Equinox Minerals Ltd. acknowledges Barrick review of Zambian clearance for proposed acquisition
28.05.2011 | CNW
TORONTO, May 28, 2011 - Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") announced today that it acknowledges the review by Barrick Gold Corporation ("Barrick") of the conditional authorization issued by the Zambian Competition and Consumer Protection Commission (the "CCPC") of the proposed acquisition by Barrick of the outstanding common shares of Equinox by way of takeover bid (the "Offer"). Equinox appreciates the timeliness of the CCPC approval process to date and notes Barrick's statement that discussions with the CCPC relating to modifying the terms of its conditional authorization are ongoing.The Offer is open for acceptance until 5:00 p.m. (Toronto time) on June 1, 2011 (the "Expiry Time"), unless the Offer is extended or withdrawn.
On April 25, 2011, Equinox announced an agreement with Barrick Gold Corporation pursuant to which Barrick has agreed, subject to the terms of a support agreement, to make the 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. Barrick subsequently commenced the Offer on April 26, 2011. The Equinox board of directors has unanimously recommended that Equinox shareholders ACCEPT the Offer, and DEPOSIT their shares under the 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 100% interest in the Jabal Sayid project 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
For further information:
| Investors and analysts 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: equinox@equinoxminerals.com | Media - Australia Michael Vaughan / Andrew Stokes FD Phone +61 (0) 2 8298 6100 Email: michael.vaughan@fd.com andrew.stokes@fd.com Media - North America John Lute Lute and Company Phone: +1 416 929 5883 Email: jlute@luteco.com Media - Zambia Nathan Chishimba Lumwana Mining Company Phone: +260 211 257 643 Email: nathan.chishimba@lumwanamine.com |