TIDMHOC 
 
RNS Number : 0486N 
Hochschild Mining PLC 
10 February 2009 
 

 
9 February 2009 
 
 
Hochschild Mining responds to announcement released by Minera Andes Inc. 
 
 
Hochschild Mining plc responds to the announcement released today by Minera 
Andes Inc ("MAI"), its JV partner at San Jos�. 
 
 
MAI announced a C$40.0 million private placement with Robert R. McEwen at a 
price of C$0.33 per share. Hochschild Mining plc believes that MAI shareholders 
should be made aware that, on 6 February 2009, the following firm proposals were 
made to the Special Committee of the Board of Directors of MAI. 
 
 
A)         Hochschild would acquire all of the outstanding common shares of 
MAI through a share transaction (including shares issuable pursuant to 
outstanding MAI options (the "MAI Shares")) by way of a Plan of Arrangement 
under the Business Corporations Act (Alberta) (the "Share Transaction"). 
Hochschild's offer of 0.22 shares of Hochschild for each share of MAI held, 
which at the closing price on 5 February 2009, implies a value of US$0.50 
(C$0.62) for each MAI Share representing a 100% premium. The terms of this 
proposal would also provide for appropriate adjustments to be made to the terms 
of MAI warrants held on the date of the Share Transaction; or 
 
 B) 
Hochschild would acquire MAI's 49% ownership interest in San Jos� for a cash 
consideration equal to US$70 million. MAI would retain Los Azules and all other 
exploration properties. The purchase price represents a cash consideration of 
approximately C$0.45 per MAI share. 
 
 In addition, Hochschild offered to provide Minera Andes an extra ten 
business days to contribute its pro-rata portion of the cash call due on 17 
February, as well as offering short-term bridge financing to Minera Santa Cruz, 
the joint venture company owned by Hochschild and MAI. This period of time was 
granted in order to allow Minera Andes the time necessary to obtain financing to 
meet the cash call and assess the proposals described above. 
 
 These firm proposals expire at 5pm London time (12pm Lima time) on 11 
February 2009. 
 
 
_____________________________________________________________________ 
 
 
Enquiries: 
 
 
Hochschild Mining plc 
Isabel L�tgendorf  +44 (0)20 7907 2934 
Head of Investor Relations 
 
 
Ignacio Rosado+511 437 6007 
Chief Financial Officer 
 
 
Finsbury 
Robin Walker+44 (0)20 7251 3801 
Public Relations 
 
 
About Hochschild Mining plc: 
 
 
Hochschild Mining plc is a leading precious metals company listed on the London 
Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus 
on the exploration, mining, processing and sale of silver and gold. Hochschild 
has over forty years experience in the mining of precious metal epithermal vein 
deposits and currently operates five underground epithermal vein mines, four 
located in southern Peru, one in southern Argentina and one open pit mine in 
northern Mexico. Hochschild also has over sixteen long-term prospects throughout 
the Americas. 
 
 
Certain statements in this announcement are or may be forward looking statements 
regarding Hochschild Mining plc's financial position and results, business 
strategy, production, plans and objectives. By their nature, all forward-looking 
statements involve risk and uncertainty because they relate to future events and 
circumstances which are beyond the Group's control. As a result, the Group's 
actual future financial condition, performance and results may differ materially 
from the plans, goals and expectations set forth in such forward-looking 
statements. Except as required by applicable law or regulation, the Group does 
not undertake any obligation to update or change any forward-looking statements 
contained in this announcement or any other forward-looking statement it may 
make. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCIFFLIFTIAIIA
Hochschild Mining (LSE:HOC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Hochschild Mining Charts.
Hochschild Mining (LSE:HOC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Hochschild Mining Charts.