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Copper and Uranium mine in S. Africa
Message: Equinox Cancels Shareholder Meeting and Withdraws Lundin Offer
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Apr. 25, 2011 (Canada NewsWire Group) --
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TORONTO, April 25 /CNW/ - Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") announced today that the Company has withdrawn its offer (the "Lundin Offer") to acquire the common shares of Lundin Mining Corporation ("Lundin"). The Company has also cancelled the meeting of its shareholders to consider the Lundin Offer previously scheduled to occur on May 6, 2011.
Based on discussions with its shareholders and the proxy vote returns received to date since the announcement by Minmetals Resources Limited on April 3, 2011 of its intention to make a cash offer at C$7.00 for each of the Equinox common shares and the announcement of the Barrick offer is expected to further accelerate shareholder voting patterns in that regard, Equinox believes that the Lundin Offer had no meaningful prospect of receiving Equinox shareholder approval as required by the terms of the Lundin Offer, and that accordingly one of the key conditions to the Lundin Offer was effectively incapable of being satisfied.
As previously announced, Barrick has agreed, subject to the terms of the Support Agreement, to make an offer to purchase all outstanding common shares of Equinox by way of negotiated take-over bid at a price of C$8.15 per share in cash (the "Barrick Offer"). The board of directors have agreed, pursuant to the terms of the Support Agreement, to recommend that the shareholders of Equinox tender their common shares to the Barrick Offer.
About Equinox
Equinox Minerals Limited is an international mining company dual-listed on the Canadian (Toronto) and Australian stock exchanges.
The Company is currently focused on operating its 100% owned large scale Lumwana Copper Mine in Zambia and construction of the Jabal Sayid Copper-Gold project in the Kingdom of Saudi Arabia.
Equinox acquired the Lumwana project in 1999 and following nearly 10 years of feasibility, financing and construction, commissioned the mine, plant and infrastructure in December 2008. Situated 220 kilometres northwest of the Zambian Copperbelt, Lumwana is now a major copper mine which has established Equinox as one of the world's top 20 copper producing companies.
Equinox recently acquired its interest in the Jabal Sayid project (70% owned; Equinox is in the process of acquiring the remaining 30%) as the project entered the construction phase with first production scheduled for 2012. Jabal Sayid is located within the Arabian Shield minerals province, 350 kilometres north-east of the Red Sea port city of Jeddah, the commercial capital of Saudi Arabia, and 120 kilometres south-east of Medina.
For information on Equinox and technical details on the Lumwana and Jabal Sayid projects please refer to the company website at www.equinoxminerals.com
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Cautionary Notes Forward-Looking Statements Certain information contained or incorporated by reference in this press release include forward-looking statements, which may include, but is not limited to, statements with respect to the future financial or operating performances of Equinox, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, costs and timing of the expansion of the Lumwana copper mine in Zambia and development of the Jabal Sayid copper-gold project in the Kingdom of Saudi Arabia, the future price copper and uranium, the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the costs of Equinox's hedging policy, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. The purpose of forward-looking statements is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking statements are not guarantees of future performance. Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Equinox as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors, estimates and assumptions of the Company contained in this news release include, but are not limited to, anticipated financial or operating performances of Equinox, its subsidiaries and their respective projects; future prices of copper and uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; estimated costs of future production; the grade, quality and content of the concentrate produced; the sale of production and the performance of offtakers; capital, operating and exploration expenditures; costs and timing of development and expansion of Lumwana and Jabal Sayid; the costs of Equinox's hedging policy; the costs and timing of future exploration; requirements for additional capital; government regulation of exploration, development and mining operations; environmental risks; reclamation and rehabilitation expenses; title disputes or claims; there being no significant risks relating to the Company's mining operations, including political risks and instability and risks related to international operations; and limitations of insurance coverage. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Readers are cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Equinox and/or its subsidiaries to differ materially from those expressed or implied in the forward-looking statements, including the risk that the Offer will not be completed for any reason. Certain of these risks and uncertainties are described in more detail in the section entitled "Risks Factors" in the Company's Annual Information Form dated March 14, 2011 and in the Company's most recently filed Management's Discussion and Analysis, to which readers are referred and which are incorporated by reference in this news release. The Company's Annual Information Form and its most recently filed Management's Discussion and Analysis are available on SEDAR at www.sedar.com and on the Company's website at www.equinoxminerals.com. Although Equinox has attempted to identify statements containing important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Equinox disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. |
| Investors and analysts | Media - Australia | ||||
| Craig R Williams President and Chief Executive Carl Hallion VP Business Development Len Eldridge Head of Investor Relations Phone: Canada: +1 416 865 3393 Australia: +61 8 9322 3318 Email: [email protected] The Information Agent: Kingsdale Shareholder Services Inc. North America Phone: 1-888-518-1558 Outside N.A. call collect +1 416 867 2272 Email: contactus@kingsdaleshareholder.com |
Michael Vaughan / Andrew Stokes FD Phone +61 (0) 2 8298 6100 Email: [email protected] [email protected] Media - North America John Lute Lute and Company Phone: +1 416 929 5883 Email: [email protected] Media - Zambia Nathan Chishimba Lumwana Mining Company Phone: +260 211 257 643 Email: nathan.chis[email protected] |
Source: Canada Newswire (April 25, 2011 - 7:32 AM EDT)
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