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HAYDEN HILL MILL ON TEMPORARY STAND-BY STATUS; HEAP LEACH PRODUCTION INCREASING

 GOLDEN, Colo., May 27 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; Toronto: AXG) announced that it is temporarily putting the mill operation on standby at its Hayden Hill Mine north of Susanville, Calif. Since start-up in the third quarter of 1992, the mill has been operating with a lower than expected mill head grade that has caused cash operating costs to be significantly higher than projected. An engineering analysis to determine the optimum operational configuration of the mine is in process. The action of temporarily ceasing mill operations has been taken to minimize operating costs until the engineering study is finalized.
 Heap leach production from the mine has improved steadily since start-up of the operation in the third quarter of last year, and that trend is expected to continue. Heap leach production for the first quarter of 1993 was 3,759 ounces of gold. Heap leach production in the second quarter is projected to be about 12,000 ounces.
 "The gold at Hayden Hill is still in the ground," commented Timothy J. Haddon, president and chief executive officer. "What we are doing now is determining how best to economically recover that gold. Our engineering analysis is proceeding, and we expect to report the results of that analysis in the third quarter."
 Amax Gold produces and explores for gold in North and South America and New Zealand and is listed on the New York and Toronto stock exchanges. Amax Gold warrants trade on the American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange under the symbol AXGWT.
 -0- 5/27/93
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU)


CO: Amax Gold Inc. ST: Colorado, California IN: MNG SU:

MC -- DV002 -- 2890 05/27/93 11:09 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:290
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