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GOLDFIELD ANNOUNCES SALE OF GOLD ROYALTY INTEREST FOR $7 MILLION

    GOLDFIELD ANNOUNCES SALE OF GOLD ROYALTY INTEREST FOR $7 MILLION
    MELBOURNE, Fla., Nov. 14 /PRNewswire/ -- The Goldfield Corporation (AMEX: GV) announced today that it had concluded the previously announced agreement to sell all of its right, title and interest in the Getchell gold royalty to Euro-Nevada Mining Corporation, Inc. for $7 million cash.  The carrying value of the royalty at Sept. 30, 1991 was $730,103.  During the year ended Dec. 31, 1990 and the nine months ended Sept. 30, 1991, Goldfield earned $1,321,792 and $1,046,609, respectively, from the Getchell gold royalty.  The Getchell gold royalty is a permanent 2 percent net mint return from the sale of gold and other minerals produced from the Getchell property in Nevada which was previously owned by the company until 1981.  The company plans to use the proceeds to expand its mining and electrical construction businesses and for general corporate purposes.  Separately, the company prepaid $1,148,000 of bank debt.
    Goldfield is engaged in the business of mining base and precious metals, industrial minerals and electrical construction.  It also owns a royalty interest in coal properties.
    -0-                      11/14/91
    /CONTACT:  John H. Sottile of The Goldfield Corporation, 407-724-1700/
    (GV) CO:  The Goldfield Corporation ST:  Florida IN:  MNG SU: AW-SS -- FL007 -- 1175 11/14/91 14:47 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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