Gold Wheaton Signs Definitive Agreement With Redco
Gold Wheaton Signs Definitive Agreement With Redcorp
VANCOUVER, BRITISH COLUMBIA, Sep 19, 2008 (Marketwire via COMTEX News Network) --
Gold Wheaton Gold Corp. ("Gold Wheaton") (TSX VENTURE:GLW) is pleased to announce that it has signed a definitive agreement
with respect to its previously announced transaction with Redcorp Ventures Ltd. ("Redcorp").
Pursuant to the Redcorp transaction, Gold Wheaton agreed to purchase 100% of the gold mined from Redcorp's Tulsequah Project, in British Columbia, for a payment of US$90 million, comprised of US$10 million to be paid on the satisfaction of certain funding conditions upon closing and an additional US$80 million to be paid as the funds are required for the construction of the Tulsequah Project on the satisfaction of certain additional funding conditions. In addition, Gold Wheaton will pay the lesser of US$400 per ounce of payable gold delivered and sold to Gold Wheaton, subject to adjustment, and the then prevailing market price per ounce of payable gold delivered and sold to Gold Wheaton.
Completion of the Redcorp transaction is subject to receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination and reserves conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold Wheaton or Redcorp to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, platinum or palladium, as well as those factors discussed in the section entitled "Description of the Business Risk Factors" in Gold Wheaton's Annual Information Form dated August 19, 2008 as filed on SEDAR. Although Gold Wheaton has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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.
SOURCE: Gold Wheaton Gold Corp.
Gold Wheaton Gold Corp. David Cohen Chairman and Chief Executive Officer (778) 373-0107 Email: info@goldwheaton.com Website:
www.goldwheaton.com
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