SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): March 17, 1998
ECHO BAY MINES LTD.
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(Exact name of registrant as specified in its charter)
INCORPORATED UNDER THE LAWS OF CANADA 1-8542 NONE
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(State or other jurisdiction (Commission (IRS Employee
of incorporation) File Number) Identification No.)
6400 SOUTH FIDDLER'S GREEN CIRCLE, SUITE 1000, ENGLEWOOD, CO 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 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated March 17, 1998
99.2 Press release dated March 17, 1998
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SIGNATURES
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.
(Registrant)
Date March 23, 1998 By: /S/ TOM S.Q. YIP
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Name: Tom S.Q. Yip
Title: Controller
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EXHIBIT INDEX
Exhibit
No. Description
99.1 Press release dated March 17, 1998
99.2 Press release dated March 17, 1998
EXHIBIT 99.1
ECHO BAY MINES
6400 S. Fiddler's Green Circle Investor Contact: Robbin Lee
Englewood, Colorado 80111-4957 303-714-8829
ECHO BAY VICE PRESIDENT-OPERATIONS PLANS TO LEAVE COMPANY
Tuesday, March 17, 1998 - Echo Bay Mines Ltd. (Amex and TSE: ECO) announced
today that Scott A. Caldwell, vice president - operations since November 1996,
has resigned effective March 31, 1998 to accept a position with another company.
Echo Bay expects to announce a successor to this position by month-end.
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EXHIBIT 99.2
ECHO BAY MINES
6400 S. Fiddler's Green Circle Investor Contact: Robbin Lee
Englewood, Colorado 80111-4957 303-714-8829
ECHO BAY TO DEFER CAPITAL SECURITIES INTEREST PAYMENT
Tuesday, March 17, 1998 - Echo Bay Mines Ltd. (Amex and TSE: ECO) announced
today that in light of 18-year lows in the gold price, the company has elected
to exercise its right to defer the April 1, 1998 cash interest payment to
holders of its $100 million capital securities.
Under the terms of the capital securities, issued in March 1997, the company has
the right to defer interest payments for up to 10 consecutive semiannual
periods. During the deferral period, interest on the securities will accrue at
the rate of 12% per annum, compounded semiannually, an increase of one percent.
In addition, no dividend may be paid to equity holders during the deferral
period.
The second semiannual 1998 interest payment date is October 1, 1998. Management
and the Board of Directors in the interim will review the company's financial
position and then-current gold market conditions to decide whether to extend the
deferral period. Interest accrued during the deferral period is required to be
paid in cash to the capital securities holders at the end of the deferral
period.
At its discretion, the company may satisfy its deferred interest obligation by
delivering common shares to the trustee for sale, the proceeds of which would be
used to pay the deferred interest to the capital securities holders. The company
has no current plans to sell common shares or to deliver shares to a trustee for
sale.
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Echo Bay mines gold and silver in North America. The primary markets for its
shares are the American and Toronto stock exchanges.
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