Business
Kinross Completes Acquisition of Crown Resources
Kinross Completes Acquisition of Crown Resources.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nBuckhorn project expected to contribute approximately 200,000 ounces per\nyear beginning 2008\n\nTORONTO, Aug. 31 /CNW/ - Kinross Gold Corporation (\"Kinross\") (TSX:K and\nNYSE:KGC) and Crown Resources Corporation (\"Crown\") (OTC-BB:CRCE) today\nannounced the completion of the previously announced acquisition of Crown. The\ntransaction closed immediately following the Crown Special Meeting at which\nthe Crown shareholders voted in favour of the plan of merger between Crown and\na wholly-owned subsidiary of Kinross.\nThe Buckhorn gold deposit owned by Crown is located in north-central\nWashington State, USA, approximately 76 kilometers by road from Kinross'\nKettle River gold milling facility. Kinross is currently focused on obtaining\nthe necessary permits to proceed with building the Buckhorn project. It is\ncurrently anticipated that construction will begin in late 2006 with\nproduction expected to begin in late 2007.\n\"The Buckhorn project is expected to contribute approximately 200,000\ngold ounces per year at low costs to our growth profile beginning in 2008,\"\nsaid Tye Burt, President and CEO of Kinross Gold Corporation. \"By leveraging\nour processing capability at Kettle River, we are able to access high quality\nreserves without major capital costs. The operational synergies will create\nvalue for shareholders in the near and long term.\"\nPursuant to the merger, shareholders of Crown will receive 0.32 of a\nKinross common share for each share of Crown common stock. Kinross will issue\napproximately 14.65 million common shares in connection with the transaction.\nUpon submission of their certificates representing shares of Crown common\nstock, together with the requisite letters of transmittal which will be mailed\nby Computershare Investor Services Inc., Crown shareholders will be issued\ncertificates representing the number of Kinross common shares to which they\nare entitled under the plan of merger based on the exchange ratio. No\nfractional Kinross shares will be issued and Kinross will pay cash in lieu\nthereof.\n\n-------------------------------------------------------------------------\nCautionary Statements\n\nThis news release contains \"forward-looking statements\", within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand similar Canadian legislation, concer...