Business
Start of valuation process
Start of valuation process.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 8111K Fresnillo PLC 29 December 2008 \n \n\n\n Fresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n\n29 December 2008\n\n\nFresnillo plc \n('Fresnillo' or the 'Company')\nMAG Silver response letter signals start of valuation process\n\nFresnillo plc, the world's largest primary silver producer and Mexico's second largest gold producer, announces that Fresbal Investments Ltd. ('Fresbal') a subsidiary of Fresnillo plc, has received formal notification from MAG Silver Corp. (TSX: MAG, AMEX: MVG) ('MAG Silver') stating that MAG Silver's Independent Committee of the Board has selected TD Securities as the independent valuator, pursuant to applicable Canadian law, of MAG Silver's assets, following Fresbal's expression of intent to make a formal offer to MAG Silver shareholders for all the outstanding common shares of MAG Silver not owned by Fresnillo plc.\n\nFurthermore, MAG Silver's Independent Committee of the Board has appointed Scott Wilson Roscoe Postle Associates Inc., a recognized expert in the mining industry, to assist TD Securities in technical aspects of the valuation. It is intended that the valuation process will commence with a technicians' visit to the joint venture site during the first week in January 2009.\n\nJaime Lomelin, Chief Executive Officer said:\n\n'We welcome the appointment of TD Securities as independent valuator and look forward to moving forward towards making a formal offer to MAG Silver shareholders as set out in our press release of 1 December'.\n\nThis news release is for informational purposes on...