Trading Symbol TSX: GGC
VANCOUVER, June 17 /CNW Telbec/ - Genco Resources Ltd. ("Genco") is
pleased to announce that the slate of directors proposed by Genco for
re-election at its Annual Meeting on June 26, 2008 (the "Meeting") has
received support from Haywood Securities Inc. ("Haywood") and Salman Partners
Haywood issued an analyst report on June 12, 2008 (the "Haywood Report"),
which was critical of the proposed slate of directors nominated by James
Anderson (the "Dissident") in his proxy circular dated June 9, 2008. Haywood
states that the Dissident's proposed directors "lack the technical
capabilities necessary to transition (Genco) towards a larger production
The Haywood Report also stated that the current board of directors (the
"Board") "has provided an unfettered environment to realize" management's core
objective of transforming Genco into a mid-tier silver producer.
Salman issued an analyst report dated June 17, 2008 (the "Salman
Report"), which confirms that its "speculative buy" recommendation is "based
on an assessment of the current board and management's goal of developing a
larger-scale operation and its ability to do so".
Genco has nominated for re-election at the Meeting: Robert C. Gardner,
Q.C., W. Gordon Blankstein, Brian Smith, Richard Hughes, James McDonald,
Eduardo Luna and Leslie Goodman.
Under the direction of its current Board and management, Genco has
achieved many important milestones and is working diligently towards
successfully unlocking the full potential of its mining assets. This view is
supported by the Haywood and Salman Reports. The current Board is committed to
enhancing shareholder value. The Dissident, along with his nominees, do not
have the operating experience or track-record to develop Genco's mining
projects. The Dissident has not outlined a strategic or business plan should
he acquire effective control of Genco through his proposed slate of directors.
The Dissident's objective is to gain effective control of Genco without paying
the customary premium for control that would be paid in the event of a
How to Cast your WHITE proxy
You can support Genco by voting the WHITE proxy form shareholders
received in the mail with a VOTE FOR the resolutions contained therein. If you
have already voted using the Dissident proxy you have every right to change
your vote by simply executing the WHITE proxy. It is only your latest dated
proxy that will be counted. Your WHITE proxy must be voted by any one of the
methods described on the form no later than 11:00 a.m. (Vancouver time) on
Tuesday, June 24, 2008. The time limit for the deposit of proxies may be
waived by the Board at its discretion without notice.
The Board recommends that you discard any materials received from the
If you have any questions about the information contained in the news
release or require assistance in completing your WHITE proxy, please contact
Genco's proxy solicitation agent at:
Kingsdale Shareholder Services Inc.
North American Toll Free Number: 1-866-581-1024
Facsimile No: 1-866-545-5580
Please visit our website for regular updates at
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adequacy or accuracy of this release.
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