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Strategies & Market Trends : Strictly: Drilling II
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To: isopatch who wrote (1093)9/5/2001 6:56:25 PM
From: Frank Pembleton  Read Replies (1) of 36161
 
Kinross Gold Corporation

TORONTO, Sept. 5 /CNW/ - Kinross Gold Corporation (TSE-K; Amex-KGC) announced today that it has entered into a support and lock-up agreement with Echo Bay Mines Ltd. (TSE-ECO; Amex-ECO) with respect to Kinross' holding of 15.8% of Echo Bay's capital securities outstanding. Kinross has agreed to exchange the Echo Bay capital securities owned by Kinross for approximately 57.1 million common shares of Echo Bay. Franco-Nevada Mining Corporation Limited (TSE-FN) has also announced that it has also entered into a support and lock-up agreement with Echo Bay Mines Ltd. on the same terms for approximately 72% of Echo Bay capital securities. The Echo Bay capital securities owned by Franco-Nevada and Kinross represent approximately 88% of the outstanding US$100 million of capital securities. Assuming all holders of Echo Bay capital securities elect to exchange, Kinross would own 11.4 % of the common shares of Echo Bay. Robert M. Buchan, Chairman and CEO of Kinross stated that "the capital securities of Echo Bay have been held by Kinross as a long-term investment for several years and as of June 30, 2001 were carried on the Kinross balance sheet at a book value of US$6.9 million. Upon the closing of the proposed transaction, Kinross will continue to carry the common shares of Echo Bay on its balance sheet as a long-term investment."

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