VANCOUVER, Feb. 18 /CNW/ - Continental Minerals Corporation (TSXV: KMK,
OTCBB: KMKCF) ("Continental" or the "Company") announces that it has
delayed by 10 days the formal shareholders vote on the statutory Plan
of Arrangement with Jinchuan Group Ltd ("Jinchuan"). The vote was
scheduled for February 18 and is required as a principal condition for
Jinchuan's proposed acquisition of 100% of Continental, as described in
the Company's news releases of September 17 and December 20, 2010.
Delaying the vote was necessitated by the need to clear certain
remaining US Securities and Exchange Commission requirements. The
Company is also advised by Jinchuan that it has obtained the key
Chinese National Development and Reform Commission approval and
believes that the other required Chinese regulatory approvals are in
process and will be issued in the near future.
The vote is currently rescheduled for 2 pm Vancouver time, Monday,
February 28, 2011 at the same location as disclosed in the proxy
materials filed at www.sedar.com. Securityholders who have voted in favour and wish to continue to do so
need do nothing further. Securityholders continue to have the right to
revoke or change their vote prior to the commencement of the adjourned
meeting. It is possible that materials containing some additional
information will also be posted on SEDAR; however, if this happens it
will be publicly announced. Proxies received to date from
securityholders are overwhelmingly in favour of the transaction.
Jinchuan is a large China-based mining group and will be acquiring
Continental through a statutory plan of arrangement process, which is
subject to the terms and conditions of an Arrangement Agreement filed
on SEDAR. The transaction values the common equity of Continental at
approximately C$431 million.
BMO Capital Markets is sole financial advisor to Continental in
connection with the proposed Arrangement. McCarthy Tétrault LLP acts as
counsel to the special committee of the Board and McMillan LLP acts as
general counsel to Continental.
Sino Resources Capital Pty Ltd. and Blake, Cassels & Graydon LLP are the
financial and legal advisors to Jinchuan respectively in respect of the
Continental is a TSX Venture Exchange listed resource company associated
with the Vancouver-based Hunter Dickinson Group of mining companies.
Since 2005, Continental has focused on exploring and unlocking the
value of its large Xietongmen copper-gold property in Tibet Autonomous
Jinchuan Group is a large integrated non-ferrous metallurgical and
chemical engineering enterprise engaged in mining, concentrating,
metallurgy and chemical engineering. It produces nickel, copper,
cobalt, rare and precious metals and also some chemical products such
as sulfuric acid, caustic soda, liquid chlorine, hydrochloric acid and
sodium sulfite, together with some further processed nonferrous metals
products. The output of nickel and platinum group metals respectively
accounts for more than 90% of the total in China. Jinchuan Group Ltd.
is the largest producer of nickel-cobalt in China.
THE 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 NEWS RELEASE.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of applicable Canadian securities laws concerning the
likelihood of the Arrangement completing. Although Continental has
attempted to identify important factors and conditions that could
prevent the Arrangement from completing there may be other conditions
or factors that are yet to be determined based in part on the present
need to secure shareholder, regulatory and other approvals and
complete, regulatory filings and Court documents. There can be no
assurance that Continental's identification of conditions and
completion factors will prove to be complete or accurate, as future
events could differ materially from those anticipated in such
statements. Accordingly, readers should understand completion of the
Arrangement is not certain and they should not place undue reliance on
forward- looking statements.
SOURCE Continental Minerals Corporation
For further information:
For more information contact:
Susie Bell, Investor Relations
Toll Free: 1-800-667-2114
Ph: (604) 684-6365
Fax: (604) 684-8092