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NEWMONT GOLD REPORTS FOURTH QUARTER EARNINGS

 DENVER, Jan. 27 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC) today reported fourth quarter net income of $16.9 million, or 16 cents a share, compared with $33.4 million, or 32 cents a share, in the fourth quarter of 1991. The decline was attributed to lower gold production in keeping with the company's annual plan, lower gold prices and higher operating costs as a consequence of mining more material. In addition, greater amounts of lower-grade leach ore were processed to meet planned gold production schedules. Fourth quarter revenues were $128.4 million compared with $144.9 million in the 1991 fourth quarter.
 Gold sales in the fourth quarter were 378,700 ounces compared with 400,500 ounces in the fourth quarter of 1991. The average sales price received for gold was $339 an ounce in the fourth quarter compared with $362 an ounce in the previous year's fourth quarter.
 For the year, preliminary and unaudited net income was $81.1 million, or 77 cents a share, compared with $125.9 million, or $1.20 a share, in 1991. The major factors in the decline were lower gold prices and higher costs, as well as an effective tax rate in 1992 of 21 percent compared with a 14 percent effective rate in 1991. Net income in 1992 also was reduced by $6.4 million, or 6 cents a share, due to the cumulative effect of Newmont Gold electing to adopt, a year prior to when required, Statement of Financial Accounting Standards No. 106. This accounting standard requires that postretirement benefits other than pensions be accounted for on an accrual basis.
 Sales revenues were $546.4 million in 1992 compared with $572.8 million in 1991. Gold sales were 1,587,900 ounces compared with 1,576,900 ounces in 1991. The average price received for gold during 1992 was $344 an ounce compared with $363 an ounce in 1991. The cash operating cost of production in 1992 averaged $207 per ounce compared with $203 an ounce in 1991.
 Newmont Gold is the largest gold producer from North American operations and is 90.1 percent owned by Newmont Mining Corp. (NYSE: NEM).
 NEWMONT GOLD CO.
 Summary of Preliminary and Unaudited Consolidated Income
 (in millions, except per share)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Sales $128.4 $144.9 $546.4 $572.8
 Other income 1.8 1.5 7.6 7.0
 130.2 146.4 554.0 579.8
 Costs and expenses (112.8) (108.7) (443.2) (432.9)
 Pre-tax income 17.4 37.7 110.8 146.9
 Income tax provision (.5) (4.3) (23.4) (21.0)
 Income before cumulative
 effect of accounting
 change 16.9 33.4 87.4 125.9
 Cumulative effect of
 accounting change for
 postretirement benefits
 other than pensions --- --- (6.4) ---
 Net income $16.9 $33.4 $81.0 $125.9
 Income per share:
 Before cumulative effect
 of accounting change $0.16 $0.32 $0.83 $1.20
 Cumulative effect of
 accounting change for
 postretirement benefits
 other than pensions --- --- (0.06) ---
 Net income $0.16 $0.32 $0.77 $1.20
 -0- 1/27/93
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM)


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

MC -- DV007 -- 9793 01/27/93 15:17 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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