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SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
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FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): October 21, 1994
Hecla Mining Company
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-8491 82-0126240
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(Commission File Number) (IRS Employer Identification No.)
6500 Mineral Drive
Coeur d'Alene, Idaho 83814-8788
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(Address of principal executive offices) (Zip Code)
(208) 769-4100
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(Registrant's Telephone Number)
Page 1 of 2 Pages
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Item 5. Other Events.
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On October 21, 1994, the Registrant issued the press release
attached hereto as Exhibit A, which is incorporated herein by this reference.
Item 7. Financial Statements, Proforma Financial Information and
Exhibits.
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Exhibit A - Press Release dated October 21, 1994.
SIGNATURE
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Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
HECLA MINING COMPANY
By /s/ Nathaniel K. Adams
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Name: Nathaniel K. Adams
Title: Corporate Counsel and
Assistant Secretary
Dated: October 24, 1994
Page 2 of 2 Pages
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EXHIBIT INDEX
Exhibit No. Description Page No.
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EX-99.A Press Release Dated October 21, 1994
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[HECLA LETTERHEAD] Exhibit A
FOR IMMEDIATE RELEASE
October 21, 1994
HECLA MINING COMPANY ANNOUNCES PHASED CLOSURE
OF REPUBLIC UNIT
REPUBLIC, Wash. - Hecla Mining Company today announced that it will
phase out its mining operations in Republic, Washington, beginning on January
2, 1995. The company had hoped that increased exploration efforts during the
past four years would extend the ore reserves and operations at the mine, but
so far, exploration has been unsuccessful.
Shutdown is expected to take approximately 45 days to complete and
will ultimately affect 87 of Hecla's Republic Unit employees. The mine will
produce about 39,000 ounces of gold in 1994 and 2,000 ounces in 1995, as
milling of a low-grade ore stockpile is completed.
Hecla's Chairman and Chief Executive Officer, Arthur Brown, said, "We
intend to continue with our exploration of the Republic District," adding that
recent drilling has shown encouraging results on a target east of the existing
workings. He said the company will accelerate drilling on this target, but
cautioned that even if further drilling confirms an economic ore body, it will
take up to two years of additional work before production at Republic could be
resumed. "In addition, the federal government and the state of Washington
continue to enact legislation making it more and more difficult to do business
in this country," Brown said. "Our decision to invest new capital to reopen
Republic would weigh heavily on whether a cooperative and reasonable permitting
time line could be achieved."
(more)
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HECLA ANNOUNCES REPUBLIC CLOSURE PAGE 2
Brown said, "The closure is being announced with great regret,
particularly in view of the many contributions by every member of the Republic
work force over the years. We are taking actions to minimize the effect on our
employees, their families and the community through comprehensive
employee-support and other programs." Employees will receive a benefits
package and outplacement services to assist them in their transition to other
career opportunities.
Hecla is hiring a private placement firm to conduct outplacement
assistance for the entire work force and their spouses and will work with all
available state agencies to efficiently reemploy those who are laid off.
Employees will be given special hiring consideration at other Hecla units as
jobs become available. Twelve Republic Unit employees have already been
relocated within the company.
Hecla is a 103-year-old mining company with operations principally in
the United States and Mexico. The company is a well-known silver producer
with a growing gold profile and a major supplier of ball clay, kaolin and
feldspar. The common and preferred shares of Hecla are traded on the New York
Stock Exchange under the symbols HL and HL-B, respectively.
-HL-
Contact:
April R. Boughton, director of public relations
office 208/769-4144
home 208/762-2376
pager 208/769-3756
