Newmont also has a promising pipeline of new projects in development. At year-end 2004, development of the underground Leeville and open pit Phoenix projects in Nevada was on schedule. Gold sales from Leeville, the Company’s first shaft underground gold mine in Nevada, and Phoenix, Nevada’s largest reserve growth area in 2004, are estimated at approximately 900,000 ounces annually during steady state production.

Near Yanacocha, the completion of a feasibility study for the Minas Conga gold-copper project resulted in declaration of gold reserves of 8.7 million ounces (4.5 million equity ounces). At Yanacocha, a feasibility study for an oxide mill is being optimized with the objective of increasing economic returns from the known mineralized material base.

With ongoing exploration and optimization studies at Ahafo and Akyem, these projects should continue to grow and offer significant economic upside. In Australia, the Boddington joint venture is continuing work on an updated feasibility study for a possible development decision in 2005.

The twin head frames for the ventilation and production shafts at Leeville, Nevada’s next mine, stand ready for production in late 2005.