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CYPRUS MINERALS' JOINT VENTURE WINS RUSSIAN GOLD PROJECT BID

 DENVER, July 8 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) today announced that a joint venture formed by Cyprus won its bid to develop a gold mine in the Magadan region of far eastern Russia. Preliminary data from Russian and Cyprus geologists indicate that gold may be produced at a rate of up to 340,000 ounces annually for up to eight years from Kubaka and a second gold property, Evenskoye, is currently being evaluated.
 A tender, or bidding, process was started by the Soviet of People's Deputies of Magadan Oblast and the Russian Committee on Geology late last year to undertake development of the Kubaka gold field. Bids were opened in June and announced on July 1. The winner was Omolon Gold Mining Co., a joint venture formed by Cyprus Magadan Gold Co. and five Russian partners.
 Development and construction of a mine could take a year and a half and cost approximately $100 million to build. As many as 500 people could be employed during the construction of the mine and up to 250 people once operations begin. Milton H. Ward, chairman, president, and chief executive officer of Cyprus Minerals, said, "Cyprus has performed extensive exploration and technical assessment studies which confirm that these deposits could be among the lowest-cost producers in the world. This is the kind of international joint venture we look for, a government approved venture with local partners that is profitable for all partners, the host government, and Cyprus." Ward said, however, that there are still hurdles to be overcome and they include negotiation of a mining license and project financing agreements.
 Cyprus Minerals, a major producer of copper, coal and lithium, recently announced plans to merge with Amax Inc. (NYSE: AMX).
 -0- 7/8/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM AMX)


CO: Cyprus Minerals Co. ST: Colorado IN: MNG SU:

MC -- DV001 -- 9456 07/08/93 11:17 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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