.5 million.
 In addition to the Minera Yanacocha project, Newmont Mining has a 65-percent interest in a nearby exploration claims covering a further 500,000 acres. Initial exploration is underway along an extension of the volcanic belt that hosts the Yanacocha deposits.
 Newmont Mining Corp. has significant gold interests worldwide. It owns 90.1 percent of Newmont Gold Co. (NYSE: NGC), the largest producer from North American operations, and advanced gold projects in Uzbekistan and Indonesia.
 -0- 11/2/93
 /CONTACT: James F. Hill of Newmont Mining, 303-837-5977/
 (NEM NGC)


CO: Newmont Mining Corp. ST: Colorado IN: MNG SU:

EH -- LA018 -- 9584 11/02/93 10:33 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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