Skye Resources Inc.

Published : August 19th, 2008

Securityholders Approve Business Combination with HudBay Minerals

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

August 19, 2008 ? TORONTO, ON and VANCOUVER, BC ? HudBay Minerals Inc. (?HudBay?) (TSX ? HBM) and Skye Resources Inc. (?Skye?) (TSX ? SKR) are pleased to announce that Skye shareholders, optionholders and holders of deferred share units have voted in favour of the previously announced business combination between HudBay and Skye (the ?Transaction?) at a special meeting of Skye securityholders held today in Vancouver.  In excess of 99% of the votes cast at the meeting were in favour of the Transaction.

The completion of the Transaction remains subject to a final hearing by the Supreme Court of British Columbia, currently expected to take place on August 22, 2008, with closing of the Transaction expected to occur shortly thereafter.  The Transaction is structured as a Plan of Arrangement under the Business Corporations Act (British Columbia) between HudBay, Skye and 0828275 B.C. Ltd. a wholly-owned subsidiary of HudBay.

About HudBay Minerals Inc.

HudBay Minerals Inc. is a leading Canadian base metals mining company with a focus on the discovery and production of zinc and copper metal. The company is investing for the future in one of the most ambitious exploration programs in Canada, targeting its 400,000 hectare exploration territory in the Flin Flon Greenstone Belt. As an integrated mining company, HudBay operates mines, concentrators and metal production facilities in northern Manitoba and Saskatchewan, a zinc oxide production facility in Ontario, the White Pine copper refinery in Michigan, and the Balmat zinc mine in New York state. HudBay is a member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index.

About Skye Resources Inc.

Skye?s principal asset is the world class Fenix Nickel Project (the ?Fenix Project?) in Guatemala, which includes 41.4 million tonnes of reserves.  Skye has completed a feasibility study for a ferro-nickel project using proven conventional smelting technology.  Environmental and construction permits for the project have been received, basic engineering is complete, detailed engineering is approximately 50% complete and preparations to initiate construction are underway.

(HBM-G)

FOR FURTHER INFORMATION PLEASE CONTACT:

 

HudBay Minerals Inc.
Brad Woods
Director, Investor Relations
Tel: (204) 949-4272
Email: brad.woods@hbms.ca

Website: www.hudbayminerals.com

Skye Resources Inc.

Cindy Burnett

Vice President, Investor Relations

Tel: (604) 648-4133

Email: cburnett@skyeresources.com

Website: www.skyeresources.com

 

Cautionary Notice:  This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information includes, but is not limited to, information concerning the proposed business combination between HudBay and Skye 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 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 HudBay or Skye 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, risks relating to international operations, fluctuating metal prices and currency exchange rates, 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, the business of the companies not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed in the Annual Information Form for the year ended December 31, 2007 for each of HudBay and Skye available at www.sedar.com. Although HudBay and Skye 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. HudBay and Skye 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.

 

Data and Statistics for these countries : Canada | Guatemala | All
Gold and Silver Prices for these countries : Canada | Guatemala | All

Skye Resources Inc.

EXPLORATION STAGE
CODE : SKR.TO
ISIN : CA83081N1078
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Skye Res. is a nickel exploration company based in Canada.

Skye Res. holds various exploration projects in Guatemala.

Its main exploration properties are FENIX and FENIX (EXMIBAL) in Guatemala.

Skye Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 339.2 millions as of today (US$ 280.8 millions, € 190.0 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.94, and its lowest recent point on August 27, 2008 at CA$ 6.66.

Skye Res. has 50 931 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Skye Resources Inc.
Annual Report 2007
Nominations of Skye Resources Inc.
6/19/2008Appoints David Bryson CFO
2/29/2008Appoints C. K. Benner as Chief Executive Officer and Vice Ch...
12/12/2007APPOINTS MORGAN STANLEY TO FINANCE FENIX PROJECT
Financials of Skye Resources Inc.
8/14/2008Announces Second Quarter Results
11/14/2007(Fenix (exmibal)) Announces Third Quarter Results and Updates Fenix Project
5/14/2007Announces first quarter results
Project news of Skye Resources Inc.
5/13/2008(Fenix) Updates Fenix Project and Announces Q1 Results
3/20/2008(Fenix)Fenix Project Update and 2007 Results
2/13/2008(Fenix) Reports Increased Resource Estimates for Fenix
9/19/2007files Fenix project Technical Report
Corporate news of Skye Resources Inc.
8/26/2008HudBay Minerals Completes Business Combination with Skye Res...
8/19/2008Securityholders Approve Business Combination with HudBay Min...
6/24/2008Vale Inco Notifies Skye it Will Not Exercise Pre-Emptive Fin...
6/23/2008HudBay and Skye Announce Proposed Business Combination
5/20/2008 COO Retires
5/6/2008Announces Director Change
3/27/2008John Bracale Joins Skye Resources
2/19/2008Successfully Completes Pilot Leaching Tests
1/30/2008Defers Fenix Project Financing in View of Credit Market Cond...
12/3/2007Announces New Director
10/30/2007announces power purchase agreement with Duke Energy Internat...
10/26/2007announces closing of previously announced unit offering and ...
8/29/2007provides Fenix project update
7/31/2007announces agreement with Guatemalan government
7/3/2007announces receipt of construction permit for Fenix project
6/8/2007receives environmental permits for Fenix Project
4/23/2007nominates three new directors
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (SKR.TO)FRANKFURT (S7R.F)
6.66+0.30%4.30-0.23%
TORONTO
CA$ 6.66
08/27 15:10 0.020
0.3%
Prev close Open
6.64 6.61
Low High
6.46 6.75
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  6.66 -%
Volume 1 month var.
28,800 -%
24hGold TrendPower© : -11
Produces
Develops
Explores for Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.16+0.56%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.35-4.86%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.32+0.91%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+0.51%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.67-0.37%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.26+1.75%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-5.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.36+26.79%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.03+1.00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.05+0.92%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :