TORONTO, Nov. 28 /CNW/ - Sino Gold Mining Limited ABN 42 093 518 579
(together with its subsidiaries, "Sino Gold") (ASX: SGX, SEHK: 1862) announces
that its previously announced Offer for all of the outstanding common shares
of Golden China Resources Corporation ("Golden China") has been extended and
the minimum acceptance condition of the Offer has been reduced to 66 2/3% from
90% (in each case calculated on a fully diluted basis).
The Offer is now scheduled to close at 11:59 p.m. (Vancouver, Canada
time) on December 10, 2007/6:59 p.m. (Sydney, Australia time) on
December 11, 2007. The CDI expiry time has also been extended to coincide with
the new expiry time.
"Sino Gold has made contact with a broad cross section of Golden China
securityholders and feedback regarding the Offer has been overwhelmingly
positive," Sino Gold CEO Mr Jake Klein said.
"Based on discussions with such Golden China securityholders, Sino Gold
currently expects that the new minimum acceptance condition of 66 2/3% will be
satisfied," he said.
"This is an opportunity for Golden China securityholders to receive a
significant premium on their investment and to continue to participate as a
shareholder of a larger and stronger mining company."
A Notice of Change, Variation and Extension dated November 28, 2007 will
be mailed to Golden China securityholders shortly and filed on Sedar at
www.sedar.com. Full details of the Offer, including the conditions thereto,
are contained in the Sino Gold take-over bid circular dated October 24, 2007,
which, together with the Golden China directors' circular dated
October 24, 2007, was mailed to Golden China securityholders and filed on
Sedar at www.sedar.com.
Cautionary Statement on Forward-Looking Information
Certain information included in this release, including any information
as to future financial or operating performance and other statements that
express expectations or estimates of future performance, constitute
"forward-looking statements". The words "expect", "will", "intend", "estimate"
and similar expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management of Sino Gold are inherently
subject to significant business, economic and competitive uncertainties and
contingencies. Sino Gold cautions the reader that such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual financial results, performance or achievements of
Sino Gold to be materially different from their respective estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other factors
include, but are not limited to: changes in the worldwide price of gold or
certain other commodities (such as fuel and electricity) and other currencies;
changes in U.S. dollar interest rates or gold lease rates; risks arising from
holding derivative instruments; ability to successfully integrate acquired
assets; legislative, political or economic developments in the jurisdictions
in which Sino Gold carries on business; operating or technical difficulties in
connection with mining or development activities; employee relations;
availability and increasing costs associated with mining inputs and labour;
the speculative nature of exploration and development, including the risks of
diminishing quantities or grades of reserves, adverse changes in our credit
rating, contests over title to properties, particularly title to undeveloped
properties; and the risks involved in the exploration, development and mining
business. These factors are discussed in greater detail in Sino Gold's
statutory releases filed with the Australian securities regulatory
Sino Gold disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as expressly required by applicable law.
NEITHER THE ASX NOR THE SEHK HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Investor Enquiries: Jake Klein, CEO, or Roger
Howe, Investor Relations, +61 2 8259 7000, firstname.lastname@example.org; Media
Enquiries: Kate Kerrision, +61 2 6746 3221, email@example.com; Or visit
the Sino Gold website www.sinogold.com.au