ENGLEWOOD, Colo., July 28 /PRNewswire/ -- Echo Bay Mines Ltd.
(Amex: ECO; Toronto) today reported a second quarter net loss of $7.0 million,
compared with net earnings of $2.1 million in the same quarter a year ago.
The 1998 quarter included an after-tax gain of $6.3 million ($0.04 per share)
from the sale of an investment. After inclusion of the equity portion of
interest on the company's capital securities, the loss per share for the
current quarter was $0.07, compared with a $0.01 loss per share a year ago.
The revenue reported for the period was $50.9 million, down from
$65.3 million the previous year. The average price realized on a cash basis
during the quarter decreased to $345 per ounce of gold sold, compared with
$346 per ounce in the same quarter the previous year. Revenue was negatively
affected by lower production and the deferral of revenues to future periods in
accordance with hedge accounting rules. These deferrals lowered the gold
price realized on a revenue basis during the quarter to $326 per ounce of
gold, compared with $338 per ounce for the same quarter in 1998. Silver
revenue for the quarter was higher as more ounces were sold, a result of
inventory changes, offsetting the lower silver price realized ($5.27 per
ounce, compared with $5.59 the prior year).
Gold production was 125,056 ounces compared with 140,198 ounces in the
same quarter the previous year. The lower production was the result of lower
gold grades and recoveries from the ore milled at McCoy/Cove and fewer tons
processed at Kettle River as anticipated by the site's mine plan. The type of
ore processed at McCoy/Cove led to lower recoveries, slightly reducing silver
production during the quarter to 1,918,479 ounces, compared with
2,054,173 ounces in the 1998 quarter.
Cash operating costs were $213 per ounce of gold produced in the second
quarter compared with $208 per ounce a year ago. The continued focus on cost
containment helped mitigate the impact of the lower production on unit costs.
Largely due to higher production from Round Mountain and lower costs at
Round Mountain and McCoy/Cove, Echo Bay is increasing its full year production
forecast to 480-500,000 ounces and lowering its cash operating costs target
for the year to $220-230 per ounce. The silver production target for the year
remains at 7-8 million ounces.
Cash and Debt
Echo Bay ended the quarter with $9.0 million in cash and short-term
investments. The company generated $12.8 million from operations during the
quarter and invested $8.2 million, principally on remediation of the Cove pit
wall, deferred stripping and capital expenditures.
The company also repaid $2.8 million on its gold loans while increasing
net borrowing on its revolving line of credit by $1.0 million. No borrowing
restrictions exist on the availability of the $26 million undrawn portion of
this $50 million facility based on the 90-day trailing average gold spot price
at quarter end.
Exploration and Development
Echo Bay continues work on several exploration opportunities, directly or
through the use of joint venture arrangements. While this work is limited
given the current gold market conditions, positive progress has been made on
the Youga project, located in Burkina Faso, West Africa. This project is a
50/50 joint venture with Ashanti Goldfields Company Ltd. Fieldwork, completed
earlier in the year, has identified zones of mineralization containing
approximately 1.2 million ounces of gold (100% basis). The companies have
agreed to undertake a feasibility study, anticipated to be completed by
year-end, that will include additional development drilling and metallurgical
work.
The Lupin mine, located in the new Nunavut Territory of Canada, remains on
care and maintenance. The decision on whether to reopen the mine in the year
2000 will be made in the fourth quarter.
Alternatives continue to be evaluated for development of the Paredones
Amarillos project (Mexico) and the Aquarius project (Canada), both of which
are currently on hold. Different size operations and types of processing
technology are being reviewed with the aim of lowering capital requirements
and operating costs. Paredones Amarillos has a mine plan that requires a gold
price of $375 per ounce to achieve an acceptable rate of return for the joint
venture partners. Initial indications are that the project has limited
flexibility with regard to development alternatives. The Aquarius mine plan
requires a gold price between $325 and $350 per ounce to make it attractive to
advance into production. More work is being done on certain development
alternatives for this project.
Progress at Kuranakh, Echo Bay's 50%-owned gold project in Russia, has
slowed. Continued delays in the negotiation of a production sharing agreement
and resolution of other issues have led the company to restrict spending on
the project.
