ASIANET: AMAX GOLD ANNOUNCES FIRST GOLD POUR AT KURAKA

The mine is currently 50%-owned by Cyprus Amax minerals Company and 50%- owned by a group of Russian partners.

Amax Gold managed the projects through construction for Cyprus Amax and the Company's shareholders have approved the acquisition of Cyprus Amax's interest in the mine. Amax Gold expects the transaction to be completed in the first quarter.

"The succesful pouring of gold at Kubaka marks the first time in U.S. company has participated in prouducing gold in modern Russia," said Cyprus Amax and Amax Gold Chairman and Chief Executive Officer Milton H. Ward.

"This is a tribute to the knowledge and dedication of our excellent Russian partners as well as that of our own team."

Mr. Ward continued: "The Kubake mine is the third gold mine completed in the past year.

Refugio, our 50%-owned gold mine in Chile, began commercial production in October.

Fort Knox, our 100%-owned mine near Fairbanks, Alaska, poured its first gold bars in Deember and expects to reach commercial production in the first quarter.

These three new properties should boost Amax Gold's production to nearly 700,000 ounces in 1997 from about 268,000 in 1996."

The open-pit Kubaka is expected tp produce an average of about 350,000 ounces a year over its seven-year mine life. Life-of-mine grade is expected to average aboyt 0.54 ounces per ton and cash cost expected to average about $185 an ounce.

Assuming the acquisition in completed in 1997, Amax Gold and its Russian partners will participate in a $4 million exploration program this year in the Magadan Oblast that will be funded through rebates of royalty payments made to the Russian governmet.

Amax Gold common stock is listed on the New York Stock Exchange (AU) and The Toronto Stock Exchange (AXG).

The $3.75 Series B Convertable Perferred Stock is listed on the New York Stock Exchange under the sybol AUPrB.

Actual results may very materially from any forward-looking statements that Amax Gold makes.

Refer to the Cautionary Statement in Amax Gold's Form 10-Q for the previous quarter.

SOURCE Amax Gold Inc.

CONTACT: Marj Charlier, Director of Investor Relations, 303-643-5625/

(AU AXG.)

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