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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (1096)	9/5/2001 7:05:05 PM
From: Frank Pembleton	Respond to of 36161

Franco-Nevada to take 49 percent stake in Echo Bay TORONTO, Sept 5 (Reuters) - Franco-Nevada Mining Corp. Ltd. (Toronto:FN.TO - news), a stakeholder in several gold producers, said on Wednesday it will become the largest shareholder in Echo Bay Mines Ltd. (Toronto:ECO.TO - news) (AMEX:ECO - news), taking a 49.5 percent stake through the conversion of its bond holdings. Toronto-based Franco-Nevada said it planned to convert its $72.4 million principal amount of capital securities of Echo Bay Mines into an equity stake in the gold mining company. At Sept. 30, 2001, the principal, plus accrued interest on the capital securities, will amount to $115.3 million, Franco-Nevada said in a release. Echo Bay, based in Denver and Edmonton, Alberta, produced 695,000 ounces of gold from four mines in the United States and Canada last year. biz.yahoo.com