Cyprus Amax Minerals Settles Lawsuit

today announced that the Company reached agreement with Coeurd'Alene Mines Corporation to settle litigation relating to theGolden Cross mine in New Zealand for $31.5 million. This Coeurd'Alene lawsuit initiated in 1995 arose from Cyprus Amax's saleof the Golden Cross mine in April 1993 and pertained to damagesfrom ground movement and instability. An insurance claim is beingpursued by Cyprus Amax in connection with this litigation. Netincome in the third quarter of 1999 will include a charge of$23.6 million after tax to reflect this settlement. Cyprus Amax Minerals Company, headquartered in Englewood,Colorado, is a leading producer of copper, the world's largestproducer 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-lookingstatement 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 CompanyWeb Site, 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

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT