SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from __________to ___________
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
Commission file number 1-9620
AMAX GOLD INC.
(Exact name of registrant as specified in its charter)
DELAWARE 06-1199974
- ------------------------------------ -------------------------------------
(State or other jurisdiction of (IRS Employers Identification No.)
incorporation or organization)
9100 EAST MINERAL CIRCLE, ENGLEWOOD, COLORADO 80155
- -------------------------------------------------- -----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 643-5500
----------------
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
REPORT OF INDEPENDENT ACCOUNTANTS
June 8, 1998
To The Participants and Administrator of the
Thrift Plan for Employees of
Amax Gold Inc. and Its Subsidiaries
In our opinion, the accompanying statements of net assets available for benefits
with Fund Information and the related statement of changes in net assets
available for benefits with Fund Information present fairly, in all material
respects, the net assets available for benefits of the Thrift Plan for Employees
of Amax Gold Inc. and Its Subsidiaries (the "Plan") at December 31, 1997 and
1996, and the changes in its net assets available for benefits for the year
ended December 31, 1997, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the Plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by the Employee Retirement Income Security Act of 1974. The Fund
Information in the statements of net assets available for benefits and the
statement of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the net assets available
for benefits and the changes in net assets available for benefits of each fund.
Schedules I and II and the Fund Information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
PRICE WATERHOUSE LLP
Denver, Colorado
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
FUND INFORMATION
-----------------------------------------------------------------------------------------------
Common Partici- Prime Equity
Stock pant Reserve Index International
Total Fund Loans Fund Fund Stock Fund
---------------- ----------------- ----------- ----------- ---------------- --------------
ASSETS
Cash and equivalents $ 427 $ - $ 427 $ - $ - $ -
Investments:
Amax Gold Inc.
common stock 1,727,170 1,727,170 - - - -
Mutual funds 11,744,772 - - 55,828 2,478,242 518,963
Participant loans 502,460 - 502,460 - - -
Receivables:
Interest 3,381 218 - 123 525 105
Participant
contributions and
loan repayments 85,449 1,527 (14,739) 3,886 16,340 8,125
Employer contributions 58,571 58,571 - - - -
----------- ----------------- ---------- ----------- ---------------- --------------
Total assets 14,122,230 1,787,486 488,148 59,837 2,495,107 527,193
----------- ----------------- ---------- ----------- ---------------- --------------
LIABILITIES - - - - - -
----------- ----------------- ---------- ----------- ---------------- --------------
Net assets available
for benefits $14,122,230 $1,787,486 $488,148 $59,837 $2,495,107 $527,193
=========== ================= ========== =========== ================ ==============
FUND INFORMATION
-----------------------------------------------------------------------------------------------
Spectrum Stable Equity New Science & Spectrum
Income Value Income Horizons Technology Growth
Fund Fund Fund Fund Fund Fund
------------- ---------------- ------------- ---------------- ------------- --------------
ASSETS
Cash and equivalents $ - $ - $ - $ - $ - $ -
Investments:
Amax Gold Inc.
common stock - - - - - -
Mutual funds 816,710 4,913,643 322,738 2,369,179 190,897 78,572
Participant loans - - - - - -
Receivables:
Interest 307 1,291 84 588 139 1
Participant
contributions and
loan repayments 6,928 27,551 7,247 22,947 3,732 1,905
Employer contributions - - - - - -
------------- ---------------- ------------- ---------------- ------------- --------------
Total assets 823,945 4,942,485 330,069 2,392,714 194,768 80,478
------------- ---------------- ------------- ---------------- ------------- --------------
LIABILITIES - - - - - -
------------- ---------------- ------------- ---------------- ------------- --------------
Net assets available
for benefits $823,945 $4,942,485 $330,069 $2,392,714 $194,768 $80,478
============= ================ ============= ================ ============= ==============
The accompanying notes are an integral part of these statements.
