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ECHO BAY ANNOUNCEMENT

 ECHO BAY ANNOUNCEMENT
 EDMONTON, Alberta, May 5 /PRNewswire/ -- In response to a press


release issued by Standard & Poor's and subsequent inquiries about a potential issue of convertible preferred shares by Echo Bay, a company spokesman said today:
 "We are actively considering an issue of convertible preferred shares at the present time. This has by no means precluded our consideration of other options. Echo Bay has significantly improved its financial structure in the past two years, despite sharply lower gold prices, and we evaluate options for further improvement on an ongoing basis. No decision has been made as to the structure or timing of any financing activity."
 The company has reduced its debt by US$158.4 million, or 38 percent, from a peak of US$415.1 million at June 30, 1990, to a total of US$256.7 million at March 31, 1992.
 Echo Bay is one of the largest gold producers in North America. The principal markets for the company's shares are the American and Toronto stock exchanges. The shares are also traded on other major exchanges in North America and Europe.
 -0- 5/5/92
 /CONTACT: Paddy Broughton, 303-592-8048 or Ted Sheldon, 303-592-8049, both of Echo Bay Mines/ CO: Echo Bay Mines Ltd. ST: Colorado IN: MNG SU:


MC -- DV009 -- 6701 05/05/92 15:33 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:220
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