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NEWMONT GOLD REPORTS SHARP RISE IN INCOME

 DENVER, Oct. 27 /PRNewswire/ -- Newmont Gold Company (NYSE: NGC), the largest gold producer from North American operations, today reported sharply higher third quarter net income of $41.7 million, or $0.40 a share, compared with $23.7 million, or $0.23 a share, in the third quarter of 1992.
 The improvement in the quarter was primarily due to a higher price received for gold and to higher gold production. Additionally, the company reported lower per-ounce operating costs.
 Sales revenues in the third quarter were $169.9 million compared with $143.5 million in the third quarter of 1992. The company produced 453,200 ounces of gold in the quarter compared with 412,700 ounces in the third quarter of 1992. The average price received for gold in the quarter was $375 an ounce compared with $348 an ounce in the previous third quarter. The company's cash operating cost of production in the quarter was $198 per ounce compared with $203 an ounce in the 1992 quarter. Including $11 an ounce in deferred stripping costs, total cash cost in the 1993 quarter was $209 an ounce. The 1992 quarter included no deferred stripping costs.
 For the first nine months of 1993, net income was $91.9 million, or $0.88 a share, compared with $64.2 million, or $0.61 a share, in the first nine months of 1992. The 1993 period included a benefit of $2.7 million, or $0.03 a share, due to a change in accounting for income taxes while the 1992 period included a charge of $6.4 million, or $0.06 a share, for a change in accounting for certain employee postretirement benefits.
 Sales revenues were $447.8 million in the first nine months compared with $418.0 million in the first nine months of 1992. The company produced 1,256,200 ounces in the first nine months compared with 1,209,200 ounces in the first nine months of 1992. The average price received for gold in the nine-month period was $356 an ounce compared with $346 an ounce in the first three quarters of 1992.
 Newmont Gold Company operates on the Carlin Trend in northeastern Nevada. It has five operating mines and eight other gold deposits. It plans to produce 1.7 million ounces of gold in 1993.
 NEWMONT GOLD COMPANY
 Summary of Consolidated Income
 (Unaudited - in thousands, except per share)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Sales $169,856 $143,466 $447,817 $418,001
 Income before
 cumulative effect
 of change in
 accounting
 principle $41,710 $23,714 $89,198 $70,519
 Cumulative effect
 of change in
 accounting
 principle --- --- 2,665(a) (6,356)(b)
 Net income $41,710 $23,714 $91,863 $64,163
 Income per share:
 Before
 cumulative effect
 of change in
 accounting
 principle $0.40 $0.23 $0.85 $0.67
 Cumulative effect
 of change in
 accounting principle --- --- 0.03(a) (0.06)(b)
 Net income $0.40 $0.23 $0.88 $0.61
 Average number of
 shares
 outstanding 104,875 104,875 104,875 104,875
 (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 charge.
 -0- 10/27/93
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC)


CO: Newmont Gold Company ST: Colorado IN: MNG SU: ERN

EH-JB -- LA029 -- 7401 10/27/93 14:13 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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