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NEWMONT MINING REPORTS FIRST QUARTER EARNINGS

 DENVER, April 28 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM), a leading gold company, today reported first quarter net income of $51.0 million, or 69 cents a share, compared with $32.4 million, or 48 cents a share, in the first quarter of 1992. Consolidated sales for the quarter were $138.1 million compared with $157.7 million in the first three months of 1992.
 During the 1993 quarter, the company had a non-cash benefit of $38.5 million, or 56 cents a share, from the adoption of SFAS 109, which affects accounting for income taxes. In the 1993 quarter, the company also provided for a preferred dividend of $4.1 million, which accordingly reduced reported per-share income during the quarter. In the first quarter of 1992, the company incurred a non-cash, net of tax charge of $11.6 million, or 17 cents a share, due to the adoption of SFAS 106, which affects accounting for postretirement benefits other than pensions. The preferred stock was not outstanding in the first quarter of 1992. Income before the change in accounting was $12.6 million, or 13 cents a share, in the first quarter of 1993, compared with $44.0 million, or 65 cents a share, in the first quarter of 1992. The decrease was due to lower sales revenues due to lower gold prices as well as relatively higher operating costs, depreciation, depletion and amortization expense and interest expense. While the weather induced temporarily lower gold production in the quarter, production targets for the year are expected to be met and current production costs are well under expected levels.
 The average price realized for gold in the first quarter of 1993, including the positive effects of the company's gold loan repayment and other hedging gains, was $348 an ounce compared with $396 an ounce in the first quarter of 1992. The price realized in the first quarter of 1993 was $18 above the spot price for gold in the period.
 Newmont Mining owns 90.1 percent of Newmont Gold Co. (NYSE: NGC), the largest producer from North American operations, and has advanced gold projects in Oregon, Peru, Uzbekistan and Indonesia.
 NEWMONT MINING CORP.
 Summary of Consolidated Income
 (Unaudited - in thousands, except per share)
 Three Months Ended
 March 31,
 1993 1992
 Consolidated sales $ 138,149 $ 157,738
 Income before cumulative effect
 of change in accounting principle $ 12,554 $ 43,977
 Cumulative effect of change in
 accounting principle 38,470(a) (11,572)(b)
 Net income 51,024 32,405
 Preferred dividends (4,051) -
 Income applicable to common stock $ 46,973 $ 32,405
 Income per share:
 Before cumulative effect of
 change in accounting principle $ 0.13 $ 0.65
 Cumulative effect of change in
 accounting principle 0.56(a) (0.17)(b)
 Net income $ 0.69 $ 0.48
 Average number of shares outstanding 68,206 68,012
 (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),
 net of income tax benefit of $5,962, or 9 cents per share.
 -0- 4/28/93
 /CONTACT: James F. Hill of Newmont Mining, 303-837-5977/
 (NEM NGC)


CO: Newmont Mining Corp. ST: Colorado IN: MNG SU: ERN

MC -- DV005 -- 2029 04/28/93 12:28 EDT
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Date:Apr 28, 1993
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