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PHELPS DODGE ANNOUNCES GOLD DISCOVERY IN MONTANA

 PHELPS DODGE ANNOUNCES GOLD DISCOVERY IN MONTANA
 PHOENIX, Ariz., November 18 /PRNewswire/ -- Phelps Dodge Mining


Company, a division of Phelps Dodge Corporation (NYSE: PD), today announced that its Seven-Up Pete Joint Venture has made a major gold discovery at its McDonald property near Lincoln, Montana. Seven-Up Pete is a venture between Phelps Dodge Mining Company, which holds an undivided 72.4 per cent interest and acts as operator, and Canyon Resources Corporation, which holds the remaining 27.6 per cent interest.
 Phelps Dodge estimates that the deposit, together with its Seven- Up Pete deposit, contains approximately 200 million tons of mineralized material with an average grade of approximately 0.03 ounce of gold per ton. The venture has been exploring in the area since 1989 and to date has completed approximately 260,000 feet of drilling. Preliminary studies indicate that a major portion of the deposit is amenable to open pit mining and low-cost heap leaching. The venture has initiated comprehensive metallurgical, engineering and environmental studies to evaluate the economic potential of the deposit. The venture is continuing exploration activity at these and other properties in the area.
 Phelps Dodge is the world's second largest producer of copper. The company is also the world's second largest producer of carbon blacks, the leading North American fabricator of wheels and rims for medium and heavy trucks, a major manufacturer of magnet wire and specialty conductors, and has operations and investments abroad in mines and wire and cable manufacturing facilities. The company's operations are located throughout the United States and in 22 other countries.
 -0- 11/18/91
 /CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/
 (PD) CO: Phelps Dodge Corp. ST: Arizona, Montana IN: MNG SU: KJ -- SD003 -- 1221 11/18/91 08:27 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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