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LAC MINERALS REPORTS EARNINGS

 LAC MINERALS REPORTS EARNINGS
 TORONTO, Jan. 30 /PRNewswire/ -- LAC Minerals Ltd. (NYSE: LAC) today


reported increased gold production, revenues and cash flow for the year ended Dec. 31, 1991, compared to 1990.
 Consolidated net earnings for 1991 were $15.4 million or 12 cents per share compared to a loss of $64.3 million or 53 cents per share in 1990. Revenues in 1991 increased by 6 percent to $486.6 million from $459.1 million a year ago. (All amounts are expressed in U.S. dollars.)
 Total gold production in 1991 was 1,040,000 ounces, up from 1,031,000 ounces in 1990. As a result of the Aug. 30 acquisition of the remaining minority interest of Bond International Gold, Inc., LAC's net interest in gold production increased to 886,000 ounces from 785,000 ounces in 1990. The average cash production cost, net of by-product credits increased to $245 per ounce from $236 per ounce a year earlier.
 During 1991, the revenue per ounce of gold was $413 or 14 percent more than the average market price of $362 per ounce. In 1990, gold revenue was $408 per ounce compared to the average market price of $384. At Dec. 31, 1991, the company had 1,543,000 ounces of gold hedged at an average price of $398 per ounce.
 Earnings from operations were $34.3 million for the year ended Dec. 31, 1991. In 1990, the company reported a loss from operations of $84.7 million following a $119.6 million writedown of mining interests.
 Cash flow from operations increased by 11 percent in 1991 to $123.0 million from $110.4 million in 1990.
 During 1991, the company spent a total of $95.1 million on capital expenditures as compared to $116.0 million in 1990.
 During the year, LAC raised $94 million in additional equity and reduced borrowings from $423.6 million to $328.7 million, resulting in a year-end cash position of $310.9 million as compared to $245.9 million at the end of 1990.
 After producing in excess of one million ounces of gold in 1991, the company's total ore reserves at Dec. 31, 1991, were 10.1 million ounces of gold, virtually unchanged from the prior year. This figure includes 7.6 million ounces in the proven and probable category and 2.5 million ounces in the possible category.
 Net earnings in the fourth quarter were $2.0 million or 1 cent per share, compared to a loss of $76.3 million or 63 cents per share in same period last year. Revenues in the fourth quarter of 1991 were $113.7 million compared to $114.2 million in the fourth quarter of 1990.
 LAC MINERALS LTD.
 Financial and Operating Highlights
 Periods ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Financial data (US$millions)
 Revenues $113.7 $114.2 $486.6 $459.1
 Earnings (loss)
 from operations 4.9 (111.6) 34.3 (84.7)
 Net earnings (loss) 2.0 (76.3) 15.4 (64.3)
 Net cash provided
 by operating activities 28.1 31.4 123.0 110.4
 Cash and short-term
 investments -- -- 310.9 245.9
 Total assets -- -- 1,346.4 1,354.7
 Total indebtedness -- -- 328.7 423.6
 Shareholders' equity -- -- 778.1 588.4
 Per share data (US$)
 Net earnings (loss)
 per share $0.01 $(0.63) $0.12 $(0.53)
 Dividends per share 0.09 0.09 0.19 0.19
 Shares outstanding (millions)
 Average for period -- -- 126.7 121.2
 At end of period -- -- 146.9 121.3
 Production data
 Gold (ozs 000) 273 272 1,040 1,031
 Copper metal (tonnes) 7,407 8,130 31,710 29,134
 Zinc metal (tonnes) 7,015 6,500 27,487 22,488
 Sales data
 Gold (ozs 000) 238 260 1,005 988
 Copper metal (tonnes) 6,092 8,250 29,119 28,189
 Zinc metal (tonnes) 5,869 6,736 26,522 23,029
 Per ounce data (US$)
 Gold revenue per ounce $414 $428 $413 $408
 Cash cost per ounce
 produced 243 244 245 236
 Total cost per ounce sold 362 366 347 341
 -0- 1/30/92
 /CONTACT: John W. Pearson of LAC Minerals, 416-777-2379/
 (LAC) CO: LAC Minerals Ltd. ST: Ontario IN: MNG SU: ERN


GK -- NY022 -- 5120 01/30/92 09:42 EST
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