EXPECTED TO CLOSE MARCH 14, 2011
VANCOUVER, Jan. 14 /CNW/ - Farallon Mining Ltd. ("Farallon" or the
"Company") (TSX:FAN) today announced that on January 13, 2011, Nyrstar
Canada (Holdings) Ltd. ("Nyrstar Canada"), an indirect, wholly-owned
subsidiary of Nyrstar NV ("Nyrstar"), delivered a compulsory
acquisition notice to the remaining shareholders of Farallon.
On January 5, 2011, Nyrstar Canada acquired 462,400,996 common shares of
Farallon (representing approximately 93.7% of Farallon's common shares
("Shares") on a fully-diluted basis) pursuant to its offer to acquire
all of the outstanding Shares (the "Offer"). Nyrstar Canada is
undertaking the compulsory acquisition (the "Compulsory Acquisition")
pursuant to its statutory rights under the compulsory acquisition
provisions of the Business Corporations Act (British Columbia) to acquire the remaining Shares that were not
deposited under the Offer. Under the terms of the Compulsory
Acquisition, the remaining Farallon shareholders are offered the same
C$0.80 in cash for each Share as provided under the Offer. The
Compulsory Acquisition is expected to close March 14, 2011.
Farallon operates the G-9 zinc mine on its Campo Morado Property in
Guerrero State, Mexico. G-9 is an underground zinc mine with important
by-product credits of copper, gold, and silver. G-9 has total cash
costs amongst the lowest of zinc producers worldwide.
The partner of choice in essential resources for the development of a
changing world. Nyrstar is a leading global multi-metals business,
producing significant quantities of zinc and lead as well as other
products (including silver, gold and copper). Nyrstar is listed on NYSE
Euronext Brussels under the symbol NYR. For further information visit
the Nyrstar website, www.nyrstar.com
ON BEHALF OF THE BOARD OF DIRECTORS
Roland Junck, President
Forward Looking Information
This news release includes certain statements that may be deemed
forward-looking statements. Shareholders who have not tendered to the
Nyrstar offer will wish to consult with their professional advisors.
SOURCE Farallon Mining Ltd.
For further information:
please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at (604) 638-2160 or within North America at 1-877-688-2050