FREEPORT-McMoRan COPPER & GOLD UPDATES SECURITIES ANALYSTS ON EXPLORATION DRILLING RESULTS AT THE GURU RIDGE AREA.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--May 17, 2001

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) will present information about FCX's operations, exploration, financial and other activities at a securities analyst meeting to be held this afternoon at 3:00 PM EDT and simultaneously broadcast on the internet available through FCX's web site "fcx.com."

Recent exploration efforts have focused in FCX's Block A area on the Erstberg East Surface mineralization (previously referred to as "Guru Ridge"), a 100 million metric ton geological resource(1) averaging over 1 percent copper equivalent(2) (including the estimated value of gold in the mineralization). This geological resource is estimated to contain 1.1 billion pounds of copper and 2.5 million ounces of gold. The Ertsberg East Surface geological resource is at the surface and in close proximity to FCX's IOZ and DOZ ore bodies already in production and its underground Dom and undeveloped Ertsberg Stockwork Zone (ESZ) ore bodies. Exploration drilling and a preliminary study of the Erstberg East Surface resource indicate that open-pit mining appears promising and FCX continues to study the feasibility of this surface target for possible near-term development. In addition, FCX is studying the possibility of the development of the Ertsberg East Surface resource in conjunction with the simultaneous development of the IOZ, DOZ, Dom and ESZ ore bodies in what could be a large-scale open pit and underground mining complex encompassing over 500 million metric tons of ore. The close proximity of this potential mining complex to our existing mine, ore flow and milling infrastructure enhances its value.

Currently, five exploration drilling rigs are operating from the surface and two from underground locations to delineate the grades and geometry of the Ertsberg East Surface resource. Recent drill intercepts at the Ertsberg East Surface geological resource include the following.

 Drill             Interval           Copper       Gold         Percent
 Hole              Meters             Percent      Grams/       Copper
                                                   mton         Eqiv.(2)
 ------------     ----------         ----------   ----------    ---------
 TES 20-01         250  m             0.61         0.64          1.04
 TES 21-07         100  m             0.45         1.44          1.41
 TES 21-08         110  m             0.36         0.60          0.74
 TES 21-09          90  m             0.45         0.54          0.83
 TES 21-10         228  m             0.28         0.13          0.44
 TES 21-11          69  m             0.61         1.20          1.39
 TES 22-01         271  m             0.50         1.65          1.61
 TES 22-02         308  m             0.26         1.35          1.35
 TES 23-06          65  m             0.45         2.05          2.02
 TES 23-07         138  m             0.49         2.65          2.29
 TES 23-08         120  m             1.05         1.89          2.12
 TES 24-01         147  m             0.47         0.64          0.91

In addition, delineation drilling continues at the ESZ and at the Grasberg Underground to define the extent of mineralization in these areas, also within FCX's Block A area consisting of 24,700 acres covered by the contract of work (COW) of FCX's subsidiary, PT Freeport Indonesia (PT-FI). Exploration activities relating to the adjacent Block B and areas covered by PT Irja Eastern Minerals and PT Nabire Bakti Mining contacts of work continues. In the aggregate, FCX's exploration areas approximate three million acres.

FCX is hosting its annual securities analyst meeting at its corporate offices in New Orleans at 3:00 PM EDT. FCX's management team will present information on operations, exploration, financial and other matters reported in its annual and quarterly reports which are included in FCX's public filings with the Securities and Exchange Commission and respond to questions from the attendees. This meeting will be simultaneously broadcast on the Internet. The meeting may be accessed through FCX's web site "fcx.com." A replay of the meeting will be available through June 15, 2001 on the company web site.

FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia. Additional information about FCX is available on our Internet web site "fcx.com."

Notes:

(1) The term "geological resource" indicates estimated

mineralization identified by drilling which has reasonable

potential for economic recovery based on geological models

and assumed continuity. For geological resources to be

reclassified to the proved and probable reserves category,

additional drilling, studies of cut-off grades, defining of

mine shapes and plans, estimation of metallurgical flow sheets

and metal recoveries, associated costs and prices of salable

products must be developed that indicate that the resource

can be mined economically. There can be no assurance that the

geological resources will ultimately meet the criteria and be

reclassified to the proved and probable reserves category.

(2) Copper equivalent percentage is used to express the relative

value of multi-metal ores in terms of one metal, in this case,

copper. The calculation expresses the relative value of the

ore using estimates of contained metal quantities, metals

prices, recovery rates, treatment charges and royalties.

Cautionary Statement: This press release contains forward-looking statements regarding geological resources. The geological resources described herein will not qualify as proved and probable reserves until a comprehensive evaluation of costs, grade, recoveries and other factors has established their economic feasibility. Accordingly, no assurance can be given that the estimated geological resources will become proved and probable reserves. Additionally, important other factors that might cause future results to differ from these projections are described in FCX's 2000 Form 10-K filed with the Securities and Exchange Commission.