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Gold/Mining/Energy : Kinross Gold

KGC 23.75

-1.3%

3:59 PM EST

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To: jocko who wrote (395)	10/28/1999 12:22:00 PM
From: Fuller	Read Replies (1) of 530

Subject: Cyprus Amax Minerals Completes Sale of Kinross Gold Stake DENVER, Oct. 27 /PRNewswire/ -- Cyprus Amax Minerals Company (NYSE: CYM) today announced it has completed the sale of its Common Shares of Kinross Gold Corporation. A syndicate of underwriters led by Merrill Lynch & Co., CIBC World Markets Corp. and TD Securities (USA) Inc., purchased approximately 89 million Common Shares of Kinross Gold Corporation at Canadian $4.00 (US $2.72) per Common Share, for aggregate proceeds of approximately Canadian $356 million (US $242 million). Cyprus Amax realized approximately US $233 million net of expenses from the transaction. On September 30, 1999, Cyprus Amax and Phelps Dodge entered into a definitive merger agreement under which Phelps Dodge would acquire Cyprus Amax. Phelps Dodge shareholders have approved the merger, and 89.6% of Cyprus Amax Common Shares have been acquired by Phelps Dodge. Actual results may vary materially from any forward-looking statement the Comp! any makes. Refer to the Cautionary Statement and Risk Factors contained in the Company's most recent Form 10-K. Date: Wed, 27 Oct 1999 12:58:19 -0400

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