PD: Phelps Dodge Corp. Message Board

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Non-Tech : PD: Phelps Dodge Corp.

PD 12.69

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10:42 AM EST

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From: Greywolf	5/5/2001 3:06:45 PM
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Phelps Dodge Joins In BHP's Option Agreement With Tenke For The Tenke Fungurume Copper/Cobalt Project In DRC VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the ``Company'') is pleased to announce that Phelps Dodge Corp. has joined BHP World Exploration Inc. in its option agreement with Tenke for the proposed development of the Tenke Fungurume copper/cobalt deposits in the Democratic Republic of Congo. The Tenke Fungurume concessions are located in Katanga Province in the southernmost part of the country. The concessions host large, high-grade copper/cobalt deposits that are world renowned and considered as one of the largest and richest undeveloped copper/cobalt deposits. BHP holds an option to acquire a controlling interest in Tenke Fungurume and to function as the primary operator of the project. Since the middle of 2000, Tenke has been working closely with BHP on the preparation of technical and economic studies related to potential future development of Tenke Fungurume. The agreement provides Phelps Dodge with the opportunity to earn up to 50 percent of BHP's position in the project. ``Our strategy is to advance the project as quickly as possible, and having Phelps Dodge join with BHP significantly strengthens our ability to do this,'' said Adolf H. Lundin, President of Tenke Mining Corp. ``This agreement will bring the resources of two of the world's largest copper producers to bear on the development of this world-class deposit,'' he said. Discussions are ongoing with Gecamines, the DRC State mining company, focused on the best approach for future development of the project. These discussions are expected to continue over the next few months. ON BEHALF OF THE BOARD Adolf H. Lundin, President Contact: Tenke Mining Corp. Sophia Shane Corporate Development (604) 689-7842 Website: tenke.com

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