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CYPRUS MINERALS AGREES TO VENEZUELAN EXPLORATION VENTURE

 CYPRUS MINERALS AGREES TO VENEZUELAN EXPLORATION VENTURE
 DENVER, Dec. 26 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM), announced today that its subsidiary, Cyprus Coal Co., entered into a 50/50 joint venture Exploration Agreement with Carbones del Zulia, S.A., the coal development subsidiary of Petroleos de Venezuela, S.A., the Venezuelan energy corporation.
 The phased exploration program will cover a 25 square mile area of the Guasare Basin in northwestern Venezuela known as the Cachiri prospect. Field work is scheduled to begin in January 1992 and continue for six to nine months. The results of this exploration will determine the next phase of activity which could eventually lead to mine development. Financial details of the venture were not disclosed.
 "This venture in Venezuela with its potential for large, high- quality coal reserves, reflects Cyprus Coal's continuing expansion into international mining and marketing opportunities," said Chester B. Stone, Jr., president and chief executive officer of Cyprus Minerals. "Our company's strategic planning in the last year has increasingly emphasized overseas programs, and the agreement with Carbones del Zulia, S.A. provides us an opportunity to evaluate the potential for economically attractive coal deposits with a first class partner."
 Cyprus Coal is among the United States' top 20 coal companies, producing approximately 16 million tons in 1990 from its mines in Colorado, Wyoming, Utah, Kentucky, Pennsylvania, and West Virginia. Cyprus Minerals is a major producer of copper, lithium, and molybdenum, and also produces gold and iron ore.
 -0- 12/26/91
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM) CO: Cyprus Minerals Co.; Cyprus Coal Co.; Carbones del Zulia,
 S.A.; Petroleos de Venezuela, S.A. ST: Colorado IN: MNG SU: JVN


MC -- DV006 -- 5390 12/26/91 18:17 EST
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Publication:PR Newswire
Date:Dec 26, 1991
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