TORONTO, May 28, 2011 /CNW/ - Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") announced
today that it acknowledges the review by Barrick Gold Corporation
("Barrick") of the conditional authorization issued by the Zambian
Competition and Consumer Protection Commission (the "CCPC") of the
proposed acquisition by Barrick of the outstanding common shares of
Equinox by way of takeover bid (the "Offer"). Equinox appreciates the
timeliness of the CCPC approval process to date and notes Barrick's
statement that discussions with the CCPC relating to modifying the
terms of its conditional authorization are ongoing.
The Offer is open for acceptance until 5:00 p.m. (Toronto time) on June
1, 2011 (the "Expiry Time"), unless the Offer is extended or withdrawn.
On April 25, 2011, Equinox announced an agreement with Barrick Gold
Corporation pursuant to which Barrick has agreed, subject to the terms
of a support agreement, to make the Offer to purchase all outstanding
common shares of Equinox by way of negotiated take-over bid at a price
of C$8.15 per share in cash. Barrick subsequently commenced the Offer
on April 26, 2011. The Equinox board of directors has unanimously
recommended that Equinox shareholders ACCEPT the Offer, and DEPOSIT
their shares under the Offer.
Equinox Minerals Limited is an international mining company dual-listed
on the Canadian (Toronto) and Australian stock exchanges.
The Company is currently focused on operating its 100% owned large scale
Lumwana Copper Mine in Zambia and construction of the Jabal Sayid
Copper-Gold project in the Kingdom of Saudi Arabia.
Equinox acquired the Lumwana project in 1999 and following nearly 10
years of feasibility, financing and construction, commissioned the
mine, plant and infrastructure in December 2008. Situated 220
kilometres northwest of the Zambian Copperbelt, Lumwana is now a major
copper mine which has established Equinox as one of the world's top 20
copper producing companies.
Equinox recently acquired its 100% interest in the Jabal Sayid project
as the project entered the construction phase with first production
scheduled for 2012. Jabal Sayid is located within the Arabian Shield
minerals province, 350 kilometres north-east of the Red Sea port city
of Jeddah, the commercial capital of Saudi Arabia, and 120 kilometres
south-east of Medina.
For information on Equinox and technical details on the Lumwana and
Jabal Sayid projects please refer to the company website at www.equinoxminerals.com
SOURCE Equinox Minerals Limited
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