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1997
FUND INFORMATION
---------------------------------------------------------------------------------------------
Common Partici- Prime Equity
Stock pant Reserve Index International
Total Fund Loans Fund Fund Stock Fund
-------------- ----------------- ---------- ----------- ----------------- --------------
ASSETS
Cash and equivalents $ 15,000 $ - $ 15,000 $ - $ - $ -
Investments:
Amax Gold Inc.
common stock 924,695 924,695 - - - -
Mutual funds 12,685,187 - - 76,816 3,158,392 512,446
Participant loans 412,892 - 412,892 - - -
Receivables:
Interest 2,162 209 - 196 282 83
Participant
contributions and
loan repayments 96,685 11,321 (13,958) 5,632 16,275 8,801
Employer contributions 45,797 45,797 - - - -
----------- ----------------- --------- ----------- ----------------- --------------
Total assets 14,182,418 982,022 413,934 82,644 3,174,949 521,330
----------- ----------------- --------- ----------- ----------------- --------------
LIABILITIES - - - - - -
Excess contributions
refundable to participants 10,712 90 - 338 906 651
----------- ----------------- --------- ----------- ----------------- --------------
Net assets available
for benefits $14,171,706 $981,932 $413,934 $82,306 $3,174,043 $520,679
=========== ================= ========= =========== ================= ==============
FUND INFORMATION
--------------------------------------------------------------------------------------------------
Spectrum Stable Equity New Science & Spectrum
Income Value Income Horizons Technology Growth
Fund Fund Fund Fund Fund Fund
------------- ----------------- -------------- ----------------- ------------- --------------
ASSETS
Cash and equivalents $ - $ - $ - $ - $ - $ -
Investments:
Amax Gold Inc.
common stock - - - - - -
Mutual funds 900,304 4,758,224 794,564 2,066,989 184,551 232,901
Participant loans - - - - - -
Receivables:
Interest 242 754 107 192 75 22
Participant
contributions and
loan repayments 8,126 21,989 9,940 15,029 7,998 5,532
Employer contributions - - - - - -
------------- ----------------- -------------- ----------------- ------------- --------------
Total assets 908,672 4,780,967 804,611 2,082,210 192,624 238,455
------------- ----------------- -------------- ----------------- ------------- --------------
LIABILITIES - - - - - -
Excess contributions
refundable to participants 378 4,949 641 2,430 287 42
------------- ----------------- -------------- ----------------- ------------- --------------
Net assets available
for benefits $908,294 $4,776,018 $803,970 $2,079,780 $192,337 $238,413
============= ================= ============== ================= ============= ==============
The accompanying notes are an integral part of these statements.
The accompanying notes are an integral part of these statements.
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1997
FUND INFORMATION
-------------------------------------------------------------------------------------------------
Common Partici- Prime Equity Spectrum
Stock pant Reserve Index International Income
Total Fund Loans Fund Fund Stock Fund Fund
------------ -------------- --------------- --------- ----------- -------------- ----------
Investment Income:
Interest and dividends $ 624,864 $ - $ - $ 3,792 $ 73,161 $ 27,118 $ 64,673
Net realized gain (loss) on
investments 130,395 (46,314) - - 215,954 11,425 7,527
Net change in unrealized
appreciation/depreciation
in fair value of
investments (530,721) (1,320,504) - - 548,738 (26,778) 26,497
Employer contributions 612,188 612,188 - - - - -
Participant contributions
and loan repayments 1,341,161 146,782 (194,688) 65,760 242,237 113,056 102,946
Transfers between Plan
funds and loans - 121,906 209,423 (28,316) 6,840 (81,773) 14,456
Employee withdrawals (2,128,411) (319,612) (88,949) (18,767) (407,994) (49,562) (131,750)
----------- ----------- -------------- -------- ---------- -------- ---------
Net increase (decrease) 49,476 (805,554) (74,214) 22,469 678,936 (6,514) 84,349
Net assets available
for benefits:
Beginning of year 14,122,230 1,787,486 488,148 59,837 2,495,107 527,193 823,945
----------- ----------- -------------- -------- ---------- -------- ---------
End of year $14,171,706 $ 981,932 $ 413,934 $ 82,306 $3,174,043 $520,679 $ 908,294
=========== =========== ============== ======== ========== ======== =========
FUND INFORMATION
-------------------------------------------------------------
Stable Equity New Science & Spectrum
Value Income Horizons Technology Growth
Fund Fund Fund Fund Fund
------------ --------- ----------- ----------- ----------
Investment Income:
Interest and dividends $ 287,101 $ 76,863 $ 51,012 $ 17,543 $ 23,601
Net realized gain (loss) on
investments - 6,368 (58,682) (11,143) 5,260
Net change in unrealized
appreciation/depreciation
in fair value of
investments - 76,689 171,083 (11,848) 5,402
Employer contributions - - - - -
Participant contributions
and loan repayments 349,837 115,509 253,850 93,617 52,255
Transfers between Plan
funds and loans (37,060) 246,395 (474,712) (53,218) 76,059
Employee withdrawals (766,345) (47,923) (255,485) (37,382) (4,642)
---------- -------- ---------- -------- --------
Net increase (decrease) (166,467) 473,901 (312,934) (2,431) 157,935
Net assets available
for benefits:
Beginning of year 4,942,485 330,069 2,392,714 194,768 80,478
---------- -------- ---------- -------- --------
End of year $4,776,018 $803,970 $2,079,780 $192,337 $238,413
========== ======== ========== ======== ========
The accompanying notes are an integral part of these statements.
