PRB now owns shares of LSG
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2009) - West Timmins Mining Inc. (TSX:WTM) ("WTM" or the "Company") is pleased to announce that an overwhelming majority of the shareholders who cast votes at the Special Meeting of the Company held earlier today in Vancouver, British Columbia have voted to approve the business combination with Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold") originally announced on August 27, 2009 (NR09-29). In total 98% of the WTM shareholders who cast ballots at today's Special Meeting voted to approve the transaction. Under the terms of the Business Combination Agreement, Lake Shore Gold will acquire all of the issued and outstanding shares of WTM, with WTM shareholders receiving 0.73 of a common share of Lake Shore Gold for each issued and outstanding share of WTM currently held.
"We are very pleased that the proposed business combination with Lake Shore Gold has received such overwhelming support from our shareholders," said Darin Wagner, President and CEO of WTM. "The combination of Lake Shore Gold and WTM will create a well-funded, strongly backed Canadian-focussed gold company with the assets and skills to become an increasingly significant player in the global gold business. With the exciting growth potential of Lake Shore Gold's near production gold assets and a promising portfolio of exploration projects, we believe our shareholders will be well positioned to continue to benefit from the strong global gold market."
Court approval of the transaction will be sought at a hearing scheduled for Thursday, November 5, 2009, in Vancouver. Assuming receipt of court approval is obtained, and that all other conditions to the completion of the transaction are satisfied or waived, the business combination is expected to become effective on or about Friday, November 6, 2009. The Vancouver offices of WTM will remain open until December 15, 2009 to assist WTM shareholders with any transition related issues.
About West Timmins Mining Inc. (www.westtimminsmining.com):
WTM is focussed on the exploration and development of district-scale gold projects in the major gold camps of North America. On August 27, 2009 the Company announced that it had entered into a Business Combination Agreement with Lake Shore Gold Corp. (TSX:LSG) whereby, pending shareholder approval of the plan contemplated thereunder, all of the outstanding shares of West Timmins Mining will be exchanged for shares of Lake Shore Gold at a ratio of 0.73 of a share of Lake Shore Gold for every issued and outstanding share of WTM. Upon the successful completion of the Business Combination Agreement West Timmins Mining will become a wholly owned subsidiary of Lake Shore Gold and the combined companies will control a dominant land position, consisting of over 125 square kilometres of mineral exploration and development rights, in the quickly emerging West Timmins Gold District.
