Peru Copper announces request for trading halt
08 Juni 2006 - 1:13AM
PR Newswire (US)
VANCOUVER, June 7 /PRNewswire-FirstCall/ -- Peru Copper Inc.
(TSX:PCR / AMEX:CUP / BVL: CUP) ("Peru Copper" or the "Company")
announced today that the American Stock Exchange and the Toronto
Stock Exchange halted trading in its shares at the request of the
Company. The Company further announced that it is concerned about
unusual trading activity in its shares, in light of public comments
made by Southern Copper Corporation in recent days regarding its
intention to submit a bid for Peru Copper. The Company informs the
market that today Southern Copper Corporation submitted a frivolous
bid to the Company and the Company believes that Southern Copper
Corporation had no intention of making a legitimate bid. The
Company further notes that the public statements by Southern Copper
Corporation were made in direct contravention of its contractual
obligations and despite written warnings from Peru Copper that
Southern Copper Corporation's actions were causing imminent harm to
Peru Copper and to its shareholders. Peru Copper is evaluating its
legal options with respect to this matter with its legal advisers
in order to protect the interests of the Company and of its
shareholders. The Company further informs the market that it
expects to receive today indications of interest from other
companies that have previously expressed interest in Peru Copper
and its Toromocho Project. The Company also notes that, consistent
with its policy, it will release information on any material
developments relating to its current process of evaluating
strategic alternatives as soon as practical after they have
occurred. In November 2005, the Company announced that it had
commenced a process to evaluate strategic alternatives intended to
maximize shareholder value from its Toromocho Copper Project. Those
alternatives may include a sale of a portion of the Toromocho
Project to a strategic partner to assist in the development of the
Toromocho Project, a sale of the project or of the Company; or
development of the Toromocho Project by the Company itself. Peru
Copper's strategic review continues and the Company has no material
information to disclose relating to the process at this time. The
Company will keep shareholders informed of any material
developments as they occur. Peru Copper is involved in the
acquisition and exploration of potentially mineable deposits of
copper in Peru. On June 11, 2003, Peru Copper entered into the
Toromocho Option Agreement ("Toromocho Option") with Empresa Minera
del Centro del Peru S.A. ("Centromin"), a Peruvian state-owned
mining company, whereby Centromin granted the Company the option to
acquire its interest in the mining concessions and related assets
of the Toromocho Project. Cautionary Note to U.S. Investors-The
United States Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms in this press release,
such as "mineral deposit", that the SEC guidelines strictly
prohibit U.S. registered companies from including in their filings
with the SEC. U.S. Investors are urged to consider closely the
disclosure in our Form F-1 Registration Statement, File No.
333-121527, which may be secured from us, or from the SEC's website
at http://www.sec.gov/edgar.shtml. Forward-Looking Statements:
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors identified in the Peru Copper Inc. periodic filings with
Canadian Securities Regulators. Such forward-looking information
represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Peru Copper does not
assume the obligation to update any forward-looking statement. Safe
Harbor Statement under the United States Private Securities
Litigation Reform Act of 1995: Except for the statements of
historical fact contained herein, the information presented
constitutes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, including but not limited to those with
respect to the price of copper, the timing of completion of
exploration activities and the determination and amount of
estimated mineral resources involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievement of Peru Copper Inc. to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks related to the exploration and
potential development of the properties owned by the company, risks
related to international operations, the actual results of current
exploration activities, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined,
future prices of copper, silver, molybdenum and gold, as well as
those factors discussed in the section entitled "Risk Factors" in
the Form F-1 as on file with the Securities and Exchange Commission
in Washington, D.C. Although Peru Copper Inc. has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. DATASOURCE:
Peru Copper Inc. CONTACT: please contact Patrick De Witt, Director
of Investor Relations at (604) 689-0234 or , mail to: .
Copyright