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quite a day for this one. Down $3.85 to 2.15 on 1.7 million shares. news release follows. has it got any bounce in it tomorrow? TTED BY CANADIAN CORPORATE NEWS FOR: ANVIL RANGE MINING CORPORATION TSE SYMBOL: ARO ARO.U NOVEMBER 20, 1996 Anvil Range Announces Temporary Suspension of Mining Operations WHITEHORSE, YUKON-- Not for distribution to U.S. newswire services or for dissemination in the United States. Anvil Range Mining Corporation announced today that as a result of weak metal prices, the strengthening Canadian dollar and production output below budgeted levels, mining operations will be temporarily suspended as of December 20, 1996. The mill will continue to process stockpiled ore during the first three months of 1997 and operations will be reviewed during that period based on prevailing conditions. Anvil Range owns the Faro Properties, one of the largest producing base metal properties in the world. The properties, located near Faro, Yukon, contain one of the world's largest zinc and lead mines, and one of Canada's largest silver mines. The Company's common shares trade on The Toronto Stock Exchange, under the trading symbol ARO, its silver royalty units trade under the symbol ARO.UN and its convertible debentures under the symbol ARO.Db. Attachment: Letter from President & CEO to Stakeholders of Anvil Range November 20, 1996 To The Stakeholders of Anvil Range: Over the past two months and continuing into November, Anvil Range has experienced production problems in its mining and milling operations. In addition, the lower production of zinc and lead concentrate has come at a time when metal prices have been decreasing and the Canadian dollar has strengthened. Although there is optimism that the recent production problems in the mine and mill may be behind us, current metal prices and the strength of the Canadian dollar over the next several months are continuing concerns. Therefore, Anvil Range has decided to take action at this time to preserve its finances by discontinuing its mining operations. We will continue to run the mill on previously stockpiled ore to produce concentrates at a level of about 50% of our intended output of 480,000 tonnes per year. By taking this action now, Anvil Range believes it will be in a better position to take advantage of any increases in future metal prices if they should occur. Although this action may appear to be severe, Anvil Range believes that this course of action is prudent and in the longer run has fewer risks. It will also conserve our metal reserves for the future. We regret very much having to take these actions at this time as we are deeply cognizant of the hardships this may cause for our employees, our customers and our suppliers. However, the long term future benefits that are generated by a successful mining operation are most important. Anvil Range will continue to run its normal operations until December 20, 1996 and at that time will commence the action as described above. Assuredly our action will raise several questions that you will want answered by our senior management. We ask for your patience and we will return your calls as soon as we are able. Sincerely, Kurt A. Forgaard President and CEO -30- | ||||||||||||||
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