Round Mountain: Production and Costs Compare Favorably to Plan
While production for the quarter at the Round Mountain mine, located in
Nevada, was down slightly when compared to the same period in 1998
(70,765 ounces compared with 73,020 ounces), it was a full 10% higher than
originally anticipated under the site's mine plan. The primary reason for the
positive variance from plan was the availability of more high-grade ore than
anticipated and the better recoveries when this material was milled.
Late in 1998, Round Mountain entered a period of higher stripping to
provide access to a new phase of mining. During this process, more of the
material moved is waste with fewer tons of ore being available to place under
leach. The lower level of loading on the pads resulted in a reduction in
dedicated and reusable pad production this quarter compared with the same
quarter in 1998.
Despite the lower production from the leach pads, overall production was
off only 3% from the same quarter the previous year as a result of a
125% increase in mill production. This increase is a result of the higher
grade of material processed (0.079 ounces per ton compared with 0.043 ounces
per ton in the 1998 quarter). The higher-grade material is associated with
the ore body's feeder structures. Due to the small size of these structures,
it is difficult to accurately estimate the grade in advance of mining. Cash
operating costs were $195 per ounce, up 4% from the $187 per ounce experienced
in same quarter the previous year.
With the positive influences of higher grades milled, Round Mountain has
increased its targeted gold production for 1999 to 520-540,000 ounces
(Echo Bay's 50% share, 260-270,000 ounces), up 10% from earlier projections.
The site also anticipates a corresponding reduction in cash operating costs of
approximately 5%, with a new target range of $205-215 per ounce.
During the quarter, the site received the Governor's Southern Nevada
Distinguished Business Award. This award acknowledged the contribution Round
Mountain has made, and continues to make, to the rural business community and
the economy of Nevada.
McCoy/Cove: Milestones Accomplished During the Quarter
Gold production at McCoy/Cove, located in Nevada, was down during the
quarter (29,576 ounces compared with 35,591 ounces) as was silver production
(1.9 million ounces compared with 2.1 million ounces) when compared with the
same quarter the previous year. Though tons through the mill increased by
almost 12% quarter over quarter, this only partially offset a more than
14% reduction in gold grades during the same period. Gold grade as well as
the nature of the ore adversely affected mill recoveries.
During the quarter, McCoy/Cove produced its three millionth ounce of gold
and 85 millionth ounce of silver. This is especially noteworthy given that
the site had less than 550,000 ounces in gold reserves and no silver reserves
when Echo Bay acquired the property in 1986.
The remediation of the Cove pit wall was completed during the quarter,
allowing the site to start accessing approximately 400,000 ounces of contained
gold and 22 million ounces of contained silver. Mining will initially
encounter lower-grade heap leach ore with higher-grade mill feed starting late
in the fourth quarter. The availability of this higher-grade material is
expected to increase production and significantly reduce cash operating costs
in 2000.
Despite the lower production, cash operating costs were $222 per ounce,
compared with $221 per ounce in the same quarter the previous year. The
site's continuing efforts at reducing costs helped offset the effect of the
drop in gold grades. In addition, the unused portion of the remediation
accrual, approximately $5.8 million, has been pooled with deferred mining
costs. As a result, deferred stripping costs were reduced by $7 per ounce, a
benefit that will continue for the remainder of the mine life.
This success has resulted in McCoy/Cove lowering their projected cash
operating costs target to $230-240 per ounce, down from the $245-255
originally targeted at the beginning of the year.
During the quarter, underground mining continued on a small area of
mineralization located in the east wall of the Cove pit. The underground
workings have provided access for a developmental drift that will be used to
further investigate a second, larger area of mineralization. Underground
drilling and bulk sampling will be done to supplement the results of surface
drilling.
Kettle River: Production and Costs at Anticipated Levels
At the Kettle River mine in Washington State, total spending was down.
However, lower quarterly gold production, 24,715 ounces in 1999 compared with
31,587 ounces in 1998, resulted in an increase in the cash operating cost to
$243 per ounce compared with $225 in 1998. The lower production quarter over
quarter was the result of lower tons mined, down 7%, as well as fewer tons
milled, down by over 17%, due to fewer scheduled operating hours.
Kettle River continues to investigate extensions of the K-2 deposit with
some success. Mineralization has been identified but additional work is
required to determine the economic viability of this ore.
