Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : MIRANDA--MAD ON VSE -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (282)	1/7/1998 8:31:00 AM
From: David R. Schaller	Read Replies (1) \| Respond to of 462

Bob, I pulled this off the Royal Oak thread. Its well worth reading. If ECO's actions are indicative of how other majors are going to deal with low POG...there's going to be a lot of JV partnerships dissolved. --------------------------------------------------------------------- Echo Bay Announces Series of Actions to Improve Cash Flow By $30-35 Million In Response to 18-Year Lows In Gold Price ENGLEWOOD, Colo., Jan. 6 /PRNewswire/ -- Echo Bay Mines Ltd. (Amex: ECO; Toronto) announced today a series of actions designed to improve cash flow by an estimated $30-35 million in 1998 in response to 18-year lows in the gold price. The company is temporarily suspending operations at its Lupin gold mine in the Northwest Territories, and is scaling back operations at its McCoy/Cove mine in Nevada, until the gold price improves. Echo Bay will also reduce its 1998 new-project expenditures budget to $3 million from $21 million and its exploration budget to $6 million from $11 million, pending an increase in gold prices. In addition, the company is reducing the number of executive, administrative and clerical staff based in the Denver corporate office by approximately 40% to a total of 37 persons. ---------------------------------------------------------------------- Exploration cut by 50% and new projects by 85%? Ouch. Is cash king or what? Regards, Dave