Macarthur Minerals Limited

Macarthur Minerals Limited

December 03, 2009 11:07 ET

Macarthur Minerals Completes Acquisition of Interest in Lake Giles Project From Minmetals Mining Corporation Limited

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2009) - Macarthur Minerals Limited (TSX VENTURE:MMS) has now completed the acquisition of a 20% interest in Internickel Australia Pty Ltd. (IAPL) from Minmetals Mining Corporation Limited (MMCL), a Hong Kong incorporated entity, in exchange for the issuance of 3,144,654 common shares in Macarthur Minerals Limited (MMS) at a deemed price of C$2.12 per common share. The shares will be subject to a four month hold period under applicable securities laws and the policies of TSX Venture Exchange expiring on April 1, 2010.

The transaction forms a part of the Company's reacquisition of a 30% interest in IAPL, as previously disclosed in the Company's press releases of June 3, 2009 and August 14, 2009.

Upon completion of the transaction with MMCL, MMS will hold a 100% interest in IAPL and the Lakes Giles project.

On behalf of the Board of Directors,


Alan S. Phillips, Chairman, President & CEO

ACN 103 011 436

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Macarthur Minerals Limited
    Alan S. Phillips
    Chairman, President & CEO
    (604) 687-0775
    (604) 687-0710 (FAX)