August 22, 2007 16:19 ET

Teck Cominco Limited Acquires 93% of the Common Shares of Aur Resources Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) - Aur Resources Inc. (TSX:AUR)(SSE:AUR) announces that 93,620,968 common shares of Aur ("Aur Shares") have been validly deposited pursuant to the offer ("Offer") made by Teck Cominco Limited (TSX:TCK.A)(TSX:TCK.B)(NYSE:TCK) to acquire all of the Aur Shares. Teck Cominco has announced that, as all conditions of the Offer have been satisfied, it has taken up and accepted for payment all Aur Shares so deposited, which represent approximately 93% of the outstanding Aur Shares on a fully-diluted basis. Payment for Aur Shares taken up today will be made on or before August 24, 2007.

Under the Offer, Aur shareholders could elect to receive CDN$41.00 or 0.8749 of a Teck Cominco Class B subordinate voting share and CDN$0.0001 in cash, per Aur Share, subject in each case to pro-ration. Aur shareholders who elected to receive shares will receive 0.8749 of a Teck Cominco Class B subordinate voting share ("Teck B shares") and CDN$0.0001 in cash for each Aur Share tendered and those who elected to receive cash will receive CDN$32.54 in cash and 0.1805 of a Teck Cominco Class B subordinate voting share for each Aur Share tendered, subject in each case to adjustment for fractional shares. In aggregate, Teck Cominco will pay approximately CDN$2.9 billion in cash and issue approximately 20.5 million Teck B shares as consideration for Aur Shares tendered to date.

The Offer expired on August 21, 2007 and will not be extended. Teck Cominco has announced that it intends to acquire all Aur Shares not tendered to the Offer by way of a compulsory acquisition pursuant to the Canada Business Corporations Act and will shortly be mailing a notice of compulsory acquisition to Aur shareholders who have not tendered into the Offer.

At a meeting of the Aur board of directors held today, the board of Aur was reconstituted and now consists of the following individuals: Jalynn H. Bennett, Hugh J. Bolton, Dr. Norman B, Keevil, Peter G. Kukielski, Donald R. Lindsay, Janice G. Rennie and Robert J. Wright. In addition, Peter Kukielski, Executive Vice President and Chief Operating Officer of Teck Cominco, has been appointed President and Chief Executive Officer of Aur, with responsibility for the integration of Aur's operations with those of Teck Cominco's as soon as possible.

Contact Information

  • Aur Resources Inc.
    Mr. Peter McCarter
    Executive Vice-President, Corporate Affairs and Secretary
    (416) 362-2614
    Teck Cominco Limited
    Mr. Greg Waller
    Vice-President, Investor Relations & Strategic Analysis
    (604) 685-3005