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NEWMONT GOLD REPORTS THIRD QUARTER RESULTS; PRODUCTION, COSTS ON TARGET; GOLD PRICE DOWN, INCOME TAXES UP

 NEWMONT GOLD REPORTS THIRD QUARTER RESULTS;
 PRODUCTION, COSTS ON TARGET; GOLD PRICE DOWN, INCOME TAXES UP
 DENVER, Oct. 28 /PRNewswire/ -- Newmont Gold Co. (NYSE: NGC) today reported third quarter net income of $23.7 million, or 23 cents a share, compared with $29.0 million, or 28 cents a share in the third quarter of 1991. The decline from the 1991 quarter was due largely to a 23 percent federal tax rate in the 1992 period compared with a 12 percent rate in the 1991 quarter.
 In the third quarter, Newmont Gold produced 412,700 ounces at a cash cost of $203 an ounce, compared with 383,600 ounces produced in the third quarter of 1991 at a cash cost of $198 an ounce. Sales revenues for the third quarter were $143.5 million compared with $136.8 million in the third quarter of 1991. The average price received for gold was $348 an ounce in the third quarter of 1992 compared with $357 an ounce in the 1991 quarter. Newmont Gold stated that it planned to produce approximately 1.6 million ounces in 1992 at a cash cost of approximately $210 per ounce. Such planning recognized that production in the fourth quarter of 1992 would be lower than in the third quarter, and that the comparable cash cost of production for the quarter would rise to approximately $225 per ounce. As previously announced by Newmont Gold, production in 1993 is expected to be approximately 1.7 million ounces. Comparable cash cost of production in 1993 is expected to remain in the range of the fourth-quarter 1992 cash cost.
 For the first nine months of 1992, net income was $64.2 million, or 61 cents a share, compared with $92.5 million, or 88 cents a share, in the first nine months of 1991. Gold production in the first three quarters of 1992 was 1,209,200 ounces at a cash cost of $202 an ounce compared with 1991 nine-month production of 1,176,300 ounces at a cash cost of $204 per ounce. The price received for gold averaged $346 announce in the 1992 nine-month period compared with $364 an ounce in the 1991 period. Sales revenues for the 1992 nine-month period were $418.0 million compared with $427.8 million in the first nine months of 1991. The nine-month federal income tax rate for 1992 was 24 percent compared with 15 percent in the comparable 1991 period.
 In all, 40.5 million tons were mined in the third quarter of 1992, compared with 31.0 million tons in the third quarter of 1991. The company's five mills treated 3.4 million tons of ore and produced 262,700 ounces in the third quarter, compared with 3.3 million tons treated and 277,800 ounces produced in the third quarter of the prior year. Leach operations had 12.4 million tons of ore placed on pads and produced 150,000 ounces in the third quarter. This compares with 6.8 million tons placed and 105,800 ounces produced in the 1991 quarter.
 Newmont Gold, 90.1-percent-owned by Newmont Mining Corp. (NYSE: NEM), is the largest producer of gold from North American operations.
 NEWMONT GOLD CO.
 Summary of Consolidated Income
 (unaudited - in thousands, except per share)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Sales $143,466 $136,781 $418,001 $427,837
 Income before cumulative
 effect of change in
 accounting principle $23,714 $28,989 $70,519 $92,461
 Cumulative effect of
 change in accounting
 principle(a) --- --- (6,356) ---
 Net income $23,714 $28,989 $64,163 $92,461
 Income per share:
 Before cumulative effect
 of change in accounting
 principle $0.23 $0.28 $0.67 $0.88
 Cumulative effect of
 change in accounting
 principle(a) --- --- (0.06) ---
 Net income $0.23 $0.28 $0.61 $0.88
 Average number of share
 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 on an accrual basis.
 -0- 10/28/92
 /CONTACT: James F. Hill of Newmont Gold, 303-837-5977/
 (NGC NEM) CO: Newmont Gold Co. ST: Colorado IN: MNG SU: ERN


BB -- DV004 -- 6003 10/28/92 12:35 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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