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CYPRUS AMAX MINERALS COMPANY
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As filed with the Commission on September 27, 1999
<PAGE>
LOGO CYPRUS AMAX NEWS
MINERALS COMPANY For immediate release
Post Office Box 3299
Englewood, Colorado 80155
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CYPRUS AMAX MINERALS TO EXPLORE ALTERNATIVES
TO THE ASARCO/CYPRUS AMAX MERGER
DENVER (SEPTEMBER 27, 1999) -- Cyprus Amax Minerals Company (NYSE:CYM)
said that its Board of Directors has authorized its management to explore
alternatives, in addition to the transaction proposed by Phelps Dodge, to the
ASARCO/Cyprus Amax merger that would involve both Cyprus Amax and ASARCO.
Discussions are underway in pursuit of this objective. Cyprus Amax stated,
however, that it could give no assurance that any transaction would result from
these efforts.
Cyprus Amax noted further that its Board has determined that, prior to
having an agreement in principle, premature disclosure of the possible terms of
any transactions or proposals could jeopardize the initiation or continuation of
negotiations of those transactions and has, accordingly, determined not to
disclose the possible terms or parties involved until such an agreement is
reached.
Cyprus Amax Minerals Company, headquartered in Englewood, Colorado, is
a leading producer of copper, the world's largest producer of molybdenum, and
holds a 30% interest in Kinross Gold. Cyprus Amax is exploring for minerals
worldwide.
Actual results may vary materially from any forward-looking statement
the Company makes. Refer to the Cautionary Statement and Risk Factors contained
in the Company's 1998 Form 10-K.
####
Contacts:
Gerald J. Malys John Taraba
Senior Vice President & Vice President & Controller
Chief Financial Officer (303) 643-5244
(303) 643-5060
To obtain a faxed copy of this or any Cyprus Amax news release, call
1-800-758-5804, ext. 224250. News releases can also be accessed via the Internet
at the Cyprus Amax Minerals Company Web Site, http://www.cyprusamax.com.
