EXHIBIT 18

February 17, 1995

To the Board of Directors
of Amax Gold Inc.

We have audited the consolidated financial statements included in the Company's 
Annual Report on Form 10-K for the year ended December 31, 1994 and issued our 
report thereon dated February 17, 1995.  Note 5 to the consolidated financial 
statements describes a changes in the Company's method of accounting for heap 
leach ore costs from expensing these costs to inventorying such costs using the 
last-in, first-out method.  It should be understood that the preferability of 
one acceptable method of accounting over another has not been addressed in any 
authoritative accounting literature and in arriving at our opinion expressed 
below, we have relied on management's business planning and judgment.  Based on 
our discussions with management and the stated reasons for the change, we 
believe that such change represents, in your circumstances, the adoption of a 
preferable alternative accounting principle for heap leach ore costs in 
conformity with Accounting Principles Board Opinion No. 20.


/s/ PRICE WATERHOUSE LLP

PRICE WATERHOUSE LLP
Denver, Colorado