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the Thrift Plan for Employees of Amax Gold Inc. and
Its Subsidiaries (the "Plan") provides only general information. Refer to the
Plan document for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan maintained by Amax Gold Inc. and Its
Subsidiaries ("Amax Gold" or the "Company") for salaried employees ("Eligible
Employees" or "Participants"). The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
MERGER
Effective June 1, 1998, Amax Gold merged with Kinross Gold Corporation of
Toronto, Ontario, Canada. Amax Gold shareholders received .8004 shares of
Kinross common stock for each share of Amax Gold common stock held at the merger
date. All shares of Amax Gold common stock held in the Plan were converted into
Kinross common stock. Various options are currently being considered relating
to the Plan; however, no decisions have been made regarding the future of the
Plan.
ADMINISTRATION
Prior to the merger, the Plan was administered by the Benefits Committee,
comprised of five Amax Gold officers. During 1997, Plan administrative expenses
were paid by Amax Gold.
ENROLLMENT
Eligible employees can enroll in the Plan at any time.
CONTRIBUTIONS
Participants may make contributions of up to 16 percent of basic compensation.
In 1997, Amax Gold contributed an amount equal to 60 percent of the first eight
percent of each Participant's contribution versus 75 percent of the first six
percent in 1996, which is invested 100 percent in Amax Gold common stock.
Participant rollover contributions are permitted at the discretion of the
Committee provided all legal requirements are satisfied.
VESTING
Participants are immediately vested in their employee contributions and the
earnings attributable to those contributions. All Participants are immediately
100 percent vested in the employer contributions to the Plan and the earnings
attributable to those contributions.
LOANS
Participants may borrow from their Plan accounts. Loans are in the form of cash
and may not exceed 50 percent of a Participant's vested account balance or
$50,000, reduced by the Participant's highest loan balance in the preceding
twelve months. Participants are charged a reasonable rate of interest on
outstanding loans as determined by the Benefits Committee. In general, loan
terms may not exceed five years.
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
Loan repayments are made through regular payroll deductions. A Participant may
prepay all of the outstanding loan balance; however, partial prepayments are not
allowed.
DISTRIBUTIONS
Participants may withdraw all or a portion of vested contributions subject to
certain conditions as specified in the Plan document.
PARTICIPANT'S TAX STATUS
Participant contributions to the Plan may be deferred, at the election of the
Participant, for federal income tax purposes, subject to certain limitations.
Employer contributions and all earnings under the Plan are deferred for federal
income tax purposes. The amounts deferred under the Plan may become subject to
federal income tax when withdrawn. Participants may also choose to make after-
tax contributions to the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are presented on the accrual basis.
VALUATION OF ASSETS
Amax Gold common stock is valued at fair market value based on the quoted market
price.
Investments in mutual funds are valued at net asset value as determined by the
Trustee, based on the quoted market prices of the underlying investments.
Participant loans are valued at principal amount, which approximates fair market
value.
Transfers of assets into the Plan are made at fair market value. The cost of
investments sold or transferred is determined on a Participant level by the
average cost method. Assets transferred out of the Plan are reported at market
value with the difference between cost and market reported as realized gains or
losses.
3. INVESTMENTS
INVESTMENT OPTIONS
T. Rowe Price is the recordkeeper and Trustee of the Plan. Participants may
elect to invest their contributions to the Plan in Amax Gold common stock or the
following T. Rowe Price funds: a money market fund (Prime Reserve Fund); a bond
fund (Spectrum Income Fund); a portfolio of guaranteed investment contracts,
bank investment contracts and structured investment contracts (Stable Value
Fund); and six equity funds (Equity Index Fund, International Stock Fund, Equity
Income Fund, New Horizons Fund, Science and Technology Fund and Spectrum Growth
Fund).