In the second quarter, Kettle River was awarded the Association of
Washington Business 1999 Environmental Excellence Award for Education. This
award was given in connection with the mine's annual Arbor Day program which
uses a hands on approach to introduce school age children to natural sciences
including programs on geology, hydrology and reclamation.
Echo Bay mines gold and silver in North America. The primary markets for
its shares are the American and Toronto stock exchanges.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements herein that are not historical facts are
forward-looking statements. They involve risks and uncertainties that could
cause actual results to differ materially from targeted results. These risks
and uncertainties include but are not limited to significant declines in
precious metals prices and/or increases in production costs, which could
render projects uneconomic; ability to access financing; changes in project
parameters as plans continue to be refined; differences in ore grades,
recovery rates and tons mined from those expected; changes in mining, milling
and/or heap leaching rates from currently planned rates; the results of
current exploration activities and new opportunities; and other factors
detailed in the company's filings with the Securities and Exchange Commission.
ECHO BAY MINES
Highlights
Three months Six months
ended June 30 ended June 30
U.S. dollars 1999 1998 1999 1998
Financial Data
Revenue (millions) $50.9 $65.3 $99.6 $118.2
Net earnings (loss)
(millions) $(7.0) $2.1 $(12.1) $(5.6)
Net loss attributable
to common
shareholders
(millions) $(10.5) $(1.5) $(18.8) $(11.7)
Gold ounces sold (1) 112,399 157,277 222,110 275,871
Silver ounces
sold (1) 2,708,016 2,184,608 5,101,111 4,200,705
Average price
realized --
revenue basis: (2)
Per ounce of
gold sold $326 $338 $325 $339
Per ounce of
silver sold $5.27 $5.59 $5.38 $5.88
Average price
realized --
cash basis: (3)
Per ounce of
gold sold $345 $346 $348 $344
Per ounce of
silver sold $5.19 $5.43 $5.26 $5.59
Cash operating costs:
Per ounce of
gold produced $213 $208 $215 $208
Per ounce of
silver produced $4.16 $4.21 $3.99 $4.25
% of revenue from
gold 72% 81% 72% 79%
% of revenue from
silver 28% 19% 28% 21%
Production and Reserves
Production
(ounces): (1)
Gold 125,056 140,198 243,820 273,363
Silver 1,918,479 2,054,173 4,583,317 4,312,629
Reserves
(ounces): (4)
Gold -- -- 6,799,000 7,479,000
Silver -- -- 38,809,000 46,525,000
Per Share Data
Loss per share $(0.07) $(0.01) $(0.13) $(0.08)
Shares outstanding
(millions):
Weighted average 140.6 139.8 140.6 139.6
Period end 140.6 140.6 140.6 140.6
(1) Ounces sold differ from ounces produced due to inventory changes.
(2) Includes non-cash items affecting gold and silver revenues, such as
the recognition of deferred income or deferral of revenue to future
periods in accordance with hedge accounting rules.
(3) Prices reported are the cash amounts received per ounce of gold and
silver sold during each period plus gold loan repayments valued at
the loan price.
(4) Proven and probable reserves at the beginning of the year.
ECHO BAY MINES
Production and Costs
Three months Six months
ended June 30 ended June 30
1999 1998 1999 1998
Gold Production
(ounces)
Round Mountain (50%) 70,765 73,020 130,450 139,087
McCoy/Cove 29,576 35,591 61,690 75,444
Kettle River 24,715 31,587 51,680 58,832
Total gold 125,056 140,198 243,820 273,363
Silver Production
(ounces)
McCoy/Cove 1,918,479 2,054,173 4,583,317 4,312,629
Total silver 1,918,479 2,054,173 4,583,317 4,312,629
Cash Operating Costs
(U.S. dollars per
ounce of gold produced)
Round Mountain $195 $187 $207 $190
McCoy/Cove (1) 222 221 215 211
Kettle River 243 225 235 241
Company average $213 $208 $215 $208
Consolidated Costs
(U.S. dollars per
ounce of gold produced)
Cash operating cost $213 $208 $215 $208
Royalties 10 12 10 11
Production taxes -- 2 -- 2
Total cash cost 223 222 225 221
Depreciation 60 59 60 58
Amortization 20 25 21 25
Reclamation and mine
closure 11 9 11 7
Total production cost $314 $315 $317 $311
(1) In 1999, cash operating costs per ounce of silver produced at
McCoy/Cove were $4.16 and $3.99 for the three- and six-month periods
respectively, based on average gold-to-silver price ratios of 53.4:1
and 53.9:1 respectively. In 1998, cash operating costs per ounce of
silver produced at McCoy/Cove were $4.21 and $4.25 for the three- and
six-month periods respectively, based on average gold-to-silver price
ratios of 52.5:1 and 49.6:1 respectively.
