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CYPRUS MINERALS COMPLETES SUCCESSFUL CONVERSION OF PREFERRED STOCK

 CYPRUS MINERALS COMPLETES SUCCESSFUL CONVERSION OF PREFERRED STOCK
 DENVER, Oct. 23 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) announced today the successful conversion of its $3.75 Convertible Preferred Stock, Series B. The holders of more than 98 percent of the 3.9 million preferred shares elected to convert into common stock. Cyprus will then have approximately 47.2 million shares of common stock outstanding. The right to convert expired at close of business on Oct. 21, 1992. Remaining shares will be redeemed Oct. 31 at a redemption price of $52.25 per share. The conversion was underwritten by Kidder, Peabody & Co. Inc.
 Previously declared dividends of $.9375 per share of the preferred and 20 cents per share of the common will be paid on Oct. 30, 1992, to holders of record of the respective stocks on Oct. 10, 1992.
 Milton H. Ward, chairman, president and chief executive officer, said, "The conversion is part of a cost cutting program and is expected to save the company approximately $8 million annually. In addition, it further strengthens the company's financial position."
 Cyprus Minerals is a major producer of copper, coal, lithium and molybdenum. The company also produces gold, iron ore and zinc.
 -0- 10/23/92
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM) CO: Cyprus Minerals Co. ST: Colorado IN: MNG SU:


MC -- DV006 -- 4323 10/23/92 16:30 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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