SACRE-COEUR MINERALS, LTD. (“Sacre-Coeur”) today announced that it has granted a two week extension for completion of due diligence regarding the proposed acquisition of Sacre-Coeur by NORD GOLD N.V., formerly named SEVERSTAL GOLD N.V. (the “Purchaser”) and SEVERSTAL GOLD LLC (“Severstal Gold”), affiliates of OAO Severstal (LSE: SVST; RT: CHMF), in accordance with the binding agreement (the “Agreement”) among the parties dated September 21, 2010, as referred to in their joint press release of September 22, 2010 (the “Transaction”). Due diligence is still proceeding, together with the preparation of the required documentation and other steps preparatory to closing the Transaction, which is subject to the successful completion of due diligence, court approval, securityholder approval and satisfaction of customary closing conditions.
Pursuant to a second amendment to the Agreement dated January 28, 2011, Sacre-Coeur has agreed to grant the Purchaser and Severstal Gold a further two weeks to complete their due diligence review of Sacre-Coeur, now to be complete by February 14, 2011 and the parties have now agreed to use their best efforts to complete the Transaction by April 15, 2011, which date may be extended to no later than June 30, 2011 if the parties are prevented from closing the Transaction by reason of any court proceeding or in certain other circumstances. A further update will be provided at such time as new dates for the special meeting of the securityholders of Sacre-Coeur and closing have been set.
Sacre-Coeur is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focusing on exploration for gold on its properties in Guyana. Sacre-Coeur presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. Sacre-Coeur has offices in Vancouver, Canada and Georgetown, Guyana. More information about Sacre-Coeur is available at <www.scminerals.com>.
Forward Looking Statements
Certain statements herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities legislation, including the statements or information about the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Sacre-Coeur to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions of our ability to close the Transaction. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such risks and uncertainties include risks and uncertainties involved in satisfying the conditions to close the Transaction.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.
ON BEHALF OF THE BOARD OF DIRECTORS OF SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks
President & CEO
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.