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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): May 17, 1995
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.
On May 17, 1995, 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.
Exhibit A - Press Release dated May 17, 1995.
SIGNATURE
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: May 17, 1995
Page 2 of 2 Pages
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EXHIBIT INDEX
Exhibit 99.A - Press Release dated May 17, 1995.
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[HECLA LOGO] Exhibit A
FOR IMMEDIATE RELEASE
May 17, 1995
JOINT VENTURE APPROVES REDEVELOPMENT OF GREENS CREEK MINE
JUNEAU, ALASKA - Kennecott and Hecla Mining Company have approved the
redevelopment of the Greens Creek silver/gold/zinc/lead mine on Admiralty Island
near Juneau, Alaska. The mine is a joint venture between Kennecott Minerals
Company (70.3%) and Hecla Mining Company (29.7%). The mine has been on standby
status since 1993, when low metals prices forced the operation to shut down.
"We have continued mine development activities throughout the standby
period," said William Orchow, president, Kennecott Minerals. "Over the past two
years, we have defined a high grade ore body which we identified back in 1991.
Our recently completed feasibility study shows that mining the new ore body
would be profitable at existing metals prices. Underground development is
continuing, and we expect to be in operation by January of 1997."
Exploration drilling at Greens Creek in 1994 brought 2.3 million tons
of new ore into the proven and probable category. The ore is richer than the
material mined previously at Greens Creek. At a production rate of 1,320 tons
per day, expected mine life is approximately 18 years.
"Returning the Greens Creek mine to operation will lower our cost per
ounce of silver and positively impact our production in years to come," said
Arthur Brown, chairman and chief executive officer of Hecla Mining Company.
Total capital investment to develop the new ore body and bring the mine
into operation is estimated at $87 million (100% basis) over the next two years.
The feasibility study projects payable metals production of 62,000
ounces of gold, 11 million ounces of silver, 79 million pounds of zinc and 40
million pounds of lead in the first full year of production.
Kennecott is one of the largest mining companies in the United States
and a major producer of copper, gold, molybdenum, and coal. The company is the
third largest copper producer in the United States and, through its affiliates
in the Powder River Basin region and Colorado, is the fifth largest coal
producer in the nation. Kennecott is a wholly owned subsidiary of the RTZ
Corporation.
Hecla Mining Company, with more than a century of operation, is one of
the United States' best-known silver producers. The company's operations are
principally in the U.S. and Mexico. Hecla has a growing gold profile and is a
major supplier of ball clay, kaolin and other industrial minerals. 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: Vicki Veltkamp, Hecla Mining Company 208/769-4144
Clynt Nauman, Kennecott Greens Creek Mine 907/789-8100
Alexis Fernandez, Kennecott Corporation 801/322-8036