ECHO BAY MINES
Consolidated Statement of Operations
(Unaudited)
Thousands of U.S. Three months Six months
dollars, except for ended June 30 ended June 30
per share data 1999 1998 1999 1998
Revenue $50,862 $65,346 $99,644 $118,201
Expenses:
Operating costs 34,833 42,433 67,246 75,738
Royalties 1,567 2,218 3,315 3,940
Production taxes 43 329 129 683
Depreciation and
amortization 13,616 17,416 26,417 31,318
Reclamation and
mine closure 1,709 1,536 3,525 3,187
General and
administrative 2,034 2,067 3,907 4,324
Exploration and
development 1,889 2,602 4,006 5,782
Interest and other 2,106 (5,423) 3,060 (1,385)
57,797 63,178 111,605 123,587
Earnings (loss)
before income taxes (6,935) 2,168 (11,961) (5,386)
Income tax expense:
Current 96 102 171 174
Deferred -- -- -- --
96 102 171 174
Net earnings (loss) $(7,031) $2,066 $(12,132) $(5,560)
Net loss attributable
to common
shareholders $(10,455) $(1,458) $(18,781) $(11,717)
Loss per share (1) $(0.07) $(0.01) $(0.13) $(0.08)
Weighted average
number of shares
outstanding 140,607,145 139,750,681 140,607,145 139,560,356
(1) Echo Bay's financial statements are prepared in accordance with
accounting principles generally accepted in Canada. Loss per share
equals the sum of the net earnings or loss for the period plus the
equity portion of the interest on the $100 million capital securities
in the period (a portion of the interest is charged directly to the
deficit in common shareholders' equity on the company's consolidated
balance sheet, rather than being charged to interest on the
consolidated statement of operations) divided by the weighted average
number of common shares outstanding during the period. The capital
securities were issued in March 1997; interest on these securities
that was charged to the deficit was $3.4 million and $6.6 million for
the three and six months ended June 30, 1999 respectively and $3.5
million and $6.2 million for the same periods in 1998 respectively.
ECHO BAY MINES
Consolidated Balance Sheet
(Unaudited)
June 30 Dec. 31 June 30
Thousands of U.S. dollars 1999 1998 1998
Assets
Current assets:
Cash and cash equivalents $6,237 $7,987 $19,958
Short-term investments 2,755 3,336 5,408
Interest and accounts
receivable 2,874 3,585 3,759
Inventories 39,391 37,929 38,942
Prepaid expenses and
other assets 8,296 6,635 3,759
59,553 59,472 71,826
Plant and equipment 182,582 196,670 217,858
Mining properties 87,439 95,738 102,533
Long-term investments
and other assets 29,960 16,196 13,548
$359,534 $368,076 $405,765
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable and
accrued liabilities (1) $27,267 $43,609 $61,555
Income and mining taxes
payable 2,903 2,941 4,041
Current portion of gold
and other financings (2) 12,128 11,652 14,379
Current portion of
deferred income (1) 25,951 15,182 12,302
68,249 73,384 92,277
Long-term gold and
other financings (2) 44,137 41,119 45,774
Long-term deferred income (1) 68,807 64,363 66,456
Other long-term obligations (1) 45,246 47,943 41,128
Deferred income taxes 7,822 7,513 7,799
Common shareholders' equity:
Common shares 713,343 713,343 713,343
Capital securities 117,538 110,862 104,565
Deficit (682,656) (663,875) (643,037)
Foreign currency translation (22,952) (26,576) (22,540)
125,273 133,754 152,331
$359,534 $368,076 $405,765
(1) Certain prior-period items have been reclassified to conform with
current presentation.
(2) Total gold and other financings were $56.3 million at June 30, 1999
(including current portion of $12.1 million), down $3.9 million from
$60.2 million at June 30, 1998 (including current portion of $14.4
million).
ECHO BAY MINES
Consolidated Statement Of Cash Flow
(Unaudited)
Three months Six months
ended June 30 ended June 30
Thousands of U.S. dollars 1999 1998 1999 1998
Cash Provided from (Used in):
Operating Activities
Net earnings (loss) $(7,031) $2,066 $(12,132) $(5,560)
Add (deduct):
Depreciation and
amortization 13,616 17,416 26,417 31,318
Deferred income
included in revenue (2,144) (351) (3,613) (1,212)
Deferral of gains
on restructuring of
hedge commitments 3,877 1,073 7,659 1,073
Gain on sale of
assets (61) (6,192) (524) (7,381)
Unrealized losses on
share investments 754 357 777 1,206
Other 1,359 (194) 2,778 (682)
Change in cash invested
in operating assets
and liabilities:
Interest and accounts
receivable 1,469 3,444 865 2,126
Inventories 1,307 4,059 (438) 3,452
Prepaid expenses and
other assets 1,167 880 1,026 1,471
Accounts payable and
other liabilities (1,473) (5,015) (4,495) (25,518)
Income and mining
taxes payable (83) 291 (76) 549
12,757 17,834 18,244 842
Investing Activities
Mining properties,
plant and equipment (7,750) (5,237) (15,839) (9,866)
Proceeds on repurchase
of gold forward sales -- -- 1,500 8,673
Short-term investments -- 604 485 3,018
Long-term investments
and other assets (15) (975) (5,014) (453)
Proceeds on sale of
investment in Santa Elina -- 6,252 -- 6,252
Proceeds on the sale of
plant and equipment 193 141 261 2,450
Proceeds on the sale
of mining properties -- -- -- 1,195
Other (605) (610) (1,227) (552)
(8,177) 175 (19,834) 10,717
Financing Activities
Currency borrowings 3,000 -- 11,000 --
Debt repayments (4,773) (4,164) (9,771) (8,328)
Other -- (114) (1,389) (226)
(1,773) (4,278) (160) (8,554)
Net increase (decrease)
in cash and cash
equivalents 2,807 13,731 (1,750) 3,005
Cash and cash equivalents,
beginning of period 3,430 6,227 7,987 16,953
Cash and cash equivalents,
end of period $6,237 $19,958 $6,237 $19,958
ECHO BAY MINES
Mine Operating Data
Three months Six months
ended June 30 ended June 30
U.S. dollars 1999 1998 1999 1998
Round Mountain Mine
(50% owned)
Gold produced (ounces):
Reusable heap
leach pad (50%) 16,619 28,238 35,957 58,645
Dedicated heap
leach pads (50%) 24,198 31,308 49,433 53,946
Milled (50%) 27,970 12,401 43,082 24,640
Other (50%) 1,978 1,073 1,978 1,856
Total (50%) 70,765 73,020 130,450 139,087
Ore and waste mined
(tons) (100%) 18,888,000 17,331,000 37,801,000 33,441,000
Mining cost/ton of
ore and waste $0.69 $0.63 $0.71 $0.64
Heap leaching
cost/ton of ore $0.65 $0.60 $0.69 $0.63
Milling cost/ton
of ore $3.03 $3.10 $3.17 $3.50
Production cost
per ounce of gold
produced:
Direct mining
expense $194 $179 $214 $186
Deferred
stripping cost (4) 7 (16) 8
Inventory
movements and
other 5 1 9 (4)
Cash operating
cost 195 187 207 190
Royalties 14 21 17 19
Production taxes -- 1 -- 1
Total cash cost 209 209 224 210
Depreciation 45 41 46 40
Amortization 18 18 18 18
Reclamation and
mine closure 9 7 9 7
Total production
cost $281 $275 $297 $275
Reusable heap
leach pad:
Ore processed
(tons/day) (100%) 10,536 19,869 14,669 23,118
Grade (ounce/ton) 0.034 0.042 0.036 0.039
Recovery rate (%) 73.1 69.7 73.8 72.0
Dedicated heap
leach pads:
Ore processed
(tons/day) (100%) 118,334 128,231 104,991 118,495
Grade (ounce/ton) 0.011 0.010 0.011 0.010
Recovery rate (1)
Milled:
Ore processed
(tons/day) (100%) 7,711 8,460 7,493 7,815
Gold grade
(ounce/ton) 0.079 0.043 0.083 0.048
Gold recovery
