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CYPRUS MINERALS ANNOUNCES SALE OF INTERESTS IN TWO GOLD MINES

 DENVER, May 4 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) today announced the sales of its interests in two gold mines, one in New Zealand and one in Australia. Sold to Coeur d'Alene Mines Corp. (NYSE: CDE) was Cyprus' 80 percent interest in the Golden Cross mine in New Zealand. The second sale, to Australian Resources and Mining Company N.L., involves the company's 66.7 percent interest in the Selwyn mine in Australia. While terms of each sale were not disclosed, the combined after tax effect on Cyprus' earnings is approximately breakeven. Together the sales generate about $90 million in cash for Cyprus after taxes, and support Cyprus strategy of only pursuing larger, lower-cost gold deposits. Cyprus is spending a large part of its current exploration budget on potentially significant gold properties.
 Milton H. Ward, Cyprus Minerals' chairman, president and chief executive officer, noted that Cyprus had a cash balance of approximately $162 million at the end of the first quarter. The proceeds from these sales in addition to the sale in April of approximately 45 percent of the company's claim against LTV Steel Company Inc., will add about $135 million.
 Ward pointed out that the Cyprus copper price protection program should provide an average copper realization of at least 94 cents a pound for 1993 sales. "This, coupled with the proceeds from Cyprus' asset dispositions, assures that we will have the ability to fund our capital programs which are geared to reducing costs and expanding production," Ward said. "In addition, these funds and our strong financial position will provide us with the flexibility needed to achieve our growth plans."
 Cyprus Minerals, headquartered in Englewood, Colo., is a major producer of copper, coal and lithium.
 -0- 5/4/93
 /CONTACT: Michael Rounds of Cyprus Minerals, 303-643-5186/
 (CYM CDE)


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

BB -- DV003 -- 4374 05/04/93 13:42 EDT
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Publication:PR Newswire
Date:May 4, 1993
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