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Gold/Mining/Energy : Anvil Range Mining

ARO 0.151

-27.7%

Apr 21 5:00 PM EST

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To: Roman who wrote (91)	11/21/1997 1:28:00 AM
From: Donald McRobb	Read Replies (2) of 143

Hello Roman: My internet server has developed a "worm virus" and has resulted in my e-mail being sporadic at best. Here is the release: Anvil Range Mining Corp - Short term financing arranged to enable Faro operations to resume Anvil Range Mining Corp ARO Shares issued 20500000 1997-11-19 close $1.25 Thursday Nov 20 1997 Mr Patrick Mars reports The company has arranged for sufficient short term working capital financing from Cominco Ltd and the Glencore Group to enable it to resume production of lead and zinc concentrates at its Faro operations for the period from November 20 1997 to March 1998. The financing is comprised of two parts. Cominco has advanced $5 million which becomes callable on demand on or after March 15 1998. This loan is secured in the same manner as the existing $15 million loan which was arranged on August 6 1997 and bears the same 8.5% interest rate. The new $5 million loan has a maturity value of $7 million and the additional $2 million is subject to the repayment terms of the existing loan. The second part of the funding is pursuant to an agreement with the Glencore Group which will become the exclusive buyer of the company's zinc and lead concentrates for the period ending March 1998. If the mine continues in production beyond March 1998 Glencore has an option to continue this arrangement for the balance of the year. As part of this agreement, which may continue for the life of the Grum mine, Glencore will buy the concentrates immediately after production. An advance payment will be made to Anvil Range when concentrates are delivered to the port of Skagway. These arrangements will provide the company with its immediate working capital needs. The company's technical consultants, Strathcona Mineral Services, are examining possible ways to lower the company's costs and improve the profitability of its operations. When these studies are complete, the company will re-assess its requirements for additional permanent financing. As no shareholder approval of the transaction is required and as it is essential that the company have immediate access to the proceeds of the loan to continue operations at its Faro mine, 21 days prior notice of the closing of the transaction is not being provided as contemplated in Ontario Securities Commission Policy 9.1. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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