EXHIBIT 99.1 NEWS FROM: REYNOLDS METALS COMPANY and CHEMICAL SECURITIES INC. Public Relations Staff Mergers & Acquisitions Dept. Richmond, VA 23261 New York, NY 10017-2070 CONTACT: R. Terry Olbrysh CONTACT: Peter Olnowich Telephone: (804) 281-2258 Tel: (212) 270-4879 Home: (804) 560-3267 CONTACT: Jim Bold Tel: (212) 270-3710 FOR IMMEDIATE RELEASE: August 26, 1994 REYNOLDS METALS CONSIDERS SALE OF REMAINING GOLD ASSETS RICHMOND, Va. -- Reynolds Metals Company (NYSE & CHX: RLM) today announced it has retained Chemical Securities Inc. to assist the company with the possible divestment of its remaining gold mining assets in Australia. The assets include mines in the Marvel Loch and Southern Cross areas, the Mt. Gibson mine near Dalwallinu, all in Western Australia, and exploration activities under way in Western Australia and the Northern Territory. The mines produced approximately 210,000 ounces of gold for Reynolds account in 1993 and 103,000 ounces for the first half of 1994. The operations are managed by Reynolds Australian Gold Operations Ltd., based in Perth. In July of this year, Reynolds completed the sale of Reynolds Australia Metals, Ltd., which held a 40 percent in the Boddington Gold Mine in Western Australia, to PosGold (BGM) Pty Ltd., a subsidiary of Poseidon Gold Limited. # # # C08-2694-RTO