West Timmins Mining Inc. Shareholders Approve Business Combination Agreement With Lake Shore Go by 24hgold

Mots clés associés : Canada | G Mexico |

Marketwire


Lake Shore Gold Corp.
TSX:	LSG

Other Recent News

November 4, 2009
West Timmins Mining Shareholders Approve Business Combination Agreement With Lake Shore Gold
TORONTO, ONTARIO--(Marketwire - Nov. 4, 2009) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold" or the "Company") today reported that it has been informed by West Timmins Mining Inc. ("West Timmins Mining") that shareholders of West Timmins Mining have approved a previously announced Business Combination Agreement between the two companies at a vote held earlier today. Approximately 98% of votes cast were in favour of the transaction. Under the terms of the transaction, Lake Shore Gold is acquiring all the outstanding shares of West Timmins Mining with shareholders receiving 0.73 of a Lake Shore Gold share for every West Timmins Mining share they hold. Tony Makuch, President and Chief Executive Officer of Lake Shore Gold, commented: "We are very pleased that the shareholders of West Timmins Mining have overwhelmingly supported the transaction and are looking forward to welcoming them as shareholders of Lake Shore Gold. The transaction is an important step for the Company in building long-term value and creating Canada's next mid-tier gold producer. With the completion of the transaction, expected within days, we will have created the next major gold mining complex in Timmins, the Timmins West Gold Mine Complex, and will be in a position to move forward aggressively with our Thunder Creek property, located contiguous to Lake Shore Gold's Timmins Mine." Court approval of the transaction will be sought at a hearing scheduled for Thursday, November 5, 2009, in Vancouver. Assuming the receipt of court approval, and that all other conditions to the completion of the transaction are satisfied or waived, the transaction is expected to be completed on or about Friday, November 6, 2009. About Lake Shore Gold Lake Shore Gold is a growing mining company that is moving towards commercial gold production through its 100%-owned Timmins Mine project, where the Company is sinking a shaft and driving a ramp. The wholly owned Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Northern Ontario and Quebec. The Company's common shares trade on the TSX under the symbol LSG. On August 27, 2009, Lake Shore Gold and West Timmins Mining announced that the companies had entered into a Business Combination Agreement under which Lake Shore Gold would acquire all outstanding shares of West Timmins Mining at an exchange ratio of 0.73 of a Lake Shore Gold share for every West Timmins Mining common share. With the successful completion of the transaction, Lake Shore Gold will acquire the 40% of Thunder Creek not currently owned and approximately 120 square kilometers of highly prospective property in close proximity to Thunder Creek, as well as a significant land position in Mexico. Forward-looking Statements Certain statements in this press release relating to the Company's Business Combination Agreement with West Timmins Mining, its operating and development plans, general exploration activities and business strategy are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on sedar at www.sedar.com.

CONTACT INFORMATION:

Lake Shore Gold
Tony Makuch
President & CEO
(416) 703-6298
info@lsgold.com

or

Lake Shore Gold
Mark Utting
Vice-President, Investor Relations
(416) 703-6298
info@lsgold.com
www.lsgold.com

INDUSTRY: Manufacturing and Production - Mining and Metals

Footer

If you no longer want to receive announcements from us, please do not reply to this e-mail. Instead simply click .

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
Sur Google Earth, cliquez sur les pictogrammes, pour voir les informations du projet, accéder à sa page, ou à la page de la compagnie.