ENGLEWOOD, Colo., April 29 /PRNewswire/ -- The following is being issued
by Echo Bay Mines (Toronto; AMEX: ECO):

                                ECHO BAY MINES
              (American and Toronto stock exchanges, symbol ECO)
                               Earnings Summary

    U.S. dollars                                1997           1996
    Three Months Ended March 31:
    Revenue                                 $73,837,706     $67,749,649
    Net loss                               $(16,760,888)   $(16,156,114)
    Loss per share                               $(0.12)         $(0.12)
    Weighted average shares outstanding     139,357,083     130,045,870

                    ECHO BAY REPORTS FIRST QUARTER RESULTS

    Echo Bay Mines Ltd. today reported a net loss of $16.8 million ($0.12 per
share) in the first quarter, compared with a net loss of
$16.2 million ($0.12 per share) a year ago.
    The quarterly results reflect higher gold production, lower cash operating
costs, and reduced exploration and development expenses.  These improvements
were partially offset by a lower gold price realized ($372 per ounce compared
with $397 a year ago).
    The company produced 183,328 ounces of gold, up 14% from 161,246 ounces a
year ago.  Silver production doubled, to 2.4 million ounces from 1.2 million
ounces.  Cash operating costs decreased to $255 per ounce from $261 in 1996,
reflecting increased production at the company's two largest producers, Round
Mountain and McCoy/Cove, both located in Nevada.
    First quarter production was consistent with full-year production targets
of 700-725,000 ounces of gold and 7.0 million ounces of silver.

    Debt Reduction
    During the quarter, the company repaid $118 million of debt, reducing
total debt to $67 million at quarter's end from $183 million three months
earlier.  The majority of the funds was generated by the issuance of
$100 million of capital securities in March.  The 11% capital securities due
2027 are unsecured, subordinate and junior in right of payment to all senior
indebtedness of the company, and will be accounted for primarily as
shareholders' equity in accordance with generally accepted accounting
principles in Canada.
    Cash Position
    During the quarter, the company closed out all of its gold and silver
forward sales, realizing cash proceeds of $63.1 million.  In addition, it
closed out a large portion of its Canadian dollar hedged position for
$6.7 million in cash proceeds.  Both of these transactions were undertaken to
harvest the cash differential between the current market and future hedge
positions, bringing the cash proceeds forward.  For income statement purposes,
the gains on the transactions will be recognized in the periods in which the
gold, silver and dollars had been scheduled for delivery.
    The net effect of these transactions was to repay $118 million of debt, to
reduce the company's total remaining debt to $67 million and to give the
company a cash position of $105 million at March 31, 1997.
    Echo Bay is a major gold producer with mines in Canada and the United
States.  The primary markets for its shares are the American and Toronto stock
exchanges.  Its shares are also listed on stock exchanges in Switzerland,
France, Germany and Belgium.
    Additional information is available by fax on request.  Please call Janine
Townsend at 303-714-8811.
    "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 future changes in gold and copper
prices, which could render projects uneconomic; differences in ore grades,
recovery rates, and tons mined from those expected; changes in mining and
milling rates from currently planned rates; the results of future exploration
activities and new exploration opportunities; conclusions of feasibility
studies now under way; changes in project parameters as plans continue to be
refined; and other factors detailed in the company's filings with the
Securities and Exchange Commission, particularly those on Forms 10-Q, 10-K,
8-K and S-4.

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