Cyprus Amax and Nevada Manhattan Ink Deal.CALABASAS, Calif.--(BUSINESS WIRE)--Oct. 26, 1998--Nevada Manhattan Mining Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NVMH NVMH Nederlandse Vereniging van Munthandelaren ) and Cyprus Amax Coal Co., a unit of Cyprus Amax Minerals Co. (NYSE NYSE See: New York Stock Exchange :CYM CYM Cayman Islands (ISO Country code) CYM Cyan Yellow Magenta (color model) CYM Check Your Mail (also: See Your Mail) CyM Cycling Manager (computer game) ), jointly announced Monday that they have reached an agreement to operate and fund one of Nevada Manhattan's coal holdings in East Kalimantan, Indonesia. Under the terms of the agreement, Cyprus will have the exclusive right to further explore and develop the East Kalimantan coal property and acquire an 85% interest. Cyprus will manage, operate and sell the coal. Cyprus will be responsible for 100% of the costs and expenses of each phase of exploration and development. These expenditures will be recoverable from production. Jeffrey Kramer, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Nevada Manhattan, commented: "Cyprus Amax Coal Company is among the leaders in this industry. Their expertise and financial strength will accelerate the ability to develop and distribute the coal. Cyprus is vertically integrated in this arena, and the fact that they elected to proceed with this project confirms that Nevada Manhattan's commitment to this project and the region is in the best interest of our shareholders." For more information on Nevada Manhattan Mining, contact Yvonne Cambere at 818/591-4400 or e-mail: administration@nevadamanhattan.com or visit the company's Web site at www.nevadamanhattan.com. |
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