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Message: NR-Tagish Lake Gold responds to takeover bid
Tagish Lake Gold Corp. Responds to Takeover Bid From New Pacific Metals Corp.Mon Jul 5, 5:50 PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2010) - Tagish Lake Gold Corp. (TSX VENTURE: TLG.V) ("Tagish" or the "Company") announces that on the afternoon of Friday, July 2, 2010 the Chairman of New Pacific Metals Corp. hand delivered two letters to the closed offices of Tagish Lake Gold Corp.
One letter contained a request for the shareholder list of Tagish Lake Gold Corp., the other letter contained the following:
-- A non-binding expression of interest in Tagish Lake Gold Corp. which expression of interest was stated to be not capable of being accepted by Tagish Lake; -- An unwarranted attack on the independence of two of the Company's three independent directors; -- An ultimatum with a deadline of 5:00 pm July 4th, 2010 to finalize the terms of an agreement. This ultimatum provided Tagish with 48 hours over a week-end in circumstance where there does not appear to be any urgency; -- An express condition that the expression of interest be kept confidential.
What were not included in the letter were the extra conditions required to the completion of the transaction included in this morning's New Pacific news release.
The CEO of New Pacific Metals Corp. was contacted and a meeting arranged for today at 11:00 am. The Board of Directors of Tagish Lake Gold Corp. were also contacted in China, Nevada, Toronto and Vancouver, and a board meeting has been arranged for Tuesday, 6th July 2010, at which time the board will consider the expression of interest and the latest developments announced by New Pacific in their news release.
Tagish Gold Lake Corp.
President & CEO
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