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PIEDMONT MINING COMPANY ANNOUNCES SALE OF MINERALITE(R) BUSINESS AND NEW EXPLORATION PROGRAM AT RUSSELL-COGGINS PROPERTY

 PIEDMONT MINING COMPANY ANNOUNCES SALE OF MINERALITE(R) BUSINESS AND
 NEW EXPLORATION PROGRAM AT RUSSELL-COGGINS PROPERTY
 CHARLOTTE, N.C., Aug. 4 /PRNewswire/ -- Piedmont Mining Company, Inc. (NASDAQ: PIED) today announced the sale of certain assets associated with its Mineralite(R) or "sericite" business to MMC Holding, Inc., of Kershaw, S.C., for $909,250. The assets sold include the 561 acre Blackmon Property north of Kershaw and the processing plant, bagged inventory, equipment, vehicles, and other assets used in the mining, processing and sale of a mineral assemblage generally referred to as "sericite" that is sold under the trademark MINERALITE(R) primarily to the paint industry. Piedmont retained the cash and accounts receivable relating to this business which totalled approximately $218,000.
 Piedmont had acquired this business from MMC Holding in April 1990 in connection with its acquisition of the assets of MMC Holding, including its contract mining equipment and its property interests at the Haile Gold Mine near Kershaw that are now part of the Haile Mining Venture between a subsidiary of Piedmont and a subsidiary of Amax Gold Inc. (NYSE: AU).
 "With this sale Piedmont is once again engaged entirely in exploration for gold," said Robert M. Shields, Jr., Chairman and Chief Executive Officer of Piedmont. "The Mineralite business was small and not compatible with our corporate objectives. This was an opportune time to sell the business for a fair price. With Amax Gold now managing our program at the Haile property, we will refocus our attention on exploration at our Russell-Coggins gold property in North Carolina where we have begun a six-months program of soil sampling, backhoe trenching, geophysics and mapping. We plan to drill at least 10 core holes to a depth of about 600 feet to follow up on the results of our successful 1989 and 1990 exploration work there. We believe our best prospects for the future are in our Haile Mining Venture and our North Carolina gold properties."
 Piedmont pioneered the resumption of gold mining in the Southeast in early 1985 at its Haile Gold Mine near Kershaw, S.C., employing for the first time the heap leaching process in the humid southeastern climate. Through a wholly-owned subsidiary, Piedmont is now participating with a wholly-owned subsidiary of Amax Gold Inc. in the Haile Mining Venture to further explore and evaluate and, if warranted, develop and operate a large-scale gold mine at the Haile property. Piedmont also controls six other gold exploration properties in North Carolina, including its Russell-Coggins property, one of the largest historical gold producers in the state where mining operations in the late 1800s and early 1900s were conducted from both open pit as well as underground workings to a depth of about 600 feet.
 -0- 8/4/92
 /CONTACT: Thomas L. Ross, Piedmont Mining Company, Inc., 704-523-6866/
 (PIED AU) CO: Piedmont Mining Company, Inc.; MMC Holding, Inc.; Amax Gold Inc. ST: North Carolina, South Carolina IN: MNG SU: TNM RLE


CM -- CHOO1 -- 6490 08/04/92 08:40 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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