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

To: Donald McRobb who wrote (85)	11/12/1997 3:23:00 PM
From: Roman	Read Replies (1) \| Respond to of 143

Cominco says in talks with Anvil TORONTO, Nov 12 (Reuters) - Canada's Cominco Ltd [AMEX:CLT - news] said on Wednesday that it was in talks to provide further financing to Anvil Range Mining Corp and its Faro lead/zinc operation in Yukon, Canada. ''There are discussions going on between Cominco and Anvil Range regarding further financing, but no definitive agreement has been reached as of yet,'' a Cominco spokesman told Reuters. Earlier this year, Toronto-based Anvil Range received approvals for a C$15 million loan from 27.7 percent owner from Cominco of Vancouver. The mining operation, located at Faro, Yukon, was temporarily shut down last December due to lower than expected base metal prices and a strong Canadian dollar. Anvil Range has been trying to raise C$25 million to finance mill modifications and restart operations at Faro. Anvil Range officials were unavailable for comment on Wednesday, but some analysts suggested the current depressed market is making it difficult to raise cash. ''Obviously they've hit into a tough market. The zinc market is down and stock prices are ugly,'' one Canadian mining analyst said on Wednesday. The Faro mine and mill is one of the world's largest zinc and lead concentrate producers. In the 14 months ended December 31, 1996, Faro produced 345,700 tonnes of zinc concentrates and 186,000 tonnes of lead concentrates.