Scandinavian Minerals Limited

Scandinavian Minerals Limited

June 12, 2008 10:12 ET

Shareholders of Scandinavian Minerals Approve Plan of Arrangement with First Quantum Minerals Ltd.

TORONTO, ONTARIO--(Marketwire - June 12, 2008) - Scandinavian Minerals Limited (TSX:SGL)(FRANKFURT:W3M) (the "Corporation") is pleased to announce that its shareholders have voted in favour of the previously announced plan of arrangement (the "Arrangement") with First Quantum Minerals Ltd. ("First Quantum") at a special meeting of the Corporation's shareholders held in Toronto today.

Under the Arrangement, a wholly owned subsidiary of First Quantum will acquire all of the outstanding common shares of Scandinavian Minerals on the basis of Cdn $9.00 in cash plus 0.01 common shares of First Quantum for each common share of Scandinavian Minerals.

The Arrangement was approved by 99% of the votes cast at the Meeting and is expected to become effective on June 18, 2008, subject to the receipt of final court approval which is expected on June 17, 2008.

About Scandinavian Minerals

The Corporation is a Canadian public company listed on the Toronto Stock Exchange under the symbol "SGL" and on the Frankfurt Freiverkehr market under the symbol W3M. The Corporation's focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in Northern Finland.

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