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NEWMONT GOLD REPORTS FOURTH QUARTER GAIN IN EARNINGS

 NEWMONT GOLD REPORTS FOURTH QUARTER GAIN IN EARNINGS
 DENVER, Jan. 29 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC) today


reported fourth quarter net income of $33.4 million, or 32 cents a share, compared with $25.4 million, or 24 cents a share, in the fourth quarter of 1990. The 1991 quarter included an estimated after-tax charge of $2.4 million, or 2 cents a share, due to costs associated with a salaried staff reduction program. The 1990 fourth quarter included an estimated after-tax charge of $6.4 million, or 6 cents a share, for additional depreciation resulting primarily from a revision of asset lives. Fourth-quarter revenues were $144.9 million compared with $152.8 million in the 1990 fourth quarter.
 Gold sales in the fourth quarter were 400,600 ounces compared with 402,200 ounces in the fourth quarter of 1990. The average sales price received for gold was $362 an ounce in the fourth quarter compared with $380 an ounce in the last quarter of 1990. Cash cost of production in the fourth quarter was $198 an ounce compared with $235 an ounce in the fourth quarter of 1990.
 For the year, preliminary unaudited net income was $125.9 million, or $1.20 a share, compared with $141.7 million, or $1.35 a share, in 1990.
 Gold sales in 1991 were 1.58 million ounces compared with 1.68 million ounces in 1990. Production in 1991 was restrained to permit time to elect future treatment methods for deeper ores. The decision on such methods was made in mid-1991, and production is scheduled to rise to 1.6 million ounces in 1992 and 1.7 million ounces in 1993.
 The average sales price received for gold in 1991 was $363 an ounce compared with $384 an ounce in 1990. Cash cost of production was $203 an ounce in 1991, down 7 percent from the cost of $218 an ounce in 1990. As a result, Newmont Gold's cash margins averaged $160 an ounce in 1991, which was among the highest cash margins reported by major producers in the Western World.
 Newmont Gold is the largest gold producer in North America, and operates on the Carlin Trend in Nevada. Newmont Mining Corp. (NYSE: NEM) owns 90.1 percent of Newmont Gold.
 NEWMONT GOLD CO.
 Summary of Consolidated Income
 (unaudited - in thousands, except per share)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Sales $144,913 $152,835 $572,750 $643,288
 Net income $33,441 $25,408 $125,902 $141,731
 Net income per share $0.32 $0.24 $1.20 $1.35
 Average number of
 shares outstanding 104,875 104,875 104,875 104,875
 -0- 1/29/92
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM) CO: Newmont Gold Co. ST: Colorado IN: MNG SU: ERN


MC -- DV005 -- 4780 01/29/92 13:34 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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