Cyprus Amax Minerals Settles Lawsuit
today announced that the Company reached agreement with Coeur d'Alene Mines Corporation to settle litigation relating to the Golden Cross mine in New Zealand for $31.5 million. This Coeur d'Alene lawsuit initiated in 1995 arose from Cyprus Amax's sale of the Golden Cross mine in April 1993 and pertained to damages from ground movement and instability. An insurance claim is being pursued by Cyprus Amax in connection with this litigation. Net income in the third quarter of 1999 will include a charge of $23.6 million after tax to reflect this settlement. 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. 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. ots Original Text Service: Cyprus Amax Minerals Company Internet: http://www.newsaktuell.de Contact: Gerald J. Malys, Senior Vice President & Chief Financial Officer, 303-643-5060, or John Taraba, Vice President & Controller, 303-643-5244, both of Cyprus Amax Minerals Company Company News On-Call: http://www.prnewswire.com/comp/224250.html or fax, 800-758-5804, ext. 224250 Web site: http://www.cyprusamax.com
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