EURO Ressources S.A. Proposed Acquisition of Patricia Mining Corp.



    PARIS & TORONTO, March 14 /CNW/ - EURO Ressources S.A. ("EURO")
(TSX:EUR)(Paris:EUR) announced today that it has entered into a letter
agreement with Patricia Mining Corp. ("PAT") (TSX-V:PAT) whereby PAT has
granted to EURO an exclusivity period in which to complete due diligence in
respect of a proposed business combination of the two companies. PAT has also
agreed not to solicit other proposals, subject to the exercise by PAT's board
of directors of its fiduciary duties.

    PAT agreed to grant such exclusivity period upon having received an
expression of interest from EURO in the form of a non-binding and conditional
proposal for the acquisition of all of the outstanding common shares of PAT
for a cash price of C$1.10 per share (including shares issued or issuable upon
the exercise of PAT warrants and stock options) and all of the
out-of-the-money stock options and warrants on the basis of C$0.01 per common
share issuable thereunder.

    James H. Dunnett, Directeur-General of EURO commented that "the
acquisition of PAT would provide an attractive second strategic asset for
EURO. Richmont Mines Inc., the operator of the Island Gold mine, forecasts
annual production of 65,000 ounces of gold from the Island Gold mine which
would provide EURO with exposure to approx. 30,000 ounces of annual production
through PAT's 45% joint venture interest. This is similar to the existing
exposure to gold from the 10% royalty interest we have on Rosebel's 300,000
ounces of annual production. I believe the Island Gold mine represents an
attractive step forward in our strategy of acquiring additional gold
production and we look forward to working with PAT's management through the
process of due diligence and financing to a successful closing".

    PAT has agreed not to solicit proposals relating to any acquisition of
its common shares or similar transactions from other persons or entities until
after May 11, 2007. The letter agreement provides that the board of PAT may
respond to an unsolicited proposal from another party where it has a fiduciary
duty to do so, and that PAT will provide EURO with the particulars of any such
proposal. If the board of PAT determines that any such unsolicited proposal is
financially superior, EURO will have the right, but not the obligation, to
match any such unsolicited proposal. If EURO declines to match such proposal,
or if the directors of PAT determine that any amended proposal from EURO is
not financially equivalent or superior to the unsolicited proposal, PAT has
agreed that a break fee to EURO of C$1.5 million is immediately payable.

    It is intended that the proposed transaction will be in the form of a
formal take-over bid by a wholly-owned subsidiary of EURO, unless an
alternative form of transaction is deemed advisable. The proposal is
conditional, among other things, upon satisfactory due diligence and the
negotiation of transaction documents. The proposal is also conditional on the
parties entering into a support agreement to include among others the
following terms and conditions: the unanimous favourable recommendation of the
board of PAT; a break fee provision in the amount of C$1.5 million; the
directors of PAT entering into lock-up agreements; no material adverse change;
and notification by PAT to EURO of the receipt of alternative proposals from
third parties and the right of EURO to match any such proposal. The completion
of the take over bid would be conditional on a minimum tender of 66 2/3% of
PAT's common shares on a fully-diluted basis.

    The proposed transaction is also conditional on EURO obtaining the
necessary funds to complete the transaction by the issuance of additional
equity and from a third party lender. As required by section 96 of the
Securities Act (Ontario) and Ontario Securities Commission Rule 62-503, EURO
may not commence the proposed take over bid transaction until necessary
financing is available. EURO has agreed with PAT that it will exercise
commercially reasonable efforts to obtain such financing on a timely basis.

    No definitive agreements have been reached, other than the exclusivity
letter agreement. There can be no assurances that any transaction will result,
or as to the terms thereof.

    About PAT

    Patricia Mining Corp. (TSXV:PAT) is a Canadian exploration and
development company and is one of Canada's newest gold producers. Patricia's
main asset is a 45% interest in the Island Gold Project. The Island Gold
Project is a join venture between Patricia Mining Corp. 45% and Richmont Mines
Inc. 55%. More information on Patricia Mining Corp can be found on its website
at: www.patriciamining.com.

    About EURO

    EURO is a French company, presently focused on acquiring and holding
mineral royalties and similar interests on operating gold mines. Additionally,
EURO continues to hold certain exploration and development mineral rights,
principally gold, in French Guiana, which are the subject of joint venture
arrangements. EURO has approximately 50.5 million shares outstanding.

    Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially.
Such statements include comments regarding the intentions of the Company to
acquire additional royalty or mineral interests. There can be no assurance
that future developments affecting the Company will be those anticipated by
management.

    Not for distribution to United States newswire services or for
dissemination in the United States. The securities referred to herein have not
been registered under the US Securities Act of 1933 and may not be offered or
sold in the United States or to a US person absent registration or an
applicable exemption from registration.

    Additional information relating to EURO Ressources S.A. is available on
SEDAR at www.sedar.com. Further requests for information should be addressed
to:


    
    James H. Dunnett,             Susanne A. Hermans
    Directeur-General             Vice-President Finance
    Tel: +1 604 710 2242          Tel: +1 303 204 7771
    Email : jhdunnett@aol.com     Email : shermans@euroressources.net
    




For further information:

For further information: For EURO Ressources S.A. James H. Dunnett,
+1-604-710-2242 Directeur-General jhdunnett@aol.com Susanne A. Hermans,
+1-303-204-7771 Vice-President Finance shermans@euroressources.net

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EURO RESSOURCES S.A.

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