AAA.L Regulatory News (AAA)

10 Mar 2006 13:17

Adastra Minerals Inc10 March 2006 NEWS RELEASE Adastra Shareholders Overwhelmingly Support Rights Plan Trading: TSX and AIM: AAA London, UK (March 10, 2006) Adastra Minerals Inc. ("Adastra" or the "Company")announces that shareholders represented at the Company's annual general meeting,held yesterday in Toronto, voted more than 88% in favour to ratify the Company'sshareholder rights plan. "This convincing vote, just one day prior to the scheduled expiry of theinadequate offer made by First Quantum, clearly demonstrates the strong supportof our shareholders for keeping our Rights Plan in place," said Tim Read,Adastra's President and CEO. In addition, Adastra's shareholders elected Messrs Etienne Denis, Paul C.MacNeill, Timothy Read, Bernard Vavala, Patrick J. Walsh, John Bentley andBernard Pryor to the Company's board of directors. About Adastra Adastra is an international mining company listed on the Toronto Stock Exchangeand on AIM, in London, under the symbol "AAA". It is currently developingseveral mineral assets in Central Africa, including the Kolwezi Tailings Projectand the possible rehabilitation of the Kipushi zinc mine in the DemocraticRepublic of Congo. Adastra's growth strategy emphasizes the creation ofshareholder value through the development of world-class resources in stable orstabilizing political environments. About the Kolwezi Project Adastra's Kolwezi Project consists of two dams containing 112.8 million tonnesof oxide tailings, grading 1.49% copper and 0.32% cobalt, as determined by Dr.Isobel Clark of Geostokos Limited, a "qualified person" as defined by theCanadian Securities Administrators' NI 43-101. This resource has the potentialto host one of the world's largest and lowest cost cobalt producers. Adefinitive feasibility study was completed in March 2006. Construction isexpected to commence before year-end, with first production in mid 2008 and amine life in excess of 50 years. The project is expected to generate significant taxation, royalty and dividendrevenues to the Government, as well as providing local employment andcontributing to the regeneration of the DRC's copper belt infrastructure. Contact us: London AdastraTim Read, President and Chief Executive OfficerTel.: +44 (0)20 7257 2040 Parkgreen CommunicationsJustine Howarth / Cathy MalinsTel.: +44 (0)20 7493 3713 Toronto EquicomMartti KangasTel.: +1 (416) 815 0700 Forward Looking Statements: This news release includes "forward-lookingstatements" within the meanings of the United States Securities Act of 1933, asamended, the United States Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of the Securities Act (Ontario)(together, "forward-looking statements"). All statements, other than statementsof historical facts, included in this news release that address activities,events, transactions or developments that Adastra expects or anticipates will ormay occur in the future, including such things as future business strategy,competitive strengths, goals, expansion and growth of Adastra's business,operations, plans and other such matters are forward-looking statements. Whenused in this news release, the words "estimate", "plan", "anticipate", "expect","intend", "believe" and similar expressions are intended to identifyforward-looking statements. Forward-looking statements include, but are not limited to, those with respectto the price of copper and cobalt, the timing and costs of project development,financing and implementation, the timing and amount of estimated futureproduction and costs of production. These statements involve known and unknownrisks, uncertainties and other factors which may cause the actual results,performance or achievements of Adastra to be materially different from anyfuture results, performance or achievements expressed or implied by suchforward-looking statements. Such factors include, among others, risks relatedto international operations, including those in the Democratic Republic ofCongo, risks related to the development of the Kolwezi Project, risks related toobtaining necessary project financing on the terms currently anticipated (or atall), actual results of current exploration activities, actual results ofreclamation activities, risks related to construction, conclusions of economicevaluations, changes in project parameters as plans continue to be refined,future prices of copper and cobalt, as well as those factors discussed inAdastra's Annual Report on Form 20-F for the year ended October 31, 2005 andother public disclosure documents filed with the securities regulatoryauthorities in the United States and Canada. Although attempts have been madeto identify important factors that could cause actual results to differmaterially, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that suchstatements will prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statements. This information is provided by RNS The company news service from the London Stock Exchange