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ATLAS RECEIVED $30,000,000 FOR LEASE OF GRASSY MOUNTAIN AND MUSGROVE CREEK PROPERTIES TO NEWMONT

 ATLAS RECEIVED $30,000,000 FOR LEASE OF GRASSY MOUNTAIN
 AND MUSGROVE CREEK PROPERTIES TO NEWMONT
 DENVER, Oct. 14 /PRNewswire/ -- Atlas Corp. (NYSE: AZ) announced today that it has completed the lease of its Grassy Mountain and Musgrove Creek properties to subsidiaries of Newmont Mining Corp. (NYSE: NEM). At the closing Atlas received $30 million, of which $7.5 million was an advance royalty to be credited against a 5 percent production royalty retained by the company on each of the properties covered by the lease arrangement.
 Subsequent to the closing of the transaction, Atlas repaid its bank borrowing.
 Richard R. Weaver, president and chief executive officer of Atlas, stated, "I am pleased to have closed this transaction. Atlas will now proceed with its program to build a one million ounce reserve at Gold Bar as well as aggressively pursue acquisition opportunities of economic properties."
 -0- 10/14/92
 /CONTACT: Robbin A. Lee of Atlas, 303-825-1200/
 (AZ NEM) CO: Atlas Corp.; Newmont Mining Corp. ST: Colorado IN: MNG SU:


MC -- DV002 -- 9697 10/14/92 09:02 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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