Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: LoneClone who wrote (72305)	12/10/2010 7:00:39 PM
From: LoneClone	Read Replies (1) \| Respond to of 194504

Anaconda to pay C$4.1 million for Pine Cove mine stake reuters.com Fri Dec 10, 2010 9:30am EST (Reuters) - Anaconda Mining Inc (ANX.TO) struck a deal to buy New Island Resources' (NIS.V) interest in the Pine Cove mine and mill for about C$4.1 million in stock, nearly six months after launching a takeover bid. According to the deal, New Island shareholders will get 0.45 Anaconda Mining shares for each common share of New Island. On August 30, Anaconda Mining struck a friendly deal with New Island on the Pine Cove mine, after having warned to go hostile. Toronto-based Anaconda Mining has a 49.97 percent stake in New Island, and shareholders owning about 12.82 percent in New Island have agreed to vote in favor of the deal. The arrangement, which has been approved by the boards of directors of both companies, is yet to be approved by New Island shareholders, Anaconda Mining said in a statement. The deal has a termination fee of C$300,000. Anaconda Mining shares, which have lost 33 percent since June, closed at 18 Canadian cents on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)