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
As of December 31, 1997, the number of Participants who held assets in the
various investment options were as follows: 424 in Amax Gold common stock, 48
in the Prime Reserve Fund, 187 in the Equity Index Fund, 184 in the Stable Value
Fund, 116 in the International Stock Fund, 140 in the Spectrum Income Fund, 102
in the Equity Income Fund, 200 in the New Horizons Fund, 91 in the Science and
Technology Fund and 57 in the Spectrum Growth Fund.
INVESTMENTS HELD
Investments held by the Trustee as of December 31, 1997 and 1996, consisted of
the following:
Cost Fair Value
----------- -----------
December 31, 1997:
Amax Gold Inc. common stock held in
Common Stock Fund (399,868 shares)/(a)/ $ 2,253,824 $ 924,695
Participant loans 412,892 412,892
Prime Reserve Fund (76,816 units) 76,816 76,816
Equity Index Fund (119,727 units)/(a)/ 1,884,680 3,158,392
International Stock Fund (38,185 units) 490,856 512,446
Spectrum Income Fund (77,213 units)/(a)/ 836,203 900,304
Stable Value Fund (4,758,224 units)/(a)/ 4,758,224 4,758,224
Equity Income Fund (30,478 units) 712,346 794,564
New Horizons Fund (88,712 units)/(a)/ 2,054,951 2,066,989
Science and Technology Fund (6,770 units) 208,632 184,551
Spectrum Growth Fund (14,620 units) 226,364 232,901
----------- -----------
$13,915,788 $14,022,774
=========== ===========
December 31, 1996:
Amax Gold Inc. common stock held in
Common Stock Fund (270,929 shares)/(a)/ $ 1,735,807 $ 1,727,170
Participant loans 502,460 502,460
Prime Reserve Fund (55,828 units) 55,828 55,828
Equity Index Fund (121,841 units)/(a)/ 1,753,168 2,478,242
International Stock Fund (37,606 units) 470,300 518,963
Spectrum Income Fund (72,921 units)/(a)/ 779,079 816,710
Stable Value Fund (4,913,643 units)/(a)/ 4,913,643 4,913,643
Equity Income Fund (14,318 units) 316,912 322,738
New Horizons Fund (108,828 units)/(a)/ 2,527,229 2,369,179
Science and Technology Fund (6,425 units) 203,144 190,897
Spectrum Growth Fund (5,193 units) 77,443 78,572
----------- -----------
$13,335,013 $13,974,402
=========== ===========
/(a)/ Individual investments representing 5 percent or more of net assets
available for benefits as of December 31, 1997 or 1996.
4. NET REALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions for the year ended
December 31, 1997, were as follows:
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
Common Equity International
Stock Fund Index Fund Stock Fund
------------ ------------ --------------
1997 Proceeds $421,080 $658,852 $166,805
Cost 467,394 442,898 155,380
-------- -------- -------------
Net gain (loss) $(46,314) $215,954 $ 11,425
======== ======== =============
Spectrum Equity New
Income Fund Income Fund Horizons Fund
----------- ----------- -------------
1997 Proceeds $160,561 $121,237 $878,755
Cost 153,034 114,869 937,437
-------- -------- -------------
Net gain (loss) $ 7,527 $ 6,368 $(58,682)
======== ======== =============
Science and Spectrum
Technology Fund Growth Fund
--------------- -----------
1997 Proceeds $117,454 $ 52,848
Cost 128,597 47,589
-------- --------
Net gain (loss) $(11,143) $ 5,259
======== ========
5. UNREALIZED APPRECIATION/DEPRECIATION OF INVESTMENTS
Net unrealized appreciation/depreciation of investments amounted to $108,668 and
$639,389 at December 31, 1997 and 1996, respectively. The change in net
unrealized appreciation/depreciation resulted in a Plan loss of $530,721 in
1997.
6. TAX STATUS
Amax Gold received a favorable determination letter dated September 10, 1996
from the Internal Revenue Service as to the qualified status of the Plan.
Management of the Company is of the opinion that the Plan continues to fulfill
the requirements of a qualified plan and that the trust which forms a part of
the Plan is not subject to tax. Accordingly, no provision for federal or state
income taxes has been provided.
