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NEWMONT GOLD REPORTS FIRST QUARTER EARNINGS

 DENVER, April 28 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC), the largest producer of gold from North American operations, today reported first quarter net income of $22.1 million, or 21 cents a share, compared with $23.3 million, or 22 cents a share in the first quarter of 1992. Sales in the first quarter of 1993 were $127.9 million compared with $137.8 million in the previous year's first quarter.
 During the first quarter of 1993, the company had a benefit of $2.7 million, or 3 cents a share, due to the adoption of SFAS 109, affecting accounting for income taxes. In the first quarter of 1992, the company incurred a charge of $6.4 million, or 6 cents a share, due to the adoption of SFAS 106, affecting accounting for postretirement benefits other than pensions. Income before the change in accounting was $19.4 million, or 18 cents a share, compared with $29.6 million, or 28 cents a share, in the first quarter of 1992. The decline was due to lower gold prices and relatively higher operating costs and depreciation, depletion and amortization. While the weather induced temporarily lower production of gold in the quarter, the company expects to meet its production target of 1.7 million ounces for the year. Costs also are currently well below expected levels.
 First quarter production of gold in 1993 was 388,200 ounces compared with 393,500 ounces in the first quarter of 1992. The average price received for gold in the 1993 period was $330 an ounce, $20 lower than the price received in the first quarter of 1992. The operating cost of production in the 1993 quarter was $201 an ounce compared with $191 an ounce in the first quarter of 1992.
 In all, 54.2 million tons of ore were mined in the first quarter, compared with 34.5 million tons mined in the first quarter of 1992.
 The company's five mills treated 3.4 million tons of ore and produced 266,200 ounces in the first quarter, compared with 3.4 million tons treated and 272,400 ounces produced in the first quarter of 1992.
 Leach operations resulted in 13.6 million tons placed on pads, and 122,000 ounces produced in the first quarter of 1993. This compares with 8.7 million tons placed and 121,100 ounces produced in the first quarter of the previous year.
 Newmont Gold produces approximately 1.7 million ounces of gold annually. It is 90.1-percent-owned by Newmont Mining Corp. (NYSE: NEM).
 NEWMONT GOLD CO.
 Summary of Consolidated Income
 (Unaudited - in thousands, except per share)
 Three Months Ended
 March 31,
 1993 1992
 Sales $ 127,901 $ 137,809
 Income before cumulative effect
 of change in accounting principle $ 19,395 $ 29,618
 Cumulative effect of change in
 accounting principle 2,665(a) (6,356)(b)
 Net income $ 22,060 $ 23,262
 Income per share:
 Before cumulative effect of
 change in accounting principle $ 0.18 $ 0.28
 Cumulative effect of change in
 accounting principle 0.03(a) (0.06)(b)
 Net income $ 0.21 $ 0.22
 Average number of shares outstanding 104,875 104,875
 (a) Relates to change in accounting from adoption of Statement of
 Financial Accounting Standards No. 109, "Accounting for Income
 Taxes" (SFAS 109).
 (b) Relates to change in accounting from adoption of Statement of
 Financial Accounting Standards No. 106, "Employers' Accounting
 for Postretirement Benefits Other Than Pensions" (SFAS 106).
 There was no income tax benefit associated with this change.
 -0- 4/28/93
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM)


CO: Newmont Gold Co. ST: Colorado IN: MNG SU: ERN

MC -- DV007 -- 2048 04/28/93 12:44 EDT
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Date:Apr 28, 1993
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