New Island Shareholders Approve Plan of Arrangement with Anaconda
12 January 2011 - 9:25AM
PR Newswire (Canada)
TORONTO AND ST. JOHN'S', Jan. 11 /CNW/ -- TORONTO AND ST. JOHN'S,
Jan. 11 /CNW/ - Anaconda Mining Inc. ("Anaconda") (TSX: ANX) and
New Island Resources Inc. ("New Island") (TSXV: NIS) are pleased to
announce that New Island shareholders (the "Shareholders") have
voted in favour of the previously announced plan of arrangement
between Anaconda and New Island pursuant to which Anaconda will
acquire New Island's interest in the Pine Cove Mine and Mill (the
"Arrangement") at a special meeting of Shareholders held today in
St. John's, Newfoundland and Labrador. The resolution approving the
Arrangement was approved by two-thirds of the votes cast by the
Shareholders voting in person or by proxy at the meeting as well as
a majority of the minority Shareholders of New Island. The
Arrangement remains subject to applicable regulatory approval as
well as a final hearing by the Court of Queen's Bench in the
Province of Alberta, currently expected to take place on January
13, 2011, with closing of the Arrangement expected to occur shortly
thereafter. ABOUT ANACONDA Anaconda is a Toronto, Canada-based
mining and exploration company focused on operating the Pine Cove
gold mine located near Baie Verte in Newfoundland, Canada and, with
its joint venture partner, Inversiones SBX Limitada, advancing the
development and exploration of its iron ore portfolio in Chile.
ABOUT NEW ISLAND New Island is a diversified junior exploration
company holding gold and base metal properties in the Province of
Newfoundland and Labrador. New Island has entered into an agreement
for the sale of its interest in the gold mine and mill project at
Pine Cove in central Newfoundland. Additional Information
concerning this sale and New Island may be obtained on New Island's
website at: www.newislandresources.com or from the System for
Electronic Document Analysis and Retrieval (SEDAR) website at:
www.sedar.com under New Island's profile. FORWARD-LOOKING
INFORMATION This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
laws. Forward-looking information includes, but is not limited to,
information concerning the proposed plan of arrangement between
Anaconda and New Island and matters relating thereto. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Assumptions upon which such
forward-looking information is based include, without limitation,
that all required third party regulatory and governmental approvals
to the transaction will be obtained and that the required court
approval of the transaction will be obtained and all other
conditions to completion of the transaction will be satisfied or
waived. Many of these assumptions are based on factors and events
that are not within the control of Anaconda or New Island and there
is no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking information include changes in market
conditions, variations in ore grade or recovery rates, fluctuating
metal prices, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labour
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated as well as those
risk factors discussed in Anaconda's Annual Information Form for
the year ended May 31, 2010 and New Island's Management Information
Circular dated December 15, 2010, available at www.sedar.com.
Although Anaconda and New Island have attempted to identify
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 not to be anticipated, estimated or
intended. 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 Anaconda and New Island undertake no obligation to
update forward-looking information if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking information. This news release
and the information contained herein does not constitute an offer
of securities for sale in the United States and securities may not
be offered or sold in the United States absent registration or
exemption from registration. Neither the 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/11/c9847.html
tabletr valign="top"td align="left"bAnaconda Mining Inc./bbr/
Dustin Angelobr/ President and CEObr/ Tel: (647) 260-1248br/ Email:
ua
href="mailto:dangelo@anacondamining.com"dangelo@anacondamining.com/a/ubr/
Website: a
href="http://www.anacondamining.com"www.anacondamining.com/a/td td
align="left"bNew Island Resources Inc./bbr/ Harold Warehambr/
Presidentbr/ Tel: (709) 576-7711br/ Email: ua
href="mailto:info@newislandresources.com"info@newislandresources.com/a/ubr/
Website: a
href="http://www.newislandresources.com"www.newislandresources.com/a/td/tr/table
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