COEUR D'ALENE, ID, Dec. 18 /CNW/ - WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) today announced it has purchased 986,500 of its own shares at CA $0.395 per share pursuant to the normal course issuer bid the Company announced on June 29 of this year.
"Purchase of these shares reflects the Directors' confidence in the outlook of the Company. We believe that the current market price does not reflect the fair value of the Company. Accordingly, we believe this is an excellent use of WGI's resources as well as beneficial for our shareholders," said Gordon Fear, WGI's Chairman.
WGI Heavy Minerals, Inc. is a marketer of industrial grade minerals sourced primarily out of India, producer of industrial-grade garnet out of Idaho and Germany and manufacturer of replacement parts for ultra-high pressure waterjet machine tool systems around the world. The Company's shares are listed on the Toronto Stock Exchange under the symbol WG.
This press release contains forward-looking statements concerning the business, operations, and financial performance and condition of WGI Heavy Minerals, Incorporated. A number of the matters discussed and statements made in the press release contain forward-looking statements reflecting current expectations regarding future assets. When used in this press release, the words "believe", "anticipate", "intend", "estimate", "expect", "project", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and are naturally subject to risks, uncertainties, and changes in circumstances beyond management's control that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include but are not limited to: exploration and development risks; risks related to permits and title to property; risks related to foreign countries and regulatory requirements; operating hazards; foreign currency fluctuations; competition; fluctuations in the market price of mineral commodities and transportation costs; uncertainty as to calculations of mineral deposit estimates; uninsured risks; and dependence upon key management personnel and executives. Actual results may differ materially from those expressed here. You should not place undue reliance on such forward-looking statements. The Company is under no obligation to update or alter such forward-looking statements, whether as a result of new information, future events, or otherwise.
Expressed in U.S. dollars unless otherwise stated.
SOURCE WGI Heavy Minerals, Incorporated
For further information: For further information: Greg Emerson, Ed Kok, 810 Sherman Ave., Coeur d'Alene, ID, 83814, U.S.A., (208) 666-6000, Fax (208) 666-4000, www.wgiheavyminerals.com; Greg Emerson, President & CEO, (208) 770-2202, E-mail firstname.lastname@example.org; Ed Kok, General Counsel, Investor Relations, (208) 770-2208, E-Mail email@example.com