LONDON, TORONTO, MEXICO CITY, Feb. 6 /CNW/ - Fresnillo plc ("Fresnillo")
announces today that its subsidiary Fresbal Investments Ltd. ("Fresbal") has
issued an announcement regarding MAG Silver Corp's (TSX: MAG, AMEX: MVG) ("MAG
Silver") Independent Committee's decision to suspend the independent
valuation. The announcement is attached below.
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FRESBAL INVESTMENTS, LTD.
Corporativo BAL, Cuarto Piso
Moliere 222, Col. Los Morales-Polanco,
11540, D.F., México
Fresbal Investments Ltd. ("Fresbal"), a subsidiary of Fresnillo plc,
today announces that it received notice on 1 February 2009 from MAG
Silver Corp (TSX: MAG, AMEX: MVG) ("MAG Silver") that its Independent
Committee had instructed its independent valuator to suspend all work on
the formal valuation being prepared in connection with Fresbal's offer
for MAG Silver.
On 1 December 2008, Fresbal announced its intention to make a formal
offer to MAG Silver shareholders and requested that a valuation be
prepared, pursuant to applicable Canadian law. Fresbal has complied with
its obligations under applicable securities laws in connection with the
preparation of the valuation and has provided the independent valuator
with all relevant information. Fresbal is disappointed with what it views
as an inappropriate delaying tactic by MAG Silver.
Fresbal has asked staff of the Ontario Securities Commission to review
the MAG Silver Independent Committee's decision to suspend work on the
valuation. Fresbal intends to take the necessary steps to enable MAG
Silver shareholders to receive the offer in compliance with all laws as
soon as practicable, subject to the relevant conditions as outlined in
the announcement dated 1 December 2008.
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This news release is for informational purposes only and is not an offer
to buy or the solicitation of an offer to sell any securities. MAG
shareholders and other interested parties are urged to read Fresbal
Investments Ltd's takeover bid circular and other relevant documents filed
with the applicable Canadian and United States securities authorities when
they become available.
Cautionary Information Regarding Forward-Looking Statements
Statements about the intentions of Fresnillo plc and Fresbal Investments
Ltd. and the expected effects, timing and completion of the proposed
transaction and all other statements in this release other than historical
facts constitute forward-looking statements. These statements are not
guarantees of future performance and involve risks and uncertainties that are
difficult to predict. The statements are based upon Fresnillo plc's current
expectations and beliefs and are subject to a number of known and unknown
risks and uncertainties that could cause actual results to differ materially
from those described in the forward looking statements, including, among other
things, whether the conditions to the offer will be satisfied, general
economic factors, business and capital market conditions, general industry
trends, changes in tax law requirements and government regulation. There can
be no assurances that any transaction will be consummated. Fresnillo plc
disclaims any obligation to update or revise the information in this news
release based on new information or otherwise, unless otherwise required by
law.
For further information: visit www.fresnilloplc.com or contact:
Fresnillo plc: London Office, Octavio Alvidrez, Head of Investor Relations,
Tel: +44(0)20 7399 2470; Mexico City Office: Gabriela Mayor, Tel: +52555 279
3203; JPMorgan Cazenove, Andrew Wray, Tel: +44(0)20 7588 2828; Brunswick,
Patrick Handley, Carole Cable, Tel: +44(0)20 7404 5959
