Hochschild Mining plc

Hochschild Mining plc

November 06, 2009 14:26 ET

Hochschild Purchases an Additional Stake in West Timmins Mining

LONDON, UNITED KINGDOM--(Marketwire - Nov. 6, 2009) - This press release is issued by Hochschild Mining plc ("Hochschild")(LSE:HOC), with registered office located at 46 Albemarle Street, London, England, W1S 4JL, as required under applicable Canadian securities laws.

As at October 28 2009, Hochschild owned 19.9 million common shares of West Timmins Mining Inc. ("WTM"), representing approximately 14.1% of the outstanding common shares of WTM (the "Common Shares").

Hochschild announces today that it has purchased a further 6.2 million common shares in WTM ("the Transaction") for a total cash consideration of C$17.6 million (or C$2.85 per Common Share) giving it ownership and control of 26.1 million outstanding Common Shares (18.3%) of WTM.

The consideration for the purchase announced today was paid by Hochschild Mining Holdings Limited, a wholly owned subsidiary of Hochschild Mining plc which is a publicly listed company whose shares are listed for trading on the London Stock Exchange.

The Transaction took place on the Toronto Stock Exchange.

Hochschild has acquired ownership and control over the Common Shares for investment purposes, and to acquire additional shares of Lake Shore Gold Corp. that will be issued in exchange for the Common Shares of WTM following completion of an announced plan of arrangement between the two companies.

Hochschild may acquire additional ownership and control of WTM Common Shares.

About Hochschild Mining plc:

Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.

Contact Information

  • Enquiries:
    Hochschild Mining plc
    Isabel Lutgendorf
    Head of Investor Relations
    +44 (0)20 7907 2934
    Robin Walker
    Public Relations
    +44 (0)20 7251 3801