Detection of Gamma Rays with E > 300 GeV from Markarian 501

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 March 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 Gamma Ray Observatory as an emitter of gamma rays at lower energies. There is evidence for variability on timescales of days.