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CYPRUS SHAREHOLDERS OVERWHELMINGLY APPROVE MERGER

 NEW YORK, Nov. 12 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) today announced that its shareholders approved Cyprus' merger with Amax Inc. at a special shareholder meeting held here. Of the shareholders eligible to vote, 77 percent voted in favor of the merger, which creates the United States' largest domestically owned mining company. Closing of the merger is expected on Monday, Nov. 15.
 The merged company, to be known as Cyprus Amax Minerals Co., headquartered in Denver, will be among the nation's top coal producers, the second-largest U.S. copper producer, and a leading producer of lithium and molybdenum. Cyprus Amax also will be a producer of gold, iron ore, oil and natural gas.
 Milton H. Ward, who will become co-chairman, president and chief executive officer of the new company, said, "Our shareholders agree that this is an opportunity to build a world-class mining company able to compete vigorously in international and domestic markets. This combination creates a critical mass for forward growth momentum unavailable to the separate companies. We will be working hard in the next few weeks to merge as quickly and smoothly as possible so that we can get on with the business of creating savings and mapping growth in the international arena. Our newly announced copper ventures in Chile and Peru, our gold project in Russia, and the coal holdings acquired earlier this year in Australia are just the beginning."
 In a separate meeting in New York, Amax Inc. shareholders approved the merger. Amax Chairman and Chief Executive Officer Allen Born, will become co-chairman and chairman of the executive committee of the board of Cyprus Amax.
 -0- 11/12/93
 /CONTACT: Michael Rounds, 303-643-5186/
 (CYM)


CO: Cyprus Minerals Co.; Amax Inc. ST: Colorado, New York IN: MNG SU: TNM

MF-JL -- LA023 -- 3773 11/12/93 14:50 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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