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CYPRUS MINERALS, NUNAOIL A.S. ANNOUNCE JOINT VENTURE IN GREENLAND

 DENVER, June 10 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) announced today that, through its subsidiary Cyprus Greenland Corp., it has signed three joint venture agreements with Nunaoil A.S., a Greenlandic-Danish company, to explore for and possibly develop, gold deposits on exploration concessions covering 762 square kilometers in southern-most Greenland. Cyprus can earn 62.5 percent interest in the venture.
 Significant amounts of gold are associated with a quartz vein at the Nalunaq prospect. In September 1992 Nunaoil geologists collected a series of channel samples across a vein exposure 2,600 feet in length and averaging two feet in width. The average grade of these samples was 1.4 ounces per ton, and field examinations have revealed the presence of substantial coarse gold in the vein. Geochemical surveys also indicate a high potential for additional high-grade veins in the area of the main prospect as well as in other areas covered by the joint venture.
 Equipment mobilization is currently in progress and detailed field work and drilling will start in late June.
 "We are very pleased to become a partner with a company such as Nunaoil," said Milton H. Ward, chairman, president, and chief executive officer of Cyprus Minerals. "This is the type of deal we are interested in attracting with our new emphasis on exploration plus our willingness to work with partners to develop both base and precious metal prospects."
 Cyprus Minerals is a major producer of copper, coal, and lithium, and also produces molybdenum and iron ore. In May, Cyprus announced a plan to merge with Amax Inc. (NYSE: AMX)
 -0- 6/10/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM AMX)


CO: Cyprus Minerals Co.; Cyprus Greenland Corp.; Nunaoil A.S. ST: Colorado IN: MNG SU: TNM

MC -- DV001 -- 0529 06/10/93 10:23 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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