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COEUR D'ALENE MINES CORP. ACQUIRES MAJOR INTEREST IN NEW ZEALAND GOLD MINE

 COEUR D'ALENE, Idaho, May 3 /PRNewswire/ -- Coeur d'Alene Mines Corp. (NYSE: CDE) announced today that it has acquired from a subsidiary of Cyprus Minerals Co. (NYSE: CYM) for cash, all the outstanding stock of its wholly owned subsidiary, Cyprus Gold New Zealand Ltd. The principal asset of Cyprus Gold New Zealand Ltd. is an 80-percent participating interest in the Golden Cross gold mine near Waihi, New Zealand. The Golden Cross became a producing property in February 1992, and is producing on an annual basis over 100,000 ounces of gold and 370,000 ounces of silver. This additional production will more than double the company's current gold production and significantly increase its revenues.
 The mining operation is a joint venture with a subsidiary of the Todd Corp. Ltd., a prominent, privately held New Zealand company, which holds a 20-percent interest.
 The Golden Cross mine is located in a long-established mining region on New Zealand's North Island about 100 miles southeast of Auckland. The mine consists of both open pit and underground operations and employs approximately 172 people.
 The acquisition by Coeur d'Alene Mines represents a significant geographic diversification for Coeur d'Alene Mines into the Pacific Rim area. The company anticipates that this acquisition will be advantageous to its shareholders and expects that it will also widen the company's potential investor base.
 The proceeds for this acquisition were provided from a portion of the company's $75-million convertible debenture offering in December 1992, at which time Coeur d'Alene Mines stated it would use the proceeds, among other things, for the acquisition of additional precious metals properties. The company's focused program for suitable acquisitions will continue.
 -0- 5/3/93
 /CONTACT: Arthur C. Johnson, investor relations manager, of Coeur d'Alene Mines, 208-667-3511/
 (CDE CYM)


CO: Coeur d'Alene Mines Corp.; Cyprus Minerals Co. ST: Idaho IN: MNG SU: TNM

SW-LM -- SE007 -- 3878 05/03/93 14:33 EDT
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Publication:PR Newswire
Date:May 3, 1993
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