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NEWMONT GOLD REPORTS SECOND QUARTER INCOME; COMPANY REAFFIRMS PRODUCTION AND COST TARGETS FOR YEAR

 NEWMONT GOLD REPORTS SECOND QUARTER INCOME;
 COMPANY REAFFIRMS PRODUCTION AND COST TARGETS FOR YEAR
 DENVER, July 22 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC) today reported second quarter net income of $17.2 million, or 16 cents a share, compared with $29.3 million, or 28 cents a share, in the second quarter of 1991.
 The year-to-year decline was primarily due to lower gold prices and lower production. The company reaffirmed that 1992 production was on target and that output for the year would reach the expected 1.6 million ounces at an average cash cost of approximately $205 an ounce. The price received for gold was $339 an ounce in the quarter compared with $362 an ounce in the second quarter of 1991. Sale revenues were $136.7 million in the 1992 second quarter compared with $151.7 million in the comparable 1991 quarter. Newmont Gold produced 403,000 ounces in the second quarter compared with 419,000 ounces in the second quarter of 1991. The company's cash cost of production in the 1992 quarter, as a result of the lower production, increased to $212 an ounce from the $208 per ounce recorded in the second quarter of 1991.
 Net income also was reduced by $1.5 million, or 1 cent a share, due to a write-off of obsolete equipment.
 For the first six months of 1992, net income was $40.4 million, or 39 cents a share, compared with $63.5 million, or 61 cents a share, in the first half of 1991. The 1992 period includes a non-cash, $6.4 million (6 cents a share) after-tax charge which is the cumulative accounting effect of Newmont Gold electing to adopt, a year prior to when required, Statement of Financial Accounting Standards No. 106, which requires that postretirement benefits, other than pensions, be accounted for on an accrual basis. Production during the first half was 796,500 ounces at a cash cost averaging $202 an ounce compared with 792,700 ounces in the first half of 1991 at an average cash cost of $208 an ounce. Sales revenues were $274.5 million during the first six months of 1992 compared with $291.1 million during the comparable 1991 period. The average price received for gold was $345 an ounce for the first six months of 1992 and $367 an ounce for the first six months of 1991.
 In all, 35.8 million tons were mined in the second quarter, compared with 33.4 million tons mined in the second quarter of 1991.
 The company's five mills treated 3.4 million tons of ore and produced 265,900 ounces in the second quarter, compared with 3.2 million tons treated and 315,300 ounces produced in the second quarter of 1991.
 Leach operations resulted in 9.6 million tons placed on pads and 137,100 ounces produced in the quarter, compared with 7.7 million tons placed and 103,700 ounces produced in 1991's second quarter.
 Newmont Gold, 90.1 percent owned by Newmont Mining Corp. (NYSE: NEM), has the largest production from North American operations.
 NEWMONT GOLD CO.
 Summary of Consolidated Income
 (unaudited - in thousands, except per share)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Sales $136,726 $151,746 $274,535 $291,056
 Income before
 cumulative effect
 of change in
 accounting principle $17,188 $29,253 $46,805 $63,472
 Cumulative effect
 of change in accounting
 principle (a) --- --- (6,356) ---
 Net income 17,188 29,253 40,449 63,472
 Income per share:
 Before cumulative
 effect of change in
 accounting principle $0.16 $0.28 $0.45 $0.61
 Cumulative effect of
 change in accounting
 principle (a) --- --- (0.06) ---
 Net income $0.16 $0.28 $0.39 $0.61
 Average number of
 shares outstanding 104,875 104,875 104,875 104,875
 (a) Non-cash, after-tax charge as a result of Newmont Gold electing to adopt, a year prior to when required, Statement of Financial Accounting Standards No. 106, which requires that postretirement employee benefits, other than pensions, be accounted for an accrual basis.
 NOTE: Newmont Gold reaffirmed that it expects to produce 1.6 million ounces at approximately $205 per ounce for all of 1992.
 -0- 7/22/92
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM) CO: Newmont Gold Co. ST: Colorado IN: MNG SU: ERN


MC -- DV011 -- 2073 07/22/92 15:53 EDT
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Date:Jul 22, 1992
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