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Gold/Mining/Energy : The Molybdenum Discussion Board -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (2719)	4/2/2007 9:16:53 AM
From: LoneClone	Read Replies (1) \| Respond to of 3267

Quadra Mining to Offer $34.5M for International Molybdenum By The Canadian Press 30 Mar 2007 at 12:16 PM GMT-04:00 resourceinvestor.com VANCOUVER (CP) -- Quadra Mining Ltd. [TSX:QUA] is offering $34.5 million in stock for International Molybdenum PLC [LSE:IMY], which owns the high-grade Malmjberg molybdenum project in Greenland. Quadra Mining's main asset is the Robinson mine in Nevada and its stated goal is to become a mid-tier base metals development and operating company with interests in advanced exploration, development and producing properties. Molybdenum is a key metal used in steelmaking. The takeover proposal is based on InterMoly shareholders receiving one Quadra share for each 36.22 InterMoly shares and InterMoly warrant-holders getting one Quadra share for each 99.23 InterMoly warrants, Vancouver-based Quadra said Friday. Galahad Gold PLC, with 78% of InterMoly's shares and 25% of its warrants, to tender to the planned offer, Quadra said in a release. In addition, InterMoly's board of directors is endorsing the takeover bid. Prices for International Molybdenum were up by 33% to $15.83. The price of the company stock has jumped since March 2, when it closed at $6 per share. Since this morning, shares of Quadra have increased nearly 13% to $10.28 per share. ''We see the Malmjberg project as a good fit in our strategic plan of becoming a multi-asset base metals producer,'' Quadra Mining CEO Paul Blythe said. ''It is a significant advanced-stage primary molybdenum project, having already been drilled off by InterMoly to the point where a substantial resource base has been defined. ''Quadra's skill sets are the financing, development and operation of base metals projects and if we are successful in our acquisition, we see these as being immediately applicable to moving the Malmjberg project forward.'' In addition to a measured and indicated resource containing 560 million pounds of molybdenum, a technical report prepared for InterMoly identifies the development of an open-pit mine that would operate 365 days per year at a scale of 25,000 tonnes per day mill feed. ''Processing of the ore would be by standard flotation procedures and approximately 15,000 to 20,000 tonnes of molybdenite concentrate is expected to be produced per annum,'' Quadra Mining said. Quadra said it will mail its offer to all International Molybdenum shareholders, with approval conditions including acceptance by holders of at least 90% of InterMoly's shares and warrants. Prices for International Molybdenum were up by 33% to $15.83. The price of the company stock has jumped since March 2, when it closed at $6 per share. Since this morning, shares of Quadra have increased nearly 13% to $10.28 per share. © The Canadian Press 2007