B.C. RESOURCES HAS AGREEMENT ON CREDIT FACILITY

  &lt;British Columbia
  Resources Investment Corp>, earlier reporting higher full year
  operating losses, said it reached agreement in principle with
  five lenders providing for a 360 mln dlr credit facility over a
  four year term.
      The company said the credit facility is extendable under
  certain circumstances, with annual principal payments of five
  mln dlrs. The agreement is subject to certain lender approvals
  and completion of formal documentation.
      It earlier reported 1986 losses before extraordinary items
  rose to 26.4 mln dlrs from year-ago 7.2 mln dlrs.
      B.C. Resources also said dividends on its series 2
  preferred shares and exchangeable preferred shares will remain
  suspended.
      However, payment will be made on account of the quarterly
  dividend on the exchangeable preferred shares by the company's
  trustee from a deposit account, B.C. Resources said.
      Sufficient funds should be available to pay full amount of
  the March 31, 1987 dividend to exchangeable preferred
  shareholders, with payment expected in early April to
  shareholders of record March 31, the company said.
      If future dividends are not declared after the April
  exchangeable preferred quarterly payout, future payment will
  depend on the amount of dividends received from Westcoast
  Transmission Co &lt;WTC>, B.C. Resources said.
      The company said its increased fourth quarter and full year
  operating losses primarily resulted from lower oil prices and a
  four month labor shutdown at its Balmer coal mine in British
  Columbia.
      B.C. Resources also recorded a 99.9 mln dlr extraordinary
  loss, which included losses on disposition of North Sea oil and
  gas interests by 67 pct owned &lt;Westar Mining Ltd>.
      B.C. Resources' 1986 extraordinary charge also included a
  writedown of its investment in Westar Petroleum. Gains on the
  sales of Westar Timber's Skeena and Celgar pulp mills and
  Terrace sawmill partially offset the extraordinary loss, the
  company said.
      The company said the asset sales have eliminated B.C.
  Resources' long term financing commitment in the North Sea and
  exposure to the fluctuating pulp market.
      It also said it cut long term debt in 1986 to 900 mln dlrs
  from 1.3 billion dlrs at year-end 1985, and management changes
  and staff cuts have significantly reduced costs.
  

