Newmont Mining Corporation (NYSE:NEM) announced first quarter results today, selling 1.29 million equity ounces at an overage price of $933 per ounce for the period. Applicable costs were $396 per ounce, generating a total of $386 million in net revenue for the quarter. This is compared to $40 million, or $0.09 a share for the smae period a year ago.

Richard O'Brien, President and Chief Executive Officer, said, "We continue to focus on operational execution and improving financial performance as evidenced by our operating margin expansion and earnings growth during the first quarter. Our position as the largest unhedged gold company has benefited our shareholders as we realized 100% of the gold price appreciation with an average realized gold price for the quarter of $933 per ounce. With gold sales in line with our plans and lower costs, our gold operating margin increased to 58%, up from 38% in the year ago quarter, highlighting our leverage to the gold price. As we turn our attention to the second quarter, we expect a successful start-up of both the gold mill at Yanacocha and the power plant in Nevada. The completion of these projects will further enhance our ability to deliver sustainable production at competitive costs."

The Company's 2008 annual equity gold sales guidance remains unchanged between 5.1 and 5.4 million ounces at costs applicable to sales of between $425 and $450 per ounce. The Company's costs applicable to sales forecast for 2008 now assumes an oil price of $90 per barrel and an Australian dollar exchange rate of 0.925 for the balance of the year. Costs applicable to sales would change by approximately $2 per ounce for every $5 change in the oil price and by $5 per ounce for every 0.05 change in the Australian dollar exchange rate. The Company is actively hedging its diesel and Australian dollar exposures.

Production was led by the state of Nevada operations, which yielded 526,000 ounces at a cost of $409 per ounce, followed by Australia/New Zealand operations at 286,000 ounces at cash cost of $545 per ounce, and Yanacocha in Peru, which produced 277,000 ounces at a cost of $311 per ounce.