Cyprus Amax Sets Record Date for Special Shareholders' Meeting

Denver (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM) announced that it has set November 1, 1999, as the date for shareholders of record to receive an Information Statement pertaining to a special shareholders' meeting to be called to consider Cyprus Amax's merger with Phelps Dodge Corporation. Cyprus Amax Minerals Company, headquartered in Englewood, Colorado, is a leading producer of copper and the world's largest producer of molybdenum. Cyprus Amax is exploring for minerals worldwide. On September 30, 1999, Cyprus Amax and Phelps Dodge entered into a definitive merger agreement under which Phelps Dodge would acquire Cyprus Amax. 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 most recent 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 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 and Chief Financial Officer (USA) 303-643-5060, or John Taraba, Vice President and Controller (USA) 303-643-5244, both of Cyprus Amax Minerals Company Company News On-Call: http://www.prnewswire.com/comp/224250.html or Fax, (USA) 800- 758-5804, ext. 224250 Web site: http://www.cyprusamax.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT