Newmont Increases Gold Reserves ~6% to Record 99 Million Ounces; Copper Reserves Also a Record at ~10 Billion Pounds

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Feb 23, 2012, 05:57 ET

DENVER, Feb. 23, 2012 /PRNewswire/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today announced it increased attributable gold reserves by 5.3 million ounces, net of depletion, to 98.8 million ounces in 2011. Highlights include:

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Record gold reserves of 98.8 million ounces, an increase of 5.6% from 2010;
Record copper reserves of 9.7 billion pounds, an increase of 3.2% from 2010; and
Reserves calculated at $1,200 per ounce and $3.00 per pound, respectively.

"We are pleased to report a 6% increase in our gold reserves to a record 98.8 million ounces and a record 9.7 billion pounds of copper in 2011, highlighting the potential of our extensive land positions in each of our four operating regions," commented Richard O'Brien, President and CEO. "Over the last 10 years, we have added an industry leading 85 million ounces of reserves through organic growth alone, more than offsetting the 75 million ounces of depleted reserves through production."

North America was the largest contributor to higher gold and copper reserves in 2011, up 10% and 24%, respectively, as exploration activity drove increases in gold reserves at Carlin, Phoenix, and Turquoise Ridge, and copper reserves at Phoenix.

Attributable gold Measured and Indicated non-reserve mineralization ("NRM")(1) for 2011 was 1.4 billion tons at an average grade of 0.019 ounces per ton, up from 1.3 billion tons at an average grade of 0.019 ounces per ton for 2010. In addition, attributable gold Inferred NRM was 650 million tons at an average grade of 0.024 ounces per ton. Attributable copper Measured and Indicated NRM for 2011 was 1.0 billion tons at an average grade of 0.14%, up from 849 million tons at a grade of 0.15% from 2010. In addition, attributable copper Inferred NRM was 410 million tons at an average grade of 0.15%. Gold and copper NRM were calculated using prices of $1,400 per ounce and $3.50 per pound, respectively. Total gold and copper NRM increased 12% and 9%, respectively, over 2010 on a contained metal basis. Attributable silver Measured and Indicated NRM for 2011 was 690 million tons at an average grade of 0.92 ounces per ton, with additional inferred NRM of 520 million tons at an average grade of 0.10 ounces per ton.

Exploration: 2011 Highlights and 2012 Planned Activity

Newmont's 2011 exploration program produced strong results for a fourth consecutive year from more than 125 drill rigs and approximately 1.3 million meters of drilling. Drill programs focused on the entire resource pipeline and led to success in early-stage exploration while converting more than enough reserves to replace depletion. With more than 150 projects in 2011 and 175 projects in 2012, our exploration programs are gaining momentum and are designed to fully support our strategic growth plan not only to 2017, but also for years beyond.

Our North American region converted the largest gold reserve (6.2 million ounces) and NRM (5.5 million ounces) led by open pit expansions at Gold Quarry, Phoenix, and underground expansion at Turf-Leeville. We continue to expect strong exploration results from the North America region again in 2012 as we expect to declare the first NRM ounces at our newly acquired Long Canyon asset. Early stage exploration yielded very encouraging results at Long Canyon, Leeville, Carlin Mine area, Mike, Phoenix and Fiber Line, and we will further advance these opportunities in 2012. Outside Nevada in 2011 we have further built our land position and advanced our target generation programs in Mexico, Alaska and BC/Yukon that we expect to continue this effort as well as to complete some scout drilling in 2012.

Our South America region converted 0.25 million ounces of gold reserves and 0.97 million ounces of gold NRM primarily from the Conga region. A number of exploration targets have been generated at the Yanacocha district and are planned for drilling in 2012. A number of targets have also been generated in the Conga region that await development outcomes. Extensive infill drilling at the Merian project in Suriname is targeted to add reserves in 2012 while follow-up drill programs at the nearby Sabajo project are accelerating with promising results.

Our Australia-Pacific region converted 2.3 million ounces of gold reserves and 1.6 million ounces of gold NRM with the largest contributions coming from our Callie underground mine in the Tanami and at KCGM. Jundee and Waihi drill programs added new underground mine life from surface and underground drill programs. Boddington successes were seen in early-stage work expected to be reflected in potentially new NRM in the near future. Each of these sites has significant exploration upside that we expect to aggressively test in 2012. Outside Australia, drill programs will accelerate at the Elang project in Indonesia and we will continue the target generation and scout-drilling in New Zealand, Papua New Guinea and Solomon Islands.

