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MINVEN GOLD ANNOUNCES 1992 FINANCIAL RESULTS (IN U.S. DOLLARS)

 DENVER, April 16 /PRNewswire/ -- MinVen Gold Corp. (AMEX: MVG; Toronto; Vancouver) today reported a consolidated net loss of $8,991,000, or 22 cents per share, for the year ended Dec. 31, 1992, as compared to a consolidated net loss of $33,500,000, or 98 cents per share for 1991.
 Operating revenues in 1992 were $31,834,000 which included the sale of 89,772 ounces of gold at an average price of $354 per ounce. This compares to operating revenues in 1991 of $31,590,000 which included the sale of 86,362 ounces of gold at an average price of $365 per ounce. Cash costs per ounce were $321 in 1992 compared to $362 in 1991, an 11 percent improvement in cash operating costs.
 MinVen also reported a consolidated net loss in the fourth quarter of 1992 of $5,548,000, or 12 cents per share, compared to consolidated net loss of $1,600,000, or 4 cents per share, in 1991. The consolidated net loss in the fourth quarter of 1992 includes a one-time expense accrual of approximately $3.1 million relating to temporary stand-by costs and reclamation work to be incurred in future periods at the Gilt Edge Mine.
 As previously announced, MinVen is considering implementation of a comprehensive reorganization plan including obtaining of new equity. As details of this proposed plan become finalized, a further announcement will be made.
 MinVen Gold is a publicly held Denver-based mining company with interests in four operating mines in the United States. Its shares are traded on the American, Toronto and Vancouver stock exchanges under the symbol MVG.
 -0- 4/16/93
 /CONTACT: Alan R. Bell or Robert R. Gilmore of MinVen Gold, 303-573-0221/
 (MVG)


CO: MinVen Gold Corp. ST: Colorado IN: MNG SU: ERN

MC -- DV009 -- 6918 04/16/93 16:17 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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