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NEWMONT AND MALLON SIGN FINAL AGREEMENT ON EXPLORATION OF PROPERTY IN COSTA RICA

 NEWMONT AND MALLON SIGN FINAL AGREEMENT
 ON EXPLORATION OF PROPERTY IN COSTA RICA
 DENVER, April 14 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM) and Mallon Mining Co. (a unit of Mallon Resources Corp.) today announced the signing of a final agreement providing for Newmont's exploration and potential development of a Mallon holding in northern Costa Rica. Under the terms of the agreement, Newmont will have up to 15 months to explore Mallon's Rio Chiquito gold and silver mining concessions located in Guanacaste Province, Costa Rica. Newmont may earn a 51 percent interest in the concessions, which cover about 28,000 acres, by spending a total of $16 million.
 Mallon operated a small gold and silver mine on a portion of the property from November 1987 to June 1989. Operations were halted in order to permit a more thorough evaluation of the entire property. At present, gold resources at the property total 380,000 ounces.
 Newmont Mining is a pure gold company that owns 90.1 percent of Newmont Gold Co. (NYSE: NGC), the largest producer in North America; and 100 percent of Newmont Exploration Ltd., a company engaged in worldwide exploration for gold.
 -0- 4/14/92
 /CONTACT: James A. McGowen of Mallon, 303-293-2333; or James F. Hill of Newmont Mining, 303-837-5977/
 (NEM NGC) CO: Newmont Mining Corp.; Mallon Mining Co. ST: Colorado IN: MNG SU:


MC -- DV005 -- 8328 04/14/92 13:37 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:234
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