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FMC GOLD REPORTS FIRST QUARTER RESULTS

 FMC GOLD REPORTS FIRST QUARTER RESULTS
 CHICAGO, April 20 /PRNewswire/ -- FMC Gold Company (NYSE: FGL) today


reported first quarter net income of $7.2 million compared with net income of $2.0 million in the first quarter of 1991. Higher gold production and a lower effective tax rate more than offset increased operating costs and lower gold prices during the quarter. Earnings per share were $0.10 in the first quarter compared with $0.03 last year.
 Sales for the first quarter of 1992 were $39.5 million compared with $30.4 million last year. The average realized price of gold declined to $349 per ounce from $370 in the first quarter of 1991. The average realized price of silver increased to $4.13 per ounce compared with $3.92 in the year-ago period.
 In the first quarter, FMC Gold produced 104 thousand ounces of gold compared with 72 thousand ounces in the same period last year. At the Paradise Peak, Nev., mine, gold production increased to 62 thousand ounces compared with 33 thousand ounces in the first quarter of 1991. Silver production increased to 679 thousand ounces compared with 511 thousand ounces last year.
 The increase in gold production reflects higher mill throughput, higher-than-expected mill ore grades and accelerated heap-leach production. Silver production rose, reflecting higher mill throughput and improved recoveries, partially offset by an expected decline in mill ore grades.
 At the Jerritt Canyon, Nev., mine (30 percent owned by FMC Gold), gold production declined slightly, reflecting lower mill ore grades partially offset by increased mill throughput and improved recoveries. FMC Gold's share of production declined to 24 thousand ounces compared with 25 thousand ounces in the first quarter of 1991. At the Royal Mountain King, Calif., mine, higher mill throughput and recoveries contributed to increased gold production of 18 thousand ounces compared with 14 thousand ounces in the prior-year period.
 Average cash production costs decreased significantly during the first quarter to $177 per gold equivalent ounce compared with $239 in the first quarter of 1991. The decline in cash production costs reflects increased gold production and higher-than-expected gold mill ore grades at Paradise Peak, and improved operating efficiencies at Jerritt Canyon and Royal Mountain King. Cost of sales increased during the quarter, reflecting accelerated depreciation charges at Paradise Peak and Royal Mountain King.
 FMC Gold held $135 million in cash and cash equivalents at the end of the quarter and realized interest income of $1.5 million during the first quarter compared with $2.1 million last year, reflecting lower interest rates in the current period.
 In the first quarter of 1992, FMC Gold's effective tax rate was 6 percent compared with 28 percent last year, primarily reflecting tax benefits associated with depletion and foreign sales.
 "Improved operating performance at each of our mines and better- than-expected gold mill ore grades at Paradise Peak contributed to higher gold production and earnings during the quarter," said Larry D. Brady, chairman and chief executive officer. "While we are pleased with the performance at Paradise Peak, a decline in mill ore grades is expected to adversely affect profitability during the balance of this year."
 FMC GOLD COMPANY CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited and in millions, except per share amounts)
 Three Months Ended March 31 1992 1991
 Sales $ 39.5 $ 30.4
 Costs and expenses
 Cost of sales 29.8 25.9
 Exploration costs 2.1 2.3
 Selling, general and
 administrative expenses 1.5 1.5
 Total costs and expenses 33.4 29.7
 Earnings before interest and taxes 6.1 0.7
 Interest income 1.5 2.1
 Income before income taxes 7.6 2.8
 Provision for income taxes 0.4 0.8
 Net income $ 7.2 $ 2.0
 Earnings per common share $ 0.10 $ 0.03
 Average number of shares used in
 earnings per share computations 73.5 73.5
 FMC GOLD COMPANY OPERATING DATA (Unaudited)
 Three Months Ended March 31 1992 1991
 Tons of ore processed (thousands)
 Paradise Peak
 - Mill 442 343
 - Heap Leach 1,333 478
 Total 1,775 821
 Jerritt Canyon (FMC Gold share) 206 183
 Royal Mountain King 373 275
 Ore grade (ounces per ton milled)
 Paradise Peak
 - Gold 0.096 0.071
 - Silver 2.056 2.242
 Jerritt Canyon 0.126 0.148
 Royal Mountain King 0.060 0.061
 Mill recoveries
 Paradise Peak
 - Gold 92.8 pct. 92.5 pct.
 - Silver 64.3 pct. 61.6 pct.
 Jerritt Canyon 89.7 pct. 87.3 pct.
 Royal Mountain King 81.1 pct. 74.0 pct.
 Production (thousands of ounces)
 Gold
 Paradise Peak 62 33
 Jerritt Canyon 24 25
 Royal Mountain King 18 14
 Total 104 72
 Silver 679 511
 Cash cost of production
 ($ per gold equivalent ounce)
 Paradise Peak $ 138 $ 187
 Jerritt Canyon $ 199 $ 257
 Royal Mountain King $ 295 $ 353
 Average $ 177 $ 239
 -0- 4/20/92
 /CONTACT: Pat Brozowski, 312-861-6104, or Chris Peterson, 312-861-5765, both of FMC/
 (FGL) CO: FMC Gold Company ST: Illinois IN: MNG SU: ERN


TQ -- NY075 -- 0183 04/20/92 15:32 EDT
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