NNSL (Nov 10/97) - Echo Bay Mines Ltd., owner of the NWT's Lupin gold mine, cited low gold prices for a $178.6-million decline in the value of its three North American mines.

At its Lupin gold mine in the NWT, Echo Bay took a $91.4-million writedown to earnings. Echo Bay's other North American gold concerns include mines in Nevada and Washington.

The $178.6-million contraction was part of a $435.6-million asset writedown taken in third quarter.

Also part of the charge was a $70.3 million write-off of Echo Bay's entire investment in a copper-gold project in the Philippines.

The writedown was included in the Edmonton-based Colorado-incorporated company's $460.5-million third-quarter loss. Without the writedown, third-quarter losses were $24.9 million.

The Lupin mine, operating since 1982 and located near the Arctic Circle in the Central Arctic, produces 150,000 to 170,000 ounces of gold per year.