TORONTO, ON (Canada) and SYDNEY (Australia), Dec. 22 /CNW/ - Equinox Minerals Limited (TSX and ASX: EQN) ("Equinox" or the "Company") is pleased to announce that Citadel
Resource Group Limited ("Citadel) have implemented certain changes to
the board of directors and key management following Equinox's
announcement on December 17, 2010 that the offer has been declared
unconditional. As at close of trade on the ASX on December 22, 2010
Equinox has declared a relevant interest in Citadel of 66.87%.
The following changes to Citadel's Board of Directors and Management are
effective December 22, 2010
Ms Ines Scotland, Managing Director and CEO, has resigned from the Board
and the position of CEO effective immediately.
Mr Peter Lester, Executive Director, has resigned from the Board
Mr David Regan, Independent Director, has resigned from the Board
Ms Sue-Ann Higgins, General Counsel and Company Secretary, has resigned
from the position of Company Secretary.
Mr Robert Rigo, Mr Michael Klessens and Mr Cobb Johnstone have been
appointed as Directors of the board of Citadel, joining remaining
independent directors; Chairman Mr Andrew Thomson and Mr Gary Scanlan.
Mr Robert Rigo has been appointed as CEO.
Mr Michael Klessens has been appointed as Company Secretary.
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, one of the largest new copper mines to
be developed globally over the last few years.
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 km 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.
For information on Equinox and technical details on the Lumwana Project
please refer to the company website at www.equinoxminerals.com
Citadel is an emerging ASX-listed base metals and gold company with a
portfolio of development and exploration assets located in Saudi
Arabia, within the Arabian Shield minerals province. Citadel's flagship
asset is Jabal Sayid, a copper-gold project located 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.
Citadel is in the process of completing a transaction under which it
would acquire 100% ownership of Jabal Sayid from its local Saudi
Citadel also owns several other advanced exploration projects in Saudi
Arabia, including the Jabal Shayban and Jabal Baydan gold-base metal
projects, the Lahuf gold project, the Bari porphyry gold-copper project
and the Wadi Kamal sulphide nickel-copper-PGM project.
For Information on Citadel and details on its mineral assets please
refer to the company website.
Certain information contained or incorporated by reference in this press
release, including any information as to the Company's strategy,
projects, plans, prospects, future outlook, anticipated events or
results or future financial or operating performance, constitutes
"forward-looking statements" within the meaning of Canadian securities
laws. All statements, other than statements of historical fact, are
forward-looking statements. Forward-looking statements can often, but
not always, be identified by the use of words such as "plans",
"expects", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", "predicts", "potential", "continue" or "believes", or
variations (including negative variations) of such words; or statements
that certain actions, events or results "may", "could", "would",
"should", "might", "potential to", or "will" be taken, occur or be
achieved or other similar expressions concerning matters that are not
historical facts. Readers are cautioned that forward-looking statements
are not guarantees of future performance. All of the forward-looking
statements made or incorporated in this press release are qualified by
these cautionary statements.
Forward-looking statements are necessarily based on a number of factors,
estimates and assumptions that, while considered reasonable by Equinox
(the "Company") as of the date of such statements, are inherently
subject to significant business, economic and competitive uncertainties
and contingencies. Such factors, estimates and assumptions of the
Company contained in this news release include, but are not limited to:
(i) the assumption that the Company will complete the Offer in
accordance with the terms and conditions of the Bid Implementation
Agreement; (ii) the accuracy of management's assessment of the
successful integration of the combined companies upon completion of the
Offer; (iii) management's expectation that Citadel's Jabal Sayid copper
and gold project will be commissioned in late 2011; (iv) the viability
of Citadel's Jabal Shayban, Lahuf, Bari, Wadi Kamal, Murayjib-Bil'iwy,
and Jabal Baydan prospects on a basis consistent with the management's
current expectations; (vi) management's expectation of there being no
significant risks relating to the Company's or Citadel's mining
operations, including political risks and instability and risks related
to international operations; and (vii) management's expectations of
permitting, development and expansion at the Company's existing
properties. While the Company considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
Readers are also cautioned that forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Equinox and/or its
subsidiaries to differ materially from those expressed or implied in
the forward-looking statements, including the risk that the Offer will
not be completed for any reason. Certain of these risks and
uncertainties are described in more detail in the Company's Annual
Information Form dated March 15, 2010 and in the Company's most
recently filed Management's Discussion and Analysis, to which readers
are referred and which are incorporated by reference in this news
release. The Company's Annual Information Form and its most recently
filed Management's Discussion and Analysis are available on SEDAR at www.sedar.com and on the Company's website at www.equinoxminerals.com.
Although Equinox has attempted to identify statements containing
important factors that could cause actual actions, event or results to
differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. Forward-looking
information contained herein are made as of the date of this document
based on the opinions and estimates of management on the date
statements containing such forward looking information are made, and
Equinox disclaims any obligation to update any forward-looking
information, whether as a result of new information, estimates or
opinions, future events or results or otherwise. There can be no
assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward looking information.
The information in this announcement concerning Citadel's assets is
based on publicly available information and has not been independently
verified by Equinox.
SOURCE Equinox Minerals Limited
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