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FOR IMMEDIATE RELEASE
October 8, 2000

MILTON H. WARD AND DOUGLAS C. YEARLEY RECIEVE NMA DISTINGUISHED SERVICE AWARD

LAS VEGAS, N.V. -- Milton H. Ward, former chairman, president and CEO of Cyprus Amax Minerals Co., and Douglas C. Yearly, former chairman and CEO of Phelps Dodge Corp., were awarded National Mining Association's 2000 Distinguished Service Award tonight at an awards dinner held in conjunction with NMA's MINExpo INTERNATIONAL 2000®.

"Doug Yearley and Milt Ward have each spent more than four decades guiding their companies and our industry through some of the most turbulent, challenging and rewarding years of the 20th century. Along the way, they established a standard for success and effectiveness as executive leaders that will be emulated for years to come," said NMA President & CEO Richard L. Lawson.

Lawson also voiced his appreciation for Yearley's and Ward's efforts that led to the establishment of the NMA in 1995. "In spite of the awesome responsibilities inherent with being a mining industry CEO, both played active and energetic roles in NMA's formative years. It is an ongoing testimony to their stature and rank that even in retirement, their advice and counsel continues to be sought, not only by me, but others in industry leadership positions," Lawson said.

NMA's Distinguished Service Award is presented to individuals who have exhibited outstanding qualities of leadership, skill and service, benefiting both the industry specifically and the nation in general, during their mining career. The award itself consists of a sculpted, single-jack miner, produced by nationally recognized mining industry sculptor Gary Prazen, under commission from NMA. The mold for the statue is solely for the use of the NMA. In addition, a special plaque commemorating the award was presented to the recipients.

Biographical information on each of the award winners is below.

Milton H. Ward began his mining career in 1955 at Magma Copper's San Manuel operation. Milt served as mine superintendent, division superintendent and general superintendent of mines and division engineer for Kerr-McGee Corp., and in 1966 joined United Nuclear-Homestake Partners for Homestake Mining Co. as general manager. He was later appointed vice president-operations for Ranchers Exploration and Development Corp. before joining Freeport Minerals Co. in 1974. There, he advanced to President and Chief Operating Officer, director and member of the office of chairman. He later became chairman, president and chief executive officer of Cyprus Minerals. In November 1993, he became chairman, president and CEO of Cyprus Amax Minerals Co., when Cyprus Minerals merged with AMAX Inc. He was also vice chairman and director of Kinross Gold, and former chairman and chief executive officer of Amax Gold Inc., which merged with Kinross Gold in June 1998. He has served as chairman, president or director of numerous mining related organizations, including one of NMA's predecessor associations, the American Mining Congress, as well as the Mining & Metallurgical Society of America, International Copper Association, Western Regional Council, Mineral Information Institute, National Mining Hall of Fame and Museum and the Institute for Archaeo-Metallurgical. He has continued support of the Milton H. Ward Endowed Scholarship fund at the Colorado School of Mines, benefiting students pursuing a mining engineering degree, and was the 1990 winner of the AIME William Lawrence Saunders Gold Medal "for exceptional leadership in the mineral industries." Milt Ward's legacy of corporate dynamism, community involvement and striving for excellence will serve as a model for mining industry executives for years to come.

Douglas C. Yearley began his 40-year-career at Phelps Dodge Corp. in 1960, joining the company in project development advancing through a series of increasingly key positions, and retiring in 2000 as chairman and chief executive officer. He became chairman and CEO in 1989, and assumed the additional responsibilities of president from 1991 through 1997. Doug became a familiar and respected spokesman for mining at both the national and international level, and his outstanding management of Phelps Dodge's growth into one of the world's largest copper producers is one of the business success stories of the 20th century. He was a regular member of Forbe Magazine's list of Corporate America's Most Powerful People during the 1990s, and was in the forefront of initiatives leading to the creation of the National Mining Association in 1995. Doug served as the organization's first sole vice chairman in 1996 and second chairman of the board in 1997-1998. His wide involvement in corporate and community activities includes serving as director of Lockheed Martin Corp.; J.P. Morgan & Co. Inc.; Morgan Guaranty Trust Co.; Southern Peru Copper Corp.; USX Corp.; and the Phoenix Symphony. In 1993, he received the "Copper Man of the Year" award, and is a 1998 recipient of the AIME Charles F. Rand Memorial Gold Medal for distinguished achievement in mining administration. Doug Yearley will long be remembered for his efforts, not only at Phelps Dodge Corp., but in playing a pivotal role in helping to lead mining's transformation into a modern, technologically advanced and environmentally conscious industry.

The U.S. mining industry produces coal, metals, building materials, and many other essential minerals that define the daily lives of 267 million Americans. The mining industry generates over $500 billion in total economic benefit each year and helps to sustain nearly 5 million U.S. jobs.