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MK SIGNS JOINT-VENTURE AGREEMENT TO DEVELOP GOLD MINING PROPERTY IN MONGOLIA

 MK SIGNS JOINT-VENTURE AGREEMENT TO DEVELOP
 GOLD MINING PROPERTY IN MONGOLIA
 BOISE, Idaho, May 11 /PRNewswire/ -- Morrison Knudsen Corp. (MK) (NYSE: MRN) today announced a major development in MK's international mining strategy with the signing of a venture agreement with a Mongolian firm to jointly develop a gold mining property in Mongolia. The venture was approved by the cabinet of Mongolia and signed by Mongolian Prime Minister, Dashiin Byambasuren.
 William J. Agee, MK chairman and chief executive officer, said the company's MK Gold Co. subsidiary and Mongol Erdene, a recently formed Mongolian firm, signed the agreement to explore, develop and produce gold from the Boroo Gold Project located some 80 miles northwest of Ulaanbaatar, the nation's capital.
 "This project doubles MK's gold resources and is the first of what we expect to be several international mining ventures," said Agee. "We presently are looking at opportunities in South and Central America, Southeast Asia and areas of the former Soviet Union." MK presently owns interests in two gold mines in southeastern California.
 Current exploration of the Boroo project has identified in excess of one million proven and probable ounces of gold with the potential of two million ounces. More reserves could be found as the joint venture explores other sections of the approximately 3,000-square-mile area of interest that it has under license from the Mongolian government.
 MK now will begin a two-year feasibility study of the project, providing planning and design of the mine, process facilities and infrastructure. In addition, MK will serve as venture manager and operator. MK owns 49 percent of the joint venture.
 Agee said MK is planning a long-term relationship with Mongolia in mining and other areas and noted that talks are being held with Mongolian officials regarding development of other metals. Last year, MK sponsored a relief mission to the country that resulted in delivery of 17 tons of medical supplies and other goods, mostly for children's hospitals in Ulaanbaatar.
 Morrison Knudsen Corp. is an international company serving the environmental, industrial process, power and transportation markets with complete development, design/engineering, construction, operating and financial services.
 -0- 5/11/92
 /CONTACT: Jess Hawley of Morrison Knudsen, 208-386-5000/
 (MRN) CO: Morrison Knudsen Corp.; Mongol Erdene ST: Idaho IN: MNG SU: CON


LM -- SE004 -- 8701 05/11/92 13:59 EDT
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Publication:PR Newswire
Date:May 11, 1992
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