Our Africa region converted 2.8 million ounces of gold reserve and 2.0 million ounces of gold NRM primarily from Ahafo open pit layback expansions and from the Subika underground. Drill programs successfully expanded the wingspan of early-stage Subika underground mineralization and we began drilling extensions of the Apensu open pit. Early-stage exploration around Ahafo North demonstrated potential for additional open pit and underground mineralization near the existing reserve. Drill programs at Akyem suggest potential for underground mineralization that will be further explored in 2012. Future reserve and NRM growth looks promising and will be addressed by more than doubling the Ghanaian exploration budget in 2012. Outside Ghana we have a potential new discovery in Guinea and have scout-drilled a number of targets in Burkina Faso with encouraging results that will be followed up in 2012.

Newmont's 2012 attributable exploration budget increased 9% over the prior year to $369 million with the largest portion assigned to North America (~$138 million). Budgets for 2012 in Australia-Pacific (~$87 million), Africa (~$58 million) and South America (~$54 million) have seen a significant increase relative to 2011 due to growth-related opportunities. Approximately $32 million is allocated to other strategic programs. Of the total attributable exploration budget, approximately two-thirds is expected to be directed towards brownfields exploration activity, with the balance of approximately one-third to be spent on greenfields programs.

(1) For detailed information on the Company's year-end attributable Proven and Probable Reserves and Measured, Indicated and Inferred NRM, please refer to the Supplemental Information below and the cautionary statement at the end of this release.

Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. Metal price assumptions follow SEC guidance not to exceed a three year trailing average. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables included in this release list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralized material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold and copper will be realized. Ounces of gold or pounds of copper included in the proven and probable reserves are calculated without regard to any losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold and copper, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves.

We publish reserves annually, and will recalculate reserves at December 31, 2012, taking into account metal prices, changes, if any, in future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2012.

Attributable Proven, Probable, and Combined Gold Reserves(1)

December 31, 2011

December 31, 2010

Deposits/Districts by Reporting Unit

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven + Probable Reserves

Newmont Share

Tonnage

Grade

Gold

Tonnage

Grade

Gold

Tonnage

Grade

Gold

Tonnage

Grade

Gold

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

North America

Carlin Open Pits, Nevada(2)

100%

92,600

0.058

5,410

239,100

0.030

7,210

331,700

0.038

12,620

77%

263,600

0.043

11,320

Carlin Underground, Nevada

100%

11,300

0.271

3,070

6,700

0.300

2,020

18,000

0.282

5,090

86%

14,600

0.307

4,480

Midas, Nevada

100%

300

0.315

500

0.177

800

0.226

160

95%

600

0.319

190

Phoenix, Nevada

100%

24,900

0.018

460

422,200

0.016

6,790

447,100

0.016

7,250

72%

329,800

0.018

6,090

Twin Creeks, Nevada

100%

10,600

0.097

1,020

37,700

0.073

2,760

48,300

0.078

3,780

80%

57,800

0.076

4,390

Turquoise Ridge, Nevada(3)

25%

1,700

0.444

740

2,300

0.440

1,020

4,000

0.442

1,760

92%

3,100

0.457

1,410

Nevada In-Process(4)

100%

23,000

0.020

460

23,000

0.020

460

65%

28,500

0.022

610

Nevada Stockpiles(5)

100%

65,100

0.053

3,440

3,100

0.028

68,200

0.052

3,530

76%

36,700

0.074

2,700

Total Nevada

229,500

0.064

14,680

711,600

0.028

19,970

941,100

0.037

34,650

78%

734,600

0.042

31,200

La Herradura, Mexico

44%

51,000

0.021

1,090

60,400

0.020

1,240

111,400

0.021

2,330

62%

105,700

0.022

2,290

TOTAL NORTH AMERICA

280,500

0.056

15,770

772,000

0.027

21,210

1,052,500

0.035

36,980

77%

840,300

0.040

33,490

South America

Conga, Peru(6)

51.35%

303,400

0.021

6,460

303,400

0.021

6,460

75%

317,200

0.019

6,080

Yanacocha Open Pits(7)

51.35%

34,200

0.050

1,710

85,700

0.022

1,860

119,900

0.030

3,570

72%

142,300

0.031

4,440

Yanacocha In-Process(3)

