Cyprus Amax Minerals Reaches Agreement to Sell Kinross Gold Stake

DENVER (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)today announced it has entered into an agreement to sell theCommon Shares of Kinross Gold Corporation owned, directly orindirectly, by it. Pursuant to an underwriting agreement with asyndicate of underwriters led by Merrill Lynch & Co., CIBC WorldMarkets Corp. and TD Securities (USA) Inc., the syndicate, or itsaffiliates, has agreed to purchase and sell to the publicapproximately 89 million Common Shares of Kinross GoldCorporation at Canadian $4.00 (approximately US$2.71) per CommonShare, for aggregate proceeds of approximately Canadian $356million (US$242 million). The underwriting syndicate has agreedto sell the Common Shares to the public in Canada and the UnitedStates. A Canadian preliminary short-form prospectus and a UnitedStates registration statement to qualify the offering fordistribution to the public has been filed with the securitiesregulatory authorities in Canada and the United States. Subjectto obtaining the necessary regulatory approvals and satisfactionof certain customary conditions in the underwriting agreement,closing is expected to occur on or about October 27, 1999. The Common Shares are being offered by Cyprus Amax MineralsCompany and certain of its wholly-owned affiliates. Uponcompletion of the offering, Cyprus Amax will not own any KinrossGold Corporation Common Shares (excluding warrants to purchaseapproximately 8.8 million Common Shares of Kinross GoldCorporation). Kinross Gold Corporation has agreed not to sell orissue any Common Shares or securities convertible into orexchangeable for Common Shares of Kinross Gold Corporation for aperiod of 90 days subsequent to the closing of this offering. Cyprus Amax expects to realize approximately US$232 millionnet of expenses from the transaction. This transaction willresult in nearly US$200 million of tax losses to Cyprus AmaxMinerals Company that will enable recoupment of prior year taxesand be carried forward for future utilization. The transactionwill also be accretive to earnings due to the elimination ofequity losses. A gain of approximately US$50 million will berealized for financial reporting purposes. A registration statement relating to these securities has beenfiled with the Securities and Exchange Commission but has not yetbecome effective. These securities may not be sold nor may offersto buy be accepted in the United States prior to the time theregistration statement becomes effective. This press releaseshall not constitute an offer to sell or the solicitation of anoffer to buy nor shall there be any sale of these securities inany state in which such offer, solicitation or sale would beunlawful prior to registration or qualification under thesecurities laws of any such state. Copies of the prospectus in the United States can be obtainedform the following sources: Merrill Lynch & Co. CIBC World Markets Corp. TD Securities

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1-800-883-6295 Cyprus Amax Minerals Company, headquartered in Englewood,Colorado, is a leading producer of copper and the world's largestproducer of molybdenum. Cyprus Amax is exploring for mineralsworldwide. On September 30, 1999, Cyprus Amax and Phelps Dodgeentered into a definitive merger agreement under which PhelpsDodge would acquire Cyprus Amax. 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 web site,http://www.cyprusamax.com. ots Original Text Service: CyprusAmax Minerals Company Internet: http://www.newsaktuell.deContact: Gerald J. Malys, Senior Vice President and ChiefFinancial Officer, 303-643-5060, or John Taraba, Vice Presidentand Controller, 303-643-5244, both of Cyprus Amax MineralsCompany 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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