which were concluded without any disruption to the operation of the Company. Six Collective Agreements expire in 1977.

TWENTY-FIFTH ANNIVERSARY

The year 1976 marked the twenty-fifth anniversary of the formation of Cassiar Asbestos Corporation Limited. This event provides a suitable moment to record the Company's appreciation to the many fine people who contributed to its growth and development during the past twenty-five years.

MANAGEMENT, STAFF AND EMPLOYEES

Management, staff and employees have participated in a very busy and event- ful year. It is our pleasure to acknowledge their valuable contribution to the im- proved results that have been achieved.

On behalf of the Board

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Nicholas Gritzuk, Chairman

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Peter Steen,

March 18, 1977 President

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