Cyprus Amax Minerals To Explore Alternatives To the ASARCO/Cyprus Amax Merger

Denver (PROTEXT) - Cyprus Amax Minerals Company (NYSE: CYM)said that its Board of Directors has authorized its management toexplore alternatives, in addition to the transaction proposed byPhelps Dodge, to the ASARCO/Cyprus Amax merger that would involveboth Cyprus Amax and ASARCO. Discussions are underway in pursuitof this objective. Cyprus Amax stated, however, that it couldgive no assurance that any transaction would result from theseefforts. Cyprus Amax noted further that its Board has determined that,prior to having an agreement in principle, premature disclosureof the possible terms of any transactions or proposals couldjeopardize the initiation or continuation of negotiations ofthose transactions and has, accordingly, determined not todisclose the possible terms or parties involved until such anagreement is reached. 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

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