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ECHO BAY COMPLETES SALE OF SIX MILLION COMMON SHARES

 EDMONTON, Alberta, July 14 /PRNewswire/ -- Echo Bay Mines Ltd. (Toronto; AMEX: ECO) announced completion of the sale of six million common shares to the public today.
 The net proceeds of US$74.8 million will be added to available funds and used for general corporate purposes, including capital expenditures such as the development or expansion of the company's existing properties, working capital, or future acquisitions in the precious metals mining industry.
 The offering reduces the company's net debt to about US$11 million. Assets exceed US$990 million.
 Including the proceeds of the offering, the company has about US$210 million in cash, cash equivalents, and U.S. Treasury notes. The company has reduced its debt, net of cash and U.S. Treasury holdings, by more than US$400 million from a peak of US$414 million three years ago in mid-1990.
 Of the six million shares, four million were sold to the public, principally in the United States, by underwriters led by Goldman, Sachs & Co. and The First Boston Corporation. Two million shares were sold principally in Canada by underwriters led by Burns Fry Limited and Wood Gundy Inc.
 The offering increases the company's common shares outstanding to a total of 111.2 million from 105.2 million.
 Echo Bay is one of the largest gold producers in North America. The company's common shares are traded under the symbol ECO, principally on the American and Toronto stock exchanges and on other major exchanges in North America and Europe.
 -0- 7/14/93
 /CONTACT: Paddy Broughton, 303-592-8048; or Ted Sheldon, 303-592-8049, both of Echo Bay Mines/
 (ECO)


CO: Echo Bay Mines Ltd. ST: Colorado IN: MNG SU:

BB -- DV004 -- 1358 07/14/93 11:38 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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