ASARCO LLC Conducts Plan Sponsor Selection Under Supervision

ASARCO LLC (Asarco) today commenced its final step to select a plan

sponsor as part of its goal to successfully emerge from chapter 11. The

process is proceeding pursuant to a bidding procedure supported by the

Company´s creditors and approved by the U.S.

Bankruptcy Court for the Southern District of Texas and under the close

observation of a court-appointed examiner. Companies, who previously submitted bids to purchase Asarco´s

operating assets, are meeting today with Asarco´s

lawyers and financial advisors as well as those of the Company´s

creditors. The Company intends to select the highest and best bid that

would be in the best interests of the Company and its creditors. "We are convinced that this bidding process

will result in the overall best value for the Company, its employees

creditors and the communities in which we operate," said Joseph F. Lapinsky, President and Chief Executive Officer of Asarco. Earlier this year, the court appointed an examiner at the request of

ASARCO Incorporated, the immediate parent company of Asarco. The

examiner was appointed by the court to observe the bidding process to

see that it proceeds according to the court´s

order. ASARCO is an integrated copper mining, smelting and refining company

with approximately 2600 employees. The Company operates mines, mills and

a smelter in Arizona and a smelter and refinery in Texas. For more

information, visit http://www.asarco.com.