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METALL MINING ANNOUNCES FIRST QUARTER RESULTS

 TORONTO, May 4 /PRNewswire/ -- Dr. Klaus M. Zeitler, president and chief executive officer of Metall Mining Corporation, announced today the following unaudited results for the three months ended March 31:
 (In $000's, except per share figures) 1993 1992
 Revenues $72,488 $58,211
 Operating earnings $ 4,205 $ 3,589
 Net income $ 2,818 $ 694
 Earnings per common share $0.05 $0.02
 First quarter earnings were higher than the same period in 1992 due to increased earnings from Copper Range and Ok Tedi and the inclusion in 1993 of earnings of Minnova Inc. Metall reported equity accounted losses from Teck and MIM totalling $2.3 million. Lower metal prices during the quarter, as well as losses reported by Cominco, led to lower earnings at both Teck and MIM.
 Copper Range's increase in earnings reflects cost reductions and productivity improvements made during the quarter which has led to a significant reduction in cash operating costs per pound to U.S.$0.77. Production at Copper Range, including that from purchased concentrates, was 37.3 million pounds of copper in the first quarter of 1993 compared to 36.2 million pounds in 1992. During the quarter, Copper Range realized an average copper price of U.S.$0.99 per pound.
 During the quarter, Winston Lake produced 29.4 million pounds of zinc and 2.0 million pounds of copper. The world market for zinc concentrates and metal remains heavily oversupplied resulting in a reduction in zinc prices and high zinc treatment fees. Contracts for the sale of Winston Lake's zinc concentrate production for the balance of this year are in the process of being finalized. In the first quarter the Ansil mine produced 8.9 million pounds of copper and 2,000 ounces of gold. A successful operation for several years, the Ansil mine was closed on April 9, 1993 due to the depletion of reserves.
 During the quarter, a prefeasibility study was completed for the Izok Lake zinc-copper property. Further drilling will be carried out in order to increase confidence in the mineable reserves. Engineering studies are also underway to improve operating and capital cost estimates. Diamond drilling on the Troilus gold project was completed and pilot mill testing of a bulk sample is underway. A feasibility study is expected to be completed about mid-year. The feasibility study at the Pend Oreille zinc deposit in Washington State is expected to be completed in the fourth quarter. Underground drifting and drilling are in progress. Shaft sinking on the Mobrun 1100 lens joint venture with Audrey Resources is also progressing.
 At the Cayeli copper-zinc project in Turkey, underground development proceeded on the main portal area where construction of drainage works was substantially completed and ground support was installed. Port facilities construction is proceeding on schedule. The Cayeli project is on schedule to begin commercial production in late 1994 or early 1995. At the Bougrine zinc-lead property in Tunisia, underground mine development is progressing satisfactorily. The construction of the tailings dam was completed on schedule in the quarter. The project is scheduled to begin commercial production late in the first quarter of 1994.
 The amalgamation of Minnova Inc. with Metall Mining Corporation was overwhelmingly approved by the shareholders of Minnova at a meeting held on May 3, 1993.
 -0- 5/4/93
 /CONTACT: H. Douglas Scharf, vice-president, finance and chief financial officer of Metall Mining, 416-361-6400/


CO: Metall Mining Corporation ST: Ontario IN: MNG SU: ERN

PS -- NY049 -- 4308 05/04/93 12:05 EDT
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Date:May 4, 1993
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