Business
Penmont not intending to revi
Penmont not intending to revi.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 3014F Fresnillo PLC 11 January 2010 \nFresnillo plc\n\n11 January 2010\n\nPenmont announces it has no intention to revise Canplats proposal\n\nLondon, Mexico City; January 11, 2010 - Fresnillo plc announces that Minera Penmont S. de R. L. de C.V. (Penmont), its 56% owned joint venture with Newmont Mining Corporation (44%), has decided to take no further action regarding its proposal to acquire the outstanding common shares of Canplats Resources Corporation (Canplats) and has advised the Canplats board accordingly.\n\nPenmont notes that the board of Canplats has resolved that Penmont's revised proposal no longer constitutes a \"superior proposal\" for the purposes of the Goldcorp Agreement and has therefore resolved to recommend that shareholders vote in favour of the amended agreement with Goldcorp.\n\nAfter considering its position, Penmont has determined that it would not be in the best interests of its shareholders to revise its proposal. Therefore Penmont announces that it has no intention of submitting any further proposal to the board of Canplats.\n\nPenmont's financial advisor is Scotia Capital and its legal advisors are Goodmans LLP in Canada and Wachtell, Lipton, Rosen & Katz in the United States.\n\nENDS\n\nFor further information, contact:\nFresnillo plc\nLondon Office Tel: +44 (0)20 7399 2470\nOctavio Alvidrez, Head of Investor Relations\n\nMexico City Office\nGabriela Mayor Tel: +52 55 52 79 3203\n\nBrunswick Tel: +44 (0)20 7404 5959\nCarole Cable\nDavid Litterick\n\nAbout Fresnillo plc\nFresnillo Plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London Stock Exchange under the symbol FRES.\n\nFresnillo has three producing mines, all of them in Mexico - Fresnillo, Ciénega and Herradura; two development projects - Saucito, Soledad & Dipolos; and three exploration prospects - San Juan, San Julian, Orysivo, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.75 million hectares in Mexico.\n\nFresnillo has a strong and long tradition of mining, a proven track record of min...