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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: posthumousone who wrote (72316)	6/25/2001 1:06:39 PM
From: long-gone	Respond to of 116760

March 19, 2001 ECHO BAY MINES LTD (ECO) form 8-K ITEM 5. OTHER EVENTS On March 16, 2001, Echo Bay Mines Ltd. issued the press release attached hereto as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ECHO BAY MINES LTD. (Registrant) Date: March 19, 2001 By: /s/ TOM S.Q. YIP ------------------------------- Tom S.Q. Yip Vice President and Chief Financial Officer EXHIBIT 99.1 - PRESS RELEASE DATED MARCH 16, 2001. ECHO BAY CONTINUES DEFERRAL OF CAPITAL SECURITIES INTEREST PAYMENTS Friday, March 16, 2001 - Echo Bay Mines Ltd. (Amex and TSE: ECO) announced today that the company has elected to defer the interest payment due on April 1, 2001 to holders of its $100 million capital securities. Under the terms of the capital securities, issued in March 1997, the company has the right to defer interest payments for up to 10 consecutive semiannual periods. The current deferral represents the seventh consecutive deferral of semiannual interest payments. Interest accrues during the deferral period at the rate of 12% per annum, compounded semiannually, compared with the 11% face amount payable on the capital securities. The next scheduled interest payment date is October 1, 2001. Whether to continue the deferral period or recommence payment of interest will be decided prior to that date. Echo Bay mines gold and silver in North America. The primary markets for its common shares are the American and Toronto stock exchanges. Contact: Tom Yip, Vice President and Chief Financial Officer - 303-714-8720 www.echobay.com biz.yahoo.com

To: posthumousone who wrote (72316)	6/25/2001 1:10:48 PM
From: Horgad	Respond to of 116760

ECO has 100 million in capital securities that they have been deferring interest payments on. I am still hurting from the TVX bond debacle and am staying away from ECO. If you have not been following TVX, they don't have the cash to pay-off their bondholders so they are paying them off with shares. To do so they are issuing 321,501,177 shares versus the 36,000,000 that are currently outstanding. OUCH! I would go over ECO's capital securities agreement with a fine-toothed comb or avoid them all together.