Printer Friendly

NEWMONT GOLD REPORTS 19.5 MILLION OUNCES OF PROVEN AND PROBABLE RESERVES IN NEVADA

 DENVER, March 4 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC), the largest producer of gold from North American operations, today announced that its proven and probable reserves at the end of 1992 were 19.5 million ounces, down 0.6 million ounces from the previous year end.
 New reserves added in 1992 amounted to 2.0 million ounces. During the year, however, Newmont Gold depleted 2.2 million ounces of reserves to produce the 1.6 million ounces it sold, the difference being losses in metallurgical treatment. Also, Newmont Gold declassified from reserves 600,000 ounces of low-grade material that previously had been carried in reserves. This material was found to contain refractory elements that at present render it uneconomic to process. The remaining difference between 1992 and 1991 reserves is the result of modifications in models and mine plans.
 In addition to its 19.5 million ounces in reserves, Newmont Gold also had 13.6 million ounces of non-reserve mineralization at the end of 1992. This mineralization requires either an improvement in gold prices, or technological changes, such as the bio-leaching process now in tests, to possibly be reclassified as reserves.
 Newmont Gold's 1992 year end reserves were calculated on the basis of a gold price of $400 an ounce. If gold prices were to fall to $300 an ounce, the reserves would decline by approximately 22 percent. Conversely, an increase in gold prices to $500 an ounce would cause an approximate 16 percent increase in reserves.
 Of the 19.5 million ounces in year-end 1992 reserves, 18.2 million, or 94 percent, are located on private land.
 Newmont Gold produced gold form five mines in 1992, with only 1 percent of this production from federal land. Because of this negligible production from federal lands, the proposals now before the Congress to impose royalties on gold output from federal land would have no significant impact on Newmont Gold's current operations or reserves.
 Newmont Gold is 90.1 percent owned by Newmont Mining Corp. (NYSE: NEM), a company engaged in worldwide exploration for the production of gold.
 NEWMONT GOLD CO.
 Proven And Probable Mineable Reserves (a)
 Dec. 31, Dec. 31,
 1992 1991
 Tonnage Grade Ounces Tonnage Grade Ounces
 Deposit (000) (Oz./Ton) (000) (000) (Oz./Ton) (000)
 North Area:
 Bobcat(b) --- --- --- 7,891 0.025 196
 Capstone/
 Bootstrap 22,956 0.037 838 26,234 0.033 863
 Carlin 9,119 0.028 256 --- --- ---
 Deep Star 849 0.929 789 --- --- ---
 Genesis/Blue
 Star 74,493 0.032 2,358 60,332 0.034 2,041
 North Star 5,700 0.035 200 5,333 0.038 205
 Pete 6,423 0.026 169 6,446 0.026 170
 Post 32,589 0.162 5,264 41,246 0.130 5,358
 Stockpiles 11,404 0.039 440 10,782 0.049 530
 Total 163,533 0.063 10,314 158,264 0.059 9,363
 South Area:
 Gold Quarry 179,915 0.041 7,299 261,383 0.035 9,265
 MAC 5,677 0.016 89 --- --- ---
 Tusc 13,378 0.062 827 13,392 0.062 827
 Stockpiles 9,566 0.050 479 5,248 0.047 244
 Total 208,536 0.042 8,694 280,023 0.037 10,336
 Rain Area:
 Emigrant
 Springs 4,853 0.035 168 --- --- ---
 Rain/SMZ 4,575 0.050 227 8,294 0.046 382
 Stockpiles 1,776 0.032 57 928 0.037 35
 Total 11,204 0.040 452 9,222 0.045 417
 Total
 reserve 383,273 0.051 19,460 447,509 0.045 20,116
 (a) All reserves are based on a $400 gold price. A reduction in the
 gold price to $300 an ounce would cause an approximate
 22 percent decline in reserves. An increase in the gold price
 to $500 an ounce would cause an approximate 16 percent increase
 in reserves.
 (b) Bobcat's 1992 reserves are included with the 1992 Genesis/Blue
 Star reserves. The latter's ultimate pit now includes Bobcat.
 Cutoff grades:
 a) 1992 Oxide greater than or equal to 0.006, 0.010 and
 0.015 ounces per ton, depending on pit. Refractory greater
 than or equal 0.070 ounces per ton.
 b) 1991 Oxide greater than or equal to 0.006 ounces per ton.
 Refractory greater than or equal to 0.070 ounces per ton.
 -0- 3/4/93
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM)


CO: Newmont Gold Co.; Newmont Mining Corp. ST: Colorado, Nevada IN: MNG SU:

MC -- DV003 -- 3038 03/04/93 13:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 4, 1993
Words:758
Previous Article:HIGHWAY USERS FEDERATION STATEMENT ON PROPOSED TRANSFER OF 2.5 CENTS MOTOR FUEL TAX TO HIGHWAY TRUST FUND
Next Article:CARNIVAL CRUISE LINES ISSUES $200 MILLION IN NOTES


Related Articles
NEWMONT GOLD'S LARGEST GOLD MINE PRODUCES RECORD ONE MILLION OUNCES IN 1991
COMBINED NEWMONT GOLD-NEWMONT MINING RESERVES REACH 26 MILLION OUNCES
NEWMONT INCREASES RESERVES 10 PERCENT TO 28.8 MILLION OUNCES
LA TEKO ANNOUNCES EXPANSION OF TRUE NORTH GOLD RESOURCE
Newmont Reports Reserves of 52.7 Million Ounces
Newmont Reports Record Equity Gold Reserves of 92.4 Million Ounces at Year-End 2004.
Royal Gold Announces Ore Reserve Status and Calendar Year 2004 Production Estimates.
Newmont Reports Record Equity Gold Reserves of 91.3 Million Ounces at Year-End 2003.
Newmont Reports Year-End Reserves of 86.9 Million Ounces and Record Gold Sales for 2002.
Newmont Announces Positive 2008 Operating Results, With Continuing Improvements Expected in 2009.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters