Quartet Resources LTD (QRL.P)

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WHY NEWMONT NEEDS QUEENSTAKE


Newmont Mining Corporation First Quarter 2006 Results

OPERATING HIGHLIGHTS



NEVADA First Quarter 2006 First Quarter 2005

Consolidated gold sales
(000 ounces) 535.0 588.6
Equity gold sales (000 ounces) 489.3 557.5
Consolidated costs applicable to
sales ($/ounce) $395 $309



In Nevada, gold ounces sold decreased 9% during the first quarter of 2006 compared with the same period in 2005, primarily as a result of a 14% decrease in mill ore grade. The decrease in mill ore grade resulted from mining lower grades at the Midas and Deep Post underground mines. Mill throughput was lower as a result of 14 days of unplanned downtime at Mill 5. Costs applicable to sales per ounce increased 28%, primarily due to a decrease in ounces produced and increased labor, diesel, cyanide and underground contract service costs, as well as a change in accounting for deferred stripping.

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