Equinox Minerals Limited

Equinox Minerals Limited

April 16, 2008 09:00 ET

Equinox Minerals Limited: Lift Capital Partners Pty Ltd

TORONTO, ONTARIO--(Marketwire - April 16, 2008) -


Equinox Minerals Limited (TSX:EQN)(ASX:EQN) ("Company") has previously been advised by Mr Craig Williams, President and Chief Executive Officer of the Company, of margin lending facilities entered into between Lift Capital Partners Pty Ltd ("Lift Capital") and entities associated with Mr Williams.

Mr Williams has informed the Company that Lift Capital provided such facilities for approximately A$7.6 million pursuant to margin lending facilities granted by Lift Capital. A total of 5,239,799 shares (equal to about 0.85% of the issued capital) in the Company were mortgaged to Lift Capital as security by Mr Williams and his associated entities in respect of these facilities.

On 11 April 2008 Lift Capital appointed a voluntary administrator, and as a result the relevant shares owned by Mr Williams and his associated entities may now be under the effective control of Merrill Lynch, who we understand is a third party creditor to Lift Capital. Mr Williams has advised the Company that notice has been given to the administrator of Lift Capital and Merrill Lynch that he does not authorise or consent to the sale of the relevant shares.

Mr Williams has advised the Company that no margin call has been made under the facilities at this time and that he has advised Lift Capital of his willingness and ability to repay the full amount owing under the facilities. Mr Williams maintains that he has retained beneficial ownership of the relevant shares as there has been no default under the Lift Capital facilities. The Company is not in receipt of any notice of change in beneficial ownership of the relevant shares.

Mr Williams had requested settlement of the loan accounts prior to Lift Capital's appointment of a voluntary administrator and is taking steps to protect his interests in the relevant shares.

Notwithstanding that the relevant shares equate to only about 0.85% of the issued capital of the Company and are less than the average daily trading volume in the stock, and that the matter is a private matter for Mr Williams and not the Company, given current circumstances and after consideration of ASX Companies Update 02/08 the Company considers the above information warrants disclosure.

Yours sincerely

Michael J. Klessens, Company Secretary

Equinox Minerals Limited

For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com.

ARBN 108 066 986

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