51.35%

13,100

0.025

330

2,100

0.027

15,200

0.025

390

78%

21,300

0.025

540

Total Yanacocha, Peru

47,300

0.043

2,040

87,800

0.022

1,920

135,100

0.029

3,960

72%

163,600

0.030

4,980

La Zanja, Peru(8)

46.94%

7,300

0.016

120

14,100

0.015

210

21,400

0.016

330

66%

20,600

0.017

350

TOTAL SOUTH AMERICA

54,600

0.040

2,160

405,300

0.021

8,590

459,900

0.023

10,750

73%

501,400

0.023

11,410

Asia Pacific

Batu Hijau Open Pit(9)

48.50%

127,600

0.017

2,110

196,100

0.005

1,040

323,700

0.010

3,150

75%

293,400

0.011

3,110

Batu Hijau Stockpiles(5)(9)

48.50%

156,900

0.003

490

156,900

0.003

490

70%

170,700

0.004

610

Total Batu Hijau, Indonesia

48.50%

127,600

0.017

2,110

353,000

0.004

1,530

480,600

0.008

3,640

75%

464,200

0.008

3,720

Boddington, Western Australia

100%

181,800

0.020

3,600

871,700

0.018

15,890

1,053,500

0.019

19,490

81%

1,067,700

0.019

20,300

Duketon, Western Australia (10)

16.85%

2,000

0.044

8,800

0.045

400

10,800

0.045

490

95%

6,300

0.055

350

Jundee, Western Australia

100%

3,100

0.160

490

700

0.237

160

3,800

0.174

650

91%

4,700

0.160

750

Kalgoorlie Open Pit and Underground

50%

13,300

0.059

790

41,700

0.056

2,350

55,000

0.057

3,140

85%

55,700

0.059

3,300

Kalgoorlie Stockpiles(5)

50%

53,900

0.023

1,260

53,900

0.023

1,260

78%

15,100

0.031

470

Total Kalgoorlie, Western Australia

50%

67,200

0.030

2,050

41,700

0.056

2,350

108,900

0.040

4,400

83%

70,900

0.053

3,780

Tanami, Northern Territories

100%

6,200

0.156

960

10,500

0.149

1,560

16,700

0.152

2,520

94%

14,400

0.142

2,040

Waihi, New Zealand

100%

3,200

0.112

360

3,200

0.112

360

89%

4,200

0.110

460

TOTAL ASIA PACIFIC

387,900

0.024

9,300

1,289,600

0.017

22,250

1,677,500

0.019

31,550

82%

1,632,300

0.019

31,400

Africa

Ahafo Open Pits(11)

100%

194,700

0.055

10,790

194,700

0.055

10,790

87%

148,300

0.064

9,540

Ahafo Underground (12)

100%

0.000

5,900

0.11

660

5,900

0.112

660

89%

0.000

Ahafo Stockpiles(5)

100%

21,000

0.030

630

21,000

0.030

630

86%

14,100

0.033

460

Total Ahafo, Ghana

100%

21,000

0.030

630

200,600

0.057

11,450

221,600

0.055

12,080

87%

162,400

0.062

10,000

Akyem, Ghana(13)

100%

144,500

0.051

7,390

144,500

0.051

7,390

88%

137,900

0.052

7,200

TOTAL AFRICA

21,000

0.030

630

345,100

0.055

18,840

366,100

0.053

19,470

87%

300,300

0.057

17,210

TOTAL NEWMONT WORLDWIDE

744,000

0.037

27,860

2,812,000

0.025

70,890

3,556,000

0.028

98,750

80%

3,274,300

0.029

93,500

(1) Reserves are calculated at a gold price of US$1,200, A$1,250, or NZ$1,600 per ounce unless otherwise noted. 2010 reserves were calculated at a gold price of US$950, A$1,100, or NZ$1,350 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 unless they are less than 50,000, and gold ounces have been rounded to the nearest 10,000.

(2) Includes reserves under development at the Emigrant deposits for combined total undeveloped reserves of 1.6 million ounces.

(3) Reserve estimates provided by Barrick, the operator of the Turquoise Ridge Joint Venture.

(4) In-process material is the material on leach pads at the end of each year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.

(5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.

(6) Project is under development.

(7) Reserves include the currently undeveloped deposit at La Quinua Sur, which contains reserves of 0.8 million attributable ounces.

(8) Reserves estimates were provided by Buenaventura, the operator of the La Zanja project.

(9) Percentage reflects Newmont’s economic interest at December 31, 2011.

(10) Reserve estimates provided by Regis Resources Ltd, in which Newmont holds a 16.85% interest.

(11) Includes undeveloped reserves at Yamfo South, Yamfo Central, Techire West, Subenso South, Subenso North, Yamfo Northeast, and Susuan totaling 3.2 million ounces.

(12) Subika Underground project is under development.

(13) Project is under development.

Attributable Gold Mineralized Material Not in Reserves(1)(2)

December 31, 2011

Deposits/Districts

Measured Material

Indicated Material

Measured + Indicated Material

Inferred Material

Newmont Share

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

North America

Buffalo Valley, Nevada

70%

0.000

16,500

0.019

16,500

0.019

2,900

0.014

Carlin Trend Open Pit, Nevada

100%

28,200

0.035

84,400

0.022

112,600

0.026

15,300

0.020

Carlin Trend Underground, Nevada

100%

4,700

0.221

2,900

0.272

7,600

0.241

1,300

0.264

Lone Tree Complex, Nevada

100%

2,200

0.023

2,200

0.023

5,000

0.016

Sandman, Nevada

100%

600

0.050

600

0.050

2,100

0.048

Midas, Nevada

100%

0.094

100

0.066

110

0.070

100

0.049

Phoenix, Nevada

100%

216,400

0.012

216,400

0.012

132,300

0.012

Twin Creeks, Nevada

100%

3,600

0.081

42,400

0.042

46,000

0.045

13,500

0.026

Turquoise Ridge (3), Nevada

25%

400

0.358

400

0.338

800

0.348

500

0.451

Nevada Stockpiles (4), Nevada

100%

3,100

0.039

3,100

0.039

2,300

0.043

Total Nevada

40,010

0.065

365,900

0.020

405,910

0.025

175,300

0.018

La Herradura, Mexico

44%

200

0.016

400

0.015

600

0.016

38,300

0.016

TOTAL NORTH AMERICA

40,210

0.065

366,300

0.020

406,510

0.025

213,600

0.018

South America

Conga, Peru

51.35%

89,300

0.012

89,300

0.012

130,500

0.011

Yanacocha, Peru

51.35%

7,000

0.015

18,400

0.017

25,400

0.016

106,100

0.023

Merian, Suriname

50%

28,900

0.039

28,900

0.039

18,400

0.036

La Zanja(5), Peru

46.94%

300

0.004

300

0.004

600

0.008

2,100

0.015

TOTAL SOUTH AMERICA

7,300

0.014

136,900

0.018

144,200

0.018

257,100

0.018

Asia Pacific

Batu Hijau (6), Indonesia

48.50%

3,400

0.018

157,400

0.007

160,800

0.008

37,300

0.002

Boddington, Western Australia

100%

25,100

0.012

493,400

0.014

518,500

0.013

53,100

0.016

Jundee, Western Australia

100%

700

0.194

700

0.194

1,000

0.224

Kalgoorlie, Western Australia

50%

6,100

0.035

17,200

0.032

23,300

0.033

300

0.078

Duketon (7), Western Australia

16.85%

1,260

0.030

6,200

0.026

7,460

0.000

15,200

0.024

Tanami, Northern Territory

100%

500

0.113

3,600

0.109

4,100

0.109

10,400

0.168

Waihi, New Zealand

100%

2,100

0.243

2,100

0.243

900

0.195

TOTAL ASIA PACIFIC

36,360

0.019

680,600

0.014

716,960

0.014

118,200

0.029

Africa

Ahafo Open Pit, Ghana

100%

91,200

0.037

91,200

0.037

44,300

0.042

Ahafo Underground, Ghana

100%

0.000

14,500

0.116

Akyem, Ghana

100%

13,300

0.016

13,300

0.016

3,400

0.030

TOTAL AFRICA

104,500

0.034

104,500

0.034

62,200

0.059

TOTAL NEWMONT WORLDWIDE

83,870

0.040

1,288,300

0.018

1,372,170

0.019

651,100

0.024

(1) Mineralized material is reported exclusive of reserves.

(2) Mineralized Material calculated at a gold price of US$1,400, A$1,475, or NZ$1,850 per ounce unless otherwise noted. 2010 Mineralized material was calculated at a gold price of US$1150, A$1,350, or NZ$1,600 per ounce. Tonnage amounts have been rounded to the nearest 100,000.

(3) Mineralized material estimates were provided by Barrick, the operator of the Turquoise Ridge Joint Venture.

(4) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.

(5) Mineralized material estimates were provided by Buenaventura, the operator of the La Zanja Project.

(6) Percentage reflects Newmont's economic interest at December 31, 2011.

(7) Mineralized material estimates provided by Regis Resources Ltd, in which Newmont holds a 16.85% interest.

Attributable Copper Reserves(1)
			December 31, 2011											December 31, 2010
				Proven Reserves			Probable Reserves			Proven + Probable Reserves				Proven + Probable Reserve
Deposits/Districts			Newmont Share	Tonnage	Grade	Copper	Tonnage	Grade	Copper	Tonnage	Grade	Copper	Metallurgical	Tonnage	Grade	Copper
				(000 tons)	(Cu%)	(million pounds)	(000 tons)	(Cu%)	(million pounds)	(000 tons)	(Cu%)	(million pounds)	Recovery	(000 tons)	(Cu%)	(million pounds)
North America
	Phoenix, Nevada		100%	24,900	0.15%	70	425,400	0.15%	1,230	450,300	0.15%	1,300	61%	332,600	0.15%	1,030
	Phoenix Copper Leach, Nevada (2)		100%	9,900	0.24%	50	160,300	0.21%	690	170,200	0.21%	740	52%	132,900	0.23%	610
TOTAL NORTH AMERICA				34,800	0.17%	120	585,700	0.16%	1,920	620,500	0.16%	2,040	58%	465,500	0.18%	1,640
South America
	Conga, Peru(3)		51.35%	0		0	303,400	0.28%	1,690	303,400	0.28%	1,690	85%	317,200	0.26%	1,660
TOTAL SOUTH AMERICA				0		0	303,400	0.28%	1,690	303,400	0.28%	1,690	85%	317,200	0.26%	1,660
Asia Pacific
		Batu Hijau(3)	48.50%	127,600	0.51%	1,300	196,100	0.35%	1,370	323,700	0.41%	2,670	76%	293,400	0.44%	2,560
		Batu Hijau, Stockpiles(3)(4)	48.50%	0		0	156,900	0.34%	1,060	156,900	0.34%	1,060	66%	170,700	0.35%	1,200
	Batu Hijau, Indonesia		48.50%	127,600	0.51%	1,300	353,000	0.34%	2,430	480,600	0.39%	3,730	73%	464,100	0.40%	3,760
	Boddington, Western Australia		100.00%	181,800	0.10%	350	871,700	0.11%	1,910	1,053,500	0.11%	2,260	83%	1,067,800	0.11%	2,360
TOTAL ASIA PACIFIC				309,400	0.27%	1,650	1,224,700	0.18%	4,340	1,534,100	0.20%	5,990	77%	1,531,900	0.20%	6,120
TOTAL NEWMONT WORLDWIDE				344,200	0.26%	1,770	2,113,800	0.19%	7,950	2,458,000	0.20%	9,720	74%	2,314,600	0.20%	9,420

(1) Reserves are calculated at US$3.00 or A$3.15 per pound copper price unless otherwise noted. 2010 reserves were calculated at US$2.50 or A$2.95 per pound copper price unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 and pounds have been rounded to the nearest 10 million.
(2) Project is under development. Leach reserves are within Phoenix Reserve Pit.
(3) Project is under development.
(4) Percentage reflects Newmont's economic interest at December 31, 2011.
(5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where tonnage or contained metal are greater than 5% of the total site reported reserves.

