Last checked at 18 Feb 2009 15:58
18 February 2009
Hochschild Mining withdraws offer to Minera Andes
Hochschild Mining plc ("Hochschild") acknowledges the announcement released by Minera Andes Inc. ("MAI") detailing their acceptance of revised terms for the private placement to Robert McEwen priced at C$1 per MAI share. As a consequence, Hochschild has withdrawn its latest offer, dated 16 February 2009. As MAI's JV partner and operator of the San José mine, Hochschild is pleased that Minera Andes has resolved its current financing issues (subject to TSX approval) and that the San José asset will be timely funded. Roberto Dañino, Deputy Chairman of Hochschild Mining, commented: "We are pleased that MAI will be able to meet its current financial obligations and that the terms of the refinancing have been improved to the benefit of all shareholders. We look forward to working with Minera Andes to continue to develop the operation and realise its full potential".
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Enquiries:
Hochschild Mining plc
Isabel Lütgendorf +44 (0)20 7907 2934
Head of Investor Relations
Ignacio Rosado +511 437 6007
Chief Financial Officer
Finsbury
Robin Walker +44 (0)20 7251 3801
Public Relations
About Hochschild Mining plc:
Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits and currently operates five underground epithermal vein mines, four located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has over sixteen long-term prospects throughout the Americas.
Certain statements in this announcement are or may be forward looking statements regarding Hochschild Mining plc's financial position and results, business strategy, production, plans and objectives. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group's control. As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. Except as required by applicable law or regulation, the Group does not undertake any obligation to update or change any forward-looking statements contained in this announcement or any other forward-looking statement it may make.