Gold Production to be 1.9 Million Oz. at Newmont’s Nevada Operations

DENVER, CO - For nearly 50 years, Newmont Mining Corporation has been pouring gold in Nevada.  That gold has come from a cluster of mining operations distributed along each side of a 100-mile stretch of interstate highway cutting through the north section of the state.

Newmont’s Nevada properties operate as an integrated unit, and together, they boast the widest variety of processing methods of any gold mining complex in the world.  This allows the company to maximize economic recovery of gold from a wide range of ore types and grades.  Operations include 14 open-pit mines, four underground mines and 14 processing facilities. In addition to gold, the company produces silver and copper.

Attributable gold production at Newmont’s Nevada operations was 357000 ounces at costs applicable to sales of $636 per ounce during the second quarter of 2011.   Gold production decreased 15% from the prior year quarter due to mining and processing lower grade ore, partially offset by higher mill throughput and leach placement and the commencement of underground mining at Exodus. In addition, open pit ore tons mined increased 47% as the remediation of the Gold Quarry pit slope was completed. Costs applicable to sales increased 9% in the second quarter of 2011 from the prior year quarter due to lower production and higher diesel prices, partially offset by higher by-product credits.

The Company continues to expect 2011 attributable-gold production from Nevada of approximately 1.8 to 1.9 million ounces at costs applicable to sales of between $565 and $615 per ounce.  Nevada operations are: Carlin Open Pits, Carlin Underground, Midas (underground), Phoenix, Twin Creeks and Turquoise Ridge (joint venture).  Newmont recently reported on 25 of its deposits nationally and internationally where total proven and probable reserves are 2,650,600 (tonnage).

Newmont’s April 2011 acquisition of Frontier Gold Inc. resulted in the formation of spinoff company Pilot Gold Inc., which advances numerous exploration and development projects in Nevada and other parts of the world.  Among those is the Regent project, which was identified as a key project in Fronteer Gold’s Nevada development pipeline.  Regent is a low-sulfidation, epithermal gold and silver system with oxide gold outcropping at the surface.  It is located 60 kilometers southeast of Fallon in northern Mineral County, Nevada, in the eastern margin of the prolific Walker Lake epithermal gold-silver belt.  It resides 2.5 kilometers to the northwest of the Denton-Rawhide mine, where 1.56 million troy ounces of gold and 11.5 million ounces of silver were produced between 1990 and 2010.  Pilot Gold exploration program is actively moving forward in Nevada with 10 projects, including the Nevada Stateline District.  Most recently, Pilot Gold reported new gold discovery at its 100%-owned Brik Project in southeast Nevada. Pilot also announced that High Desert Gold Corporation has completed its earn-in option on the Gold Springs gold project on the Nevada-Utah border.

Newmont celebrated its 90th anniversary since its official incorporation on May 2, 1921.  Founded by Colonel William Boyce Thompson, Newmont began managing private mining investments, while over the decades adapting to meet growing global demand for a variety of natural resources.  In years past, Newmont’s portfolio included companies such as Kennecott Copper, Standard Oil, Magma Copper, Peabody Coal, Atlantic Cement, and others.

As Newmont CEO O’Brien states, “Our vision is to become the most valued and respected mining company through industry leading performance.”  The key to achieving that vision is the ability to make a lasting and positive contribution toward sustainable development through environmental stewardship, social responsibility, and the protection of the health and well-being of the company’s people.

Newmont is the world’s second-largest gold producer and is ranked 394 on Forbes’ Global 2000 list and 295 on the Fortune 500.  In 1940, when Newmont’s shares began trading on the New York Stock Exchange, it was one of approximately 1,000 companies on that Exchange.  Only 77 of those 1,000 companies continue to be traded on the NYSE.

The company’s address is 6363 South Fiddler’s Green Circle, Greenwood Village, CO 80111, 303.837.5114, fax: 303.837.5085.