Attributable Copper Mineralized Material Not in Reserves(1)(2)
December 31, 2011
Deposits/Districts			Measured Material		Indicated Material		Measured + Indicated Material		Inferred Material
		Newmont Share	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Tonnage		Grade
			(000 tons)	(Cu%)	(000 tons)	(Cu%)	(000 tons)	(Cu%)	(000 tons)		(Cu%)
North America
	Phoenix, Nevada	100%	0	0.00%	216,400	0.09%	216,400	0.09%	132,300	0.10%
	Phoenix Copper Leach, Nevada	100%	0	0.00%	14,100	0.20%	14,100	0.20%	54,100	0.20%
TOTAL NORTH AMERICA					230,500	0.10%	230,500	0.10%	188,700	0.13%
South America
	Conga, Peru	51.35%	0	0.00%	89,300	0.19%	89,300	0.19%	130,480	0.19%
TOTAL SOUTH AMERICA					89,300	0.19%	89,300	0.19%	130,480	0.19%
Asia Pacific
	Batu Hijau, Indonesia (3)	48.50%	3,400	0.36%	157,400	0.33%	160,900	0.33%	37,300		0.25%
	Boddington, Western Australia	100.00%	25,100	0.07%	493,400	0.09%	518,500	0.09%	53,100		0.08%
TOTAL ASIA PACIFIC			28,500	0.10%	650,800	0.15%	679,400	0.15%	90,400		0.15%
TOTAL NEWMONT WORLDWIDE			28,500	0.10%	970,600	0.14%	999,200	0.14%	409,580		0.15%

(1) Mineralized material is reported exclusive of reserves.
(2) Mineralized material calculated at a copper price of US$3.50 or A$3.70 per pound unless otherwise noted. 2010 mineralized material was calculated at a copper price of US$3.00 or A$3.50 per pound. Tonnage amounts have been rounded to the nearest 100,000.
(3) Percentage reflects Newmont's economic interest at December 31, 2011.

Attributable Proven, Probable, and Combined Silver Reserves(1)

December 31, 2011

Deposits/Districts by Reporting Unit

Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Newmont Share

Tonnage

Grade

Silver

Tonnage

Grade

Silver

Tonnage

Grade

Silver

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

North America

Midas, Nevada

100%

300

4.624

1,200

500

8.629

4,050

800

7.201

5,250

88%

Phoenix, Nevada

100%

24,900

0.250

6,250

425,400

0.244

103,730

450,300

0.244

109,980

36%

TOTAL NORTH AMERICA

25,200

0.296

7,450

425,900

0.253

107,780

451,100

0.255

115,230

38%

South America

Conga, Peru

51.35%

303,400

0.064

19,400

303,400

0.064

19,400

70%

Yanacocha Open Pits

51.35%

18,500

0.081

1,490

71,100

0.137

9,750

89,600

0.125

11,240

25%

Yanacocha Stockpiles (2)

51.35%

1,300

0.363

460

4,800

1.466

6,970

6,100

1.235

7,430

36%

Yanacocha In-Process(3)

51.35%

59,500

0.485

28,840

59,500

0.485

28,840

12%

Total Yanacocha, Peru

19,800

0.099

1,950

135,400

0.337

45,560

155,200

0.306

47,510

19%

TOTAL SOUTH AMERICA

19,800

0.099

1,950

438,800

0.148

64,960

458,600

0.146

66,910

34%

Asia Pacific

Batu Hijau Open Pit(4)

48.50%

127,600

0.047

5,940

196,100

0.023

4,470

323,700

0.032

10,410

78%

Batu Hijau Stockpiles(2)(4)

48.50%

156,900

0.015

2,430

156,900

0.015

2,430

72%

Total Batu Hijau, Indonesia

48.50%

127,600

0.047

5,940

353,000

0.020

6,900

480,600

0.027

12,840

76%

TOTAL ASIA PACIFIC

127,600

0.047

5,940

353,000

0.020

6,900

480,600

0.027

12,840

76%

TOTAL NEWMONT WORLDWIDE

172,600

0.089

15,340

1,217,700

0.148

179,640

1,390,300

0.140

194,980

39%

(1) Reserves are calculated at a silver price of US$22.00, A$23.00, or NZ$29.00 per ounce unless otherwise noted. 2010 reserves were calculated at a silver price of US$15.00, A$17.50, or NZ$21.50 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 unless they are less than 50,000, and gold ounces have been rounded to the nearest 10,000.

(2) In-process material is the material on leach pads at the end of each year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.

(3) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.

(4) Percentage reflects Newmont’s economic interest at December 31, 2011.

