Exhibit 99.8



                  HOMESTAKE MINING COMPANY OFFER FOR THE ISSUED
                 CAPITAL OF HOMESTAKE GOLD OF AUSTRALIA LIMITED
                          WILL CLOSE ON 9 FEBRUARY 1996

                    HOMESTAKE REACHES COMPULSORY ACQUISITION
                                   THRESHOLDS

Homestake Mining Company  ("Homestake")  announced today that it is now entitled
to 98.3% of the issued capital of Homestake Gold of Australia  Limited  ("HGAL")
and that more than 75% of the HGAL shareholders who were registered  immediately
before  the day on which the Part A was  served on HGAL  have now  accepted  the
offer or ceased to be  shareholders.  Pursuant to the offer 87% of HGAL's shares
were  tendered for  Homestake  shares whilst the remaining 13% accepted the cash
offer. THE OFFER WILL CLOSE AT 5.00PM,  SYDNEY TIME, ON 9 FEBRUARY 1996 AND WILL
NOT BE EXTENDED.

Homestake  intends to proceed to  compulsorily  acquire the remaining  shares in
HGAL to which it is not presently entitled as soon as possible.


For further information contact:

              Peter Breese or Charlie Lewis
              Baring Brothers Burrows & Co., Limited
              (02) 247 1222


31 January 1996








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