Great Lakes signs bank agreement

A banking agreement will enable Great Lakes Minerals (TSE) to acquire an additional 10% interest in the Grouse Creek venture in Idaho, as well as hedge the production of future gold and silver production.

The $20-million agreement was arranged with Republic National Bank of New York.

Mining at Grouse Creek began in 1994. The mill is running at 2,500 tons per day, and is expected to reach 6,000 tons in the first quarter of 1996. Output for 1995 is forecast at 120,000 oz. gold and 650,000 oz. silver, down slightly from previous estimates as a result of bad weather and construction delays.

At present, Great Lakes holds a 20% interest in the operation, which it intends to raise to 30% by the first quarter of 1996. Hecla Mining (NYSE), the operator, holds the balance.

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