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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: posthumousone who wrote (2998)	3/8/2002 3:57:35 AM
From: Andrew	Read Replies (2) \| Respond to of 4051

ECO is hardly a junior. It is the 19th largest gold miner in the world by ounces produced annually. goldsheetlinks.com Although I'm not sure if it has long term investment appeal. Echo Bay Mines Ltd - In the News Globe says Franco-Nevada goes for Echo Bay Mines Echo Bay Mines Ltd ECO Shares issued 140,607,145 Sep 5 2001 close $1.480 Thursday Sep 6 2001 In the News The Globe and Mail reports in its Thursday edition that Franco-Nevada Mining has agreed to take control of Echo Bay Mines by swapping debt it acquired in the firm into a 49.5-per-cent equity interest. The Globe's Allan Robinson writes that as part of the deal, Kinross Gold, which also holds some of the debt, will own 11.4 per cent of Echo Bay. Together Kinross and Franco-Nevada hold about 88 per cent of the debt being converted into common shares. Converting the debt outstanding to common shares will quadruple the number of shares outstanding in Echo Bay. Echo Bay shares rose five Canadian cents Wednesday to $1.48 (Canadian) on the Toronto Stock Exchange, putting a value on the firm of $208.1-million (Canadian). Echo Bay produces about 659,000 ounces of gold a year from four mines in Nevada and Washington. It also has an inactive mine in the Northwest Territories and has deferred the development of a gold project in Ontario because of low gold prices. Under the deal, Echo Bay will issue 361.5 million common shares in exchange for $100-million (U.S.) of debt plus accrued unpaid interest. Echo Bay has entered "support and lockup" agreements with Franco-Nevada and Kinross. (c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com