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This press release contains
forward-looking statements. Reference should be made to the "Cautionary
Statements on Forward-looking Information" at the end of this press
release.
Further to their press release dated
December 22, 2010, Quadra FNX Mining Ltd. (TSX:QUX - News; "Quadra
FNX") and Franco-Nevada Corporation (TSX:FNV - News;
"Franco-Nevada") announced today that Quadra FNX has completed the
sale of its 56,464,126 common shares of Gold Wheaton Gold Corp. ("Gold
Wheaton") to Franco-Nevada for aggregate gross proceeds of C$262,558,185
or C$4.65 per share. Further to their press release dated December 13, 2010,
Franco-Nevada and Gold Wheaton are in the process of negotiating and
finalizing a definitive arrangement agreement pursuant to which Franco-Nevada
would acquire the issued Gold Wheaton common shares that it does not already
own. The consideration in that transaction is valued at C$5.20 per share. If
the transaction is completed on these terms, Quadra FNX's former Gold Wheaton
shareholdings will be topped up to $5.20 per share for a total cash
consideration of approximately C$293 million.
About Quadra FNX
Quadra FNX Mining Ltd. is a leading
mid-tier copper mining company with corporate offices in Vancouver, B.C. and
Toronto, Ontario. Quadra FNX produces copper, gold and platinum group metals
from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in
northern Chile, Levack, which includes Morrison, Podolsky and McCreedy West
in Sudbury, Ontario. Quadra FNX possesses several advanced development
projects, including the Sierra Gorda copper-molybdenum project in Chile and
the Victoria project, an advanced exploration project, in Sudbury. Quadra FNX
employs approximately 1,700 people in North and South America.
About Franco-Nevada
Franco-Nevada Corporation (TSX:FNV
- News) is a gold-focused
royalty company with additional interests in platinum group metals, oil and
gas and other assets. Its portfolio of high-margin cash flow producing assets
is located principally in the United States, Canada and Mexico. Franco-Nevada
also holds a pipeline of potential future cash flowing assets that are being
developed, permitted or explored.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION: Certain information contained in this press release, including
any information as to future financial or operating performance and other
statements that express expectations or estimates of future performance,
constitute "forward-looking statements". All statements, other than
statements of historical fact, are forward-looking statements. The words
"anticipates", "plans", "estimate",
"expect", "expects", "expected" and similar expressions
identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The companies
caution the reader that such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause actual
financial results, performance or achievements to be materially different
from estimated future results, performance or achievements expressed or
implied by those forward-looking statements and the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: negotiation
and finalization of definitive documentation for the Franco-Nevada / Gold
Wheaton transaction and related necessary regulatory, security holder and
court approvals. The forward-looking statements contained in this press
release are based upon assumptions the companies believe to be reasonable, including,
without limitation, any factors that cause actions, events or results to
differ from those anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking statements because of the
inherent uncertainty. For additional information with respect to risks,
uncertainties and assumptions, please also refer to the "Risk
Factors" sections of the companies' most recent Annual Information Forms
filed with the Canadian securities regulatory authorities on www.sedar.com,
as well as the companies' annual and interim MD&As. The forward-looking
statements herein are made as of the date of this press release only and the
companies do not assume any obligation to update or revise them to reflect
new information, estimates or opinions, future events or results or
otherwise, except as required by applicable law.
For more information on Franco-Nevada,
please go to our website at www.franco-nevada.com.
For more information on Quadra FNX,
please go to our website at www.quadrafnx.com.
Contact:
Don MacDonald
Quadra FNX Mining Ltd.
Chief Financial Officer
604-689-8550
Nawojka Wachowiak
Quadra FNX Mining Ltd.
VP, Investor Relations
416-642-9209
www.quadrafnx.com
David Harquail
Franco-Nevada Corporation
President & CEO
416-306-6300
www.franco-nevada.com
Paul Brink
Franco-Nevada Corporation
SVP Business Development
416-306-6300 |
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