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AMAX GOLD RESERVES INCREASE 40 PERCENT

 GOLDEN, Colo., March 10 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; Toronto: AXG) has announced a 40 percent increase in reserves as of Dec. 31, 1992. Contained proven and probable gold reserves for operations and projects in which Amax Gold is involved, totals 10.8 million ounces, of which 8.6 million are the company's share.
 "Our strategy to increase reserves has paid off with acquisitions that we believe will provide for significant production growth in the future," said Timothy J. Haddon, president and chief executive officer. "Our reserve portfolio now includes a broad range of quality projects that have enhanced the value of the company and positions us well for an upturn in the price of gold."
 Early in 1992, Amax Gold acquired the Fort Knox Project, north of Fairbanks, Alaska, with 3.2 million ounces of gold that were included in year-end 1991 reserves. During 1992, further evaluation of the project added an additional 905,000 ounces bringing the total to 4.1 million contained ounces, and the deposit remains open at depth.
 Early in the second quarter, Amax Gold acquired a 90 percent interest in the Guanaco Project, south of Antofagasta, Chile. This project contains 730,000 ounces of gold, of which 660,000 ounces are Amax Gold's share. The potential exists to increase the reserve with additional drilling funded by operating cash flow. Less than one month later, Amax Gold exercised an option on the Haile Project, north of Columbia, S.C., and acquired a 62.5 percent interest in the Haile Project that currently contains 690,000 ounces of gold. Amax Gold's share is 430,000 ounces, and the property has potential for reserve growth.
 Finally, in January 1993, Amax Gold acquired a 50 percent interest in the Refugio Project, east of Copiapo, Chile. Refugio contains 3.1 million ounces of gold, of which 1.5 million ounces is Amax Gold's share. The prospects for increasing this reserve are substantial.
 Haddon added, "I am extremely gratified with the acquisitions we have made to our portfolio. The Guanaco Project should have its first commercial production in the second quarter, and the development of our other projects will be based on market conditions, permitting, avaii?ty of financing and board approval."
 As a result of a continuing low gold price and information gained from mining experience, reserve calculations for Amax Gold's operating properties have been reevaluated using a lower gold price and more conservative technical assumptions, adjusted pit slopes and reduced recoveries. This recalculation of reserves at the Sleeper and Hayden Hill mines caused a decline in proven and probable ounces of gold of approximately 700,000 ounces in excess of reductions from 1992 production. Pit parameters containing mineable reserves have been designed at a gold price of $375 per ounce, with the exception of Waihi which is based on $325 per ounce.
 Amax Gold produces and explores for gold in North and South America and New Zealand and is listed on the New York and Toronto stock exchanges. Amax Gold warrants trade on the American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange under the symbol AXGWT.
 AMAX GOLD INC. ORE RESERVES
 (Proven and probable mineable reserves with
 contained ounces and tons in thousands)
 Dec. 31, 1992
 FORT KNOX
 Tons mill ore 174,483
 Avg mill head grade (oz/ton) 0.024
 TOTAL CONTAINED OUNCES 4,117
 REFUGIO
 Tons leach ore 104,383
 Avg leach grade (oz/ton) 0.030
 TOTAL CONTAINED OUNCES 3,075
 AGI 50 PERCENT SHARE 1,537
 HAYDEN HILL
 Tons mill ore 5,259
 Avg mill head grade (oz/ton) 0.071
 Contained ounces mill ore 372
 Tons leach ore 35,375
 Avg leach grade (oz/ton) 0.017
 Contained leach ounces 596
 TOTAL CONTAINED OUNCES 968
 SLEEPER
 Tons mill ore 3,150
 Avg mill head grade (oz/ton) 0.110
 Contained ounce mill ore 347
 Tons leach ore 19,562
 Avg leach grade (oz/ton) 0.021
 Contained leach ounces 404
 TOTAL CONTAINED OUNCES 751
 GUANACO
 Tons leach ore 14,369
 Avg leach grade (oz/ton) 0.051
 TOTAL CONTAINED OUNCES 732
 AGI 90 PERCENT SHARE 659
 HAILE
 Tons mill ore 6,849
 Avg mill head grade (oz/ton) 0.101
 TOTAL CONTAINED OUNCES 689
 AGI 62.5 PERCENT SHARE 431
 WAIHI
 Tons mill ore 5,180
 Avg mill head grade (oz/ton) 0.090
 TOTAL CONTAINED OUNCES 468
 AGI 33.53 PERCENT SHARE 157
 TOTAL RESERVE CONTAINED OUNCES 10,800
 AGI SHARE 8,620
 -0- 3/10/93
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU)


CO: Amax Gold Inc. ST: Colorado IN: MNG SU:

BB -- DV002 -- 4833 03/10/93 09:27 EST
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Date:Mar 10, 1993
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