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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44619)	10/6/2009 10:30:53 PM
From: LoneClone	Read Replies (1) \| Respond to of 196350

Lion AsiaPac makes rival bid for Australia’s Polaris mining-journal.com Publishing Date 06 Oct 2009 12:10pm GMT Author Mining Journal Lion Asiapac Ltd and private equity group, Vital Bond Ltd have made a competing bid for Australian iron-ore explorer Polaris Metals valued at A$105.6 million (US$93 million). With a cash offer of A$0.60 (US$0.53) per share, the joint partners are hoping to usurp the all-paper bid from Minerals Resources Ltd made on August 20. Lion AsiaPac described the industry outlook in the Western Australian mining industry as attractive, adding that there was strong potential for growth and development for new entrants. The Singapore-based company added that the deal would also present the opportunity to add to existing business activities, which, according to its website, includes scrap metal dealing and limestone processing. Polaris itself says it is assessing the new offer and will make a formal recommendation soon.