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CRESTED CORP. ANNOUNCES 1992 YEAR-END INCOME

 CRESTED CORP. ANNOUNCES 1992 YEAR-END INCOME
 RIVERTON, Wyo., Sept. 16 /PRNewswire/ -- Crested Corp.


(NASDAQ: CBAG) has announced financial results for its fiscal year ended May 31, 1992.
 Crested Corp. reports net income for fiscal 1992 was $529,700, or 6 cents per share, on revenues of $2,764,800. Included in revenues was $123,300 from uranium sales, commercial operations of $955,100 and other revenues of $1,686,400. Fiscal 1992 earnings reflected an extraordinary gain (utilization of net operating loss carryforwards) of $180,100. Per share earnings in fiscal 1992 were 4 cents before the extraordinary item, compared to 2 cents for fiscal 1991 income before that year's extraordinary item.
 Expenses for fiscal 1992 were $2,235,100 compared to $2,970,500 for fiscal 1991.
 Max T. Evans, president and chief operating officer of Crested, stated, "Fiscal 1992 results improved primarily due to increased revenues from operations, particularly as activities have continued at Green Mountain. Also, a major asset acquisition in 1992 was Green Mountain Mining Venture's acquisition of the Sweetwater Mill from UNOCAL. The Sweetwater Mill is one of the newest uranium milling facilities in the United States and has been maintained in premium condition pending recommissioning when uranium prices turn around. Lastly, the company has continued permitting and feasibility work on its gold properties in California held through the Sutter Gold Venture."
 Crested Corp. and U.S. Energy Corp. (NASDAQ-NMS: USEG) are diversified minerals companies with interests in major uranium resources and facilities, a world-class deposit of molybdenum, gold and other base and precious metals properties.
 CRESTED CORP. AND AFFILIATE
 Condensed Consolidated Statements of Operations
 Year Ended May 31,
 1992 1991 1990
 Revenues $2,764,800 $3,389,500 $2,547,900
 Costs and expenses 2,235,100 2,970,500 1,840,800
 Income before equity
 in loss of affiliates,
 provision for income
 taxes and
 extraordinary item 529,700 419,000 707,100
 Equity in loss of
 affiliates --- 170,600 473,500
 Income before provision
 for income taxes and
 extraordinary item 529,700 248,400 233,600
 Provision for income taxes 180,100 84,500 118,000
 Income before
 extraordinary item 349,600 163,900 115,600
 Extraordinary item
 Utilization of net
 operating loss
 carryforward 180,100 84,500 118,000
 Net income $529,700 $248,400 $233,600
 Earnings per share
 amounts:
 Income before
 extraordinary item $.04 $.02 $.02
 Extraordinary item .02 .01 .01
 Net income per share $.06 $.03 $.03
 Weighted average shares
 outstanding 8,608,960 8,573,661 8,539,286
 This statement includes accounts of Crested Corp. and a subsidiary.
 -0- 9/16/92
 /CONTACT: Max T. Evans or John L. Larsen both of Crested, 307-856-9271/
 (CBAG USEG) CO: Crested Corp. ST: Wyoming IN: MNG SU: ERN


MC -- DV002 -- 9960 09/16/92 09:02 EDT
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Date:Sep 16, 1992
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