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NEVADA MANHATTAN MINING INC - CYPRUS AMAX MINERALS CO - Cyprus Amax and Nevada Manhattan Reach Agreement [114]
Canadian Market News from Market News Publishing, Monday, October 26, 1998 at 10:16
Nevada Manhattan Mining Inc. and Cyprus Amax Coal Co., a unit of
Cyprus Amax Minerals Co., jointly announced Monday that they have reached
an agreement to operate and fund one of Nevada Manhattan's coal holdings in
East Kalimantan, Indonesia.
Under the terms of the agreement, Cyprus will have the exclusive right
to further explore and develop the East Kalimantan coal property and
acquire an 85% interest. Cyprus will manage, operate and sell the coal.
Cyprus will be responsible for 100% of the costs and expenses of each phase
of exploration and development.
These expenditures will be recoverable from production.
Jeffrey Kramer, chief operating officer of Nevada Manhattan,
commented: "Cyprus Amax Coal Company is among the leaders in this industry.
Their expertise and financial strength will accelerate the ability to
develop and distribute the coal. Cyprus is vertically integrated in this
arena, and the fact that they elected to proceed with this project confirms
that Nevada Manhattan's commitment to this project and the region is in the
best interest of our shareholders."
For more information on Nevada Manhattan Mining, contact Yvonne
Cambere at 818/591-4400 or e-mail: administration@nevadamanhattan.com or
visit the company's Web site at www.nevadamanhattan.com.
TEL: (818) 591-4400 Nevada Manhattan Mining, Calabasas
Yvonne Cambere
(c) 1998 Market News Publishing Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.
Companies or Securities discussed in this article:
Symbol Name
BB:NVMH
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