Hecla E Gold Mine

Fri., April 2, 1999

From Staff

Hecla Mining Co. may acquire a gold mine in Venezuela.

Hecla has signed an agreement with Monarch Resources Ltd. of Bermuda that gives it the right to purchase Monarch’s assets for $28 million, including $15 million in cash and $13 million in Hecla’s common shares. Monarch would also receive a royalty payment for production that exceeds current reserves.

Monarch’s primary asset is the La Camorra gold mine - a high-grade, underground mine that produced 51,000 ounces of gold last year. Production is expected to increase to 80,000 ounces by the year 2001. The mine is located in the El Dorado District in Bolivar State, and production is expected to continue at least six years. Monarch also has properties in Mexico.

Hecla has until May 10 to complete a full review of the company and execute a purchase agreement. The sale would be subject to approval from regulatory agencies and Monarch shareholders.

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Hecla E Gold Mine

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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