Cerro Resources NL: Federal Court of Australia Approves Transaction With Primero Mining Corp

LONGUEUIL, QUEBEC -- (Marketwired) -- 05/08/13 -- Cerro Resources NL (ASX: CJO)(TSX VENTURE: CJO) is pleased to announce that the Federal Court of Australia has today made orders approving the transaction (Transaction) with Primero Mining Corp (Primero) to effect:

- the spinout of Cerro's non-Cerro del Gallo assets (Spinout) to Cerro's currently wholly owned subsidiary Santana Minerals Limited (Santana);

- an in-specie distribution to Cerro's Shareholders (in Australia and New Zealand) in relation to that spinout (Distribution);

- an acquisition by Primero of all the shares Cerro has on issue in exchange for shares in Primero (Acquisition) on the basis of 0.023 of a Primero share for each 1 Cerro share; and

- the variation of the terms and conditions of the Options Cerro has on issue (Variation).


The Federal Court's approval of the Transaction follows approval by eligible Shareholders and optionholders (Securityholders) at the Meetings held on 30 April 2013.

The Court Orders will be lodged with the Australian Securities and Investments Commission on May 9, 2013, at which time the Transaction will become effective.

The following table sets out the envisaged timetable for completion of the Transaction.

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EVENT                                             DATE
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Effective Date: Schemes take effect               Thursday, 9 May 2013
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Last date Cerro Shares trade on ASX with an       Thursday, 9 May 2013
entitlement to participate in the Share Scheme
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Record Date: Time and date for determining        5pm (Brisbane time) on
entitlements under the Transaction                Thursday, 16 May 2013
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In-specie distribution of Santana Shares to       Monday, 20 May 2013
Scheme Shareholders
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Transfer of Spinout Assets to Santana             Tuesday, 21 May 2013
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Transfer of Scheme Shares to Primero and issue    Wednesday, 22 May 2013
of New Primero Shares to Scheme Shareholders
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Variation of Scheme Options                       Wednesday, 22 May 2013
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Despatch of entitlement certificates              Wednesday, 22 May 2013
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Issue of Subscription Shares to Primero           Thursday, 23 May 2013
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Admission of Santana Shares to official list of   Thursday, 23 May 2013
the ASX
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The last date Cerro Shares will trade on the TSX Venture Exchange with an entitlement to participate in the Share Scheme remains to be determined and Cerro will announce further details when available.

Please note, this timetable and the dates noted are indicative only, and are subject to change. Cerro may vary any of these times and dates without directly notifying Cerro Shareholders and Cerro Optionholders. Any further changes to the timetable will, however, be announced through the ASX, publicly disseminated and filed on SEDAR in Canada and notified on Cerro's website at www.cerroresources.com.

All times and dates referred to are times and dates in Brisbane, Australia, unless otherwise indicated.



Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:

Cerro Resources NL
Tony McDonald, Managing Director & CEO
+61 7 3221 7501
admin@cerroresources.com

Cerro Resources NL
Craig McPherson, CFO & Company Secretary
+61 7 3221 7501
admin@cerroresources.com
www.cerroresources.com