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Aug 29, 2008 -- Shoshone Silver Mining Company (OTCBB: SHSH | Quote | Chart | News | PowerRating) is pleased to announce it has reached an agreement in principle whereby Shoshone Silver Mining will acquire 100% of the issued and outstanding shares of Kimberly Gold Mines, Inc., formerly of Post Falls, Idaho. After the acquisition is finalized, following approval of the Kimberly shareholders, Kimberly's Rescue Gold Mine property located in Idaho County in the south central part of Idaho, and the Kimberly Gold Mine property will become two of the key parts of Shoshone's new "Gold Division." The high-grade Rescue Vein on the Rescue Mine property has yielded historical grades of nearly one ounce per ton with some 60% occurring as free gold. High-grade samples have been taken at multiple locations along the vein. The Kimberly Gold Mine is a former gold producer and is also located in Idaho County, about 30 miles northeast of the Rescue mine. The property covers 480 acres and 24 unpatented claims and includes ten separate tunnels with 7,500 feet of workings that have access to four parallel, gold-bearing veins, including the Kimberly/Gold Crest vein. Kimberly has prepared a 43-101 compliant report for the Kimberly property. The acquisition of Kimberly Gold Mines also brings to Shoshone a technical team that has a significant depth of experience in exploration, production, engineering, metallurgy, regulatory issues and international finance including: Kevin Shiell, who has over 25 years operational mine experience at such majors as Stillwater Mining and Hecla Mining; Don Rolfe, who has more than 30 years of engineering and mine management experience with mining companies such as Hecla Mining, Homestake Mining and Union Carbide. Under the terms of the Letter of Intent, Shoshone Silver has offered one share of common stock for two Kimberly Gold shares of common stock. In addition, Shoshone Silver has advanced Kimberly Gold $200,000 to pay off their corporate debt. The $200,000 is secured by a promissory note. This acquisition is subject to regulatory approval, and to obtaining approval through a special proxy balloting of Kimberly shareholders. The board of directors of each company has unanimously supported the proposed transaction and believes the combined companies will provide shareholders with significant growth potential and a diversified asset base.
Aug 29, 2008 -- Today, Sterling Mining Company (OTCBB: SRLM | Quote | Chart | News | PowerRating) has been accused of being in breach of the lease agreement (Sec. 13.6.3) by failing to provide evidence of annual advance maintenance fee on/or before the 15th day of August. "The agreement clearly specifies what is required, and since Sterling has failed to timely provide the proper evidence of payment it appears the mine is in danger of falling out of compliance with federal regulations," said Andrew Grundman spokesman for Sunshine Precious Metals, Inc. Mr. Grundman further went on to say "Sunshine's representatives are currently investigating what we believe are additional compliance issues with Federal and State law, as well as what may well be additional material breaches." In a recent letter to Sterling Mining Company and its attorney, Michael K. Branstetter, Sunshine clearly outlines a course of action needed to bring this project back into Federal and State compliance. Among many key issues raised in the letter, lack of access to project site for inspection, no evidence of BLM assessment payments or adequate insurance coverage. Additionally recent SEC filings concerning an alarming number of high interest loans, raises questions about Sterling's ability to satisfy the lessor's demands and continue operations. Similarly, Sterling Mining Company has been issued a mechanics lien from Miller Sales and Engineering, Inc for failure to pay Miller for services rendered. This lien has encumbered property owned by Sunshine that Sterling only leases. Upon hearing about the mechanics lien against Sterling Mining Company, Mr. Grundman said, "Sterling has failed to protect our property and this raises concerns about their ability to pay contractors and their solvency to maintain the infrastructure of the mine."
Aug 29, 2008 -- Commercial Metals Company (NYSE: CMC), headquartered in Irving, Texas, announced today that it has completed the acquisition of substantially all the operating assets of Reinforcing Post-Tensioning Services, Inc. (RPS), Regional Steel Corporation, and RPS Cable Corporation based in Claremont, California. RPS is a fabricator and installer of concrete reinforcing steel, post-tensioning cable and related products for commercial and public construction projects with facilities in Fontana and Tracy, California, and Las Vegas, Nevada, with an annual capacity of approximately 150,000 tons. The acquired assets will operate as CMC Regional Steel and CMC Cable under the CMC Americas Fabrication and Distribution segment. "This acquisition continues our expansion of fabrication capacity in the western states and solidifies our position as one of the largest rebar fabricators in the United States," said Murray McClean, President and Chief Executive Officer of Commercial Metals Company. Russell Rinn, Executive Vice President of Commercial Metals Company and President of CMC Americas, said, "We're pleased to finalize this acquisition, and we welcome the employees of RPS, Regional Steel, and RPS Cable to our CMC Americas family. We look forward to building on their established reputation in the West and to their future contributions with CMC."
