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MINING SERVICES INTERNATIONAL ANNOUNCES RESTATEMENT OF THIRD QUARTER RESULTS

 SALT LAKE CITY, Nov. 18 ~PRNewswire~ -- Mining Services International Inc. (NASDAQ: MSIX) ("MSI") announced today the restatement of previously released earnings for the quarter and nine months ended Sept. 30, 1992. The company had preliminarily announced net income of $229,000, or $0.04 per share, for the third quarter of 1992 and net income of $3.25 million, or $0.64 per share, for the nine months ended Sept. 30, 1992. Of the income reported for the nine months just ended, $503,000, or $0.10 per share, represented operating income, while $2.747 million, or $0.54 per share, represented an extraordinary gain from the debt restructuring of its 50-percent-owned joint venture company, Cyanco.
 In the course of preparing the company's report for the periods ended Sept. 30, 1992, management determined that its net operating loss carry-forwards were not sufficient to eliminate taxes on income realized during the periods and, accordingly, recorded an income tax provision of $135,000 for the third quarter and for the nine months. Management believes this income tax treatment reflects more accurately the company's financial position and earnings. As restated to give effect to the provision for income taxes, net income for the third quarter and nine months was $147,000 and $3,102,000, respectively, or $0.03 and $0.62 per share, respectively. For the nine months ended Sept. 30, 1992, income from operations was $449,000, or $0.09 per share, while $2.653 million, or $0.53 per share, represented the extraordinary gain.
 Mining Services International is a leading developer in explosives technology and a supplier of high-quality explosives to the mining industry. MSI markets its products and technology in six of the major mining countries worldwide. MSI also manufactures and sells aqueous sodium cyanide to precious metal mines in the western United States through Cyanco, its 50-percent-owned joint venture.
 -0- 11~18~92
 ~CONTACT: Dr. Lex L. Udy, president and CEO, or Dr. John T. Day, executive VP and CFO, of Mining Services International, 801-261-5666~
 (MSIX)


CO: Mining Services International ST: Utah IN: MNG SU: ERN

JB-LS -- LA003 -- 2141 11~18~92 07:33 EST
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Date:Nov 18, 1992
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