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METALL MINING REPORTS 1992 YEAR END RESULTS

 TORONTO, Feb. 8 /PRNewswire/ -- Dr. Klaus M. Zeitler, president and chief executive officer of Metall Mining Corporation, announced today the following unaudited results for the three and twelve months ended Dec. 31, 1992:
 METALL MINING CORPORATION
 (in $000's except per share figures)
 Fourth Quarter Full Year
 1992 1991 1992 1991
 Sales $81,051 $47,779 $277,652 $177,713
 Net income $ 9,778 $ 1,026 $ 22,237 $15,162
 Earnings per
 common share $0.18 $0.02 $0.41 $0.35
 Earnings in the fourth quarter of 1992 include a gain of $6.5 million, after taxes, on the sale of five million class B shares of Teck Corporation. Teck and MIM's fourth quarter results include losses from Cominco Ltd., in which Teck and MIM each have a 22.5 percent equity interest.
 Minnova Inc., a 50.4 percent subsidiary, reported a loss of $10.7 million for the fourth quarter and a loss of $1.8 million for the year ended Dec. 31, 1992 due primarily to a provision of $11.7 million for mine closure and rehabilitation costs. This provision had no effect on the earnings of Metall as the potential for such costs was reflected in Metall's accounts at the time of acquiring the interest in Minnova. Before taking into account this provision, Minnova's net earnings for the year were $9.0 million.
 In addition to increased mine closure costs, Minnova's fourth quarter earnings were adversely affected by the significant decrease in zinc prices, lower production and higher depreciation charges given the pending shutdown of the Ansil mine in early 1993. Minnova's wholly- owned Winston Lake mine produced 23.7 million pounds of zinc and 2.3 million pounds of copper in the fourth quarter while the Lac Dufault division produced 10.1 million pounds of copper and 4,000 ounces of gold in the same period.
 Copper Range reported an operating profit of $4.7 million for the three months compared to an operating loss of $3.7 million in 1991 and an operating profit of $10.6 million for the year ended Dec. 31, 1992 compared to an operating loss of $5.8 million in 1991. The improvement in earnings reflects increased production, higher sales prices and lower unit costs. The trend toward lower unit costs continued in the fourth quarter with cash operating costs of US$0.78 per pound of copper cathode produced, net of credits. Production at Copper Range, including that from purchased concentrates, was 35.3 million pounds of Copper cathode in the fourth quarter of 1992 compared to 31.5 million pounds in 1991. For the full year, total production was 137.1 million pounds compared to 116.3 million in 1991.
 At the 70.2 percent owned Izok Lake zinc-copper project in the Northwest Territories, extensive reviews of the transportation options were carried out during the quarter. A winter road to transport concentrates from the site to a port 265 kilometers north of the Coronation Gulf is currently the preferred alternative. An all season road also may be feasible and is still being evaluated. Shipping studies are also underway to determine the most cost effective routes to transport concentrates to European and Japanese smelters. The pre- feasibility study will be completed at the end of February with the expectation that the full feasibility study will begin shortly thereafter. As part of the new Nunavut land claims agreement, discussions have been initiated regarding an Inuit Impact and Benefits Agreement. The preliminary consultations have been positive.
 At the 49 percent owned Cayeli copper-zinc project in Turkey, preparation of the mine portal has begun and excavation of the main access decline is scheduled to start in the second quarter of 1993. This decline ramp will provide access to the upper section of the ore body for early production mining. Foundations at the mill site have been laid and major equipment ordered. A contract has been awarded for the building of new and expanded port facilities at Rize on the Black Sea. The Cayeli project is on schedule to begin commercial production in late 1994 or early 1995.
 At the 45 percent owned Bougrine zinc-lead property in Tunisia, land assembly has been completed, site preparation carried out and offices and the warehouses have been constructed. Detailed engineering of the 350,000 tonne per year mill was finalized in 1992. In order to access the ore body, two portals have been completed and twin declines are being excavated. The project is scheduled to begin commercial production in the first quarter of 1994.
 The agreement to acquire Metall's 50.4 percent interest in Minnova contemplated payments totalling $131,206,820 ($18.10 per share) to Kerr Addison Mines Limited with the potential for a further $5,436,747 ($0.75 per share) depending on Minnova's 1992 net income. Minnova did not achieve the level of earnings contemplated in the agreement and no further payments on account of the purchase price are required.
 At Dec. 31, 1992, consolidated cash and short-term investments was $174.5 million. Minnova's cash balances which had been invested in the Noranda Group short-term investments pool were withdrawn by year end and deposited with Canadian banks or invested in government treasury bills.
 -0- 2/8/93
 /CONTACT: H. Douglas Scharf, vice-president, finance and chief financial officer, 416-361-6400/


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

LD -- NY098 -- 4304 02/08/93 17:08 EST
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Date:Feb 8, 1993
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