COEUR D'ALENE, ID, Nov. 29 /CNW/ - WGI Heavy Minerals, Inc. ("WGI" or the
"Company") announces its intention to commence a Normal Course Issuer Bid on
December 1, 2006, which bid will terminate on November 30, 2007. As at
November 27, 2006 there were 18,726,318 shares of common stock ("Shares") in
the public float. WGI proposes to acquire up to a maximum number of 1,872,631
shares, being 10% of the public float, and not more than 2% of shares during
any thirty day period.
Purchases will be affected through the facilities of the Toronto Stock
Exchange. WGI believes that due to volatility in financial markets, the shares
may, from time to time, be undervalued in the market and would constitute a
good investment for the Company. All shares purchased will be cancelled. WGI
has purchased 770,000 of its Common Shares at an average price of $0.83 per
share within the past 12 months, through the facilities of TSX pursuant to a
Normal Course Issuer Bid.
WGI Heavy Minerals, Inc. is a fully integrated miner, producer, and
marketer of industrial-grade minerals and replacement parts for ultra-high
waterjet cutting systems. The Company's operations include mining and
processing facilities in Idaho, U.S. (Emerald Creek Garnet), Tamil Nadu, India
(Bengal Bay Garnet) and Ermsleben, Germany and a manufacturing facility in
Washington, U.S. (International Waterjet Parts).
This press release contains forward-looking statements concerning the
business, operations and financial performance and condition of WGI Heavy
Minerals, Incorporated. A number of the matters discussed and statements made
in the press release contain forward-looking statements reflecting current
expectations regarding future assets. When used in this press release, the
words "believe", "anticipate", "intend", "estimate", "expect", "project" and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such words. These
forward-looking statements are based on current expectations and are naturally
subject to risks, uncertainties and changes in circumstances beyond
management's control that may cause actual results to differ materially from
those expressed or implied by such forward-looking statements. Factors that
may cause such differences include but are not limited to: exploration and
development risks; risks related to permits and title to property; risks
related to foreign countries and regulatory requirements; operating hazards;
foreign currency fluctuations; competition; fluctuations in the market price
of mineral commodities and transportation costs; uncertainty as to
calculations of mineral deposit estimates; uninsured risks; and, dependence
upon key management personnel and executives. Actual results may differ
materially from those expressed here. You should not place undue reliance on
such forward-looking statements. The Company is under no obligation to update
or alter such forward-looking statements whether as a result of new
information, future events or otherwise.
