Dynatec Corporation - Shareholders Approve Plan of Arrangement with Sherritt



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    RICHMOND HILL, ON, June 8 /CNW/ - Dynatec Corporation ("Dynatec" or the
"Company") announced today that the Company's shareholders (the
"Shareholders") have approved a Plan of Arrangement (the "Arrangement")
whereby Sherritt International Corporation ("Sherritt") will acquire all of
Dynatec's issued and outstanding common shares. The Arrangement was approved
by approximately 99% of the votes cast by Shareholders present in person or
represented by proxy at the special meeting called to consider the
Arrangement.
    Under terms of the Arrangement and related steps, Shareholders will
receive for each of their Dynatec shares 0.19 of a Sherritt common share and
approximately 0.0635 of a common share of FNX Mining Company Inc., which are
currently owned by Dynatec. No Sherritt shares will be issued to U.S. persons.
Instead, a mechanism has been established pursuant to which Sherritt shares
otherwise issuable to U.S. persons will be issued to a trustee, which will
sell such shares in the market and remit the proceeds (net of selling expenses
and applicable withholdings) to such holders. Court approval of the
Arrangement will be sought at a hearing scheduled for Tuesday, June 12, 2007
in Toronto. Assuming the receipt of court approval, and that all other
conditions set forth in the Arrangement are satisfied or waived, the
Arrangement is expected to be completed on or about June 14, 2007.
    More information about the Arrangement is available in Dynatec's
Management Information Circular available on SEDAR at www.sedar.com and on
Dynatec's website at www.dynatec.ca.

    About Dynatec Corporation

    Dynatec Corporation is a growing mining company with extensive mining and
metallurgical expertise, developed over many years as a leading service
provider to the mining industry. To create shareholder value, Dynatec is
applying its mining and metallurgical expertise to attractive ownership
opportunities. The Company currently has three principal growth assets in its
portfolio: the large-tonnage Ambatovy nickel laterite project in Madagascar; a
24.4% ownership interest in FNX Mining Company, for which Dynatec is engaged
in the mining of nickel, copper and precious metals in the Sudbury basin, and
a coal-bed methane lease arrangement in West Virginia that is currently at the
pilot production stage.

    This press release contains forward-looking statements related to a
proposed Plan of Arrangement through which Sherritt will acquire the issued
and outstanding common shares of Dynatec. Readers are advised that
forward-looking statements are typically subject to a variety of risks and
uncertainties beyond the company's ability to control or predict which could
cause actual events or results to differ materially from those anticipated in
such forward-looking statements. Readers should refer to Dynatec's most recent
disclosure documents, including its annual information form dated March 30,
2007 and its management's discussion and analysis for both the year ended
December 31, 2006, dated March 29, 2007, and for the first quarter of 2007,
dated May 9, 2007, for a detailed discussions of the risks affecting the
Company and its projects and businesses.

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at http://photos.newswire.ca.
    Additional archived images are also available on the CNW Photo Archive
    website at http://photos.newswire.ca. Images are free to accredited
    members of the media/




For further information:

For further information: Mark Utting, Director, Communications &
Investor Relations, (905) 780-1980 Ext. 329, (905) 780-1990 (Fax), Email:
MUtting@dynatec.ca

Organization Profile

DYNATEC CORPORATION

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