With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2012) - Quadra FNX Mining Ltd. ("Quadra FNX" or the "Company") (TSX:QUX.TO - News): Institutional Shareholder Services ("ISS") has recommended that shareholders vote FOR the special resolution to approve the plan of arrangement (the "Arrangement") between Quadra FNX and 0929260 B.C. Unlimited Liability Company, an indirect wholly owned subsidiary of KGHM Polska Miedz S.A. ("KGHM"), to be considered at the upcoming special meeting of securityholders on Monday, February 20, 2012, at 10:00 a.m. (Vancouver time).
ISS is a leading independent international corporate governance analysis and proxy voting firm. Its recommendations assist shareholders in making decisions regarding proxy voting. In its analysis, ISS said that:
"The Arrangement warrants securityholder support, based on a review of the terms of the transaction. This is a merger within the same sector and is structured at a premium. The consideration is entirely in cash. There have been no alternate offers and there are no governance concerns."(i)
Quadra FNX's President and CEO, Paul Blythe, said "We are pleased that ISS has confirmed our view that shareholders should support the transaction with KGHM. Shareholders have the opportunity to realize a significant premium on their investment."
Securityholders are reminded to vote their proxy FOR the Arrangement and all related proposals before the proxy voting deadline Thursday, February 16, 2012 at 10:00 a.m. (Vancouver time).
If you have any questions about the information contained in the Information Circular or require assistance with voting your Securities, please contact Kingsdale Shareholder Services Inc. by telephone at 1-888-518-1557 toll-free in North America, or at 1-416-867-2272 outside of North America (collect calls accepted), or by email at email@example.com.
(i)Permission to quote from the ISS report was neither sought nor obtained.
About Quadra FNX
Quadra FNX is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper, nickel and precious metals from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and Levack, which includes the Morrison Deposit, Podolsky and McCreedy West in Sudbury, Ontario. The Company has two key development projects: the Sierra Gorda project, a copper-molybdenum project in Chile, and the Victoria project, a polymetallic project in Sudbury, Ontario. Quadra FNX employs approximately 2,500 people in North and South America.
KGHM is a corporation existing under the laws of Poland headquartered in Lubin, Poland. KGHM was founded in 1961 and has a long and successful history in copper and silver mining. KGHM is Europe's largest producer of mined copper and is the ninth largest mined copper producer and third largest silver producer in the world. KGHM's mines and smelters are situated in Poland, which provides a favorable location in the middle of the European market. It operates the deepest mines in Europe and has considerable expertise in underground mining. KGHM operates its own copper ore deposit (which is the second largest copper deposit in the world) and has an integrated production structure, comprising three mines, copper smelters, a wire rod plant and auxiliary units supporting the core business. In 2010, KGHM produced 937.8 million lbs of mined copper, 1.206 billion lbs of refined copper, 37.3 million oz of silver and 24,949 oz of gold. KGHM and its subsidiaries currently employ over 28,000 people.
Quadra FNX Mining Ltd. Investor Relations Contact: Derek White Executive Vice President, Corporate Development (604) 699-3063