7. PLAN AMENDMENTS
During 1996, the Company amended the Plan document to make certain changes
required by the Internal Revenue Service for its favorable determination letter.
Effective January 1, 1997, the Plan was amended to increase the maximum amount
of Participant's contributions which are matched from six percent to eight
percent. The total Participant contribution allowed remains at 16 percent of
basic compensation. In addition, effective January 1, 1997, the Plan was
amended to decrease the Company contribution to 50 percent of the first eight
percent of the Participant's contribution from 75 percent of the first six
percent. The Company may, at its sole discretion, contribute additional
amounts.
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
8. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
Gains (losses) on the sale of investments as reported in the statement of
changes in net assets available for benefits with Fund Information have been
determined on a participant level using the average cost method. For purposes
of the Department of Labor's Form 5500, gains (losses) on such sales have been
calculated based upon the market value at the beginning of the Plan year in
accordance with the requirements of the Form 5500.
In addition, in accordance with guidance issued by the American Institute of
Certified Public Accountants, the Plan does not recognize as a liability amounts
elected to be withdrawn but not yet distributed as of year end. However, such
amounts must be included on the Form 5500. As of December 31, 1997 and 1996
there were no benefits payable due to timing of the distributions by the
Trustee.
Schedule I
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1997
Party in Description Historical Current
Interest Issuer of Investment Cost Value
- -------- ------ ------------- ---------- -------
Yes Amax Gold Inc. Amax Gold Inc. $2,253,824 $ 924,695
Common Stock
No par value
(399,868 shares)
Yes T. Rowe Price Prime Reserve Fund 76,816 76,816
(76,816 units)
Yes T. Rowe Price Equity Index Fund 1,884,680 3,158,392
(119,729 units)
Yes T. Rowe Price International Stock 490,856 512,446
Fund (38,185 units)
Yes T. Rowe Price Spectrum Income 836,203 900,304
Fund (77,213 units)
Yes T. Rowe Price Stable Value Fund 4,758,224 4,758,224
(4,758,224 units)
Yes T. Rowe Price Equity Income Fund 712,346 794,564
(30,478 units)
Yes T. Rowe Price New Horizons Fund 2,054,951 2,066,989
(88,712 units)
Yes T. Rowe Price Science and Technology 208,632 184,551
Fund (6,770 units)
Yes T. Rowe Price Spectrum Growth Fund 226,364 232,901
(14,620 units)
Yes Participant Loans Interest rate 412,892 412,892
7.0% - 11.5%
Schedule II
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
SCHEDULE OF REPORTABLE TRANSACTIONS/(A)/
YEAR ENDED DECEMBER 31, 1997
Current Value
Total Total Total of Asset on
Party in Description Number of Number Purchase Selling Cost of Transaction Net Gain (Loss)
Interest Issuer of Assets Purchases Of Sales Price Price Asset Date on Sales
- -------- ------------- ----------------- --------- -------- ---------- ---------- ----------- ----------- ---------------
Yes Amax Gold Inc. Common Stock 44 - $ 970,660 $ - $ 970,660 $ 970,660 $ -
Yes Amax Gold Inc. Common Stock - 65 - 406,329 452,617 406,329 (46,288)
Yes T. Rowe Price Stable Value Fund 34 - 902,096 - 902,096 902,096 -
Yes T. Rowe Price Stable Value Fund - 56 - 1,057,515 1,057,515 1,057,515
Yes T. Rowe Price New Horizons Fund 45 - 437,447 - 437,447 437,447 -
Yes T. Rowe Price New Horizons Fund - 53 - 851,043 909,721 851,043 (58,678)
Yes T. Rowe Price Equity Index Fund 43 - 507,192 - 507,192 507,192 -
Yes T. Rowe Price Equity Index Fund - 37 - 591,635 385,538 591,635 206,097
/(a)/ Transactions or series of transactions in excess of 5 percent of the
current value of the Plan's assets as of January 1, 1997 as defined in
Section 2520.103-6 of the Department of Labor Rules and Regulations for
Reporting and Disclosure under ERISA.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THRIFT PLAN FOR EMPLOYEES OF
AMAX GOLD INC. AND ITS SUBSIDIARIES
By /s/ Shelley M. Riley
----------------------------
Shelley M. Riley
Corporate Secretary
Amax Gold Inc.
Dated: June 29, 1998