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NEWMONT MINING REPORTS GAIN IN SECOND QUARTER EARNINGS; LEADING GOLD PRODUCER EARNED 36 CENTS/SHARE VS. 32 CENTS/SHARE

 NEWMONT MINING REPORTS GAIN IN SECOND QUARTER EARNINGS;
 LEADING GOLD PRODUCER EARNED 36 CENTS/SHARE VS. 32 CENTS/SHARE
 DENVER, July 22 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM) today reported that second quarter net income of $24.4 million, or 36 cents a share, compared with $22.0 million, or 32 cents a share in the second quarter of 1991.
 The 1991 second quarter included approximately $3.6 million, or 5 cents a share, of after-tax non-recurring charges. The 1992 quarter was affected by a lower average price received for gold compared with the 1991 second quarter and lower production at Newmont Gold.
 Consolidated sales were $158.7 million in the second quarter compared with $167.2 million in the second quarter of 1991. The average consolidated sales price received for gold, including the effects of the company's quarterly gold loan repayment, the settlement of a 127,600-ounce gold/dollar swap and other hedging activities, was $388 an ounce in the second quarter of 1992, compared with $395 an ounce in the second quarter of 1991.
 For the first six months of 1992, net income was $56.8 million, or 83 cents a share, compared with $59.4 million, or 88 cents a share, in the first six months of 1991. The 1992 period included a non-cash, $11.6 million (17 cents a share) after-tax charge. This charge resulted from the cumulative accounting effect of Newmont Mining 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. Consolidated sales were $316.5 million for the first six months of 1992 compared with $318.5 million in 1991. The average realized gold price was $392 per ounce in the 1992 period and $398 per ounce in the 1991 period.
 As previously reported, the company on April 29, entered the forward market to take advantage of the then lower price of gold to purchase gold to satisfy the 375,000 ounces that would be outstanding at the end of the second quarter on the company's gold loan. The 375,000 borrowed ounces, which Newmont sold for $449 an ounce in 1988, will be repaid over the next six quarters at an average cost of approximately $351 an ounce, which will result in a cumulative revenue benefit of approximately $37 million. The benefit from the settlement of the gold/dollar swap included in the 1992 quarter sales is $10.6 million.
 Newmont Gold Co. (NYSE: NGC), 90.1 percent owned by Newmont Mining and the largest producer from North American operations, had output of 403,000 ounces of gold in the second quarter compared with 419,000 ounces in the second quarter of 1991. Newmont Gold's cash cost of production was $212 an ounce in the second quarter compared with $208-per-ounce cost in the second quarter of 1991. For the six months ended June 30, 1992, Newmont Gold produced 796,500 ounces at a cash cost averaging $202 an ounce compared with 792,700 ounces at a cash cost of $208 an ounce for the like period in 1991. Newmont Gold reaffirmed that it expected to meet its 1992 annual target of 1.6 million ounces produced at a cash cost of approximately $205 an ounce.
 Newmont Mining is a pure gold company. In addition to its interest in Newmont Gold it owns 100 percent of Newmont Exploration Ltd., which conducts exploration worldwide for gold.
 NEWMONT MINING CORP.
 Summary of Consolidated Income
 (Unaudited - in thousands, except per share)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Consolidated sales $158,720 $167,228 $316,458 $318,545
 Income before cumulative
 effect of change in
 accounting principle(a) $24,357 $21,987 $68,333 $59,419
 Cumulative effect of
 change in accounting
 principle(b) --- --- (11,572) ---
 Net income $24,357 $21,987 $56,761 $59,419
 Income per share:
 Before cumulative effect
 of change in accounting
 principle(a) $0.36 $0.32 $1.00 $0.88
 Cumulative effect of
 change in accounting
 principle(b) --- --- (0.17) ---
 Net income $0.36 $0.32 $0.83 $0.88
 Average number of
 shares outstanding 68,035 67,708 68,017 67,717
 (a) The quarter and six months ended June 30, 1992 includes $3.6 million (5 cents per share) of after-tax non-recurring charges.
 (b) Non-cash, net charge after income tax benefit of $5,962, or 9 cents per share, due to Newmont's election 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.
 NOTE: The company reported that Newmont Gold reaffirmed that it expected 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 Mining, 303-837-5977/
 (NEM NGC) CO: Newmont Mining Corp. ST: Colorado IN: MNG SU: ERN


BB -- DV012 -- 2041 07/22/92 15:06 EDT
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Date:Jul 22, 1992
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