COEUR D'ALENE, ID, June 19 /CNW/ - WGI Heavy Minerals, Incorporated (TSX:
WG) today announced that RiskMetrics Group (formerly Institutional
Shareholders Services or ISS), a leading proxy advisory firm, has recommended
that WGI shareholders vote for the Company's nominees to the Board of
Directors, using the WHITE proxy, prior to the Company's June 25, 2008, Annual
RiskMetrics advises shareholders not to vote for the nominees of
dissident shareholder Passport Capital LLC ("Passport" or "the Dissident").
WGI recommends that shareholders use only the WHITE proxy to vote and to
discard the Yellow proxy they have received from the Dissident. With limited
time available, shareholders are advised to vote within the next 24 hours to
ensure their proxy can be counted in time for the Annual General Meeting.
The RiskMetrics report notes the issues raised by Passport and concludes:
"However, we believe most, if not all, issues of operating problems, return to
shareholders and corporate governance either have been, or are currently
being, addressed by the incumbent board. Therefore no radical change is
Referring to the Company's historical performance and the recent sale of
Transworld Garnet India (Pvt.) Limited (TGI), the report adds: "the major
problems were caused by the former board and management, not the incumbent
one, which has made significant positive strides of late. We understand the
complexity of solving the troubled investment in India makes it a longer than
normally expected process. But the final solution, after a series of legal
initiatives to clean the title of TGI and a competitive bidding process
thereafter, turns out to be in the best interest of shareholders....we neither
believe the Dissident is proposing a substantial new strategy for the company,
especially after the successful TGI sale, nor are convinced the dissident
nominees will have better skill sets to move the company forward."
RiskMetrics is the second major independent proxy advisory firm to
recommend voting for the Company nominees. On June 17, the Company announced
that Glass Lewis & Co. had recommended that shareholders vote to support the
Company Investor Presentation Available
WGI has prepared a presentation for shareholders outlining the reasons to
vote for the Company nominees to the Board of Directors. The presentation can
be accessed at the Company website, www.wgiheavyminerals.com.
THE PROXY TO VOTE IS WHITE - HERE'S HOW
Time is short. To be counted at the Annual Meeting, your proxy must be
signed, dated and submitted as soon as possible and no later than 10:00 am
EDT, Monday June 23, 2008.
You may vote your common shares by internet, telephone, facsimile or
mail. We suggest voting today no later than 24 hours prior to the deadline to
ensure your vote is received in a timely manner to be voted at the Meeting.
Mail is not recommended.
Please note that if you have mistakenly voted using the wrong proxy, you
have every right to change your vote by simply voting your WHITE proxy. This
action will cancel all previous votes since it is the later-dated proxy
received that will count at the meeting.
If you have any questions about the information contained in this
document or require assistance in completing your WHITE proxy form, please
contact our proxy solicitation agent at:
North American Toll Free Number: 1- 866-676-3029
WGI Heavy Minerals, Incorporated is a fully integrated miner, producer,
and marketer of industrial-grade minerals and replacement part for ultra-high
pressure waterjet cutting systems. The Company's shares are listed on the
Toronto Stock Exchange under the symbol WG.
Note: Permission to quote from RiskMetrics Group was neither sought nor
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.
For further information:
For further information: Ed Kok, Investor Relations, 810 Sherman Ave.,
Coeur d'Alene, ID, 83814, U.S.A. (208) 770-2208, Fax (208) 666-4000,
www.wgiheavyminerals.com, E-mail: email@example.com