Newmont Initiates Revised Mining Plan at Phoenix Gold Mine
 
DENVER, C0 - Newmont has spent the past year completing studies at Phoenix, focusedon resolving issues with gold grade reconciliation, complex coppermineralogy, rock hardness, and operating and design inefficiencies. The Company has completed an extensive re-drilling program and has incorporatedthe results into a new mine plan that more accurately defines the ore body.Based on the updated mine plan and current commodity price assumptions,equity gold production during the next five-years is currently expected toaverage approximately 200,000 to 250,000 ounces per annum at costs applicable to sales of approximately $400 to $500 per ounce, net of by-product credits. Newmont will continue to focus on productivity and cost improvements, process optimization opportunities, and near mine exploration.
 
Phoenix sold 54,100 ounces of gold at costs applicable to sales of $361 per ounce during the second quarter, compared to 39,700 ounces at costs applicable to sales of $844 per ounce in the year ago quarter. The cost improvements were driven by increased copper and silver by-product credits and increased mill throughput.
 
The 200 megawatt coal-fired power plant achieved commercial production on May 1, 2008. The Company expects to save approximately $70 to $80 million per year in costsapplicable to sales from the lower cost of self-generated electricity,compared to purchasing power in the current market. Capital costs for thepower plant are expected to be approximately $620 million, at the low-end of previous guidance of $620 to $640 million.
 
Newmont been has mining gold in Nevada since 1965. Nevada operations include Carlin, located west of the city of Elko on the geologic feature known as the Carlin Trend, the Twin Creeks mine, located approximately 15 miles north of Golconda, the Lone Tree Complex near the town of Valmy, and the Midas mine near the town of the same name. The company also  participates in the Turquoise Ridge joint venture with a subsidiary of Barrick Gold Corp. which utilizes mill capacity at Twin Creeks. The Phoenix mine, located 10 miles south of Battle Mountain, commenced commercial production in the fourth quarter of 2006. The Leeville underground mine, located on the Carlin Trend northwest of the Carlin East underground mine, also commenced commercial production in the fourth quarter of 2006.
 
Gold sales from Nevada totaled approximately 2.3 million ounces for 2007 with ore mined from nine open pit and five underground mines. At year-end 2007, we reported 29.4 million equity ounces of gold reserves in Nevada, with 84% in open pit mines and 16% in underground mines. Refractory ores require more complex, higher cost processing methods. Refractory ore treatment facilities generated 75% of Nevada's gold production in 2007, compared with 72% in 2006, and 69% in 2005. With respect to remaining reserves, Newmont estimates that 79% are refractory ores and 21% are oxide ores.

The Nevada operations produce gold from a variety of ore types requiring different processing techniques depending on economic and metallurgical characteristics. To ensure the best use of processing capacity, the company uses a linear programming model to guide the flow of both mining sequence selection and routing of ore streams to various plants. Higher-grade oxide ores are processed by conventional milling and cyanide leaching at Carlin (Mill 5), Twin Creeks (Juniper) and Lone Tree. Lower-grade material with suitable cyanide solubility is treated on heap leach pads at Carlin, Twin Creeks and Lone Tree. Higher-grade refractory ores are processed through either a roaster at Carlin (Mill 6) or autoclaves at Twin Creeks (Sage) and Lone Tree. Lower-grade refractory ores are processed by a flotation plant at Lone Tree or either bio-oxidation/flotation or direct flotation at Mill 5. Ore from the Midas mine is processed by conventional milling and Merrill-Crowe zinc precipitation. Activated carbon from the various leaching circuits is treated to produce gold ore at Carlin and Twin Creeks. Zinc precipitate at Midas is refined on-site. All milling at Lone Tree was completed in 2007.

The company's address 1700 Lincoln Street, Denver, CO 80203, www.newmont.com