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

To: mark warburton who wrote (3195)	10/24/1997 10:44:00 AM
From: I_C_Deadpeople	Respond to of 4057

October 24, 1997 Echo Bay won't exercise Kingking option DENVER, Oct 24 (Reuters) - Echo Bay Mines Ltd said Friday it has elected not to exercise its option to purchase a controlling interest in the Kingking copper-gold property in the Philippines from Benguet Corp . The option expires at midnight Saturday. As reported, Echo Bay and its partner, TVI Pacific Inc , completed an initial feasibility study in April of this year. The study concluded that the project would not meet the joint venture's desired rates of return, principally due to the required payment of $67 million on or before October 25 in order to exercise the purchase option. Echo Bay noted its 75 percent share would have been $50.3 million. The venture could have extended the option period for another year by paying an additional $10.5 million. It elected not to do so, the company added. Echo Bay also said it is conducting a major review of the carrying values of its four producing gold mines and portfolio of exploration properties, development projects (including Kingking) and other assets. The company said it plans to announce the results of this review of asset carrying values in connection with its announcement of third quarter results on November 4. Thought this was interesting.