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NORTH AMERICAN METALS CORP. ANNOUNCES RESULTS

 NORTH AMERICAN METALS CORP. ANNOUNCES RESULTS
 VANCOUVER, British Columbia, Feb. 18 /PRNewswire/ -- North American


Metals Corp. (Vancouver: NAM) ("NAM") announced today operating results for 1991.
 Gold production from the Golden Bear Mine was 56,711 ounces in 1991 compared to 19,242 ounces in the prior year. The roaster in the mill was inoperable during much of the latter half of 1990, so operating results for the prior period are not comparable. The roaster retrofit was completed in the first quarter of 1991 and mill performance improved steadily throughout the year. By year end, capacity and recovery rates exceeded design levels. A revised mining plan utilizing only open pit methods was instituted in the second quarter and contributed to lower operating costs. Cash costs improved from C$467 in the first six months to C$274 in the second half of the year and averaged C$359 in 1991.
 Average gold prices realization for the year were C$411 per ounce compared with C$436 per ounce in 1990.
 The company had a loss of C$17.8 million or C$1.58 per share in 1991 compared with a loss of C$33.1 million or C$4.17 per share in 1990.
 The 1991 loss included a write-down of C$14.7 million related to NAM's investment in the Golden Bear Mine and a C$2.1 million charge to restate gold forward sales contracts to reflect current gold prices and exchange rates as required by a change in Canadian accounting rules. Included in the 1990 loss was C$23.8 million in asset write-downs applicable to the Golden Bear Mine.
 At year end, NAM became the sole owner of the Golden Bear Mine by purchasing the remaining 50 percent interest for US$1 million and indemnification of the seller against all related liabilities.
 -0- 2/18/92
 /CONTACT: Jack E. Thompson, president of North American Metals, 415-981-8150/
 (NAM) CO: North American Metals Corp. ST: British Columbia IN: MNG SU: ERN


EH -- LA031 -- 0222 02/18/92 20:20 EST
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Date:Feb 18, 1992
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