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YS Mining Announces Withdrawal of Cash Offer to Purchase All of the Outstanding Shares and Debt of Tagish Lake Gold Corp.
cnw
VANCOUVER, Sept. 24 /CNW/ - YS Mining Company Inc. ("YS Mining")
announces today, that effective immediately, it has withdrawn its offer
made on September 8, 2010, to purchase all of the outstanding shares and
debt of Tagish Lake Gold Corp. ("Tagish Lake"). Accordingly, YS Mining
will not be taking up any shares or debt tendered to its bid.
YS Mining's decision to withdraw its bid was the result of several
factors, including the recommendation of the Board of Directors of
Tagish Lake to reject the YS Mining offer, notwithstanding that the cash
consideration offered by YS Mining was 20% higher that the cash
consideration offered by New Pacific Metals Corp.
About YS Mining
YS Mining is a non-reporting corporation organized under the laws of
British Columbia. Approximately 41% of the issued and outstanding
shares of YS Mining are owned by Yukon-Nevada Gold Corp., a reporting
issuer in the provinces of British Columbia, Alberta and Ontario, which
trades on the Toronto Stock Exchange under the symbol "YNG".
Approximately 59% of the issued shares of YS Mining are owned by
Northwest Nonferrous International Investment Company, of China.
Currently, YS Mining holds (a) 10.7% of the issued and outstanding
Tagish Lake shares and (b) approximately $3.4 million of secured
and unsecured Tagish Lake debt, making it Tagish Lake's largest
shareholder and largest creditor.
By Order of the Board of Directors
YS Mining Company Inc.
For further information:
Graham Dickson, President & CEO<br/>(778) 689-1883
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