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CAYELI AWARDS SURFACE CONTRACT

 CAYELI AWARDS SURFACE CONTRACT
 TORONTO, Aug. 5 /PRNewswire/ -- Following an international


competition Cayeli Bakir Isletmeleri A.S. announced the winner of the first major contract at Turkey's largest mine development project. On Aug. 3, 1992, a consortium comprised of Lurgi Metallurgie GmbH of Frankfurt, Germany and Gama Endustrie Tesisleri Imlat VE Montaj A.S. of Ankara, Turkey was awarded a turnkey contract to engineer, supply and construct a 600,000 ton per year mineral processing plant for treating complex sulphide ores, at Cayeli, in northeastern Turkey. All related surface infrastructure as well as the expansion of nearby port facilities at Rize are also included in the contract, worth more than U.S.$50 million. Construction will be completed before the end of 1994.
 Lurgi is one of the largest engineering firms in Europe and operates worldwide specializing in mineral, chemical and petrochemical plants. It is also a world leader in the design of environmental clean-up projects and recycling plants. Gama is a major Turkish construction firm in the commercial, industrial and heavy civil fields with projects throughout Turkey, the Near East and parts of Europe.
 Cayeli Bakir Isletmeleri A.S. is a joint venture company of Etibank, the Turkish state-owned mining company and Metall Mining Corporation. Together Etibank and Metall control 94 percent of the Cayeli shares. The remaining 6 percent are owned by Gama.
 The Cayeli orebody contains some 10.6 million tons at an average grade of 4.7 percent copper and 7.3 percent zinc; enough to sustain the mining operation for 15 years and to create 500 new direct jobs. Another 15 million tons are presently considered to be in the "possible" category.
 A total of approximately U.S.$150 million will be spent to develop the underground mine, the processing facilities and an adjacent hydro- electric power plant. The Turkish government has played a key role in encouraging the development of this project. Project Finance will be provided through an international banking consortium under the leadership of the International Finance Corporation (IFC) in Washington.
 -0- 8/5/92
 /CONTACT: Dr. Klaus M. Zeitler, president and chief executive officer, or Norman D.A. Hardie, vice president, projects and corporate development of Cayeli Bakir Isletmeleri, 416-361-6400/ CO: Metall Mining Corporation; Cayeli Bakir Isletmeleri A.S. ST: Ontario IN: MNG SU: CON


PS -- NY021 -- 6995 08/05/92 10:18 EDT
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Date:Aug 5, 1992
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