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AMAX GOLD EXPECTED TO EXERCISE HAILE PROPERTY OPTION

 AMAX GOLD EXPECTED TO EXERCISE HAILE PROPERTY OPTION
 CHARLOTTE, N.C., April 24 /PRNewswire/ -- Piedmont Mining Company,


Inc. (NASDAQ: PIED) today announced that Amax Gold Inc. (NYSE: AU) has notified Piedmont that it plans to exercise the option granted to a subsidiary company under the option and earn-in agreement with Piedmont. The exercise is expected to take place on Friday, May 1st, at which time Piedmont will receive $1,750,000 in cash and 1,000,000 unregistered shares of Amax Gold Inc.'s common stock and Amax Gold Inc. will acquire, through a subsidiary, a 62.5 percent undivided interest in Piedmont's Haile property near Kershaw, South Carolina. The two companies will then form a joint venture to further explore and develop the Haile property, and Piedmont will be required to fund its 37.5 percent share of the joint venture expenses.
 The additional 15 holes drilled in March resulted in some of the best intersections to date on the Haile property and should result in a significant increase in the 680,000 mineable ounces reported for the property last December. American Mine Services, Inc. of Aurora, Colorado is now updating its Preliminary Economic Evaluation for the Haile property with these new drilling results as well as some additional drilling, metallurgical and engineering data. We hope to report these updated results sometime in May. During the forthcoming weeks Piedmont and Amax Gold Inc. will be developing plans and budgets for considerable more exploration and condemnation drilling as well as further engineering and environmental studies during the remainder of 1992.
 Piedmont engages in exploration and production of gold in the southeastern United States. Piedmont pioneered the resumption of gold mining in the Southeast in early 1985 at its Haile Gold Mine employing for the first time the heap leaching process in the humid southeastern climate. Through its wholly-owned subsidiary, Mineral Mining Company, Inc., Piedmont is also engaged in mining and processing white, fine-grained Mineralite(R) mica at its facility near the Haile Mine.
 -0- 4/24/92
 /CONTACT: Thomas L. Ross III, Piedmont Mining Company, Inc., 704-523-6866/
 (PIED AU) CO: Piedmont Mining Company, Inc.; Amax Gold Inc. ST: North Carolina, South Carolina IN: MNG SU:


JZ -- CH004 -- 2354 04/24/92 10:27 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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