rate (%) 88.5 76.2 87.7 74.5
McCoy/Cove Mine
(100% owned)
Gold produced
(ounces):
Milled 16,039 22,459 36,696 47,881
Heap leached 13,537 13,132 24,994 27,563
Total gold 29,576 35,591 61,690 75,444
Silver produced
(ounces):
Milled 1,848,331 1,945,022 4,432,671 4,081,171
Heap leached 70,148 109,151 150,646 231,458
Total silver 1,918,479 2,054,173 4,583,317 4,312,629
Ore and waste
mined (tons) 12,679,149 10,919,682 24,464,663 18,521,300
Mining cost/ton
of ore and waste $0.60 $0.67 $0.66 $0.59
Milling cost/ton
of ore $5.57 $5.82 $6.10 $6.05
Heap leaching
cost/ton of ore $1.56 $1.55 $1.63 $1.56
ECHO BAY MINES
Mine Operating Data (continued)
Three months Six months
ended June 30 ended June 30
U.S. dollars 1999 1998 1999 1998
McCoy/Cove Mine
(continued)
Production cost per
ounce of gold
produced: (2)
Direct mining
expense $244 $244 $213 $218
Deferred stripping
cost (26) (30) (10) (14)
Inventory movements
and other 4 7 12 7
Cash operating
cost 222 221 215 211
Royalties 2 3 2 3
Production taxes -- 3 -- 2
Total cash cost 224 227 217 216
Depreciation 52 58 50 55
Amortization 27 40 27 39
Reclamation and
mine closure 11 9 11 8
Total production
cost $314 $334 $305 $318
Average gold-to-silver
price ratio (2) 53.4:1 52.5:1 53.9:1 49.6:1
Milled:
Ore processed
(tons/day) 13,664 12,205 12,590 11,560
Gold grade
(ounce/ton) 0.030 0.035 0.032 0.038
Silver grade
(ounce/ton) 2.46 2.43 2.77 2.52
Gold recovery
rate (%) 36.3 50.4 40.5 53.2
Silver recovery
rate (%) 58.7 71.5 62.7 72.8
Heap leached:
Ore processed
(tons/day) 14,029 12,061 12,809 12,041
Gold grade
(ounce/ton) 0.019 0.019 0.022 0.020
Silver grade
(ounce/ton) 0.22 0.21 0.23 0.29
Recovery rates (1)
Kettle River Mine
(100% owned)
Gold produced
(ounces) 24,715 31,587 51,680 58,832
Tons of ore mined 159,424 172,057 313,802 365,510
Mining cost/ton
of ore $23.91 $22.44 $24.05 $21.65
Milling cost/ton
of ore $11.21 $10.37 $11.16 $10.05
Production cost
per ounce of
gold produced:
Direct mining
expense $254 $222 $242 $240
Inventory movements
and other (11) 3 (7) 1
Cash operating
cost 243 225 235 241
Royalties 18 14 15 13
Production taxes 1 1 1 1
Total cash cost 262 240 251 255
Depreciation 72 62 69 67
Amortization 8 5 8 5
Reclamation and
mine closure 15 12 15 12
Total production
cost $357 $319 $343 $339
Milled:
Ore processed
(tons/day) 1,624 1,973 1,641 2,040
Total tons milled 147,747 179,586 298,585 371,355
Grade (ounce/ton) 0.200 0.210 0.204 0.193
Recovery rate (%) 83.7 83.6 85.0 82.1
(1) Recovery rates on dedicated pads can only be estimated, as actual
recoveries will not be known until leaching is complete. At the
Round Mountain mine, the gold recovery rate on the dedicated heap
leach pad is estimated at 50%. At the McCoy/Cove mine, the gold
recovery rate is estimated at 68% for crushed ore and 48% for
uncrushed, run-of-mine ore, and the silver recovery rate is estimated
at 35% for crushed ore and 10% for uncrushed, run-of-mine ore.
(2) To convert costs per ounce of gold into comparable costs per ounce
of co-product silver, divide by the period's average gold-to-silver
price ratio.
SOURCE Echo Bay Mines Ltd.
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http://www.echobay.com
Company News On-Call:
http://www.prnewswire.com/comp/269609.html or fax,
800-758-5804, ext. 269609
CONTACT:
Robbin Lee of Echo Bay Mines Ltd.,
303-714-8829
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