DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)today announced it has completed the sale of its Common Shares ofKinross Gold Corporation. A syndicate of underwriters led byMerrill Lynch & Co., CIBC World Markets Corp. and TD Securities(USA) Inc., purchased approximately 89 million Common Shares ofKinross Gold Corporation at Canadian $4.00 (US $2.72) per CommonShare, for aggregate proceeds of approximately Canadian $356million (US $242 million). Cyprus Amax realized approximately US$233 million net of expenses from the transaction. On September 30, 1999, Cyprus Amax and Phelps Dodge enteredinto a definitive merger agreement under which Phelps Dodge wouldacquire Cyprus Amax. Phelps Dodge shareholders have approved themerger, and 89.6% of Cyprus Amax Common Shares have been acquiredby Phelps Dodge. Actual results may vary materially from any forward-lookingstatement the Company makes. Refer to the Cautionary Statementand Risk Factors contained in the Company's most recent 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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