Cyprus Amax Minerals To Explore Alternatives To the ASARCO/Cyprus Amax Merger

Denver (PROTEXT)

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. 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, ots Original Text Service: Cyprus Amax Minerals Company Internet: 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: or fax, 800-758-5804, ext. 224250 Web site:

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