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SACRE-COEUR
MINERALS, LTD. (“Sacre-Coeur”)
today announced that it has granted a two week extension for completion of
due diligence regarding the proposed acquisition of Sacre-Coeur
by NORD GOLD N.V., formerly named SEVERSTAL GOLD N.V. (the
“Purchaser”) and SEVERSTAL GOLD LLC (“Severstal Gold”), affiliates of OAO Severstal (LSE:SVST.l
- News), in accordance with the
binding agreement (the “Agreement”) among the parties dated
September 21, 2010, as referred to in their joint press release of September
22, 2010 (the “Transaction”). Due diligence is still proceeding,
together with the preparation of the required documentation and other steps
preparatory to closing the Transaction, which is subject to the successful
completion of due diligence, court approval, securityholder
approval and satisfaction of customary closing conditions.
Pursuant
to a second amendment to the Agreement dated January 28, 2011, Sacre-Coeur has agreed to grant the Purchaser and Severstal Gold a further two weeks to complete their due
diligence review of Sacre-Coeur, now to be complete
by February 14, 2011 and the parties have now agreed to use their best
efforts to complete the Transaction by April 15, 2011, which date may be
extended to no later than June 30, 2011 if the parties are prevented
from closing the Transaction by reason of any court proceeding or in certain
other circumstances. A further update will be provided at such time as new
dates for the special meeting of the securityholders
of Sacre-Coeur and closing have been set.
About
Sacre-Coeur
Sacre-Coeur
is engaged in the acquisition, exploration and development of properties for
the potential mining of gold, metals and diamonds in South America, initially
focusing on exploration for gold on its properties in Guyana. Sacre-Coeur presently has an interest in approximately
1000 sq. km of mineral properties in Guyana, including the Million Mountain
Property. Sacre-Coeur has offices in Vancouver,
Canada and Georgetown, Guyana. More information about Sacre-Coeur
is available at <www.scminerals.com>.
Forward
Looking Statements
Certain
statements herein constitute forward-looking statements or forward-looking
information within the meaning of applicable securities legislation,
including the statements or information about the Transaction.
Forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or achievements
of Sacre-Coeur to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements or information.
With
respect to forward-looking statements and information contained herein, we
have made numerous assumptions including among other things, assumptions of
our ability to close the Transaction. Although our management believes that
the assumptions made and the expectations represented by such statements or
information are reasonable, there can be no assurance that a forward-looking
statement or information herein will prove to be accurate.
Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements
or information. Such risks and uncertainties include risks and
uncertainties involved in satisfying the conditions to close the Transaction.
There
can be no assurance that forward-looking statements or information 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 or
information. All forward-looking statements and information made herein, are qualified by this cautionary statement.
ON
BEHALF OF THE BOARD OF DIRECTORS OF SACRE-COEUR MINERALS, LTD.
“Gregory
B.
Sparks”
Gregory B. Sparks
President & CEO
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.
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