Attributable Silver Mineralized Material Not in Reserves(1)(2)

December 31, 2011

Deposits/Districts

Measured Material

Indicated Material

Measured + Indicated Material

Inferred Material

Newmont Share

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

North America

Sandman, Nevada

100%

600

0.238

600

0.238

2,100

0.167

Midas, Nevada

100%

1.719

100

4.762

100

4.352

100

9.560

Phoenix, Nevada

100%

216,400

0.173

216,400

0.173

132,300

0.197

Phoenix Stockpiles (3), Nevada

100%

9,900

0.423

196,000

0.051

205,900

0.069

230,300

0.075

TOTAL NORTH AMERICA

9,900

0.425

413,100

0.116

423,000

0.123

364,800

0.123

South America

Conga, Peru

51.35%

89,300

0.047

89,300

0.047

99,100

0.033

Yanacocha, Peru

51.35%

5,100

0.423

11,400

0.083

16,500

0.188

19,200

0.292

TOTAL SOUTH AMERICA

5,100

0.423

100,700

0.051

105,800

0.069

118,300

0.075

Asia Pacific

Batu Hijau (4), Indonesia

48.50%

3,400

0.039

157,400

0.026

160,800

0.026

37,300

0.015

TOTAL ASIA PACIFIC

3,400

0.039

157,400

0.026

160,800

0.026

37,300

0.015

TOTAL NEWMONT WORLDWIDE

18,400

0.353

671,200

0.085

689,600

0.092

520,400

0.104

(1) Mineralized material is reported exclusive of reserves.

(2) Mineralized Material calculated at a silver price of US$26.00, A$27.50, or NZ$34.50 per ounce unless otherwise noted. 2010 Mineralized material was calculated at a gold price of US$18.00, A$21.00, or NZ$25.50 per ounce. Tonnage amounts have been rounded to the nearest 100,000.

(3) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.

(4) Percentage reflects Newmont's economic interest at December 31, 2011.

To view more detailed financial disclosure, including regional mine statistics, Results of Consolidated Operations, Liquidity and Capital Resources, Management's Discussion & Analysis, relevant Risk Factors, and a complete outline of the 2011 Operating and Financial guidance by region, please see the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 23, 2012, available at www.newmont.com.

Newmont Mining Corporation (NYSE: NEM) announced it will report Fourth Quarter and Year-End 2011 results after the market closes on Thursday, February 23, 2012. A conference call will be held on Friday, February 24 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time); it will also be carried on the Company’s website.

Conference Call Details
Dial-In Number	888.566.1822
Intl Dial-In Number	312.470.7116
Leader	John Seaberg
Passcode	Newmont
Replay Number	866.396.4180
Intl Replay Number	203.369.0506
Replay Passcode	2012

Webcast Details
URL	http://services.choruscall.com/links/newmont120224.html

Cautionary Statement Regarding Forward-Looking Statements: This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation: (i) estimates of future mineral production and sales; (ii) estimates of future costs applicable to sales; (iii) estimates of future capital expenditures and consolidated advanced projects, research and development expenditures; and (iv) expectations regarding the development, growth and exploration potential of the Company’s projects. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political, social and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; and (vii) the accuracy of our current mineral reserve and mineral resource estimates. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the “forward-looking statements”. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s 2011 Annual Report on Form 10-K, filed on February 24, 2012, with the Securities and Exchange Commission, as well as the Company’s other SEC filings. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors' own risk.

Cautionary Statement regarding Reserves and NRM: Ian Douglas, Newmont’s Group Executive of Reserves, is the qualified person responsible for the preparation of the Reserve and NRM estimates in this presentation. The Reserves disclosed in this presentation have been prepared in compliance with Industry Guide 7 published by the SEC. As used in this news release, the term “Reserve” means that part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in this definition, means that profitable extraction or production has been established or analytically demonstrated in a full feasibility study to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in this definition, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmont’s current mine plans. Reserves in this news release may be aggregated from the Proven and Probable classes. As used in this news release, the term ”non-reserve mineralization” or “NRM” refers to Measured, Indicated and/or Inferred materials, which are exclusive of reserves. Newmont has determined that such NRM would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration and defined as Resources. Estimates of NRM are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future Mineral Reserves of the company. In addition, our current or future reserves and exploration and development projects may not result in new mineral producing operations. Even if significant mineralization is discovered and converted to reserves, it will likely take many years from the initial phases of exploration to development and ultimately to production, during which time the economic feasibility of production may change. Additionally, references to “attributable ounces,” “attributable pounds” and “attributable mineralization” in this news release are intended to mean that portion of gold or copper produced, sold or included in Proven and Probable Reserves or NRM that is attributable to our ownership or economic interest.

SOURCE Newmont Mining Corporation

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Newmont Increases Gold Reserves ~6% to Record 99 Million Ounces; Copper Reserves Also a Record at ~10 Billion Pounds

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