GeoProMining Ltd.

September 27, 2007 09:30 ET

GeoProMining Ltd. Successfully Completes Take-Over Bid For Sterlite Gold Ltd.

ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS--(Marketwire - Sept. 27, 2007) - GeoProMining Ltd. ("GeoProMining") announces that 253,526,305 common shares of Sterlite Gold Ltd. ("Sterlite Gold")(TSX:SGD), representing approximately 95.6% of the outstanding common shares of Sterlite Gold on a fully-diluted basis, were deposited to the offer (the "Offer") made by GeoProMining to acquire all of the outstanding common shares of Sterlite Gold for U.S.$0.3845 in cash per common share as at the expiry time of the Offer.

The Offer expired at 12:01 a.m. (Toronto time) on September 27, 2007. All of the conditions of the Offer were satisfied as at the expiry time, and GeoProMining has taken up all of the Sterlite Gold common shares that were deposited to the Offer at such time. Payment for such Sterlite Gold common shares has been made to the depositary, Equity Transfer & Trust Company.

GeoProMining intends to acquire the remaining Sterlite Gold common shares by means of a statutory compulsory acquisition under Part 16 of the Business Corporations Act (Yukon) at the same price as the Offer price, and to de-list the common shares from the Toronto Stock Exchange and to cause Sterlite Gold to cease to be a reporting issuer.

Forward-Looking Information

This press release contains certain forward-looking information. This information relates to future events or future performance and reflects management's expectations and assumptions regarding the growth, results of operations, performance and business prospects and opportunities of GeoProMining. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of GeoProMining. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate","believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, information regarding the future operating results and economic performance of GeoProMining is forward-looking information. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including risks related to investments, conditions of capital markets, economic conditions, dependence on key personnel, interest rates, regulatory change and availability of future financing. These factors should not be considered exhaustive. In addition, in evaluating this information, investors should specifically consider various factors, including risk factors which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting GeoProMining will continue substantially in the ordinary course, including without limitation with respect to general levels of economic activity, regulations, taxes, interest rates and that there will be no material changes in its credit arrangements. Although the forward-looking information is based on what management of GeoProMining consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this press release, and GeoProMining does not assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward looking information.

Contact Information

  • GeoProMining Ltd.
    Oleg Roumyantsev
    +7 495 980 6454