WGI Heavy Minerals Provides Update on the Sale of Transworld Garnet India Investment

About this update from Nickel Creek Platinum Corp.

[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, Sept. 5 /CNW/ - WGI Heavy Minerals, Incorporated (WGI)\n(TSE: WG) today announced that the sale of the Company's interest in\nTransworld Garnet India (TGI) to V.V. Mineral, announced on a June 11, 2008\nhas closed in escrow as originally planned.\n\n\nRupees 487,354,192, in respect of outstanding inter-company debts due to\nWGI from TGI, and Rupees 253,082,427, in respect of WGI's portion of the\nproceeds from the sale of shares, have been deposited in escrow with two\nIndian banks for repatriation to the Company's bank accounts in Canada. The\npurchase agreement entered into by the Company contemplated a period of escrow\nprior to the full completion of the sale because of the currency control\nregulations in India. It was originally estimated that it would take up to two\nweeks to confirm the repatriation of funds could be commenced. The process to\nbegin repatriating the funds has taken longer than expected because the bank\nholding the funds to repay the inter-company amount has delayed wiring funds\nto the Company's Canadian bank accounts by requesting authorization to do so\nfrom the Reserve Bank of India.\n\n\nWhile WGI expected the approvals to occur in August, the sale currently\nremains intact with only the delay in repatriating the funds back to Canada\nnot proceeding as expected. The escrow is in place until September 30, 2008\nand the Company expects the necessary approvals to occur prior to that date,\nwhich is also the deadline for the closing of the sale to V.V. Mineral. During\nthis time, the Company and VV Mineral are in regular communication and the\ncompanies are working together to ensure the smoothest possible transition of\nsupply.\n\n\nAbout WGI\n\n\nWGI Heavy Minerals, Inc. is a marketer of industrial grade minerals\nsourced primarily out of India, a producer of industrial-grade garnet out of\nIdaho and Germany, and a manufacturer of replacement parts for ultra-high\nwaterjet cutting systems in the U.S.. The Company's shares are listed on the\nToronto Stock Exchange under the symbol WG.\n\n\nThis press release contains forward-looking statements concerning the\nbusiness, operations, and financial performance and condition of WGI Heavy\nMinerals, Incorporated. A number of the matters discussed and statements made\nin the press release contain forward-looking statements reflectin...

More updates from Nickel Creek Platinum Corp.