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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 17, 1997
ECHO BAY MINES LTD.
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(Exact Name of Registrant as Specified in Charter)
Canada 1-8542 None
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Suite 1000, 6400 S. Fiddler's Green Circle,
Englewood, Colorado 80111-4957
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 303-714-8600
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ITEM 5. OTHER EVENTS
Echo Bay Mines Ltd. (the "Company") seeks to clarify information
that appeared in an April 11, 1997, Bloomberg News report on Santa
Elina Gold Corporation's Chapada, Sao Francisco and Sao Vicente
properties in Brazil. The Company has a 51 percent interest in Santa
Elina.
Final feasibility studies are pending on Santa Elina Gold
Corporation's Chapada, Sao Francisco, and Sao Vicente projects. Until
these feasibility studies are complete, gold mineralization at these
projects can only be considered Other Mineralization, not a minable
reserve. Additionally, final feasibility, which includes the
application of economic parameters, is necessary before a construction
decision can be made with respect to any project. There can be no
assurance that Santa Elina will determine to proceed with construction
of a mine at any of these projects.
The Company's reported share of the Other Mineralization at
Chapada, a large, low-grade copper-gold deposit is 56.7 million tons
at an average grade of 0.012 ounces per ton. Based on a Level II
feasibility study expected to be completed by the end of the second
quarter or beginning of the third quarter of 1997, Santa Elina will
decide whether or not to move forward with construction of Chapada.
At Sao Francisco and Sao Vicente, feasibility studies are under
way to identify the minable gold mineralization for those properties.
These feasibility studies - Level I for Sao Francisco and Level II for
Sao Vicente - are scheduled for completion in the fourth quarter of
1997.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements herein that are not historical
facts are forward-looking statements involving risks and uncertainties
that could cause actual results to vary materially from targeted
results. These include but are not limited to differences in ore
grades, recovery rates and tons mined from those expected; changes in
project parameters as plans continue to be refined; changes in mining
and milling rates from currently planned rates; and the results of
future exploration activities and new exploration opportunities on
nearby properties. Please refer to a discussion of these and other
factors in the Company's 10-K, 10-Q and other Securities and Exchange
Commission filings.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ECHO BAY MINES LTD.
Dated: April 17, 1997 By /s/ RAYMOND W. JENNER
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Raymond W. Jenner
Vice President, Treasurer and
Principal Accounting Officer
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