SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549


                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



     Date of Report (Date of earliest event reported):  March 16, 1999



                                ECHO BAY MINES LTD.
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)



INCORPORATED UNDER THE LAWS OF CANADA      1-8542                 NONE
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  (State or other jurisdiction          (Commission           (IRS Employee
        of incorporation)               File Number)        Identification No.)



6400 SOUTH FIDDLER'S GREEN CIRCLE, SUITE 1000, ENGLEWOOD, CO     80111-4957
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(Address of principal executive offices)                         (Zip Code)



      Registrant's telephone number, including area code:  (303) 714-8600







ITEM 5.  OTHER EVENTS

On March 16, 1999, Echo Bay Mines Ltd. (the "Company") announced that, in
light of continued low gold prices, the Company has elected to defer the
interest payment due on April 1, 1999 to holders of its $100 million capital
securities. A Press Release with respect to this matter is included as Exhibit
99.1 hereto and is incorporated herein in its entirety by reference.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)   Exhibits.

      99.1  Press release dated March 16, 1999





                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                 ECHO BAY MINES LTD.
                                 (Registrant)



Date: March 18, 1999         By: /S/TOM S.Q. YIP
                                 ----------------------------------------------
                                 Name:  Tom S.Q. Yip
                                 Title: Vice President and Controller





                                 EXHIBIT INDEX

Exhibit
   No.      Description
- -------     -----------

  99.1      Press release dated March 16, 1999