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CHIEF CONSOLIDATED MINING COMPANY: EXCERPTS FROM LETTER TO SHAREHOLDERS; REPORTS EARNINGS

 NEW YORK, Nov. 17 /PRNewswire/ -- Following are excerpts from a letter to Chief Consolidated Mining Company (NASDAQ: CFCM; PSE: CFC) shareholders released today:
 "The ore reserves of the Burgin ore body, located on the East Tintic properties owned by your Company, are currently estimated at:
 Tons of Ounces of Pounds of Pounds of
 Ore Silver Lead Zinc
 Proven and probable
 reserves 1,032,173 23,903,596 550,180,000 180,378,000
 Indicated reserves 1,100,000 --- --- ---
 There are other important mines and targets contained on your Company's 14,500 acres of fee owned property. In the Homansville Area, Chief recently put down three surface drillholes. Each hole encountered fractional gold values for their respective 615 foot, 575 foot and 545 foot intercepts in the quartzite. The highest gold grade encountered was a five foot segment assaying at 0.19 ounces per ton. When these results are taken in conjunction with the many gold mineralized Kennecott surface drillholes in the area, a premise can be drawn that present drill information indicates the possible existence of one or more gold orebodies. Your Management is in the process of examining possible financing to be used for the rehabilitation of an old shaft from which an underground exploration program can be initiated. Your Management is also considering joint venturing the Homansville area as a viable alternative.
 "In September, 1993 Chief issued 32,100 shares of restricted investment stock in final settlement of a claim for $250,000 in legal fees and expenses by the law firm retained by your Company to initiate Chief's legal actions against Sunshine in 1989. It is important to note that your Company has no long term debt. To summarize, your Company has taken over major structures that it received under the lease termination agreements with Sunshine. Your Management is moving to exploit Chief's assets in a manner that will ensure that Chief's true tangible wealth is reflected in the market place and in the mining industry."
 The Company also released the following third quarter 1993 Earnings Report:
 CHIEF CONSOLIDATED MINING COMPANY
 Quarter ended Sept. 30, 1993 1992
 Revenue $ 5,910 $ 90,351
 Income (353,434) (6,855)
 Net income (loss) (353,434) (6,855)
 Share earns:
 Loss $ (.09) $ (.00)
 Net loss (.09) (.00)
 Nine months ended Sept. 30, 1993 1992
 Revenue $ 40,870 $ 229,457
 Income (553,750) (105,863)
 Net income (loss) (553,750) (105,863)
 Share earns:
 Loss (.15) (.03)
 Net loss (.15) (.03)
 -0- 11/17/93
 /CONTACT: Leonard Weitz of Chief Consolidated Mining Company, 212-688-8130/
 (CFCM)


CO: Chief Consolidated Mining Company ST: New York IN: MNG SU: ERN

MP -- NY087 -- 5616 11/17/93 15:33 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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