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

To: Artur Bereza who wrote (119)	1/29/1998 10:14:00 PM
From: Artur Bereza	Read Replies (2) \| Respond to of 143

Hi all... Looks like Anvil will trade on Over-The-Counter market for now. From Whitehorse newspaper: Ministers Saying Little About Faro Talks Economic Development Minister Trevor Harding is choosing his words carefully after he and Government Leader Piers McDonald met with executives from Cominco Ltd. Wednesday in Vancouver. "There's certain things that we talked about that I probably don't want to speculate on publicly because it's a fairly critical time as we move towards the February 16 (deadline)," Harding said in an interview today. He'd been asked if Cominco indicated it would be willing to swap some of the Anvil Range Mining Corp. debt it holds for equity in the company. After being granted court protection from its creditors two weeks ago, Anvil Range has until Feb. 16 to work out a restructuring plan. Owed roughly $22 million by Anvil Range, Cominco will likely play a major role in the future of the embattled company that owns the Faro mine. "They (Cominco) are cautious about saying too much because they're in a difficult position, as are many of the players," Harding said from Vancouver, where he's attending the Cordilleran Roundup. "I thinks it's important that they are able to speak freely ... and not too publicly at this point." He did say that Cominco sees a future for the mine. The mining giant indicated it wants to play a part in that future, he added. "However, they are concerned about today's prices." Weak metal prices was one of the reasons that forced Anvil Range to seek protection from its creditors. After fighting to secure financing to reopen the mine, Anvil Range missed the peak on metal prices last year. Prices were on the way down by the time the Faro mine restarted operations last fall. That led to a cash crunch for the lead and zinc mine. When the Glencore Group didn't make a payment for concentrates, Anvil Range was forced to seek court protection. Harding said Cominco isn't being tightlipped, but pointed out that the company hasn't seen a restructuring proposal yet from Anvil Range. "So that's definitely an impediment (to discussing plans publicly)," said Harding. "They have to see something from Anvil in terms of planning in order to make decisions. Some 400 people will lose their jobs when the mine shuts down next month. **** In other Anvil Range news, trading in the company's shares was suspended this morning by the Toronto Stock Exchange for failure to meet the exchange's requirements. The TSE said trading was suspended because there is "sufficient uncertainty" in Anvil Range's future to warrant the stoppage. An exchange spokeswoman said the company has one year to improve its situation and be reinstated for trading on the exchange. In the interim, Anvil Range shares will continue to be traded on the Over-The-Counter market. Calls to Anvil Range executives for comment were not immediately returned. Anvil Range's shares were were up 10 cents at 28 cents at the time of the trading suspension.