(Washington, D.C., November 4, 1999) — The Board of Directors of the Gold Institute yesterday accepted the resignation of John Lutley as its President. Lutley, who will retire effective December 31, has served as President since 1985. The Gold Institute, founded in 1976, is an international industry association of gold mining, manufacturing, fabricating and marketing companies and organizations.

"John Lutley knows the gold business inside and out and our industry is losing a valued resource," said Jack Thompson, Chairman and CEO of Homestake Mining Company, and Chairman of the Gold Institute. Paul Bateman, currently Executive Vice President of the Institute, will succeed Lutley as the next President.

Lutley received a degree in Metallurgy from Cambridge University in England in 1958, and joined Johnson Matthey, a major international precious metals company. After twenty years in the U.K. and Canada, Mr. Lutley became the Chief Executive Officer of their North American operations based in the United States. He retired from the Johnson Matthey Group in 1984.

As President of the Gold Institute, he directed programs that provide members with relevant current statistical data and other information on the gold industry. Lutley was also responsible for supplying members with early identification of changes in the operating climate for the industry, and has served as the industry's principal spokesperson.

Bateman, 42, who has overseen the Gold Institute's communications and government relations efforts since 1994, has extensive experience in government and public policy. He served on the White House staff under President Bush as Deputy Assistant to the President for Management, and during the Reagan Administration was Deputy Assistant Secretary for Economic Development at the Commerce Department, and later served at the Treasury Department as Deputy Treasurer of the United States. He is a graduate of Whittier College.

Additionally, since 1996 Mr. Bateman has served as Executive Director of the Silver Institute, an international industry association also based in Washington, DC, and will continue in that capacity.

The Gold Institute's mission is to promote the common business interests of the gold industry. The Institute is dedicated to educating the public about the benefits and values of gold, and the economic importance the gold industry plays in the economy. The Institute also serves as a clearinghouse for industry information, economic and market research, and statistical data.