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NEWMONT MINING PLANS TO ACQUIRE 75 PERCENT INTEREST IN SOME 125 SQUARE MILES OF CLAIMS NEAR CARLIN TREND

 NEWMONT MINING PLANS TO ACQUIRE 75 PERCENT INTEREST
 IN SOME 125 SQUARE MILES OF CLAIMS NEAR CARLIN TREND
 DENVER, March 19 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM) today announced it had agreed to purchase a 50 percent interest in approximately 125 square miles of unpatented mining claims held by the Ivanhoe Joint Venture, and said it expects to agree shortly to acquire an additional 25 percent interest. The purchase price for the 75 percent interest in the claims, which lie just west and northward of Newmont Gold Co.'s (NYSE: NGC) Genesis mine on the Carlin Trend in Nevada, would be $20.1 million.
 Newmont Mining will purchase a 50 percent interest in the claims from Ivanhoe Gold Co., a subsidiary of Galactic Resources Ltd. (AMEX: GLC), for $13.4 million. Newmont also is negotiating to purchase half of the remaining 50 percent interest held by Touchstone Resources Co., a subsidiary of Cornucopia Resources Ltd., for $6.7 million.
 The closing of the transactions is expected to be finalized by June 23, 1992, and is subject to Newmont's purchasing the entire 75 percent interest, shareholder approvals at the selling companies, regulatory requirements and third-party contractual rights, including any preferential rights of purchase by Homestake Mining Co. (NYSE: HM) of California.
 Newmont is entering into the agreements due to the exploration potential on the Ivanhoe property, which is adjacent to and north of some 420 square miles of land on which Newmont Mining already owns or controls the mineral rights, and adjacent to and north of the northern portion of Newmont Gold's 58 square miles of property along the Carlin Trend. Newmont Mining owns 90.1 percent of Newmont Gold.
 The Ivanhoe property currently contains a small gold mine that is expected to treat its remaining ore and cease operations prior to the closing of the agreements. Newmont and Touchstone will form a new joint venture to explore the property's potential following the closing of the transaction.
 Newmont Mining is a pure gold company whose subsidiary, Newmont Gold, discovered the Carlin Trend and since has become the largest producer in North America. At the end of 1991, Newmont Gold had 20.1 million ounces of gold reserves on the Carlin Trend. Newmont Mining also owns 100 percent of Newmont Exploration Ltd., which conducts exploration worldwide for gold and will conduct any exploration for Newmont on the Ivanhoe property.
 -0- 3/19/92
 /CONTACT: James F. Hill of Newmont Mining, 303-837-5977/
 (NEM NGC GLC HM) CO: Newmont Mining Corp. ST: Colorado, Nevada IN: MNG SU: JVN


MC -- DV005 -- 9628 03/19/92 11:22 EST
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Publication:PR Newswire
Date:Mar 19, 1992
Words:433
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