Excellon Resources Completes Arrangement With Lateegra Gold Adding Multiple Exploration Targets in the Timmins Gold Camp
05 August 2011 - 11:22PM
Marketwired
Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX VENTURE:
LRG) and Excellon Resources Inc. ("Excellon") (TSX: EXN) are
pleased to announce the completion of the previously announced
arrangement between Excellon and Lateegra (the "Arrangement")
pursuant to which Excellon has acquired all of the common shares of
Lateegra ("Lateegra Shares"). The Arrangement was approved by
Lateegra's shareholders at a special meeting held on July 29, 2011,
with 99.98% of Lateegra shareholders voting in favour of the
Arrangement. A final order approving the Arrangement was granted by
the Supreme Court of British Columbia (the "Court") on August 3,
2011.
President and CEO of Excellon, Jeremy Wyeth, comments, "The
addition of the Lateegra assets in the Timmins camp provides
Excellon with an exciting exploration opportunity to deploy the
cash flow from the Platosa Project in one of the most prolific gold
camps in the world."
Executive Chairman of Excellon, Peter Crossgrove, comments "I am
truly excited to work with the new management team at Excellon,
including Jeremy Wyeth in the role of President and CEO, and Steve
Poad as the new CFO, in the creation of a new diversified precious
metals producer and developer."
Under the Arrangement, Lateegra shareholders will receive 0.54
common shares (the "Exchange Ratio") of Excellon ("Excellon
Shares") for each Lateegra Share that they own. Outstanding
Lateegra warrants and options shall be exchanged for Excellon
warrants and options, as applicable, with the number and exercise
price of such Lateegra warrants and options adjusted in accordance
with the Exchange Ratio. The other terms and conditions of such
Lateegra warrants and options shall remain unchanged.
Pursuant to the terms and conditions of the Arrangement, as
endorsed by the Court, and as further described in the management
information circular (the "Circular") of Lateegra dated June 27,
2011, Lateegra Shares that are not tendered prior to August 5, 2017
will cease to represent any claim against or interest of any kind
or nature in Lateegra, Excellon or any other party. Registered
Lateegra shareholders are therefore urged to tender certificates
representing Lateegra Shares at their earliest convenience using
the letter of transmittal that accompanied the Circular.
About Excellon:
Excellon, a mineral resource company operating in Durango and
Zacatecas States, Mexico, is committed to building value through
production, expansion and discovery. Excellon is producing silver,
lead and zinc from the high-grade manto Mineral Resource on its
large, 100% owned Platosa Property, strategically located in the
middle of the Mexican silver belt. Excellon's focus is on expanding
its operating capacity and increasing its Mineral Resources at
Platosa where an exploration program focused on diamond drilling
and advanced geophysical techniques is ongoing. All of these
activities are fully funded through existing cash flow. The Platosa
Property, not fully explored, has several geological indicators of
a large mineralized system. Excellon also holds interest in three
promising gold properties northeastern Ontario and northwestern
Quebec, including the DeSantis Mine Project in Timmins, Ontario,
the Beschefer Project, near Matagami, Quebec and the Stoughton
Project, near the Holt-Holloway Gold Mine.
On behalf of
EXCELLON RESOURCES INC.
Jeremy Wyeth, President and Chief Executive Officer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of the Company, including potential property
acquisitions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced
(particularly silver), the Company's inability to obtain any
necessary permits, consents or authorizations required for its
activities, to produce minerals from its properties successfully or
profitably, to continue its projected growth, to raise the
necessary capital or to be fully able to implement its business
strategies. All of the Company's public disclosure filings may be
accessed via www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties, and particularly the January 15,
2010 NI 43-101-compliant technical report prepared by Scott Wilson
Roscoe Postle Associates Inc. with respect to the Platosa Property.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
Press Release, which has been prepared by management.
Contacts: Excellon Resources Inc. Ms. Morgan Knowles Vice
President, Investor Relations (416) 364-1130
mknowles@excellonresources.com www.excellonresources.com
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