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GOLDFIELD REPURCHASES 11 PERCENT BLOCK OF COMMON STOCK

 GOLDFIELD REPURCHASES 11 PERCENT BLOCK OF COMMON STOCK
 MELBOURNE, Fla., Oct. 9 /PRNewswire/ -- The Goldfield Corporation


(AMEX: GV) today announced that it has repurchased from Continental Bank 3,312,732 shares of Goldfield's common stock for an aggregate price of $800,000, (approximately $.24 per share). These shares had been issued in 1989 upon conversion of preferred stock originally issued in 1986 in connection with a bank loan. Goldfield retained certain rights of first refusal concerning these shares, which represent approximately 11 percent of Goldfield's presently outstanding common stock.
 John Sottile, president, said that Goldfield was pleased to have the opportunity to reacquire these shares at a substantially below current market price and book value. Giving effect to this transaction, the pro forma book value per share at June, 30, 1992 increased to $.59 per share from $.55 per share.
 Goldfield is engaged in the business of mining base and precious metals and industrial minerals and electrical construction. It also owns a royalty interest in coal properties.
 -0- 10/9/92
 /CONTACT: John H. Sottile of The Goldfield Corporation, 407-724-1700/
 (GV) CO: The Goldfield Corporation ST: Florida IN: MGN SU:


JB-AK -- FL004 -- 8261 10/09/92 10:12 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
Words:199
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