Aug 29, 2008 -- IAMGOLD Corporation (NYSE: IAG | Quote | Chart | News | PowerRating) announced today that it has filed a draft tender offer in France that will provide for an all cash offer of EUR1.20 per share to acquire all of the outstanding shares of Euro Ressources S.A. EURO currently has a participation right royalty on production from IAMGOLD's Rosebel gold mine that entitles EURO to payments of 10% of the gold price above US$300/oz for production from soft rock and above US$350/oz for production from hard rock. EURO reported royalty revenue for the first six months of 2008 of EUR6.0 million (US$9.2 million). In addition, as at June 30, 2008 EURO had cash of less than EUR100,000 (US$156,000), debt and deferred settlements of EUR2.7 million (US$4.2 million) and a hedge position of 22,800 ounces at a gold price of US$458.50/oz having a negative mark to market value of EUR6.9 million (US$10.9 million). Under the offer, shareholders of EURO would receive EUR1.20 per share in cash which represents a premium of 30% based on the closing price of EURO shares on Euronext on August 28, 2008 and a premium of 27% based on the one month weighted average share price of EURO on Euronext. The offer is for all outstanding EURO shares and for any shares issuable upon the exercise of options. Based on publicly available information, EURO's capital structure currently consists of approximately 60.6 million shares and up to 1.9 million shares issuable upon the exercise of granted options. The offer is conditional upon IAMGOLD holding a minimum of 50%+1 of the total diluted EURO shares, including the 4.9% currently held by IAMGOLD, upon closure of the offer. As set out in the indicative timetable included in the draft information note filed with the French Autorite des Marches Financiers (the "AMF"), the offer is expected to open on or about September 17th, 2008. "The offer provides compelling value and liquidity for the shareholders of EURO and gives shareholders an opportunity to crystallize value now rather than retain an interest in an entity with EURO's financial position and asset base," stated Joseph Conway, President and CEO of IAMGOLD.
Market Wrap for August 29th, 2008
Losses were steep and widespread Friday as all ten of the economic sectors finished lower. The downturn was most apparent in the technology sector, which faltered after a key player issued a disappointing announcement. Government data did little to spur buying in another low volume session. Stocks struggled from the start of the session as Dell (DELL 21.73, -3.48) announced earnings per share results that missed the consensus estimate, then compounded matters by warning of a slowdown in IT spending. That outlook cast a shadow over fellow large-cap tech stocks, like Microsoft (MSFT 27.29, -0.35). Microsoft was pushed out of favor, despite picking up a German price comparison and shopping site to add to its online portfolio. It is paying $486 million for the site's parent. The Nasdaq 100 closed with a 2.2% loss. Economic data did little to motivate buyers. July personal income fell 0.7%, due largely to the lower amount of fiscal stimulus checks compared with June and May. Excluding the impact from the stimulus, real disposable personal income was up 0.5% in July, which is more than June and May. Personal consumption expenditures (PCE) for July increased 0.2%, as expected. The PCE deflator was up 0.6%, reflecting higher gas prices. Core PCE was up 0.3% for the second month in a row and also in-line with expectations. Oil prices climbed as much as 2.7% during the session, but retreated to finish virtually unchanged near $115.65 per barrel. Oil concluded the week 0.9% higher. The recent fluctuation in oil remains hinged up concern Hurricane Gustav will pinch oil production capacity in the Gulf of Mexico. Even the retreat in oil failed to induce buyers to enter the ring ahead of the long weekend. Volume on the NYSE has been trending at its lowest level of the entire year during recent sessions. Shares exchanged failed to break 1 billion for the 10th straight session. At their best levels, the Dow traded just below the unchanged mark, while the Nasdaq was showing a loss of 0.8% at its session high. The S&P 500 was showing a loss of 0.2% at its best level, but finished at a session low.
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