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PIEDMONT MINING COMPANY ENGAGES BARCLAYS AS FINANCIAL ADVISOR AND REPORTS DRILLING DATA

 CHARLOTTE, N.C., Jan. 13 /PRNewswire/ -- Piedmont Mining Company, Inc. (NASDAQ: PIED), engaged in gold exploration and development in the southeastern U.S., has retained the services of Barclays Metals Group (BMG) as its financial advisor. For the past several months Barclays has been evaluating Piedmont and its Haile gold project and meeting with its management. BMG will advise Piedmont regarding various business opportunities and the Haile gold project's prudent realization as an economic and productive asset. BMG is owned by Barclays Bank PLC and is part of the BZW Division, the investment banking arm of Barclays Bank.
 Piedmont is participating with Amax Gold Inc. in the Haile Mining Venture. The venture controls about 3,700 acres of private or fee property near Kershaw, South Carolina, the most important 1,700 acres of which are either owned outright or controlled by purchase options which when exercised, will enable operations to proceed without the payment of royalties. Piedmont holds a 37.5% interest in the Haile Mining Venture which is managed by a wholly-owned subsidiary of Amax Gold. Expenditures by the Haile Mining Venture in 1993 were about $5,000,000, of which Piedmont expensed its 37.5% share and only carries $1,754,000 of deferred costs on its balance sheet against its share of the mineable reserves. An updated calculation of the proven and probable mineable reserves and a status report for the Haile project are currently underway and should be completed in February.
 During 1993, 47,092 feet of reserve circulation drilling and 20,372 feet of diamond core drilling were completed at the Haile property. Some of the more encouraging core holes include the following:
 Core
 Hole Distance from Average
 No. Top of Hole Interval Grade (1)
 251 320-650' 330' .022
 257 325-360' 35' .333
 258 240-285' 45' .341
 259 355-560' 205' .112
 262 195-330' 135' .050
 264 280-320' 40' .084
 266 240-280' 40' .125
 268 300-400' 100' .076
 270 210-265' 55' .079
 272 580-600' 20' .089
 274 110-145' 35' .056
 275 185-300' 115' .414
 Including 195-285' 90' .502
 276 265-330' 65' .073
 278 290-350' 60' .161
 282 195-250' 55' .081
 (1) Ounces of gold per ton including internal waste zones. Fire assays for grades less than 0.30 ounces per ton; gravimetric assays for grades exceeding 0.30 ounces per ton.
 Piedmont pioneered the resumption of gold mining in the Southeast in early 1985 at its Haile Gold Mine near Kershaw, South Carolina, employing for the first time the heap leaching process in the humid southeastern climate. In addition, Piedmont controls four other gold exploration properties in North Carolina.
 -0- 1/13/94
 /CONTACT: Thomas L. Ross of Piedmont Mining, 704-523-6866/
 (PIED)


CO: Piedmont Mining Company ST: North Carolina IN: MNG SU:

MM-MB -- CH008 -- 1869 01/13/94 16:05 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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