Cyprus Amax Coal Company Sale and Earnings Update

DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)responded today to inquiries and speculation about the currentstatus of the possible sale of its coal company by announcingthat the sales process is continuing on track. The Company, withits advisors, is currently clarifying and negotiating the termsof several proposals. Although there can be no assurance as tothe timing or final terms of any transaction or whetherultimately any transaction will be completed, the Company expectsto bring this process to conclusion by the end of the secondquarter. Cyprus Amax also announced that first quarter 1999 results,which will be released Wednesday, April 21, will reflect a lossof slightly under 35 cents per share which will be better thancurrent First Call estimates. The improvement primarily reflectsthe Company's achievement of lower copper cash costs at all ofits mines. In the first quarter, the Company's copper cash costswere 49 cents per pound, which is approximately 13 percent lowerthan fourth quarter 1998. Cyprus Amax Minerals Company, headquartered in Englewood,Colorado, is a leading producer of copper and coal, the world'slargest producer of molybdenum, and holds a 30% interest inKinross Gold Corporation. Cyprus Amax is exploring for mineralsworldwide. Actual results may vary materially from any forward-lookingstatements the Company makes. Refer to the Cautionary Statementand Risk Factors contained in the Company's 1998 Form 10-K. To obtain a faxed copy of this or any Cyprus Amax newsrelease, call 1-800-758-5804, ext. 224250. News releases can alsobe accessed via the Internet at the Cyprus Amax Minerals WebSite, http://www.cyprusamax.com. ots Original Text Service:Cyprus Amax Minerals Company Internet: http://www.newsaktuell.deContact: Gerald J. Malys, Senior Vice President & Chief FinancialOfficer, 303-643-5060, or John Taraba, Vice President &Controller, 303-643-5244, both of Cyprus Amax Minerals CompanyCompany News On-Call: http://www.prnewswire.com/comp/224250.htmlor fax, 800-758-5804, ext. 224250 Web site:http://www.cyprusamax.com

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