Sherwood Increases Holdings to Approximately 93% of Western Keltic Shares
March 06 2008 - 3:43PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC)(TSX VENTURE:
SWC.DB) today announced that it has acquired an additional
1,278,800 common shares of Western Keltic Mines Inc. ("Western
Keltic") under Sherwood's offer (the "Offer") for all of the
outstanding common shares of Western Keltic (the "Western Keltic
Shares") that was first announced on December 24, 2007 and in
subsequent extensions thereof.
Sherwood has now acquired a total of 76,777,214 Western Keltic
common shares, representing approximately 93% of the outstanding
Western Keltic Shares.
Sherwood intends to issue Sherwood common shares in payment for
the recently tendered Western Keltic Shares on or before March 10,
2008.
Second Step Transaction
Sherwood intends to commence a second step transaction by way of
statutory arrangement, amalgamation, merger, reorganization,
consolidation, recapitalization or other transaction to acquire all
of the remaining Western Keltic Shares not already owned by
Sherwood.
Early Warning Requirements under Applicable Securities Laws
As a result of the taking up and acceptance of payment of the
Western Keltic Shares recently deposited to the Offer, Sherwood has
acquired an aggregate of 76,777,214 common shares of Western
Keltic, which represents approximately 93% of the outstanding
common shares of Western Keltic. Sherwood intends to commence a
second step transaction to acquire the remaining outstanding common
shares of Western Keltic. A copy of the early warning report filed
pursuant to the applicable securities legislation is available
online at www.sedar.com under Western Keltic's profile or may be
obtained by contacting Sherwood at 860-625 Howe Street Vancouver,
BC V6C 2T6, tel (604) 687-7545, fax (604) 689-5041.
About Sherwood Copper
Sherwood Copper's primary focus is profitable production of base
and precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the resource and reserve base,
potentially leading to further production increases. To further
accelerate it production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in
February 2008, Sherwood acquired more than 90% ownership in Western
Keltic Mines, owner of the high grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood aims to repeat its success with the Minto project at the
Kutcho project.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation Stephen P. Quin Investor
Contact (604) 687-7545 Sherwood Copper Corporation Brad Kopp
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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