The detection of gamma rays of energy greater than 300 GeV from the BL
Lacertae object Mrk 501 demonstrates that extragalactic TeV emission
is not unique to Mrk 421. During 66 hr of observations between 1995 Ma
rch and July we measured an average flux of 8.1 +/- 1.4 x 10(-12) cm(-
2) s(-1) above 300 GeV, a flux that is only 20% of the average Mrk 421
flux. The new gamma-ray source has not been reported by the Compton G
amma Ray Observatory as an emitter of gamma rays at lower energies. Th
ere is evidence for variability on timescales of days.