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DAKOTA ANNOUNCES THIRD QUARTER 1993 RESULTS

 DENVER, Nov. 17 /PRNewswire/ -- Dakota Mining Corp. (AMEX; Toronto: DKT) formerly MinVen Gold Corp., reported a net loss of $161,495, or 1 cent per share, on operating revenues of $612,080, for the period from Sept. 16, 1993 to Sept. 30, 1993. The company previously announced that it had successfully completed a recapitalization plan ("Recapitalization Plan") pursuant to a Plan of Arrangement under the Canada Corporations Business Act on Sept. 15, 1993. Under Canadian generally accepted accounting principles, the Recapitalization Plan was accounted for as a financial reorganization; as such, results of operations and cash flows occurring before the financial reorganization are not required to be reported.
 For comparative purposes and from a historical perspective, the company reported a net loss for the period from July 1, 1993 to Sept. 15, 1993 of $2,399,193, for a combined before and after financial reorganization three month operating loss of $2,560,688, or 46 cents per share, on operating revenues of $2,749,872 compared to net income of $1,059,857, or 35 cents per share, on operating revenues of $13,001,886 for the third quarter of 1992. Year-to-date through Sept. 15, 1993, the company reported a net loss of $5,399,875, for a combined before and after financial reorganization nine month operating loss of $5,561,370, or $1.26 per share, on operating revenues of $7,685,584 compared to a net loss of $3,442,966, or $1.13 per share, on operating revenues of $24,496,662 for the like nine month period of 1992. All historip?er share data have been restated to reflect the company's revised capital structure of approximately 13.9 million shares os?tanding as of the implementation of the Recapitalization Plan.
 Gold production for the third quarter was 8,594 ounces, compared to 37,705 ounces for the like period in 1992. Year to date gold production was 21,586 ounces compared to 69,254 ounces in 1992. The lower production in 1993 is due to the cessation of mining the Gilt Edge oxide deposit in January 1993, delays in the issuance of a road permit together with considerable waste removal at the Stibnite mine, which resulted in the postponement of certain ore production until 1994, and lower gold production at the Golden Reward mine due to lower than expected ore grades during the first half of 1993.
 Dakota Mining is a publicly held, Denver-based mining company with operating mines in the United States. Its common shares and warrants are listed and traded on the American and Toronto stock exchanges under the symbol DKT.
 -0- 11/17/93
 /CONTACT: Alan R. Bell, Robert R. Gilmore or Alicia Williamson of Dakota Mining, 303-573-0221/
 (DKT)


CO: Dakota Mining Corp. ST: Colorado IN: MNG SU: ERN

MC -- DV003 -- 5393 11/17/93 10:45 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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