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AMAX GOLD ANNOUNCES CORPORATE CHANGES

 GOLDEN, Colo., Nov. 14 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; TSE: AXG) Milton H. Ward, chairman of the board, and Timothy J. Haddon, president and chief executive officer, announced changes to the company as a result of the Nov. 15, 1993, Cyprus Minerals Co. and Amax Inc. merger.
 As a result of the change in ownership, Haddon will resign as president and chief executive officer of Amax Gold, but will remain with the company on the board and in a consulting capacity to ensure an orderly transition. Ward will assume the posts held by Haddon.
 In addition, Amax Gold will relocate its headquarters to the Cyprus Amax headquarters in the Denver area to take advantage of the synergies available with regard to shared corporate services and to reduce general and administrative expenses.
 Haddon said, "The change in ownership combined with the strengths that Cyprus Amax will bring to Amax Gold will provide the opportunity to develop the quality assets we have put in place. With Ward and his management team, my skills would be superfluous, thus it is my decision to resign."
 "Amax Gold has an exciting future, and Cyprus Amax will be lending its support to build this company into a substantial gold mining concern," commented Ward. "Tim Haddon has built a solid reserve base for Amax Gold. His contributions to the company are numerous, and I am pleased he will remain on in a consultant capacity."
 Amax Gold Inc. produces and explores for gold in North and South America and is listed on the New York and Toronto stock exchanges. Amax Gold warrants trade on the American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange under the symbol AXGWT. Cyprus Amax owns 40 percent of the common shares of Amax Gold Inc.
 -0- 11/17/93
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU)


CO: Amax Gold Inc.; Cyprus Minerals Co. ST: Colorado IN: MNG SU: PER

EH-JB -- LA014 -- 5448 11/17/93 11:42 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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