Washington, D.C. (May 2, 2000) William Hayes, Executive Vice President of Placer Dome Inc., was elected Chairman of the Gold Institute at the Institute's annual meeting in California on April 17th. Hayes assumes the position from Jack Thompson, Chairman and CEO of Homestake Mining Company.

In his capacity as Executive Vice President of Placer Dome Inc., Hayes is responsible for the company's business in the United States, Latin America, and Central and South America. Since joining Placer Dome Group in 1988, he has served as Chief Financial Officer in Chile, then as CEO of Compania Minera Mantos de Oro, a Placer Dome joint venture, Vice President and Treasurer of Placer Dome Inc., and President and CEO of Placer Dome Latin America. Previously, he worked with Exxon Corporation in the oil and gas and minerals sectors, culminating in his appointment as Treasurer and Controller of Exxon Minerals. Hayes holds a BA in political science from the University of San Francisco and a Master's degree in international management from the American Graduate School of International Management.

Jack Thompson served as Chairman of the Gold Institute for three years. Under his leadership, the industry refined its principles and practices on environmental, health and safety, so member companies can improve their operations throughout the world. Also implemented were new financial standards for production cost reporting by the industry. Thompson oversaw the industry's successful effort last year to defeat the International Monetary Fund's proposal to sell a portion of their gold reserves on the open-market. The industry also continued its public education campaign about the benefits of gold, using television and print advertisements.

The Gold Institute is a Washington, D.C.-based non-profit international industry association of miners, refiners, bullion suppliers and manufacturers of gold products. Since 1976, it has been educating the public on the uses, benefits, and values of gold. For more information, contact the Gold Institute at 202-835-0185 or visit their website at www.goldinstitute.org.

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